# Aerospace & Defense — company-by-company sector analysis > Aerospace & Defense: GE Aerospace owns the largest revenue base; AeroVironment, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice. ## Bottom line Aerospace & Defense has outperformed S&P 500 by 10.1% over 52 weeks and 0.7% over 13 weeks. 9 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 27 beat the sector itself. GE Aerospace leads with revenue of $50,639 million, based on 15 of 30 comparable companies through Jun 2026. ## Sector relative strength Aerospace & Defense has outperformed S&P 500 by 10.1% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.7%. 9 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Hexcel Corporation is the strongest against the sector itself at +17.4%. 13-week sector return versus NIFTY 500: -0.7% 52-week sector return versus NIFTY 500: 10% Stocks leading NIFTY: 9/27 Stocks leading sector: 12/27 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹35.4 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. HEICO Corporation (HEI): 68/100 — Favorable setup; evidence 81% - Growth & earnings 24.4/35 | Capital efficiency 15.5/25 | Valuation 10.5/20 | Relative strength 17.3/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 24.4 + 15.5 + 10.5 + 17.3 = 67.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Howmet Aerospace Inc. (HWM): 66/100 — Favorable setup; evidence 66% - Growth & earnings 22.6/35 | Capital efficiency 15.9/25 | Valuation 11.2/20 | Relative strength 16.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 22.6 + 15.9 + 11.2 + 16.2 = 65.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Elbit Systems Ltd. (ESLT): 60/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 20.6/35 | Capital efficiency 12.3/25 | Valuation 11.6/20 | Relative strength 15.2/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 20.6 + 12.3 + 11.6 + 15.2 = 59.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Lockheed Martin Corporation (LMT): 59/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 19.6/35 | Capital efficiency 15.2/25 | Valuation 11.1/20 | Relative strength 13.4/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 19.6 + 15.2 + 11.1 + 13.4 = 59.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Hexcel Corporation (HXL): 59/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 21.0/35 | Capital efficiency 11.4/25 | Valuation 9.8/20 | Relative strength 16.5/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 21 + 11.4 + 9.8 + 16.5 = 58.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. RTX Corporation (RTX): 58/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 19.1/35 | Capital efficiency 10.6/25 | Valuation 10.8/20 | Relative strength 17.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 19.1 + 10.6 + 10.8 + 17.7 = 58.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. GE Aerospace (GE): 58/100 — Mixed-positive evidence; evidence 81% - Growth & earnings 18.8/35 | Capital efficiency 11.8/25 | Valuation 8.6/20 | Relative strength 18.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 18.8 + 11.8 + 8.6 + 18.5 = 57.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Woodward, Inc. (WWD): 57/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 20.5/35 | Capital efficiency 15.1/25 | Valuation 9.7/20 | Relative strength 11.6/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 20.5 + 15.1 + 9.7 + 11.6 = 56.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Leonardo DRS, Inc. (DRS): 55/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 20.7/35 | Capital efficiency 12.4/25 | Valuation 10.5/20 | Relative strength 11.6/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 20.7 + 12.4 + 10.5 + 11.6 = 55.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. General Dynamics Corporation (GD): 55/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 17.3/35 | Capital efficiency 13.1/25 | Valuation 11.0/20 | Relative strength 13.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 17.3 + 13.1 + 11 + 13.5 = 54.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 11. Curtiss-Wright Corporation (CW): 54/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 18.8/35 | Capital efficiency 14.1/25 | Valuation 7.3/20 | Relative strength 14.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18.8 + 14.1 + 7.3 + 14 = 54.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. Embraer S.A. (EMBJ): 53/100 — Mixed-positive evidence; evidence 66% - Growth & earnings 16.3/35 | Capital efficiency 7.9/25 | Valuation 14.3/20 | Relative strength 14.5/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks - Exact sum: 16.3 + 7.9 + 14.3 + 14.5 = 53 - Decision use: Price leads the evidence: RS versus the benchmark is 0.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 13. StandardAero, Inc. (SARO): 52/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 18.3/35 | Capital efficiency 9.5/25 | Valuation 10.9/20 | Relative strength 13.7/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of the last 12 weeks - Exact sum: 18.3 + 9.5 + 10.9 + 13.7 = 52.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Axon Enterprise, Inc. (AXON): 48/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 19.3/35 | Capital efficiency 8.1/25 | Valuation 8.6/20 | Relative strength 12.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks - Exact sum: 19.3 + 8.1 + 8.6 + 12 = 48 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. TransDigm Group Incorporated (TDG): 45/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 16.2/35 | Capital efficiency 15.6/25 | Valuation 5.7/20 | Relative strength 7.3/20 - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.2 + 15.6 + 5.7 + 7.3 = 44.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 16. Northrop Grumman Corporation (NOC): 45/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 17.4/35 | Capital efficiency 11.2/25 | Valuation 11.5/20 | Relative strength 4.7/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.4 + 11.2 + 11.5 + 4.7 = 44.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Huntington Ingalls Industries, Inc. (HII): 43/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 16.5/35 | Capital efficiency 9.5/25 | Valuation 11.4/20 | Relative strength 5.1/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.5 + 9.5 + 11.4 + 5.1 = 42.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. CAE Inc. (CAE): 42/100 — Mixed-negative evidence; evidence 66% - Growth & earnings 10.5/35 | Capital efficiency 10.8/25 | Valuation 14.8/20 | Relative strength 6.2/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 10.5 + 10.8 + 14.8 + 6.2 = 42.3 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 19. Textron Inc. (TXT): 42/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 15.6/35 | Capital efficiency 9.4/25 | Valuation 11.3/20 | Relative strength 5.2/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks - Exact sum: 15.6 + 9.4 + 11.3 + 5.2 = 41.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. The Boeing Company (BA): 40/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 16.4/35 | Capital efficiency 4.6/25 | Valuation 9.0/20 | Relative strength 9.9/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.4 + 4.6 + 9 + 9.9 = 39.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. FTAI Aviation Ltd. (FTAI): 40/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 12.5/35 | Capital efficiency 14.3/25 | Valuation 9.2/20 | Relative strength 3.8/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 12.5 + 14.3 + 9.2 + 3.8 = 39.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. L3Harris Technologies, Inc. (LHX): 40/100 — Thin evidence · provisional; evidence 53% - Growth & earnings 17.9/35 | Capital efficiency 10.3/25 | Valuation 8.9/20 | Relative strength 2.6/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.9 + 10.3 + 8.9 + 2.6 = 39.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. AeroVironment, Inc. (AVAV): 37/100 — Mixed-negative evidence; evidence 71% - Growth & earnings 17.6/35 | Capital efficiency 6.4/25 | Valuation 8.7/20 | Relative strength 4.6/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 17.6 + 6.4 + 8.7 + 4.6 = 37.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. BWX Technologies, Inc. (BWXT): 34/100 — Adverse evidence; evidence 66% - Growth & earnings 16.3/35 | Capital efficiency 11.4/25 | Valuation 5.3/20 | Relative strength 1.2/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 16.3 + 11.4 + 5.3 + 1.2 = 34.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Kratos Defense & Security Solutions, Inc. (KTOS): 34/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 18.0/35 | Capital efficiency 6.6/25 | Valuation 8.5/20 | Relative strength 0.8/20 - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks - Exact sum: 18 + 6.6 + 8.5 + 0.8 = 33.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. Planet Labs PBC (PL): 30/100 — Adverse evidence; evidence 61% - Growth & earnings 13.8/35 | Capital efficiency 3.4/25 | Valuation 10.0/20 | Relative strength 3.0/20 - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks - Exact sum: 13.8 + 3.4 + 10 + 3 = 30.2 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Honeywell Aerospace Inc. (HONA): 55/100 — Thin evidence · provisional; evidence 18% - Growth & earnings 17.7/35 | Capital efficiency 17.3/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 17.7 + 17.3 + 10 + 10 = 55 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Moog Inc. (MOG-B): 54/100 — Thin evidence · provisional; evidence 33% - Growth & earnings 19.6/35 | Capital efficiency 14.0/25 | Valuation 10.4/20 | Relative strength 10.0/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 11 weeks with a reading, within the last 12 - Exact sum: 19.6 + 14 + 10.4 + 10 = 54 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Rocket Lab Corporation (RKLB): 42/100 — Thin evidence · provisional; evidence 48% - Growth & earnings 22.4/35 | Capital efficiency 6.0/25 | Valuation 10.0/20 | Relative strength 4.0/20 - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of the last 12 weeks - Exact sum: 22.4 + 6 + 10 + 4 = 42.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. Space Exploration Technologies Corp. (SPCX): 42/100 — Thin evidence · provisional; evidence 18% - Growth & earnings 16.3/35 | Capital efficiency 5.4/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 16.3 + 5.4 + 10 + 10 = 41.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Market action Planet Labs PBC has the strongest one-year price move in Aerospace & Defense at +256.7%. Hexcel Corporation leads on Mansfield relative strength against the S&P 500 at +15.2%. 