When numbers speak!
Top 100 for 2022
The war in Ukraine has sparked a global hunger for weapons that is likely to play out over years. In some cases, the war is pushing countries to turn to off-the-shelf systems rather than wait for programs already in development. As a result, this new wave of spending is likely to have major ramifications for the global defense industry in the coming years.
Jim Taiclet, the chief executive of Lockheed Martin, put it this way in a recent earnings call: “The clutch isn’t engaged yet.”
“It’s going to take two to three years,” he told analysts. “That’s for our allies as well because they not only have to go through their own processes internally, they then have to go through generally the [U.S.] Foreign Military Sales process.”
Indeed, these kinds of changes are slower to emerge when it comes to company revenue, and that may be why much of this year’s Defense News Top 100 list looks similar to last year. (Lockheed Martin, Raytheon Technologies and Boeing predictably take the top spots.)
That said, there are some notable changes. Peraton, which made several major acquisitions, has jumped nearly 75 slots to join Leidos, Amentum and Booz Allen Hamilton as the largest U.S. government services contractors.
KBR, which is 32nd, also jumped up the list, while Ukrainian conglomerate Ukroboronprom surged eight spots.
Of course, the list doesn’t capture everything. Only one Russian company participated this year, giving us limited insight into the country’s defense industry. We rely on analysts to provide the data for Chinese companies.
And some of the major players in technology, from Amazon to Google, provide only limited windows into their defense work, meaning we can’t include them on the list because we don’t have a clear understanding of the scope of their defense work.
It’s a reminder that this list isn’t perfect, but what we hope it provides is a meaningful view of the industry and how it changes — or doesn’t — from year to year. It can show trends in sales, acquisitions and geopolitics. And this year’s list does that.
It’s a snapshot that we hope will serve as a useful tool for readers.
| This year’s rank | Last Year’s Rank | Company | Leadership | Country | 2021 Defense Revenue (in millions) | 2020 Defense Revenue (in millions) | % Defense Revenue Change | 2021 Total Revenue (in millions) | Revenue From Defense |
| 1 | 1 | Lockheed Martin 1 2 | James D. Taiclet, Chairman, President and CEO | U.S. | $64,458.00 | $62,562.00 | 3% | $67,044.00 | 96% |
| 2 | 2 | Raytheon Technologies 1 | Gregory J. Hayes, Chairman and CEO | U.S. | $41,852.20 | $42,000.00 | 0% | $64,388.00 | 65% |
| 3 | 3 | Boeing | David Calhoun, President and CEO | U.S. | $35,093.00 | $32,400.00 | 8% | $62,286.00 | 56% |
| 4 | 4 | Northrop Grumman | Kathy J. Warden, Chair, CEO and President | U.S. | $31,429.00 | $31,400.00 | 0% | $35,667.00 | 88% |
| 5 | 5 | General Dynamics | Phebe Novakovic, Chairman and CEO | U.S. | $30,800.00 | $29,800.00 | 3% | $38,500.00 | 80% |
| 6 | 6 | Aviation Industry Corporation of China | Tan Ruisong, Chairman of the Board, and Hao Zhaoping, Director and General Manager * | China | $30,155.22 | $25,468.59 | 18% | $80,424.24 | 37% |
| 7 | 7 | BAE Systems 1 | Charles Woodburn, Group CEO | U.K. | $25,775.20 | $23,502.38 | 10% | $26,849.16 | 96% |
| 8 | 10 | China State Shipbuilding Corporation Limited 3 | Lei Fanpei, Chairman, and Yang Jincheng, Director and General Manager | China | $18,517.72 | $16,017.53 | 16% | $92,573.10 | 20% |
| 9 | 8 | China North Industries Group Corporation Limited | Liu Shiquan, Chairman, and Liu Dashan, President * | China | $17,711.93 | $15,249.27 | 16% | $81,648.42 | 22% |
| 10 | 9 | L3Harris Technologies 4 | Christopher E. Kubasik, Vice Chair and CEO * | U.S. | $14,924.00 | $14,936.00 | 0% | $17,814.00 | 84% |
| 11 | 15 | China Electronics Technology Group 5 | Xiong Qunli, Chairman, and Wu Manqing, President | China | $14,659.22 | $10,465.75 | 40% | $57,629.62 | 25% |
| 12 | 13 | Leonardo | Alessandro Profumo, CEO | Italy | $13,878.35 | $11,173.33 | 24% | $16,720.97 | 83% |
| 13 | 14 | China South Industries Group Corporation | Xu Xianping, Chairman of the Group and Secretary of the Party Committee, and Chen Guoying, Director and General Manager * | China | $13,744.95 | $10,697.68 | 28% | $44,349.55 | 31% |