9 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04. ### Strongest one-year price performers 1. Planet Labs PBC (PL): 257% 2. Moog Inc. (MOG-B): 102% 3. Elbit Systems Ltd. (ESLT): 89% 4. Hexcel Corporation (HXL): 73% 5. Rocket Lab Corporation (RKLB): 67% ### Strongest relative strength versus NIFTY 500 1. Hexcel Corporation (HXL): 15% 2. Howmet Aerospace Inc. (HWM): 14% 3. Elbit Systems Ltd. (ESLT): 13% 4. GE Aerospace (GE): 9.0% 5. Curtiss-Wright Corporation (CW): 6.8% ## Revenue Scale & Growth Durability What the numbers say: GE Aerospace is the scale leader at $50,639 million, 432.9% ahead of TransDigm Group Incorporated. AeroVironment, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 141.2% from a $1,978 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: GE Aerospace is the scale benchmark; AeroVironment, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: GE Aerospace's growth falls below AeroVironment, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: GE Aerospace · $50,639 million | 432.9% versus #2 · TransDigm Group Incorporated | 8/8 recent comparable periods | 15/30 companies · 497 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. GE Aerospace (GE): ₹50.6K Cr 2. TransDigm Group Incorporated (TDG): ₹9.5K Cr — older report 3. Howmet Aerospace Inc. (HWM): ₹8.6K Cr — older report 4. Elbit Systems Ltd. (ESLT): ₹8.2K Cr — older report 5. Embraer S.A. (EMBJ): ₹8.0K Cr — older report ### Revenue growth — fastest growers 1. AeroVironment, Inc. (AVAV): 100% 2. Rocket Lab Corporation (RKLB): 46% — older report 3. Axon Enterprise, Inc. (AXON): 34% — older report 4. Planet Labs PBC (PL): 34% 5. Kratos Defense & Security Solutions, Inc. (KTOS): 22% — older report ### 20-quarter Revenue history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4.7K Cr | Jun 2026 — | Sep 2026 — - GE: Dec 2021 ₹20.3K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹14.5K Cr | Dec 2022 ₹16.8K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹8.8K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.5K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.8K Cr | Mar 2025 ₹9.9K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 ₹13.3K Cr | Sep 2026 — - RTX: Dec 2021 ₹17.0K Cr | Mar 2022 ₹15.7K Cr | Jun 2022 ₹16.3K Cr | Sep 2022 ₹17.0K Cr | Dec 2022 ₹18.1K Cr | Mar 2023 ₹17.2K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹19.9K Cr | Mar 2024 ₹19.3K Cr | Jun 2024 ₹19.7K Cr | Sep 2024 ₹20.1K Cr | Dec 2024 ₹21.6K Cr | Mar 2025 ₹20.3K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹22.5K Cr | Dec 2025 ₹24.2K Cr | Mar 2026 ₹22.1K Cr | Jun 2026 — | Sep 2026 — - BA: Dec 2021 ₹14.8K Cr | Mar 2022 ₹14.0K Cr | Jun 2022 ₹16.7K Cr | Sep 2022 ₹16.0K Cr | Dec 2022 ₹20.0K Cr | Mar 2023 ₹17.9K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹18.1K Cr | Dec 2023 ₹22.0K Cr | Mar 2024 ₹16.6K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹17.8K Cr | Dec 2024 ₹15.2K Cr | Mar 2025 ₹19.5K Cr | Jun 2025 ₹22.7K Cr | Sep 2025 ₹23.3K Cr | Dec 2025 ₹23.9K Cr | Mar 2026 ₹22.2K Cr | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 ₹17.7K Cr | Mar 2022 ₹15.0K Cr | Jun 2022 ₹15.4K Cr | Sep 2022 ₹16.6K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹16.7K Cr | Sep 2023 ₹16.9K Cr | Dec 2023 ₹18.9K Cr | Mar 2024 ₹17.2K Cr | Jun 2024 ₹18.1K Cr | Sep 2024 ₹17.1K Cr | Dec 2024 ₹18.6K Cr | Mar 2025 ₹18.0K Cr | Jun 2025 ₹18.2K Cr | Sep 2025 ₹18.6K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹18.0K Cr | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — | Sep 2026 — - GD: Dec 2021 ₹9.6K Cr | Mar 2022 — | Jun 2022 ₹9.4K Cr | Sep 2022 ₹9.2K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 — | Jun 2023 ₹9.9K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.7K Cr | Jun 2024 ₹12.0K Cr | Sep 2024 ₹11.7K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹12.2K Cr | Jun 2025 ₹13.0K Cr | Sep 2025 ₹12.9K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 — | Jun 2026 ₹13.5K Cr | Sep 2026 — - NOC: Dec 2021 ₹8.6K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹8.8K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.1K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹9.5K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹11.7K Cr | Mar 2026 ₹9.9K Cr | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4.4K Cr | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 ₹4.2K Cr | Mar 2022 — | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 — | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 — | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.7K Cr | Sep 2026 — - HEI: Dec 2021 ₹509 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹539 Cr | Sep 2022 ₹570 Cr | Dec 2022 ₹610 Cr | Mar 2023 ₹621 Cr | Jun 2023 ₹688 Cr | Sep 2023 ₹723 Cr | Dec 2023 ₹936 Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹955 Cr | Sep 2024 ₹992 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.4K Cr | Sep 2026 — - AXON: Dec 2021 ₹218 Cr | Mar 2022 ₹256 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹375 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹430 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹503 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹575 Cr | Mar 2025 ₹604 Cr | Jun 2025 ₹669 Cr | Sep 2025 ₹711 Cr | Dec 2025 ₹797 Cr | Mar 2026 ₹807 Cr | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 ₹27 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹200 Cr | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — | Sep 2026 — - CW: Dec 2021 ₹662 Cr | Mar 2022 ₹559 Cr | Jun 2022 ₹609 Cr | Sep 2022 ₹631 Cr | Dec 2022 ₹758 Cr | Mar 2023 ₹631 Cr | Jun 2023 ₹704 Cr | Sep 2023 ₹724 Cr | Dec 2023 ₹786 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹785 Cr | Sep 2024 ₹799 Cr | Dec 2024 ₹824 Cr | Mar 2025 ₹806 Cr | Jun 2025 ₹877 Cr | Sep 2025 ₹869 Cr | Dec 2025 ₹947 Cr | Mar 2026 ₹914 Cr | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 ₹107 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹444 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹499 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹676 Cr | Sep 2025 ₹667 Cr | Dec 2025 ₹662 Cr | Mar 2026 ₹831 Cr | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 ₹542 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹640 Cr | Dec 2022 ₹619 Cr | Mar 2023 ₹718 Cr | Jun 2023 ₹801 Cr | Sep 2023 ₹777 Cr | Dec 2023 ₹787 Cr | Mar 2024 ₹835 Cr | Jun 2024 ₹848 Cr | Sep 2024 ₹854 Cr | Dec 2024 ₹773 Cr | Mar 2025 ₹884 Cr | Jun 2025 ₹915 Cr | Sep 2025 ₹995 Cr | Dec 2025 ₹996 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 ₹592 Cr | Mar 2022 ₹531 Cr | Jun 2022 ₹554 Cr | Sep 2022 ₹524 Cr | Dec 2022 ₹624 Cr | Mar 2023 ₹568 Cr | Jun 2023 ₹612 Cr | Sep 2023 ₹590 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹604 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹672 Cr | Dec 2024 ₹746 Cr | Mar 2025 ₹682 Cr | Jun 2025 ₹764 Cr | Sep 2025 ₹866 Cr | Dec 2025 ₹886 Cr | Mar 2026 ₹860 Cr | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 — | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 — | Mar 2026 ₹4.2K Cr | Jun 2026 ₹3.7K Cr | Sep 2026 — - MOG-B: Dec 2021 ₹724 Cr | Mar 2022 ₹724 Cr | Jun 2022 ₹771 Cr | Sep 2022 ₹773 Cr | Dec 2022 ₹768 Cr | Mar 2023 — | Jun 2023 ₹837 Cr | Sep 2023 ₹850 Cr | Dec 2023 ₹857 Cr | Mar 2024 ₹930 Cr | Jun 2024 ₹905 Cr | Sep 2024 ₹897 Cr | Dec 2024 ₹908 Cr | Mar 2025 ₹934 Cr | Jun 2025 ₹971 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 — | Sep 2026 — - HII: Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 ₹1.3K Cr | Mar 2022 ₹649 Cr | Jun 2022 ₹960 Cr | Sep 2022 ₹900 Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹736 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹897 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 ₹820 Cr | Mar 2022 ₹612 Cr | Jun 2022 ₹627 Cr | Sep 2022 ₹634 Cr | Dec 2022 ₹820 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹703 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹812 Cr | Dec 2024 ₹981 Cr | Mar 2025 ₹799 Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹960 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹846 Cr | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 ₹212 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹257 Cr | Sep 2023 — | Dec 2023 ₹275 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹283 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹371 Cr | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 ₹849 Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹933 Cr | Sep 2022 ₹993 Cr | Dec 2022 ₹970 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 ₹122 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹408 Cr | Jun 2026 ₹642 Cr | Sep 2026 — - PL: Dec 2021 ₹32 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹87 Cr | Jun 2026 ₹94 Cr | Sep 2026 — - HXL: Dec 2021 ₹360 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹365 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹454 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹457 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹491 Cr | Mar 2026 ₹502 Cr | Jun 2026 — | Sep 2026 — ### 20-quarter Revenue growth history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 15% | Jun 2026 — | Sep 2026 — - GE: Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -22% | Dec 2022 -17% | Mar 2023 14% | Jun 2023 -38% | Sep 2023 -36% | Dec 2023 -44% | Mar 2024 -38% | Jun 2024 3.9% | Sep 2024 5.8% | Dec 2024 14% | Mar 2025 11% | Jun 2025 21% | Sep 2025 24% | Dec 2025 18% | Mar 2026 25% | Jun 2026 21% | Sep 2026 — - RTX: Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 4.6% | Dec 2022 6.2% | Mar 2023 9.5% | Jun 2023 12% | Sep 2023 -21% | Dec 2023 10% | Mar 2024 12% | Jun 2024 7.7% | Sep 2024 49% | Dec 2024 8.5% | Mar 2025 5.2% | Jun 2025 9.4% | Sep 2025 12% | Dec 2025 12% | Mar 2026 8.7% | Jun 2026 — | Sep 2026 — - BA: Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 4.4% | Dec 2022 35% | Mar 2023 28% | Jun 2023 18% | Sep 2023 13% | Dec 2023 10% | Mar 2024 -7.5% | Jun 2024 -15% | Sep 2024 -1.5% | Dec 2024 -31% | Mar 2025 18% | Jun 2025 35% | Sep 2025 30% | Dec 2025 57% | Mar 2026 14% | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 — | Mar 2022 — | Jun 2022 -9.3% | Sep 2022 3.5% | Dec 2022 7.1% | Mar 2023 1.1% | Jun 2023 8.1% | Sep 2023 1.8% | Dec 2023 -0.6% | Mar 2024 14% | Jun 2024 8.6% | Sep 2024 1.3% | Dec 2024 -1.3% | Mar 2025 4.5% | Jun 2025 0.2% | Sep 2025 8.8% | Dec 2025 9.1% | Mar 2026 0.3% | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 18% | Mar 2023 21% | Jun 2023 18% | Sep 2023 16% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 11% | Dec 2024 9.2% | Mar 2025 6.5% | Jun 2025 9.2% | Sep 2025 14% | Dec 2025 15% | Mar 2026 19% | Jun 2026 — | Sep 2026 — - GD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.3% | Dec 2022 4.3% | Mar 2023 — | Jun 2023 5.2% | Sep 2023 10% | Dec 2023 6.0% | Mar 2024 — | Jun 2024 21% | Sep 2024 15% | Dec 2024 26% | Mar 2025 14% | Jun 2025 8.9% | Sep 2025 11% | Dec 2025 7.8% | Mar 2026 — | Jun 2026 3.4% | Sep 2026 — - NOC: Dec 2021 — | Mar 2022 — | Jun 2022 -3.8% | Sep 2022 2.9% | Dec 2022 16% | Mar 2023 5.7% | Jun 2023 8.8% | Sep 2023 9.0% | Dec 2023 6.0% | Mar 2024 9.0% | Jun 2024 6.7% | Sep 2024 2.3% | Dec 2024 0.5% | Mar 2025 -6.6% | Jun 2025 1.3% | Sep 2025 4.3% | Dec 2025 9.6% | Mar 2026 4.4% | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 — | Jun 2023 20% | Sep 2023 25% | Dec 2023 28% | Mar 2024 — | Jun 2024 29% | Sep 2024 25% | Dec 2024 12% | Mar 2025 12% | Jun 2025 9.3% | Sep 2025 11% | Dec 2025 14% | Mar 2026 18% | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 6.8% | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -11% | Dec 2022 8.3% | Mar 2023 — | Jun 2023 14% | Sep 2023 19% | Dec 2023 17% | Mar 2024 17% | Jun 2024 13% | Sep 2024 7.7% | Dec 2024 — | Mar 2025 6.0% | Jun 2025 -3.2% | Sep 2025 — | Dec 2025 — | Mar 2026 2.3% | Jun 2026 12% | Sep 2026 — - HEI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 20% | Mar 2023 27% | Jun 2023 28% | Sep 2023 27% | Dec 2023 53% | Mar 2024 44% | Jun 2024 39% | Sep 2024 37% | Dec 2024 8.3% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 19% | Mar 2026 14% | Jun 2026 25% | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 34% | Dec 2022 53% | Mar 2023 34% | Jun 2023 31% | Sep 2023 32% | Dec 2023 29% | Mar 2024 34% | Jun 2024 34% | Sep 2024 32% | Dec 2024 34% | Mar 2025 31% | Jun 2025 33% | Sep 2025 31% | Dec 2025 39% | Mar 2026 34% | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 — | Mar 2022 — | Jun 2022 400% | Sep 2022 1,160% | Dec 2022 93% | Mar 2023 34% | Jun 2023 13% | Sep 2023 7.9% | Dec 2023 15% | Mar 2024 69% | Jun 2024 71% | Sep 2024 54% | Dec 2024 120% | Mar 2025 32% | Jun 2025 36% | Sep 2025 48% | Dec 2025 36% | Mar 2026 63% | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 — | Mar 2022 — | Jun 2022 0.1% | Sep 2022 -1.1% | Dec 2022 0.8% | Mar 2023 3.0% | Jun 2023 12% | Sep 2023 11% | Dec 2023 8.0% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 19% | Mar 2025 22% | Jun 2025 21% | Sep 2025 12% | Dec 2025 11% | Mar 2026 15% | Jun 2026 — | Sep 2026 — - CW: Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 1.6% | Dec 2022 15% | Mar 2023 13% | Jun 2023 16% | Sep 2023 15% | Dec 2023 3.7% | Mar 2024 13% | Jun 2024 12% | Sep 2024 10% | Dec 2024 4.8% | Mar 2025 13% | Jun 2025 12% | Sep 2025 8.8% | Dec 2025 15% | Mar 2026 13% | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 145% | Dec 2022 156% | Mar 2023 218% | Jun 2023 145% | Sep 2023 27% | Dec 2023 14% | Mar 2024 12% | Jun 2024 62% | Sep 2024 60% | Dec 2024 59% | Mar 2025 54% | Jun 2025 52% | Sep 2025 43% | Dec 2025 33% | Mar 2026 66% | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 12% | Dec 2022 14% | Mar 2023 22% | Jun 2023 30% | Sep 2023 21% | Dec 2023 27% | Mar 2024 16% | Jun 2024 5.9% | Sep 2024 9.9% | Dec 2024 -1.8% | Mar 2025 5.9% | Jun 2025 7.9% | Sep 2025 17% | Dec 2025 29% | Mar 2026 23% | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 — | Mar 2022 — | Jun 2022 9.7% | Sep 2022 5.0% | Dec 2022 5.4% | Mar 2023 7.0% | Jun 2023 10% | Sep 2023 13% | Dec 2023 16% | Mar 2024 6.3% | Jun 2024 11% | Sep 2024 14% | Dec 2024 2.8% | Mar 2025 13% | Jun 2025 12% | Sep 2025 29% | Dec 2025 19% | Mar 2026 26% | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.2% | Dec 2022 2.9% | Mar 2023 — | Jun 2023 0.8% | Sep 2023 8.6% | Dec 2023 26% | Mar 2024 — | Jun 2024 17% | Sep 2024 0.1% | Dec 2024 -7.2% | Mar 2025 5.5% | Jun 2025 5.4% | Sep 2025 5.1% | Dec 2025 — | Mar 2026 26% | Jun 2026 -0.6% | Sep 2026 — - MOG-B: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.3% | Dec 2022 6.1% | Mar 2023 — | Jun 2023 8.6% | Sep 2023 10.0% | Dec 2023 12% | Mar 2024 — | Jun 2024 8.1% | Sep 2024 5.5% | Dec 2024 6.0% | Mar 2025 0.4% | Jun 2025 7.3% | Sep 2025 16% | Dec 2025 — | Mar 2026 18% | Jun 2026 — | Sep 2026 — - HII: Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 12% | Dec 2022 5.0% | Mar 2023 3.8% | Jun 2023 4.7% | Sep 2023 7.2% | Dec 2023 13% | Mar 2024 4.9% | Jun 2024 6.8% | Sep 2024 -2.4% | Dec 2024 -5.5% | Mar 2025 -2.5% | Jun 2025 3.5% | Sep 2025 16% | Dec 2025 16% | Mar 2026 13% | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -2.2% | Dec 2022 53% | Mar 2023 13% | Jun 2023 38% | Sep 2023 39% | Dec 2023 0.7% | Mar 2024 22% | Jun 2024 13% | Sep 2024 38% | Dec 2024 15% | Mar 2025 23% | Jun 2025 22% | Sep 2025 19% | Dec 2025 15% | Mar 2026 31% | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 — | Mar 2022 — | Jun 2022 -4.7% | Sep 2022 -12% | Dec 2022 0.0% | Mar 2023 -7.0% | Jun 2023 0.2% | Sep 2023 11% | Dec 2023 13% | Mar 2024 21% | Jun 2024 20% | Sep 2024 16% | Dec 2024 5.9% | Mar 2025 16% | Jun 2025 10% | Sep 2025 18% | Dec 2025 8.1% | Mar 2026 5.9% | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.6% | Jun 2024 16% | Sep 2024 13% | Dec 2024 22% | Mar 2025 16% | Jun 2025 14% | Sep 2025 20% | Dec 2025 13% | Mar 2026 13% | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 14% | Dec 2022 17% | Mar 2023 18% | Jun 2023 15% | Sep 2023 — | Dec 2023 10% | Mar 2024 19% | Jun 2024 17% | Sep 2024 — | Dec 2024 2.9% | Mar 2025 9.4% | Jun 2025 17% | Sep 2025 26% | Dec 2025 22% | Mar 2026 22% | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 22% | Dec 2022 14% | Mar 2023 25% | Jun 2023 8.5% | Sep 2023 5.7% | Dec 2023 13% | Mar 2024 -5.9% | Jun 2024 6.0% | Sep 2024 8.3% | Dec 2024 12% | Mar 2025 13% | Jun 2025 2.4% | Sep 2025 8.8% | Dec 2025 2.4% | Mar 2026 4.1% | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.9% | Dec 2022 -8.2% | Mar 2023 49% | Jun 2023 40% | Sep 2023 39% | Dec 2023 62% | Mar 2024 40% | Jun 2024 5.9% | Sep 2024 24% | Dec 2024 3.9% | Mar 2025 -10% | Jun 2025 40% | Sep 2025 141% | Dec 2025 152% | Mar 2026 143% | Jun 2026 133% | Sep 2026 — - PL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 92% | Dec 2022 56% | Mar 2023 43% | Jun 2023 33% | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 13% | Sep 2024 13% | Dec 2024 11% | Mar 2025 5.1% | Jun 2025 10% | Sep 2025 20% | Dec 2025 33% | Mar 2026 40% | Jun 2026 42% | Sep 2026 — - HXL: Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 9.3% | Dec 2022 19% | Mar 2023 17% | Jun 2023 16% | Sep 2023 15% | Dec 2023 6.8% | Mar 2024 3.1% | Jun 2024 10% | Sep 2024 8.8% | Dec 2024 3.5% | Mar 2025 -3.2% | Jun 2025 -2.0% | Sep 2025 -0.2% | Dec 2025 3.6% | Mar 2026 9.9% | Jun 2026 — | Sep 2026 — ## Operating Economics & Margin Trend What the numbers say: TransDigm Group Incorporated leads opm at 46.3%; Rocket Lab Corporation leads margin change at +20.4 percentage points. Investor read: TransDigm Group Incorporated sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: TransDigm Group Incorporated · 46.3% | 42% versus #2 · Howmet Aerospace Inc. | 6/8 recent comparable periods | 30/30 companies · 497 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. TransDigm Group Incorporated (TDG): 46% — older report 2. Howmet Aerospace Inc. (HWM): 33% — older report 3. HEICO Corporation (HEI): 26% 4. FTAI Aviation Ltd. (FTAI): 21% 5. Honeywell Aerospace Inc. (HONA): 20% — older report ### Margin change — fastest expanders 1. Rocket Lab Corporation (RKLB): +20.4 pp — older report 2. Howmet Aerospace Inc. (HWM): +7.2 pp — older report 3. Axon Enterprise, Inc. (AXON): +5.1 pp — older report 4. AeroVironment, Inc. (AVAV): +3.9 pp 5. Northrop Grumman Corporation (NOC): +3.9 pp ### 20-quarter OPM history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -41% | Jun 2026 — | Sep 2026 — - GE: Dec 2021 6.9% | Mar 2022 -7.5% | Jun 2022 3.7% | Sep 2022 -0.9% | Dec 2022 0.7% | Mar 2023 2.0% | Jun 2023 12% | Sep 2023 13% | Dec 2023 7.7% | Mar 2024 12% | Jun 2024 17% | Sep 2024 9.3% | Dec 2024 19% | Mar 2025 20% | Jun 2025 19% | Sep 2025 19% | Dec 2025 18% | Mar 2026 18% | Jun 2026 19% | Sep 2026 — - RTX: Dec 2021 7.7% | Mar 2022 6.9% | Jun 2022 8.3% | Sep 2022 9.0% | Dec 2022 8.2% | Mar 2023 9.8% | Jun 2023 8.2% | Sep 2023 -10% | Dec 2023 8.9% | Mar 2024 9.7% | Jun 2024 2.7% | Sep 2024 10% | Dec 2024 9.8% | Mar 2025 10% | Jun 2025 9.9% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 — | Sep 2026 — - BA: Dec 2021 -28% | Mar 2022 -8.3% | Jun 2022 4.7% | Sep 2022 -18% | Dec 2022 -1.7% | Mar 2023 -0.8% | Jun 2023 -0.5% | Sep 2023 -4.5% | Dec 2023 1.3% | Mar 2024 -0.5% | Jun 2024 -6.5% | Sep 2024 -32% | Dec 2024 -25% | Mar 2025 2.4% | Jun 2025 -0.8% | Sep 2025 -21% | Dec 2025 37% | Mar 2026 2.0% | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 14% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 3.7% | Mar 2025 13% | Jun 2025 4.1% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 11% | Mar 2022 17% | Jun 2022 17% | Sep 2022 16% | Dec 2022 15% | Mar 2023 18% | Jun 2023 17% | Sep 2023 19% | Dec 2023 19% | Mar 2024 20% | Jun 2024 21% | Sep 2024 23% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 26% | Dec 2025 23% | Mar 2026 33% | Jun 2026 — | Sep 2026 — - GD: Dec 2021 11% | Mar 2022 — | Jun 2022 9.7% | Sep 2022 11% | Dec 2022 11% | Mar 2023 — | Jun 2023 9.5% | Sep 2023 9.5% | Dec 2023 10% | Mar 2024 9.7% | Jun 2024 9.7% | Sep 2024 10% | Dec 2024 11% | Mar 2025 10% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 — | Jun 2026 11% | Sep 2026 — - NOC: Dec 2021 8.6% | Mar 2022 10% | Jun 2022 11% | Sep 2022 9.4% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 10% | Sep 2023 10% | Dec 2023 -3.7% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 6.1% | Jun 2025 14% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10% | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 38% | Jun 2022 39% | Sep 2022 43% | Dec 2022 42% | Mar 2023 — | Jun 2023 44% | Sep 2023 45% | Dec 2023 44% | Mar 2024 45% | Jun 2024 46% | Sep 2024 43% | Dec 2024 49% | Mar 2025 46% | Jun 2025 46% | Sep 2025 48% | Dec 2025 46% | Mar 2026 46% | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 25% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 20% | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 13% | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 8.8% | Jun 2023 8.5% | Sep 2023 9.7% | Dec 2023 9.9% | Mar 2024 7.3% | Jun 2024 9.0% | Sep 2024 9.4% | Dec 2024 — | Mar 2025 11% | Jun 2025 10% | Sep 2025 — | Dec 2025 11% | Mar 2026 8.5% | Jun 2026 11% | Sep 2026 — - HEI: Dec 2021 23% | Mar 2022 20% | Jun 2022 23% | Sep 2022 23% | Dec 2022 24% | Mar 2023 21% | Jun 2023 23% | Sep 2023 21% | Dec 2023 20% | Mar 2024 20% | Jun 2024 22% | Sep 2024 22% | Dec 2024 22% | Mar 2025 22% | Jun 2025 23% | Sep 2025 23% | Dec 2025 23% | Mar 2026 22% | Jun 2026 26% | Sep 2026 — - AXON: Dec 2021 -12% | Mar 2022 6.7% | Jun 2022 7.5% | Sep 2022 10% | Dec 2022 6.7% | Mar 2023 4.8% | Jun 2023 11% | Sep 2023 14% | Dec 2023 9.9% | Mar 2024 3.6% | Jun 2024 6.7% | Sep 2024 4.4% | Dec 2024 -2.7% | Mar 2025 -1.5% | Jun 2025 -0.2% | Sep 2025 -0.3% | Dec 2025 -6.3% | Mar 2026 3.6% | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 -89% | Mar 2022 -81% | Jun 2022 -60% | Sep 2022 -51% | Dec 2022 -72% | Mar 2023 -84% | Jun 2023 -73% | Sep 2023 -57% | Dec 2023 -80% | Mar 2024 -46% | Jun 2024 -41% | Sep 2024 -50% | Dec 2024 -39% | Mar 2025 -48% | Jun 2025 -41% | Sep 2025 -38% | Dec 2025 -28% | Mar 2026 -28% | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 7.2% | Mar 2022 4.3% | Jun 2022 8.8% | Sep 2022 5.4% | Dec 2022 8.0% | Mar 2023 6.7% | Jun 2023 7.0% | Sep 2023 7.1% | Dec 2023 4.2% | Mar 2024 6.8% | Jun 2024 7.2% | Sep 2024 7.3% | Dec 2024 7.3% | Mar 2025 7.9% | Jun 2025 8.0% | Sep 2025 8.9% | Dec 2025 9.0% | Mar 2026 9.4% | Jun 2026 — | Sep 2026 — - CW: Dec 2021 15% | Mar 2022 11% | Jun 2022 16% | Sep 2022 17% | Dec 2022 21% | Mar 2023 13% | Jun 2023 16% | Sep 2023 18% | Dec 2023 20% | Mar 2024 14% | Jun 2024 16% | Sep 2024 18% | Dec 2024 19% | Mar 2025 16% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 18% | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 -4.4% | Mar 2022 -164% | Jun 2022 27% | Sep 2022 27% | Dec 2022 24% | Mar 2023 25% | Jun 2023 35% | Sep 2023 29% | Dec 2023 28% | Mar 2024 28% | Jun 2024 -37% | Sep 2024 32% | Dec 2024 28% | Mar 2025 30% | Jun 2025 31% | Sep 2025 30% | Dec 2025 27% | Mar 2026 21% | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 6.4% | Mar 2022 9.7% | Jun 2022 9.0% | Sep 2022 9.2% | Dec 2022 5.5% | Mar 2023 5.6% | Jun 2023 13% | Sep 2023 12% | Dec 2023 13% | Mar 2024 14% | Jun 2024 14% | Sep 2024 11% | Dec 2024 12% | Mar 2025 14% | Jun 2025 13% | Sep 2025 15% | Dec 2025 16% | Mar 2026 15% | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 16% | Mar 2022 12% | Jun 2022 15% | Sep 2022 12% | Dec 2022 15% | Mar 2023 13% | Jun 2023 12% | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 10% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 8.3% | Mar 2026 9.9% | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 7.1% | Mar 2022 7.2% | Jun 2022 6.8% | Sep 2022 7.4% | Dec 2022 7.4% | Mar 2023 — | Jun 2023 6.2% | Sep 2023 8.4% | Dec 2023 5.0% | Mar 2024 6.1% | Jun 2024 8.0% | Sep 2024 6.2% | Dec 2024 2.5% | Mar 2025 6.2% | Jun 2025 7.1% | Sep 2025 7.7% | Dec 2025 — | Mar 2026 6.0% | Jun 2026 6.3% | Sep 2026 — - MOG-B: Dec 2021 7.1% | Mar 2022 7.4% | Jun 2022 6.1% | Sep 2022 8.9% | Dec 2022 8.4% | Mar 2023 — | Jun 2023 8.5% | Sep 2023 8.0% | Dec 2023 9.3% | Mar 2024 10% | Jun 2024 9.8% | Sep 2024 8.1% | Dec 2024 10% | Mar 2025 9.8% | Jun 2025 9.9% | Sep 2025 11% | Dec 2025 — | Mar 2026 11% | Jun 2026 — | Sep 2026 — - HII: Dec 2021 4.5% | Mar 2022 5.4% | Jun 2022 7.2% | Sep 2022 5.0% | Dec 2022 3.7% | Mar 2023 5.3% | Jun 2023 5.6% | Sep 2023 6.1% | Dec 2023 9.8% | Mar 2024 5.5% | Jun 2024 6.3% | Sep 2024 3.0% | Dec 2024 3.7% | Mar 2025 5.9% | Jun 2025 5.3% | Sep 2025 5.0% | Dec 2025 4.9% | Mar 2026 5.0% | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 4.7% | Mar 2022 -20% | Jun 2022 -65% | Sep 2022 -6.8% | Dec 2022 7.1% | Mar 2023 -16% | Jun 2023 5.5% | Sep 2023 1.3% | Dec 2023 11% | Mar 2024 -0.4% | Jun 2024 8.6% | Sep 2024 13% | Dec 2024 11% | Mar 2025 4.6% | Jun 2025 9.9% | Sep 2025 4.6% | Dec 2025 8.2% | Mar 2026 5.6% | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 9.9% | Mar 2022 9.2% | Jun 2022 6.7% | Sep 2022 59% | Dec 2022 11% | Mar 2023 4.4% | Jun 2023 6.7% | Sep 2023 8.4% | Dec 2023 11% | Mar 2024 6.3% | Jun 2024 7.3% | Sep 2024 9.2% | Dec 2024 12% | Mar 2025 7.4% | Jun 2025 8.4% | Sep 2025 9.7% | Dec 2025 12% | Mar 2026 9.1% | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.7% | Jun 2023 8.1% | Sep 2023 6.8% | Dec 2023 6.9% | Mar 2024 8.5% | Jun 2024 7.8% | Sep 2024 7.9% | Dec 2024 6.7% | Mar 2025 9.0% | Jun 2025 8.9% | Sep 2025 9.2% | Dec 2025 9.3% | Mar 2026 8.8% | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 4.3% | Mar 2022 -0.6% | Jun 2022 -0.8% | Sep 2022 -1.6% | Dec 2022 1.6% | Mar 2023 0.2% | Jun 2023 2.6% | Sep 2023 — | Dec 2023 4.4% | Mar 2024 2.5% | Jun 2024 4.2% | Sep 2024 2.4% | Dec 2024 1.1% | Mar 2025 2.2% | Jun 2025 1.1% | Sep 2025 2.0% | Dec 2025 2.4% | Mar 2026 1.3% | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 7.7% | Mar 2022 9.8% | Jun 2022 4.2% | Sep 2022 10% | Dec 2022 15% | Mar 2023 15% | Jun 2023 13% | Sep 2023 9.3% | Dec 2023 11% | Mar 2024 3.1% | Jun 2024 10% | Sep 2024 10% | Dec 2024 22% | Mar 2025 21% | Jun 2025 12% | Sep 2025 13% | Dec 2025 16% | Mar 2026 13% | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 2.7% | Mar 2022 -16% | Jun 2022 9.8% | Sep 2022 -3.0% | Dec 2022 -13% | Mar 2023 3.4% | Jun 2023 -89% | Sep 2023 17% | Dec 2023 14% | Mar 2024 7.7% | Jun 2024 3.0% | Sep 2024 12% | Dec 2024 3.7% | Mar 2025 -1.8% | Jun 2025 5.0% | Sep 2025 -15% | Dec 2025 -6.4% | Mar 2026 -66% | Jun 2026 8.9% | Sep 2026 — - PL: Dec 2021 -89% | Mar 2022 -154% | Jun 2022 -119% | Sep 2022 -88% | Dec 2022 -86% | Mar 2023 -81% | Jun 2023 -85% | Sep 2023 -81% | Dec 2023 -86% | Mar 2024 -58% | Jun 2024 -57% | Sep 2024 -65% | Dec 2024 -37% | Mar 2025 -32% | Jun 2025 -34% | Sep 2025 -25% | Dec 2025 -23% | Mar 2026 -42% | Jun 2026 -37% | Sep 2026 — - HXL: Dec 2021 6.4% | Mar 2022 7.7% | Jun 2022 16% | Sep 2022 11% | Dec 2022 9.4% | Mar 2023 14% | Jun 2023 14% | Sep 2023 10% | Dec 2023 10% | Mar 2024 11% | Jun 2024 14% | Sep 2024 12% | Dec 2024 1.9% | Mar 2025 9.7% | Jun 2025 6.1% | Sep 2025 7.9% | Dec 2025 13% | Mar 2026 12% | Jun 2026 — | Sep 2026 — ### 20-quarter Margin change history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −42.1 pp | Jun 2026 — | Sep 2026 — - GE: Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −6.9 pp | Dec 2022 −6.2 pp | Mar 2023 +9.5 pp | Jun 2023 +7.9 pp | Sep 2023 +13.9 pp | Dec 2023 +7.0 pp | Mar 2024 +9.5 pp | Jun 2024 +5.5 pp | Sep 2024 −3.7 pp | Dec 2024 +10.8 pp | Mar 2025 +8.2 pp | Jun 2025 +1.5 pp | Sep 2025 +9.2 pp | Dec 2025 −0.4 pp | Mar 2026 −1.4 pp | Jun 2026 +0.3 pp | Sep 2026 — - RTX: Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +0.7 pp | Dec 2022 +0.5 pp | Mar 2023 +2.9 pp | Jun 2023 −0.1 pp | Sep 2023 −19.4 pp | Dec 2023 +0.7 pp | Mar 2024 −0.1 pp | Jun 2024 −5.5 pp | Sep 2024 +20.5 pp | Dec 2024 +0.9 pp | Mar 2025 +0.3 pp | Jun 2025 +7.2 pp | Sep 2025 +1.1 pp | Dec 2025 +0.9 pp | Mar 2026 +1.6 pp | Jun 2026 — | Sep 2026 — - BA: Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −19.7 pp | Dec 2022 +26.3 pp | Mar 2023 +7.5 pp | Jun 2023 −5.2 pp | Sep 2023 +13.0 pp | Dec 2023 +3.0 pp | Mar 2024 +0.3 pp | Jun 2024 −6.0 pp | Sep 2024 −27.8 pp | Dec 2024 −26.0 pp | Mar 2025 +2.9 pp | Jun 2025 +5.7 pp | Sep 2025 +11.8 pp | Dec 2025 +61.4 pp | Mar 2026 −0.4 pp | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −1.3 pp | Dec 2022 −1.7 pp | Mar 2023 +0.6 pp | Jun 2023 +0.1 pp | Sep 2023 −0.9 pp | Dec 2023 0.0 pp | Mar 2024 −1.7 pp | Jun 2024 −0.9 pp | Sep 2024 +0.4 pp | Dec 2024 −8.4 pp | Mar 2025 +1.4 pp | Jun 2025 −7.8 pp | Sep 2025 −0.2 pp | Dec 2025 +7.8 pp | Mar 2026 −1.8 pp | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 −0.1 pp | Dec 2022 +3.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 +2.6 pp | Dec 2023 +4.3 pp | Mar 2024 +2.4 pp | Jun 2024 +3.9 pp | Sep 2024 +4.4 pp | Dec 2024 +4.7 pp | Mar 2025 +5.2 pp | Jun 2025 +4.2 pp | Sep 2025 +3.0 pp | Dec 2025 −0.9 pp | Mar 2026 +7.2 pp | Jun 2026 — | Sep 2026 — - GD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 −1.1 pp | Dec 2023 −1.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 +0.5 pp | Sep 2026 — - NOC: Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 −2.6 pp | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −0.7 pp | Sep 2023 +1.0 pp | Dec 2023 −12.7 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +13.9 pp | Mar 2025 −4.5 pp | Jun 2025 +3.1 pp | Sep 2025 +0.7 pp | Dec 2025 +0.7 pp | Mar 2026 +3.9 pp | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +4.5 pp | Sep 2023 +2.1 pp | Dec 2023 +1.8 pp | Mar 2024 — | Jun 2024 +1.9 pp | Sep 2024 −1.8 pp | Dec 2024 +4.6 pp | Mar 2025 +0.9 pp | Jun 2025 +0.8 pp | Sep 2025 +4.5 pp | Dec 2025 −3.0 pp | Mar 2026 +0.2 pp | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −4.3 pp | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.8 pp | Mar 2023 — | Jun 2023 −3.6 pp | Sep 2023 −2.0 pp | Dec 2023 −1.1 pp | Mar 2024 −1.5 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 — | Mar 2025 +3.7 pp | Jun 2025 +1.2 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −2.5 pp | Jun 2026 +1.2 pp | Sep 2026 — - HEI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.4 pp | Mar 2023 +0.6 pp | Jun 2023 0.0 pp | Sep 2023 −1.9 pp | Dec 2023 −3.8 pp | Mar 2024 −0.7 pp | Jun 2024 −0.9 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 +1.9 pp | Jun 2025 +0.7 pp | Sep 2025 +1.3 pp | Dec 2025 +1.5 pp | Mar 2026 +0.1 pp | Jun 2026 +2.9 pp | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 — | Jun 2022 +50.3 pp | Sep 2022 +9.1 pp | Dec 2022 +19.1 pp | Mar 2023 −1.9 pp | Jun 2023 +3.2 pp | Sep 2023 +3.6 pp | Dec 2023 +3.2 pp | Mar 2024 −1.2 pp | Jun 2024 −4.0 pp | Sep 2024 −9.5 pp | Dec 2024 −12.6 pp | Mar 2025 −5.1 pp | Jun 2025 −6.9 pp | Sep 2025 −4.7 pp | Dec 2025 −3.6 pp | Mar 2026 +5.1 pp | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 — | Mar 2022 — | Jun 2022 +56.6 pp | Sep 2022 +938.3 pp | Dec 2022 +16.6 pp | Mar 2023 −3.2 pp | Jun 2023 −13.0 pp | Sep 2023 −6.6 pp | Dec 2023 −7.9 pp | Mar 2024 +37.4 pp | Jun 2024 +32.1 pp | Sep 2024 +7.9 pp | Dec 2024 +40.9 pp | Mar 2025 −1.9 pp | Jun 2025 −0.6 pp | Sep 2025 +11.5 pp | Dec 2025 +10.5 pp | Mar 2026 +20.4 pp | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −2.7 pp | Dec 2022 +0.8 pp | Mar 2023 +2.4 pp | Jun 2023 −1.8 pp | Sep 2023 +1.7 pp | Dec 2023 −3.8 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +3.1 pp | Mar 2025 +1.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +1.7 pp | Mar 2026 +1.5 pp | Jun 2026 — | Sep 2026 — - CW: Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +1.4 pp | Dec 2022 +5.7 pp | Mar 2023 +1.7 pp | Jun 2023 −0.1 pp | Sep 2023 +1.2 pp | Dec 2023 −0.4 pp | Mar 2024 +1.5 pp | Jun 2024 +0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −1.6 pp | Mar 2025 +2.0 pp | Jun 2025 +1.4 pp | Sep 2025 +1.0 pp | Dec 2025 +0.4 pp | Mar 2026 +1.5 pp | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 — | Mar 2022 — | Jun 2022 +21.0 pp | Sep 2022 −12.3 pp | Dec 2022 +28.0 pp | Mar 2023 +188.3 pp | Jun 2023 +7.4 pp | Sep 2023 +2.4 pp | Dec 2023 +4.5 pp | Mar 2024 +3.8 pp | Jun 2024 −71.4 pp | Sep 2024 +2.9 pp | Dec 2024 −0.1 pp | Mar 2025 +1.7 pp | Jun 2025 +67.8 pp | Sep 2025 −1.9 pp | Dec 2025 −1.0 pp | Mar 2026 −9.6 pp | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 −2.7 pp | Dec 2022 −0.9 pp | Mar 2023 −4.1 pp | Jun 2023 +4.0 pp | Sep 2023 +2.6 pp | Dec 2023 +7.1 pp | Mar 2024 +8.3 pp | Jun 2024 +0.9 pp | Sep 2024 −0.6 pp | Dec 2024 −1.0 pp | Mar 2025 −0.4 pp | Jun 2025 −0.9 pp | Sep 2025 +3.9 pp | Dec 2025 +4.4 pp | Mar 2026 +1.2 pp | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 −3.0 pp | Dec 2022 −1.5 pp | Mar 2023 +1.3 pp | Jun 2023 −3.0 pp | Sep 2023 −0.1 pp | Dec 2023 +0.8 pp | Mar 2024 +0.1 pp | Jun 2024 +0.7 pp | Sep 2024 −0.2 pp | Dec 2024 −5.0 pp | Mar 2025 −1.5 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −2.0 pp | Mar 2026 −1.8 pp | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 −0.6 pp | Sep 2023 +1.0 pp | Dec 2023 −2.4 pp | Mar 2024 — | Jun 2024 +1.8 pp | Sep 2024 −2.2 pp | Dec 2024 −2.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.9 pp | Sep 2025 +1.5 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 −0.8 pp | Sep 2026 — - MOG-B: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.3 pp | Mar 2023 — | Jun 2023 +2.4 pp | Sep 2023 −0.9 pp | Dec 2023 +0.9 pp | Mar 2024 — | Jun 2024 +1.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.7 pp | Mar 2025 −0.6 pp | Jun 2025 +0.1 pp | Sep 2025 +2.5 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 — | Sep 2026 — - HII: Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 0.0 pp | Dec 2022 −0.8 pp | Mar 2023 −0.1 pp | Jun 2023 −1.6 pp | Sep 2023 +1.1 pp | Dec 2023 +6.1 pp | Mar 2024 +0.2 pp | Jun 2024 +0.7 pp | Sep 2024 −3.1 pp | Dec 2024 −6.1 pp | Mar 2025 +0.4 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.2 pp | Mar 2026 −0.9 pp | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 — | Jun 2022 −77.0 pp | Sep 2022 −3.3 pp | Dec 2022 +2.4 pp | Mar 2023 +3.7 pp | Jun 2023 +70.0 pp | Sep 2023 +8.1 pp | Dec 2023 +3.4 pp | Mar 2024 +15.6 pp | Jun 2024 +3.1 pp | Sep 2024 +11.8 pp | Dec 2024 +0.7 pp | Mar 2025 +5.0 pp | Jun 2025 +1.3 pp | Sep 2025 −8.5 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +51.9 pp | Dec 2022 +0.7 pp | Mar 2023 −4.8 pp | Jun 2023 0.0 pp | Sep 2023 −50.9 pp | Dec 2023 +0.7 pp | Mar 2024 +1.9 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +0.9 pp | Mar 2025 +1.1 pp | Jun 2025 +1.1 pp | Sep 2025 +0.5 pp | Dec 2025 −0.3 pp | Mar 2026 +1.7 pp | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 −0.3 pp | Sep 2024 +1.1 pp | Dec 2024 −0.2 pp | Mar 2025 +0.5 pp | Jun 2025 +1.1 pp | Sep 2025 +1.3 pp | Dec 2025 +2.6 pp | Mar 2026 −0.2 pp | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 −6.8 pp | Dec 2022 −2.7 pp | Mar 2023 +0.8 pp | Jun 2023 +3.4 pp | Sep 2023 — | Dec 2023 +2.8 pp | Mar 2024 +2.3 pp | Jun 2024 +1.6 pp | Sep 2024 — | Dec 2024 −3.3 pp | Mar 2025 −0.3 pp | Jun 2025 −3.1 pp | Sep 2025 −0.4 pp | Dec 2025 +1.3 pp | Mar 2026 −0.9 pp | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 — | Mar 2022 — | Jun 2022 −7.3 pp | Sep 2022 +5.5 pp | Dec 2022 +7.0 pp | Mar 2023 +5.1 pp | Jun 2023 +8.5 pp | Sep 2023 −1.0 pp | Dec 2023 −3.6 pp | Mar 2024 −11.8 pp | Jun 2024 −2.6 pp | Sep 2024 +1.1 pp | Dec 2024 +10.4 pp | Mar 2025 +17.4 pp | Jun 2025 +2.1 pp | Sep 2025 +2.2 pp | Dec 2025 −5.9 pp | Mar 2026 −7.6 pp | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 −15.5 pp | Mar 2023 +19.1 pp | Jun 2023 −98.9 pp | Sep 2023 +20.3 pp | Dec 2023 +26.7 pp | Mar 2024 +4.3 pp | Jun 2024 +92.1 pp | Sep 2024 −5.1 pp | Dec 2024 −10.2 pp | Mar 2025 −9.5 pp | Jun 2025 +2.0 pp | Sep 2025 −27.4 pp | Dec 2025 −10.1 pp | Mar 2026 −64.0 pp | Jun 2026 +3.9 pp | Sep 2026 — - PL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +3.5 pp | Mar 2023 +73.4 pp | Jun 2023 +34.1 pp | Sep 2023 +7.5 pp | Dec 2023 −0.6 pp | Mar 2024 +23.0 pp | Jun 2024 +27.6 pp | Sep 2024 +15.7 pp | Dec 2024 +49.5 pp | Mar 2025 +26.1 pp | Jun 2025 +22.8 pp | Sep 2025 +40.3 pp | Dec 2025 +14.3 pp | Mar 2026 −10.0 pp | Jun 2026 −2.7 pp | Sep 2026 — - HXL: Dec 2021 — | Mar 2022 — | Jun 2022 +11.1 pp | Sep 2022 +4.4 pp | Dec 2022 +3.0 pp | Mar 2023 +6.0 pp | Jun 2023 −2.7 pp | Sep 2023 −0.8 pp | Dec 2023 +1.0 pp | Mar 2024 −2.5 pp | Jun 2024 +0.8 pp | Sep 2024 +1.1 pp | Dec 2024 −8.5 pp | Mar 2025 −1.5 pp | Jun 2025 −8.2 pp | Sep 2025 −3.6 pp | Dec 2025 +10.6 pp | Mar 2026 +1.8 pp | Jun 2026 — | Sep 2026 — ## Profit Scale & Acceleration What the numbers say: GE Aerospace leads with $8,974 million of TTM profit, 330.8% above TransDigm Group Incorporated. StandardAero, Inc. shows ≥100% on the scoring scale (321.4% uncapped) growth from a $295 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: GE Aerospace sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: GE Aerospace · $8,974 million | 330.8% versus #2 · TransDigm Group Incorporated | 7/8 recent comparable periods | 15/30 companies · 497 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. GE Aerospace (GE): ₹9.0K Cr 2. TransDigm Group Incorporated (TDG): ₹2.1K Cr — older report 3. Howmet Aerospace Inc. (HWM): ₹1.7K Cr — older report 4. HEICO Corporation (HEI): ₹849 Cr 5. Elbit Systems Ltd. (ESLT): ₹559 Cr — older report ### Profit growth — fastest growers 1. StandardAero, Inc. (SARO): 100% — older report 2. Elbit Systems Ltd. (ESLT): 67% — older report 3. Kratos Defense & Security Solutions, Inc. (KTOS): 50% — older report 4. Howmet Aerospace Inc. (HWM): 39% — older report 5. HEICO Corporation (HEI): 30% ### 20-quarter Net profit history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-528 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-4.3K Cr | Jun 2026 — | Sep 2026 — - GE: Dec 2021 ₹-3.5K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-245 Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.4K Cr | Sep 2026 — - RTX: Dec 2021 ₹771 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹-933 Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — | Sep 2026 — - BA: Dec 2021 ₹-4.2K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹-3.3K Cr | Dec 2022 ₹-663 Cr | Mar 2023 ₹-425 Cr | Jun 2023 ₹-149 Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-30 Cr | Mar 2024 ₹-355 Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-6.2K Cr | Dec 2024 ₹-3.9K Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-612 Cr | Sep 2025 ₹-5.3K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹-7 Cr | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹527 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 ₹77 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹385 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹580 Cr | Jun 2026 — | Sep 2026 — - GD: Dec 2021 ₹860 Cr | Mar 2022 — | Jun 2022 ₹730 Cr | Sep 2022 ₹766 Cr | Dec 2022 ₹902 Cr | Mar 2023 — | Jun 2023 ₹730 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹836 Cr | Mar 2024 ₹799 Cr | Jun 2024 ₹905 Cr | Sep 2024 ₹930 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹994 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 ₹1.1K Cr | Sep 2026 — - NOC: Dec 2021 ₹2.7K Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹946 Cr | Sep 2022 ₹915 Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹842 Cr | Jun 2023 ₹812 Cr | Sep 2023 ₹937 Cr | Dec 2023 ₹-535 Cr | Mar 2024 ₹944 Cr | Jun 2024 ₹940 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹481 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹875 Cr | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 ₹163 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹229 Cr | Mar 2023 — | Jun 2023 ₹304 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹536 Cr | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹777 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹634 Cr | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 ₹479 Cr | Mar 2022 — | Jun 2022 ₹475 Cr | Sep 2022 ₹470 Cr | Dec 2022 ₹417 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹404 Cr | Dec 2024 — | Mar 2025 ₹456 Cr | Jun 2025 ₹386 Cr | Sep 2025 — | Dec 2025 ₹462 Cr | Mar 2026 ₹300 Cr | Jun 2026 ₹512 Cr | Sep 2026 — - HEI: Dec 2021 ₹93 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹205 Cr | Jun 2026 ₹250 Cr | Sep 2026 — - AXON: Dec 2021 ₹-14 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹169 Cr | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 ₹3 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-46 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹-61 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-45 Cr | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 ₹5 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹152 Cr | Jun 2026 — | Sep 2026 — - CW: Dec 2021 ₹72 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹128 Cr | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 ₹-132 Cr | Mar 2022 ₹-230 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹-220 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹138 Cr | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 ₹30 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹134 Cr | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 ₹117 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹91 Cr | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 ₹185 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹193 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹225 Cr | Mar 2023 — | Jun 2023 ₹191 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹235 Cr | Dec 2025 — | Mar 2026 ₹236 Cr | Jun 2026 ₹220 Cr | Sep 2026 — - MOG-B: Dec 2021 ₹35 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹29 Cr | Mar 2023 — | Jun 2023 ₹43 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹79 Cr | Jun 2026 — | Sep 2026 — - HII: Dec 2021 ₹120 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹149 Cr | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 ₹3 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹-149 Cr | Sep 2022 ₹-41 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹-75 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹37 Cr | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 ₹58 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹92 Cr | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-12 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹80 Cr | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 ₹-3 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹12 Cr | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 ₹28 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹-484 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹74 Cr | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 ₹3 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-160 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹-67 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-244 Cr | Jun 2026 ₹63 Cr | Sep 2026 — - PL: Dec 2021 ₹-42 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹-152 Cr | Jun 2026 ₹-139 Cr | Sep 2026 — - HXL: Dec 2021 ₹19 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹37 Cr | Jun 2026 — | Sep 2026 — ### 20-quarter Profit growth history - GE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -142% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -34% | Mar 2024 -72% | Jun 2024 5.3% | Sep 2024 452% | Dec 2024 61% | Mar 2025 13% | Jun 2025 51% | Sep 2025 28% | Dec 2025 30% | Mar 2026 -0.8% | Jun 2026 20% | Sep 2026 — - RTX: Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -5.3% | Dec 2022 90% | Mar 2023 32% | Jun 2023 1.6% | Sep 2023 -167% | Dec 2023 0.3% | Mar 2024 18% | Jun 2024 -87% | Sep 2024 — | Dec 2024 5.9% | Mar 2025 -6.8% | Jun 2025 886% | Sep 2025 31% | Dec 2025 9.8% | Mar 2026 33% | Jun 2026 — | Sep 2026 — - BA: Dec 2021 — | Mar 2022 — | Jun 2022 -72% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -193% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 190% | Dec 2022 -6.7% | Mar 2023 -2.5% | Jun 2023 444% | Sep 2023 -5.3% | Dec 2023 -2.4% | Mar 2024 -8.5% | Jun 2024 -2.4% | Sep 2024 -3.6% | Dec 2024 -72% | Mar 2025 11% | Jun 2025 -79% | Sep 2025 -0.3% | Dec 2025 155% | Mar 2026 -13% | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 196% | Dec 2022 44% | Mar 2023 13% | Jun 2023 31% | Sep 2023 135% | Dec 2023 113% | Mar 2024 64% | Jun 2024 38% | Sep 2024 77% | Dec 2024 33% | Mar 2025 42% | Jun 2025 53% | Sep 2025 16% | Dec 2025 18% | Mar 2026 69% | Jun 2026 — | Sep 2026 — - GD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9% | Dec 2022 4.9% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -2.9% | Dec 2023 -7.3% | Mar 2024 — | Jun 2024 24% | Sep 2024 25% | Dec 2024 37% | Mar 2025 24% | Jun 2025 12% | Sep 2025 14% | Dec 2025 -0.4% | Mar 2026 — | Jun 2026 11% | Sep 2026 — - NOC: Dec 2021 — | Mar 2022 — | Jun 2022 -8.8% | Sep 2022 -14% | Dec 2022 -23% | Mar 2023 -12% | Jun 2023 -14% | Sep 2023 2.4% | Dec 2023 -126% | Mar 2024 12% | Jun 2024 16% | Sep 2024 9.5% | Dec 2024 — | Mar 2025 -49% | Jun 2025 25% | Sep 2025 7.2% | Dec 2025 13% | Mar 2026 82% | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 — | Mar 2023 — | Jun 2023 53% | Sep 2023 47% | Dec 2023 67% | Mar 2024 — | Jun 2024 52% | Sep 2024 33% | Dec 2024 29% | Mar 2025 19% | Jun 2025 6.9% | Sep 2025 30% | Dec 2025 -9.7% | Mar 2026 12% | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -18% | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 -13% | Mar 2023 — | Jun 2023 -26% | Sep 2023 -19% | Dec 2023 -70% | Mar 2024 -16% | Jun 2024 4.6% | Sep 2024 5.8% | Dec 2024 — | Mar 2025 60% | Jun 2025 5.2% | Sep 2025 — | Dec 2025 — | Mar 2026 -34% | Jun 2026 33% | Sep 2026 — - HEI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 18% | Mar 2023 9.6% | Jun 2023 24% | Sep 2023 22% | Dec 2023 3.6% | Mar 2024 21% | Jun 2024 17% | Sep 2024 31% | Dec 2024 32% | Mar 2025 46% | Jun 2025 27% | Sep 2025 29% | Dec 2025 34% | Mar 2026 13% | Jun 2026 46% | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -76% | Dec 2022 — | Mar 2023 -18% | Jun 2023 -76% | Sep 2023 408% | Dec 2023 97% | Mar 2024 196% | Jun 2024 242% | Sep 2024 9.8% | Dec 2024 137% | Mar 2025 -34% | Jun 2025 -12% | Sep 2025 -103% | Dec 2025 -98% | Mar 2026 92% | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,333% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 — | Mar 2022 — | Jun 2022 -9.0% | Sep 2022 -39% | Dec 2022 1,580% | Mar 2023 18% | Jun 2023 -27% | Sep 2023 7.4% | Dec 2023 -68% | Mar 2024 15% | Jun 2024 25% | Sep 2024 29% | Dec 2024 219% | Mar 2025 47% | Jun 2025 59% | Sep 2025 69% | Dec 2025 88% | Mar 2026 52% | Jun 2026 — | Sep 2026 — - CW: Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 5.7% | Dec 2022 51% | Mar 2023 39% | Jun 2023 14% | Sep 2023 31% | Dec 2023 10% | Mar 2024 33% | Jun 2024 22% | Sep 2024 14% | Dec 2024 -1.7% | Mar 2025 33% | Jun 2025 22% | Sep 2025 13% | Dec 2025 16% | Mar 2026 27% | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -140% | Dec 2022 — | Mar 2023 — | Jun 2023 450% | Sep 2023 — | Dec 2023 337% | Mar 2024 38% | Jun 2024 -500% | Sep 2024 110% | Dec 2024 -14% | Mar 2025 155% | Jun 2025 — | Sep 2025 37% | Dec 2025 14% | Mar 2026 35% | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 8.0% | Dec 2022 0.0% | Mar 2023 -25% | Jun 2023 118% | Sep 2023 54% | Dec 2023 200% | Mar 2024 172% | Jun 2024 20% | Sep 2024 0.0% | Dec 2024 -3.3% | Mar 2025 11% | Jun 2025 5.9% | Sep 2025 66% | Dec 2025 54% | Mar 2026 23% | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 3.3% | Dec 2022 -63% | Mar 2023 3.4% | Jun 2023 -21% | Sep 2023 -3.2% | Dec 2023 53% | Mar 2024 13% | Jun 2024 24% | Sep 2024 17% | Dec 2024 7.6% | Mar 2025 10% | Jun 2025 6.9% | Sep 2025 17% | Dec 2025 32% | Mar 2026 20% | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 22% | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 21% | Dec 2023 -12% | Mar 2024 — | Jun 2024 36% | Sep 2024 -15% | Dec 2024 -29% | Mar 2025 3.0% | Jun 2025 -5.8% | Sep 2025 5.4% | Dec 2025 — | Mar 2026 14% | Jun 2026 -10% | Sep 2026 — - MOG-B: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 -17% | Mar 2023 — | Jun 2023 48% | Sep 2023 -16% | Dec 2023 66% | Mar 2024 — | Jun 2024 30% | Sep 2024 7.1% | Dec 2024 21% | Mar 2025 -8.3% | Jun 2025 7.1% | Sep 2025 47% | Dec 2025 — | Mar 2026 44% | Jun 2026 — | Sep 2026 — - HII: Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 -6.1% | Dec 2022 2.5% | Mar 2023 -7.9% | Jun 2023 -27% | Sep 2023 7.3% | Dec 2023 123% | Mar 2024 19% | Jun 2024 33% | Sep 2024 -32% | Dec 2024 -55% | Mar 2025 -2.6% | Jun 2025 -12% | Sep 2025 44% | Dec 2025 29% | Mar 2026 0.0% | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 — | Jun 2022 -267% | Sep 2022 — | Dec 2022 667% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 774% | Mar 2024 — | Jun 2024 — | Sep 2024 189% | Dec 2024 -81% | Mar 2025 150% | Jun 2025 -33% | Sep 2025 -30% | Dec 2025 113% | Mar 2026 -54% | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 697% | Dec 2022 12% | Mar 2023 -67% | Jun 2023 40% | Sep 2023 -83% | Dec 2023 14% | Mar 2024 142% | Jun 2024 8.6% | Sep 2024 21% | Dec 2024 20% | Mar 2025 128% | Jun 2025 42% | Sep 2025 26% | Dec 2025 145% | Mar 2026 39% | Jun 2026 — | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2,000% | Jun 2025 1,260% | Sep 2025 325% | Dec 2025 — | Mar 2026 27% | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 -500% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 33% | Mar 2025 400% | Jun 2025 -63% | Sep 2025 200% | Dec 2025 50% | Mar 2026 140% | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 — | Mar 2022 — | Jun 2022 -91% | Sep 2022 171% | Dec 2022 186% | Mar 2023 79% | Jun 2023 1,600% | Sep 2023 33% | Dec 2023 -26% | Mar 2024 -575% | Jun 2024 -25% | Sep 2024 -9.8% | Dec 2024 190% | Mar 2025 — | Jun 2025 18% | Sep 2025 38% | Dec 2025 -35% | Mar 2026 -46% | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -333% | Mar 2023 — | Jun 2023 -16,100% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -4.6% | Dec 2024 -56% | Mar 2025 -114% | Jun 2025 183% | Sep 2025 -419% | Dec 2025 -313% | Mar 2026 — | Jun 2026 271% | Sep 2026 — - HXL: Dec 2021 — | Mar 2022 — | Jun 2022 2,150% | Sep 2022 200% | Dec 2022 95% | Mar 2023 139% | Jun 2023 -4.4% | Sep 2023 44% | Dec 2023 -149% | Mar 2024 -14% | Jun 2024 16% | Sep 2024 2.6% | Dec 2024 — | Mar 2025 -22% | Jun 2025 -72% | Sep 2025 -48% | Dec 2025 667% | Mar 2026 28% | Jun 2026 — | Sep 2026 — ## Return On Capital Employed What the numbers say: Honeywell Aerospace Inc. leads ROCE at 14.4%, 6.9 percentage points above Howmet Aerospace Inc.. Lockheed Martin Corporation has the strongest latest improvement at +4.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Honeywell Aerospace Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Honeywell Aerospace Inc. · 14.4% | 92% versus #2 · Howmet Aerospace Inc. | Not enough history | 30/30 companies · 513 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Honeywell Aerospace Inc. (HONA): 14% — older report 2. Howmet Aerospace Inc. (HWM): 7.5% — older report 3. Lockheed Martin Corporation (LMT): 6.8% 4. TransDigm Group Incorporated (TDG): 5.5% — older report 5. FTAI Aviation Ltd. (FTAI): 5.0% ### ROCE change — fastest improvers 1. Lockheed Martin Corporation (LMT): +4.7 pp 2. Rocket Lab Corporation (RKLB): +3.0 pp — older report 3. Honeywell Aerospace Inc. (HONA): +2.1 pp — older report 4. Howmet Aerospace Inc. (HWM): +2.0 pp — older report 5. Hexcel Corporation (HXL): +1.7 pp ### 20-quarter ROCE history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -5.0% | Jun 2026 — | Sep 2026 — - GE: Dec 2021 0.8% | Mar 2022 -0.6% | Jun 2022 0.3% | Sep 2022 -0.1% | Dec 2022 0.1% | Mar 2023 0.2% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 0.5% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 0.9% | Dec 2024 1.7% | Mar 2025 1.9% | Jun 2025 2.3% | Sep 2025 2.5% | Dec 2025 2.6% | Mar 2026 2.6% | Jun 2026 2.9% | Sep 2026 — - RTX: Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.4% | Jun 2023 1.2% | Sep 2023 -1.2% | Dec 2023 1.5% | Mar 2024 1.6% | Jun 2024 0.5% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 2.2% | Dec 2025 2.3% | Mar 2026 2.3% | Jun 2026 2.5% | Sep 2026 — - BA: Dec 2021 -6.8% | Mar 2022 -2.0% | Jun 2022 1.4% | Sep 2022 -5.1% | Dec 2022 -0.7% | Mar 2023 -0.3% | Jun 2023 -0.2% | Sep 2023 -1.8% | Dec 2023 0.6% | Mar 2024 -0.2% | Jun 2024 -2.5% | Sep 2024 -14% | Dec 2024 -7.5% | Mar 2025 1.0% | Jun 2025 -0.4% | Sep 2025 -11% | Dec 2025 15% | Mar 2026 0.8% | Jun 2026 0.3% | Sep 2026 — - LMT: Dec 2021 6.7% | Mar 2022 5.4% | Jun 2022 5.4% | Sep 2022 6.0% | Dec 2022 6.2% | Mar 2023 5.6% | Jun 2023 5.7% | Sep 2023 5.4% | Dec 2023 6.3% | Mar 2024 5.4% | Jun 2024 5.7% | Sep 2024 5.5% | Dec 2024 1.9% | Mar 2025 6.5% | Jun 2025 2.1% | Sep 2025 6.1% | Dec 2025 6.4% | Mar 2026 5.7% | Jun 2026 6.8% | Sep 2026 — - HWM: Dec 2021 1.6% | Mar 2022 2.5% | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 3.2% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 3.7% | Mar 2024 4.2% | Jun 2024 4.6% | Sep 2024 4.7% | Dec 2024 5.1% | Mar 2025 5.5% | Jun 2025 5.9% | Sep 2025 5.8% | Dec 2025 5.3% | Mar 2026 7.5% | Jun 2026 — | Sep 2026 — - GD: Dec 2021 3.0% | Mar 2022 — | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.6% | Dec 2023 2.9% | Mar 2024 2.8% | Jun 2024 3.1% | Sep 2024 3.1% | Dec 2024 3.7% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 3.5% | Dec 2025 3.7% | Mar 2026 — | Jun 2026 3.6% | Sep 2026 3.7% - NOC: Dec 2021 2.2% | Mar 2022 2.7% | Jun 2022 2.9% | Sep 2022 2.6% | Dec 2022 2.8% | Mar 2023 2.8% | Jun 2023 2.9% | Sep 2023 3.1% | Dec 2023 -1.2% | Mar 2024 3.1% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 3.1% | Mar 2025 1.7% | Jun 2025 4.0% | Sep 2025 3.5% | Dec 2025 3.5% | Mar 2026 2.8% | Jun 2026 3.0% | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 2.6% | Jun 2022 3.0% | Sep 2022 3.4% | Dec 2022 3.4% | Mar 2023 — | Jun 2023 4.0% | Sep 2023 4.4% | Dec 2023 4.4% | Mar 2024 4.7% | Jun 2024 4.9% | Sep 2024 5.0% | Dec 2024 5.1% | Mar 2025 5.1% | Jun 2025 5.1% | Sep 2025 5.8% | Dec 2025 5.2% | Mar 2026 5.5% | Jun 2026 — | Sep 2026 — - HONA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 14% | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 1.7% | Mar 2022 — | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 1.7% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 1.8% | Jun 2025 1.6% | Sep 2025 1.7% | Dec 2025 1.8% | Mar 2026 1.4% | Jun 2026 2.0% | Sep 2026 1.9% - HEI: Dec 2021 3.5% | Mar 2022 3.0% | Jun 2022 3.7% | Sep 2022 3.9% | Dec 2022 4.3% | Mar 2023 3.4% | Jun 2023 4.0% | Sep 2023 3.5% | Dec 2023 3.7% | Mar 2024 3.3% | Jun 2024 3.7% | Sep 2024 3.7% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.5% | Sep 2025 3.6% | Dec 2025 3.8% | Mar 2026 3.4% | Jun 2026 4.3% | Sep 2026 — - AXON: Dec 2021 -2.3% | Mar 2022 1.4% | Jun 2022 1.6% | Sep 2022 2.3% | Dec 2022 1.3% | Mar 2023 0.9% | Jun 2023 2.0% | Sep 2023 2.8% | Dec 2023 1.7% | Mar 2024 0.6% | Jun 2024 1.2% | Sep 2024 0.8% | Dec 2024 -0.6% | Mar 2025 -0.2% | Jun 2025 0.0% | Sep 2025 -0.1% | Dec 2025 -1.2% | Mar 2026 0.6% | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 -4.8% | Mar 2022 -5.5% | Jun 2022 -5.6% | Sep 2022 -3.7% | Dec 2022 -4.4% | Mar 2023 -5.5% | Jun 2023 -5.9% | Sep 2023 -5.2% | Dec 2023 -6.2% | Mar 2024 -4.9% | Jun 2024 -5.4% | Sep 2024 -6.8% | Dec 2024 -6.6% | Mar 2025 -6.4% | Jun 2025 -5.7% | Sep 2025 -4.4% | Dec 2025 -3.6% | Mar 2026 -3.4% | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 2.2% | Mar 2022 1.2% | Jun 2022 4.7% | Sep 2022 1.4% | Dec 2022 2.4% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 1.4% | Mar 2024 2.1% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.7% | Mar 2025 2.7% | Jun 2025 2.7% | Sep 2025 2.9% | Dec 2025 3.1% | Mar 2026 3.1% | Jun 2026 — | Sep 2026 — - CW: Dec 2021 3.0% | Mar 2022 1.9% | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 4.6% | Mar 2023 2.3% | Jun 2023 3.2% | Sep 2023 3.7% | Dec 2023 4.4% | Mar 2024 2.7% | Jun 2024 3.4% | Sep 2024 3.8% | Dec 2024 4.0% | Mar 2025 3.3% | Jun 2025 3.9% | Sep 2025 4.2% | Dec 2025 4.7% | Mar 2026 4.0% | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 -0.1% | Mar 2022 -3.7% | Jun 2022 0.8% | Sep 2022 1.9% | Dec 2022 1.8% | Mar 2023 2.1% | Jun 2023 2.7% | Sep 2023 3.8% | Dec 2023 3.4% | Mar 2024 3.5% | Jun 2024 -5.6% | Sep 2024 4.9% | Dec 2024 4.3% | Mar 2025 4.4% | Jun 2025 6.0% | Sep 2025 5.4% | Dec 2025 4.7% | Mar 2026 4.4% | Jun 2026 5.0% | Sep 2026 — - WWD: Dec 2021 0.9% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 3.1% | Sep 2023 2.7% | Dec 2023 2.9% | Mar 2024 3.3% | Jun 2024 3.4% | Sep 2024 2.8% | Dec 2024 2.6% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 4.2% | Dec 2025 4.5% | Mar 2026 4.5% | Jun 2026 4.9% | Sep 2026 — - BWXT: Dec 2021 5.0% | Mar 2022 3.1% | Jun 2022 4.1% | Sep 2022 3.0% | Dec 2022 4.2% | Mar 2023 3.3% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 4.8% | Mar 2024 3.3% | Jun 2024 3.6% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.0% | Sep 2025 3.3% | Dec 2025 2.5% | Mar 2026 2.7% | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 1.6% | Sep 2022 1.9% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 1.5% | Sep 2023 2.4% | Dec 2023 1.6% | Mar 2024 1.6% | Jun 2024 2.3% | Sep 2024 1.8% | Dec 2024 0.7% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 — | Mar 2026 1.9% | Jun 2026 1.8% | Sep 2026 2.0% - MOG-B: Dec 2021 2.0% | Mar 2022 2.1% | Jun 2022 1.8% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.4% | Dec 2023 2.8% | Mar 2024 3.3% | Jun 2024 2.9% | Sep 2024 2.5% | Dec 2024 2.9% | Mar 2025 2.9% | Jun 2025 3.0% | Sep 2025 3.5% | Dec 2025 — | Mar 2026 3.5% | Jun 2026 4.4% | Sep 2026 — - HII: Dec 2021 1.7% | Mar 2022 2.0% | Jun 2022 2.7% | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 3.9% | Mar 2024 1.9% | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 1.8% | Mar 2026 1.6% | Jun 2026 2.2% | Sep 2026 — - EMBJ: Dec 2021 0.8% | Mar 2022 -1.7% | Jun 2022 -8.5% | Sep 2022 -0.9% | Dec 2022 2.0% | Mar 2023 -1.7% | Jun 2023 1.1% | Sep 2023 0.2% | Dec 2023 3.0% | Mar 2024 -0.1% | Jun 2024 1.9% | Sep 2024 3.2% | Dec 2024 3.6% | Mar 2025 0.7% | Jun 2025 2.5% | Sep 2025 1.2% | Dec 2025 2.8% | Mar 2026 1.1% | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 4.0% | Mar 2022 2.7% | Jun 2022 2.0% | Sep 2022 19% | Dec 2022 3.7% | Mar 2023 1.0% | Jun 2023 1.7% | Sep 2023 2.5% | Dec 2023 3.8% | Mar 2024 1.6% | Jun 2024 1.9% | Sep 2024 2.6% | Dec 2024 4.1% | Mar 2025 2.0% | Jun 2025 2.3% | Sep 2025 3.0% | Dec 2025 4.0% | Mar 2026 2.5% | Jun 2026 3.3% | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 4.4% | Jun 2024 4.4% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 2.7% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 0.7% | Mar 2022 -0.1% | Jun 2022 -0.1% | Sep 2022 -0.3% | Dec 2022 0.3% | Mar 2023 0.0% | Jun 2023 0.5% | Sep 2023 — | Dec 2023 0.9% | Mar 2024 0.5% | Jun 2024 0.8% | Sep 2024 0.4% | Dec 2024 0.2% | Mar 2025 0.4% | Jun 2025 0.2% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.2% | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 0.6% | Sep 2022 1.3% | Dec 2022 1.8% | Mar 2023 2.3% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 0.4% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 3.2% | Mar 2025 3.3% | Jun 2025 1.6% | Sep 2025 1.9% | Dec 2025 2.3% | Mar 2026 2.0% | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 0.5% | Mar 2022 -2.1% | Jun 2022 1.6% | Sep 2022 -0.4% | Dec 2022 -1.8% | Mar 2023 0.6% | Jun 2023 -22% | Sep 2023 3.5% | Dec 2023 3.0% | Mar 2024 1.7% | Jun 2024 0.8% | Sep 2024 2.9% | Dec 2024 0.8% | Mar 2025 -0.3% | Jun 2025 1.5% | Sep 2025 -2.2% | Dec 2025 -1.0% | Mar 2026 -9.0% | Jun 2026 1.8% | Sep 2026 — - PL: Dec 2021 -9.0% | Mar 2022 -19% | Jun 2022 -23% | Sep 2022 -9.1% | Dec 2022 -8.7% | Mar 2023 -6.5% | Jun 2023 -7.0% | Sep 2023 -6.9% | Dec 2023 -7.8% | Mar 2024 -5.7% | Jun 2024 -6.0% | Sep 2024 -7.0% | Dec 2024 -4.2% | Mar 2025 -3.7% | Jun 2025 -4.3% | Sep 2025 -3.6% | Dec 2025 -2.6% | Mar 2026 -6.2% | Jun 2026 -4.8% | Sep 2026 — - HXL: Dec 2021 0.9% | Mar 2022 1.1% | Jun 2022 2.4% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 1.7% | Dec 2023 1.9% | Mar 2024 2.1% | Jun 2024 2.8% | Sep 2024 2.0% | Dec 2024 0.4% | Mar 2025 1.8% | Jun 2025 1.2% | Sep 2025 1.4% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 2.9% | Sep 2026 — ### 20-quarter ROCE change history - SPCX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 — | Sep 2026 — - GE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 +0.8 pp | Jun 2023 +0.5 pp | Sep 2023 +1.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.7 pp | Sep 2024 −0.1 pp | Dec 2024 +1.2 pp | Mar 2025 +1.0 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.7 pp | Jun 2026 +0.6 pp | Sep 2026 — - RTX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 −2.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.7 pp | Sep 2024 +3.0 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +1.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.5 pp | Jun 2026 +0.6 pp | Sep 2026 — - BA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +6.1 pp | Mar 2023 +1.7 pp | Jun 2023 −1.6 pp | Sep 2023 +3.3 pp | Dec 2023 +1.3 pp | Mar 2024 +0.1 pp | Jun 2024 −2.3 pp | Sep 2024 −12.3 pp | Dec 2024 −8.1 pp | Mar 2025 +1.2 pp | Jun 2025 +2.1 pp | Sep 2025 +3.1 pp | Dec 2025 +22.2 pp | Mar 2026 −0.2 pp | Jun 2026 +0.7 pp | Sep 2026 — - LMT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.5 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −4.4 pp | Mar 2025 +1.1 pp | Jun 2025 −3.6 pp | Sep 2025 +0.6 pp | Dec 2025 +4.5 pp | Mar 2026 −0.8 pp | Jun 2026 +4.7 pp | Sep 2026 — - HWM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.9 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.2 pp | Mar 2024 +1.0 pp | Jun 2024 +1.4 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 +1.3 pp | Jun 2025 +1.3 pp | Sep 2025 +1.1 pp | Dec 2025 +0.2 pp | Mar 2026 +2.0 pp | Jun 2026 — | Sep 2026 — - GD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 +0.5 pp | Sep 2024 +0.5 pp | Dec 2024 +0.8 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 +0.2 pp | Sep 2026 +0.2 pp - NOC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.6 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.5 pp | Dec 2023 −4.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +4.3 pp | Mar 2025 −1.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 +1.1 pp | Jun 2026 −1.0 pp | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 +1.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.0 pp | Mar 2024 — | Jun 2024 +0.9 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.8 pp | Dec 2025 +0.1 pp | Mar 2026 +0.4 pp | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 +0.6 pp | Jun 2025 +0.1 pp | Sep 2025 +0.2 pp | Dec 2025 — | Mar 2026 −0.4 pp | Jun 2026 +0.4 pp | Sep 2026 +0.2 pp - HEI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 −0.4 pp | Dec 2023 −0.6 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 −0.5 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 +0.2 pp | Jun 2026 +0.8 pp | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +3.6 pp | Mar 2023 −0.5 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.4 pp | Mar 2024 −0.3 pp | Jun 2024 −0.8 pp | Sep 2024 −2.0 pp | Dec 2024 −2.3 pp | Mar 2025 −0.8 pp | Jun 2025 −1.2 pp | Sep 2025 −0.9 pp | Dec 2025 −0.6 pp | Mar 2026 +0.8 pp | Jun 2026 — | Sep 2026 — - RKLB: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −0.3 pp | Sep 2023 −1.5 pp | Dec 2023 −1.8 pp | Mar 2024 +0.6 pp | Jun 2024 +0.5 pp | Sep 2024 −1.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.5 pp | Jun 2025 −0.3 pp | Sep 2025 +2.4 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.2 pp | Mar 2023 +0.6 pp | Jun 2023 −2.6 pp | Sep 2023 +0.8 pp | Dec 2023 −1.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +1.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 — | Sep 2026 — - CW: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.6 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 +0.5 pp | Dec 2023 −0.2 pp | Mar 2024 +0.4 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.4 pp | Mar 2025 +0.6 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 +0.7 pp | Mar 2026 +0.7 pp | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.9 pp | Mar 2023 +5.8 pp | Jun 2023 +1.9 pp | Sep 2023 +1.9 pp | Dec 2023 +1.6 pp | Mar 2024 +1.4 pp | Jun 2024 −8.3 pp | Sep 2024 +1.1 pp | Dec 2024 +0.9 pp | Mar 2025 +0.9 pp | Jun 2025 +11.6 pp | Sep 2025 +0.5 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 −1.0 pp | Sep 2026 — - WWD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 −0.4 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.9 pp | Mar 2024 +2.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.4 pp | Dec 2025 +1.9 pp | Mar 2026 +1.2 pp | Jun 2026 +1.5 pp | Sep 2026 — - BWXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.8 pp | Mar 2023 +0.2 pp | Jun 2023 −0.9 pp | Sep 2023 +0.1 pp | Dec 2023 +0.6 pp | Mar 2024 0.0 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 −1.6 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 −0.5 pp | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 −0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.3 pp | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 −0.6 pp | Dec 2024 −0.9 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 −0.3 pp | Sep 2026 −0.2 pp - MOG-B: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 — | Jun 2023 +0.8 pp | Sep 2023 −0.2 pp | Dec 2023 +0.3 pp | Mar 2024 — | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +0.6 pp | Jun 2026 +1.4 pp | Sep 2026 — - HII: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 −0.3 pp | Jun 2023 −0.8 pp | Sep 2023 +0.5 pp | Dec 2023 +2.6 pp | Mar 2024 +0.2 pp | Jun 2024 +0.5 pp | Sep 2024 −1.1 pp | Dec 2024 −2.6 pp | Mar 2025 −0.1 pp | Jun 2025 −0.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.5 pp | Mar 2026 −0.2 pp | Jun 2026 +0.3 pp | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.2 pp | Mar 2023 0.0 pp | Jun 2023 +9.6 pp | Sep 2023 +1.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.6 pp | Jun 2024 +0.8 pp | Sep 2024 +3.0 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.6 pp | Sep 2025 −2.0 pp | Dec 2025 −0.8 pp | Mar 2026 +0.4 pp | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.3 pp | Mar 2023 −1.7 pp | Jun 2023 −0.3 pp | Sep 2023 −16.0 pp | Dec 2023 +0.1 pp | Mar 2024 +0.6 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 +0.3 pp | Mar 2025 +0.4 pp | Jun 2025 +0.4 pp | Sep 2025 +0.4 pp | Dec 2025 −0.1 pp | Mar 2026 +0.5 pp | Jun 2026 +1.0 pp | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 +1.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 −1.8 pp | Jun 2025 −1.7 pp | Sep 2025 +0.7 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.4 pp | Mar 2023 +0.1 pp | Jun 2023 +0.6 pp | Sep 2023 — | Dec 2023 +0.6 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 — | Dec 2024 −0.7 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +0.9 pp | Jun 2023 +1.0 pp | Sep 2023 −0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −1.9 pp | Jun 2024 −0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +1.7 pp | Mar 2025 +2.9 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 −0.9 pp | Mar 2026 −1.3 pp | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.3 pp | Mar 2023 +2.7 pp | Jun 2023 −23.5 pp | Sep 2023 +3.9 pp | Dec 2023 +4.8 pp | Mar 2024 +1.1 pp | Jun 2024 +22.7 pp | Sep 2024 −0.6 pp | Dec 2024 −2.2 pp | Mar 2025 −2.0 pp | Jun 2025 +0.7 pp | Sep 2025 −5.1 pp | Dec 2025 −1.8 pp | Mar 2026 −8.7 pp | Jun 2026 +0.3 pp | Sep 2026 — - PL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +12.5 pp | Jun 2023 +16.2 pp | Sep 2023 +2.2 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 +1.0 pp | Sep 2024 −0.1 pp | Dec 2024 +3.6 pp | Mar 2025 +2.0 pp | Jun 2025 +1.7 pp | Sep 2025 +3.4 pp | Dec 2025 +1.6 pp | Mar 2026 −2.5 pp | Jun 2026 −0.5 pp | Sep 2026 — - HXL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.7 pp | Mar 2023 +1.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 −0.3 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 −1.5 pp | Mar 2025 −0.3 pp | Jun 2025 −1.6 pp | Sep 2025 −0.6 pp | Dec 2025 +2.2 pp | Mar 2026 +0.6 pp | Jun 2026 +1.7 pp | Sep 2026 — ## Valuation Against Growth & Quality What the numbers say: Embraer S.A. has the lowest comparable PEG at 0.51×, 25% below CAE Inc.. Only 9 of 30 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Embraer S.A. · 0.51× | 25% versus #2 · CAE Inc. | 0/8 recent comparable periods | 9/30 companies · 109 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG 1. Embraer S.A. (EMBJ): 0.5 — older report 2. CAE Inc. (CAE): 0.7 — older report 3. Elbit Systems Ltd. (ESLT): 1.2 — older report 4. Howmet Aerospace Inc. (HWM): 1.3 — older report 5. HEICO Corporation (HEI): 1.6 ### P/E — lowest P/E 1. Northrop Grumman Corporation (NOC): 16.2 2. Huntington Ingalls Industries, Inc. (HII): 16.7 3. Textron Inc. (TXT): 17.4 4. Lockheed Martin Corporation (LMT): 18.7 5. General Dynamics Corporation (GD): 22.8 ### 20-quarter PEG history - GE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 2.1 | Sep 2026 — - RTX: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 1.2 | Jun 2025 — | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 — | Sep 2026 — - LMT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - HWM: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 — | Sep 2026 — - GD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 1.6 | Mar 2026 — | Jun 2026 — | Sep 2026 — - NOC: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 — | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 3.1 | Sep 2025 1.6 | Dec 2025 4.4 | Mar 2026 4.4 | Jun 2026 — | Sep 2026 — - HEI: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 3.2 | Jun 2024 4.0 | Sep 2024 3.8 | Dec 2024 2.6 | Mar 2025 1.9 | Jun 2025 1.7 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.6 | Jun 2026 1.6 | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8 | Dec 2023 7.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.4 | Jun 2025 34.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 — | Sep 2026 — - CW: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.7 | Dec 2024 2.3 | Mar 2025 1.8 | Jun 2025 2.5 | Sep 2025 2.8 | Dec 2025 2.0 | Mar 2026 2.3 | Jun 2026 — | Sep 2026 — - WWD: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 1.2 | Mar 2025 4.4 | Jun 2025 — | Sep 2025 3.0 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — | Sep 2026 — - BWXT: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.0 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 2.6 | Mar 2025 2.4 | Jun 2025 4.7 | Sep 2025 5.4 | Dec 2025 3.0 | Mar 2026 2.9 | Jun 2026 — | Sep 2026 — - MOG-B: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.9 | Jun 2025 — | Sep 2025 1.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - HII: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.3 | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.3 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 — | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.1 | Mar 2026 1.8 | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.9 | Mar 2026 13.8 | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - HXL: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — ### 20-quarter P/E history - GE: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 53.8 | Mar 2023 10.0 | Jun 2023 10.1 | Sep 2023 10.0 | Dec 2023 12.2 | Mar 2024 43.8 | Jun 2024 36.0 | Sep 2024 32.6 | Dec 2024 27.8 | Mar 2025 31.6 | Jun 2025 36.6 | Sep 2025 40.1 | Dec 2025 37.8 | Mar 2026 34.9 | Jun 2026 43.9 | Sep 2026 — - RTX: Dec 2021 33.6 | Mar 2022 35.5 | Jun 2022 32.1 | Sep 2022 27.3 | Dec 2022 28.8 | Mar 2023 26.1 | Jun 2023 26.0 | Sep 2023 33.5 | Dec 2023 37.7 | Mar 2024 38.3 | Jun 2024 58.0 | Sep 2024 34.6 | Dec 2024 32.6 | Mar 2025 38.8 | Jun 2025 32.1 | Sep 2025 34.4 | Dec 2025 37.0 | Mar 2026 36.2 | Jun 2026 33.4 | Sep 2026 — - BA: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 87.6 | Mar 2026 96.6 | Jun 2026 93.7 | Sep 2026 — - LMT: Dec 2021 15.6 | Mar 2022 20.0 | Jun 2022 24.3 | Sep 2022 19.0 | Dec 2022 22.5 | Mar 2023 21.7 | Jun 2023 16.8 | Sep 2023 15.1 | Dec 2023 16.5 | Mar 2024 16.6 | Jun 2024 17.0 | Sep 2024 21.1 | Dec 2024 21.8 | Mar 2025 19.1 | Jun 2025 25.8 | Sep 2025 27.2 | Dec 2025 22.5 | Mar 2026 29.8 | Jun 2026 18.7 | Sep 2026 — - HWM: Dec 2021 54.0 | Mar 2022 49.9 | Jun 2022 34.9 | Sep 2022 30.0 | Dec 2022 35.5 | Mar 2023 36.8 | Jun 2023 39.3 | Sep 2023 30.4 | Dec 2023 29.6 | Mar 2024 33.1 | Jun 2024 34.4 | Sep 2024 38.3 | Dec 2024 38.9 | Mar 2025 42.3 | Jun 2025 54.4 | Sep 2025 55.1 | Dec 2025 55.3 | Mar 2026 53.5 | Jun 2026 — | Sep 2026 — - GD: Dec 2021 17.0 | Mar 2022 — | Jun 2022 20.8 | Sep 2022 18.9 | Dec 2022 17.7 | Mar 2023 — | Jun 2023 18.7 | Sep 2023 17.7 | Dec 2023 18.5 | Mar 2024 23.0 | Jun 2024 22.6 | Sep 2024 22.9 | Dec 2024 19.3 | Mar 2025 18.7 | Jun 2025 19.5 | Sep 2025 21.4 | Dec 2025 21.8 | Mar 2026 — | Jun 2026 22.0 | Sep 2026 22.8 - NOC: Dec 2021 8.9 | Mar 2022 12.3 | Jun 2022 13.3 | Sep 2022 13.4 | Dec 2022 17.3 | Mar 2023 14.9 | Jun 2023 15.1 | Sep 2023 14.4 | Dec 2023 34.6 | Mar 2024 33.5 | Jun 2024 28.5 | Sep 2024 32.7 | Dec 2024 16.6 | Mar 2025 20.2 | Jun 2025 18.4 | Sep 2025 21.9 | Dec 2025 19.6 | Mar 2026 21.4 | Jun 2026 16.2 | Sep 2026 — - TDG: Dec 2021 — | Mar 2022 49.8 | Jun 2022 46.4 | Sep 2022 41.5 | Dec 2022 42.6 | Mar 2023 — | Jun 2023 44.1 | Sep 2023 47.6 | Dec 2023 42.9 | Mar 2024 48.9 | Jun 2024 47.3 | Sep 2024 55.7 | Dec 2024 45.5 | Mar 2025 46.5 | Jun 2025 49.8 | Sep 2025 41.1 | Dec 2025 42.1 | Mar 2026 35.6 | Jun 2026 — | Sep 2026 — - LHX: Dec 2021 29.0 | Mar 2022 — | Jun 2022 27.2 | Sep 2022 25.1 | Dec 2022 37.9 | Mar 2023 41.0 | Jun 2023 46.6 | Sep 2023 22.4 | Dec 2023 32.7 | Mar 2024 34.6 | Jun 2024 35.9 | Sep 2024 37.1 | Dec 2024 — | Mar 2025 26.7 | Jun 2025 21.7 | Sep 2025 25.4 | Dec 2025 32.0 | Mar 2026 30.6 | Jun 2026 145.0 | Sep 2026 96.0 - HEI: Dec 2021 63.1 | Mar 2022 58.8 | Jun 2022 58.1 | Sep 2022 63.9 | Dec 2022 63.8 | Mar 2023 66.0 | Jun 2023 61.8 | Sep 2023 61.3 | Dec 2023 54.4 | Mar 2024 58.7 | Jun 2024 65.2 | Sep 2024 70.8 | Dec 2024 66.7 | Mar 2025 59.1 | Jun 2025 58.6 | Sep 2025 71.5 | Dec 2025 64.9 | Mar 2026 65.4 | Jun 2026 48.2 | Sep 2026 — - AXON: Dec 2021 — | Mar 2022 264.9 | Jun 2022 47.8 | Sep 2022 79.8 | Dec 2022 81.7 | Mar 2023 119.0 | Jun 2023 145.6 | Sep 2023 100.5 | Dec 2023 110.9 | Mar 2024 90.7 | Jun 2024 77.0 | Sep 2024 103.3 | Dec 2024 123.8 | Mar 2025 127.0 | Jun 2025 204.4 | Sep 2025 227.1 | Dec 2025 376.1 | Mar 2026 170.6 | Jun 2026 — | Sep 2026 — - ESLT: Dec 2021 28.1 | Mar 2022 38.3 | Jun 2022 43.5 | Sep 2022 42.7 | Dec 2022 26.5 | Mar 2023 26.6 | Jun 2023 35.0 | Sep 2023 32.6 | Dec 2023 44.2 | Mar 2024 41.4 | Jun 2024 32.5 | Sep 2024 34.2 | Dec 2024 35.9 | Mar 2025 48.7 | Jun 2025 51.0 | Sep 2025 51.8 | Dec 2025 50.7 | Mar 2026 68.8 | Jun 2026 — | Sep 2026 — - CW: Dec 2021 21.4 | Mar 2022 24.3 | Jun 2022 20.3 | Sep 2022 20.7 | Dec 2022 21.9 | Mar 2023 21.9 | Jun 2023 22.1 | Sep 2023 22.0 | Dec 2023 24.2 | Mar 2024 26.4 | Jun 2024 26.6 | Sep 2024 31.1 | Dec 2024 33.6 | Mar 2025 28.2 | Jun 2025 41.2 | Sep 2025 44.3 | Dec 2025 42.8 | Mar 2026 49.9 | Jun 2026 — | Sep 2026 — - FTAI: Dec 2021 — | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 — | Dec 2022 — | Mar 2023 39.9 | Jun 2023 41.1 | Sep 2023 29.4 | Dec 2023 22.0 | Mar 2024 30.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 528.7 | Jun 2025 28.5 | Sep 2025 38.1 | Dec 2025 42.8 | Mar 2026 48.6 | Jun 2026 58.8 | Sep 2026 — - WWD: Dec 2021 36.4 | Mar 2022 46.1 | Jun 2022 35.4 | Sep 2022 29.6 | Dec 2022 35.1 | Mar 2023 37.6 | Jun 2023 35.8 | Sep 2023 32.9 | Dec 2023 28.7 | Mar 2024 26.9 | Jun 2024 29.2 | Sep 2024 28.5 | Dec 2024 28.3 | Mar 2025 29.9 | Jun 2025 39.3 | Sep 2025 35.2 | Dec 2025 41.0 | Mar 2026 46.0 | Jun 2026 50.5 | Sep 2026 — - BWXT: Dec 2021 14.8 | Mar 2022 17.1 | Jun 2022 16.4 | Sep 2022 14.9 | Dec 2022 22.3 | Mar 2023 24.0 | Jun 2023 29.2 | Sep 2023 30.7 | Dec 2023 28.6 | Mar 2024 37.1 | Jun 2024 32.5 | Sep 2024 36.0 | Dec 2024 36.3 | Mar 2025 31.4 | Jun 2025 45.0 | Sep 2025 55.4 | Dec 2025 48.3 | Mar 2026 54.7 | Jun 2026 — | Sep 2026 — - TXT: Dec 2021 20.9 | Mar 2022 23.4 | Jun 2022 21.3 | Sep 2022 16.8 | Dec 2022 15.1 | Mar 2023 — | Jun 2023 17.4 | Sep 2023 15.6 | Dec 2023 17.6 | Mar 2024 20.5 | Jun 2024 18.1 | Sep 2024 19.2 | Dec 2024 17.8 | Mar 2025 16.5 | Jun 2025 18.2 | Sep 2025 18.4 | Dec 2025 — | Mar 2026 17.0 | Jun 2026 16.8 | Sep 2026 17.4 - MOG-B: Dec 2021 16.1 | Mar 2022 15.6 | Jun 2022 19.7 | Sep 2022 16.0 | Dec 2022 14.8 | Mar 2023 — | Jun 2023 18.8 | Sep 2023 21.0 | Dec 2023 27.0 | Mar 2024 26.7 | Jun 2024 26.9 | Sep 2024 30.7 | Dec 2024 28.4 | Mar 2025 26.2 | Jun 2025 26.7 | Sep 2025 28.1 | Dec 2025 — | Mar 2026 30.3 | Jun 2026 36.1 | Sep 2026 — - HII: Dec 2021 13.8 | Mar 2022 15.0 | Jun 2022 14.9 | Sep 2022 15.4 | Dec 2022 16.0 | Mar 2023 14.6 | Jun 2023 17.5 | Sep 2023 15.4 | Dec 2023 15.2 | Mar 2024 16.4 | Jun 2024 13.1 | Sep 2024 14.9 | Dec 2024 13.5 | Mar 2025 14.7 | Jun 2025 18.1 | Sep 2025 19.9 | Dec 2025 22.1 | Mar 2026 24.7 | Jun 2026 16.7 | Sep 2026 — - EMBJ: Dec 2021 — | Mar 2022 207.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20.9 | Mar 2024 18.6 | Jun 2024 12.4 | Sep 2024 12.9 | Dec 2024 18.9 | Mar 2025 26.0 | Jun 2025 34.1 | Sep 2025 35.6 | Dec 2025 59.5 | Mar 2026 54.9 | Jun 2026 — | Sep 2026 — - DRS: Dec 2021 12.9 | Mar 2022 18.2 | Jun 2022 12.6 | Sep 2022 5.1 | Dec 2022 6.8 | Mar 2023 8.9 | Jun 2023 9.8 | Sep 2023 26.9 | Dec 2023 31.3 | Mar 2024 31.4 | Jun 2024 35.8 | Sep 2024 29.7 | Dec 2024 40.4 | Mar 2025 37.4 | Jun 2025 50.0 | Sep 2025 46.3 | Dec 2025 33.1 | Mar 2026 41.6 | Jun 2026 35.9 | Sep 2026 — - SARO: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 619.0 | Mar 2025 115.8 | Jun 2025 77.2 | Sep 2025 49.6 | Dec 2025 34.6 | Mar 2026 29.4 | Jun 2026 — | Sep 2026 — - KTOS: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 285.9 | Sep 2024 232.9 | Dec 2024 241.1 | Mar 2025 236.0 | Jun 2025 458.4 | Sep 2025 663.7 | Dec 2025 597.7 | Mar 2026 423.2 | Jun 2026 — | Sep 2026 — - CAE: Dec 2021 91.2 | Mar 2022 72.3 | Jun 2022 105.7 | Sep 2022 53.0 | Dec 2022 46.8 | Mar 2023 44.3 | Jun 2023 34.1 | Sep 2023 35.2 | Dec 2023 34.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 27.9 | Jun 2025 30.9 | Sep 2025 30.3 | Dec 2025 35.7 | Mar 2026 37.3 | Jun 2026 — | Sep 2026 — - AVAV: Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,732.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 73.3 | Sep 2024 81.6 | Dec 2024 127.0 | Mar 2025 152.9 | Jun 2025 97.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — | Sep 2026 — - HXL: Dec 2021 272.6 | Mar 2022 104.3 | Jun 2022 48.9 | Sep 2022 40.7 | Dec 2022 39.5 | Mar 2023 38.6 | Jun 2023 43.7 | Sep 2023 34.7 | Dec 2023 59.5 | Mar 2024 62.3 | Jun 2024 49.2 | Sep 2024 47.2 | Dec 2024 39.4 | Mar 2025 36.3 | Jun 2025 52.3 | Sep 2025 73.8 | Dec 2025 53.9 | Mar 2026 53.2 | Jun 2026 50.3 | Sep 2026 — ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 13 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker. ## Every company - Space Exploration Technologies Corp. (SPCX) — market value ₹16.5 L Cr; latest fundamentals Mar 2026 - GE Aerospace (GE) — market value ₹3.9 L Cr; latest fundamentals Jun 2026 - RTX Corporation (RTX) — market value ₹2.9 L Cr; latest fundamentals Jun 2026 - The Boeing Company (BA) — market value ₹1.9 L Cr; latest fundamentals Jun 2026 - Lockheed Martin Corporation (LMT) — market value ₹1.4 L Cr; latest fundamentals Jun 2026 - Howmet Aerospace Inc. (HWM) — market value ₹1.2 L Cr; latest fundamentals Mar 2026 - General Dynamics Corporation (GD) — market value ₹1.0 L Cr; latest fundamentals Sep 2026 - Northrop Grumman Corporation (NOC) — market value ₹78.4K Cr; latest fundamentals Jun 2026 - TransDigm Group Incorporated (TDG) — market value ₹71.3K Cr; latest fundamentals Mar 2026 - Honeywell Aerospace Inc. (HONA) — market value ₹68.6K Cr; latest fundamentals Mar 2026 - L3Harris Technologies, Inc. (LHX) — market value ₹53.1K Cr; latest fundamentals Sep 2026 - HEICO Corporation (HEI) — market value ₹51.4K Cr; latest fundamentals Jun 2026 - Axon Enterprise, Inc. (AXON) — market value ₹48.9K Cr; latest fundamentals Mar 2026 - Rocket Lab Corporation (RKLB) — market value ₹44.6K Cr; latest fundamentals Mar 2026 - Elbit Systems Ltd. (ESLT) — market value ₹39.2K Cr; latest fundamentals Mar 2026 - Curtiss-Wright Corporation (CW) — market value ₹28.0K Cr; latest fundamentals Mar 2026 - FTAI Aviation Ltd. (FTAI) — market value ₹22.8K Cr; latest fundamentals Jun 2026 - Woodward, Inc. (WWD) — market value ₹22.1K Cr; latest fundamentals Jun 2026 - BWX Technologies, Inc. (BWXT) — market value ₹15.8K Cr; latest fundamentals Mar 2026 - Textron Inc. (TXT) — market value ₹15.3K Cr; latest fundamentals Sep 2026 - Moog Inc. (MOG-B) — market value ₹12.9K Cr; latest fundamentals Jun 2026 - Huntington Ingalls Industries, Inc. (HII) — market value ₹12.7K Cr; latest fundamentals Jun 2026 - Embraer S.A. (EMBJ) — market value ₹12.6K Cr; latest fundamentals Mar 2026 - Leonardo DRS, Inc. (DRS) — market value ₹12.1K Cr; latest fundamentals Jun 2026 - StandardAero, Inc. (SARO) — market value ₹10.2K Cr; latest fundamentals Mar 2026 - Kratos Defense & Security Solutions, Inc. (KTOS) — market value ₹9.7K Cr; latest fundamentals Mar 2026 - CAE Inc. (CAE) — market value ₹8.6K Cr; latest fundamentals Mar 2026 - AeroVironment, Inc. (AVAV) — market value ₹8.5K Cr; latest fundamentals Jun 2026 - Planet Labs PBC (PL) — market value ₹8.1K Cr; latest fundamentals Jun 2026 - Hexcel Corporation (HXL) — market value ₹7.9K Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Sep 2026; prices through 2026-08-04. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Aerospace & Defense sector outperforming S&P 500? Aerospace & Defense has outperformed S&P 500 by 10.1% over 52 weeks and 0.7% over 13 weeks. 9 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 12 of 27 beat the sector itself. ### Which Aerospace & Defense company is largest by revenue? GE Aerospace leads with revenue of $50,639 million, based on 15 of 30 comparable companies through Jun 2026. ### Which Aerospace & Defense company is growing fastest? AeroVironment, Inc. has the fastest current revenue growth at 100%, across 15 of 30 comparable companies. ### Which Aerospace & Defense company has the strongest 4-Factor Sector Score? HEICO Corporation ranks first at 67.7/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Aerospace & Defense company has the lowest comparable PEG? Embraer S.A. has the lowest comparable PEG at 0.51, among 9 of 30 companies whose earnings and growth are steady enough for the ratio to mean anything. ### How much history does this Aerospace & Defense comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Sep 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Which Aerospace & Defense company is the biggest? GE Aerospace is the largest, with trailing-twelve-month revenue of $50,639 million, ahead of TransDigm Group Incorporated at $9,503 million. That covers 15 of 30 companies with comparable reporting through Jun 2026. ### Which Aerospace & Defense company has the best profit margins? TransDigm Group Incorporated has the highest operating margin at 46.3%, from 30 of 30 comparable companies. Rocket Lab Corporation shows the biggest recent improvement, at +20.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Aerospace & Defense company makes the most profit? GE Aerospace earns the most, at $8,974 million of trailing-twelve-month net profit, from 15 of 30 comparable companies. StandardAero, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Aerospace & Defense company earns the highest return on capital? Honeywell Aerospace Inc. leads on return on capital employed at 14.4%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Aerospace & Defense stock is the cheapest? On PEG — where a LOWER number is cheaper — Embraer S.A. screens cheapest at 0.51×. Only 9 of 30 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the Aerospace & Defense sector beating the market? Aerospace & Defense has outperformed S&P 500 by 10.1% over the last 52 weeks and 0.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 9 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Aerospace & Defense stock has the strongest price momentum? Hexcel Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Aerospace & Defense company scores highest for research priority? HEICO Corporation scores 67.7 out of 100 with 81.1% evidence confidence, from 24.4 points on growth and earnings, 15.5 on capital efficiency, 10.5 on valuation and 17.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Aerospace & Defense companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals, ending Sep 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Aerospace & Defense sector? The 30 Aerospace & Defense companies on this page carry $3,542,037 million of combined market value. Space Exploration Technologies Corp. is the largest at $1,651,121 million, about 47% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04. ### What is the Aerospace & Defense sector's P/E ratio? The median price-to-earnings ratio across the 30 Aerospace & Defense companies on this page is 49.9×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-08-04. ### How is the Aerospace & Defense sector performing? 9 of the 27 covered Aerospace & Defense companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04. ### How many Aerospace & Defense stocks are listed in the US? This comparison covers 30 listed Aerospace & Defense companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Sep 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.