| 14 | 11 | China Aerospace Science and Industry Corporation | Yuan Jie, Chairman, and Wei Yiyin, Deputy General Manager * | China | $13,125.11 | $12,060.26 | 9% | $41,033.41 | 32% |
| 15 | 12 | Airbus 6 | Guillaume Faury, CEO | Netherlands/France | $10,853.55 | $12,004.28 | -10% | $61,689.56 | 18% |
| 16 | 16 | Thales | Patrice Caine, Chairman and CEO | France | $10,212.39 | $9,228.36 | 11% | $19,154.29 | 53% |
| 17 | 17 | HII 7 | Christopher Kastner, President and CEO * | U.S. | $9,475.00 | $8,654.37 | 9% | $9,524.00 | 99% |
| 18 | 18 | China Aerospace Science and Technology Corporation | Wu Yansheng, Chairman, and Zhang Zhongyang, Director and General Manager * | China | $9,344.09 | $8,305.92 | 12% | $43,636.74 | 21% |
| 19 | 19 | Leidos | Roger Krone, Chairman and CEO | U.S. | $8,032.00 | $7,341.00 | 9% | $13,737.00 | 58% |
| 20 | 34 | Dassault Aviation 8 | Eric Trappier, Chairman and CEO | France | $6,151.33 | $3,724.44 | 65% | $8,517.23 | 72% |
| 21 | 23 | Amentum 9 | John Heller, CEO * | U.S. | $5,900.00 | $5,000.00 | 18% | $9,200.00 | 64% |
| 22 | 22 | Booz Allen Hamilton | Horacio D. Rozanski, President and CEO | U.S. | $5,528.51 | $5,470.21 | 1% | $8,363.70 | 66% |
| 23 | 21 | Honeywell 10 | Darius Adamczyk, Chairman and CEO | U.S. | $5,151.00 | $5,826.00 | -12% | $34,392.00 | 15% |
| 24 | 32 | Mitsubishi Group 11 | Katsuya Nakanishi, President and CEO * | Japan | $5,004.36 | $3,788.12 | 32% | $8,350.31 | 60% |
| 25 | 96 | Peraton 12 | Stu Shea, Chairman, President and CEO | U.S. | $5,000.00 | $651.20 | 668% | $7,200.00 | 69% |
| 26 | 26 | Safran 1 | Olivier Andries, CEO | France | $4,981.39 | $4,707.20 | 6% | $18,048.24 | 28% |
| 27 | 25 | Rolls-Royce | Warren East, Chief Executive | U.K. | $4,972.07 | $4,863.94 | 2% | $15,056.49 | 33% |
| 28 | 33 | Naval Group | Pierre Eric Pommellet, Chairman and CEO | France | $4,850.09 | $3,766.68 | 29% | $4,850.09 | 100% |
| 29 | 29 | Rheinmetall AG 13 | Armin Papperger, CEO | Germany | $4,788.57 | $4,249.50 | 13% | $6,693.12 | 72% |
| 30 | 28 | Hanwha | Seung Youn Kim, Chairman | South Korea | $4,786.92 | $4,293.68 | 11% | $7,167.68 | 67% |
| 31 | 30 | Elbit Systems | Bezhalel Machlis, President and CEO | Israel | $4,770.76 | $4,222.70 | 13% | $5,278.52 | 90% |
| 32 | 45 | KBR | Stuart Bradie, President and CEO | U.S. | $4,723.78 | $2,739.74 | 72% | $7,338.68 | 64% |
| 33 | 31 | CACI International | John Mengucci, President and CEO | U.S. | $4,185.29 | $3,999.26 | 5% | $6,044.14 | 69% |
| 34 | 27 | General Electric 14 | H. Lawrence Culp Jr., Chairman and CEO | U.S. | $4,136.00 | $4,572.00 | -10% | $74,196.00 | 6% |
| 35 | 36 | Saab AB | Micael Johansson, President and CEO | Sweden | $4,107.09 | $3,385.41 | 21% | $4,563.52 | 90% |
| 36 | 42 | Tactical Missiles Corporation JSC | Boris Obnosov, Director General | Russia | $3,960.79 | $2,919.63 | 36% | $4,040.85 | 98% |
| 37 | 37 | Israel Aerospace Industries | Boaz Levy, President and CEO | Israel | $3,867.00 | $3,325.00 | 16% | $4,477.00 | 86% |
| 38 | 38 | SAIC 15 | Nazzic Keene, CEO | U.S. | $3,578.00 | $3,292.00 | 9% | $7,394.00 | 48% |
| 39 | 35 | Textron Inc. 1 16 | Scott C. Donnelly, Chairman, President and CEO | U.S. | $3,219.32 | $3,449.00 | -7% | $12,382.00 | 26% |
| 40 | 43 | KNDS 17 | Frank Haun, CEO | Netherlands | $3,173.85 | $2,898.06 | 10% | $3,173.85 | 100% |
| 41 | 44 | Rafael Advanced Defense Systems 18 | Yoav Har-Even, President and CEO | Israel | $3,059.26 | $2,787.58 | 0% | $3,059.26 | 100% |
| 42 | 41 | Hindustan Aeronautics Limited | Rajagopalan Madhavan, Chairman and Managing Director | India | $3,040.56 | $3,000.00 | 1% | $3,268.65 | 93% |
| 43 | NEW | Babcock International 1 | David Lockwood, CEO | U.K. | $3,002.06 | $2,935.52 | 2% | $5,360.82 | 56% |
| 44 | 40 | Bechtel | Brendan Bechtel, Chairman and CEO | U.S. | $3,000.00 | $3,100.00 | -3% | $17,500.00 | 17% |
| 45 | 46 | Jacobs | Steve Demetriou, Chair of the Board and CEO | U.S. | $2,749.00 | $2,498.00 | 10% | $14,093.00 | 20% |
| 46 | 47 | Oshkosh Corporation | John Pfeifer, President and CEO | U.S. | $2,525.60 | $2,262.20 | 12% | $7,737.30 | 33% |
| 47 | 50 | TransDigm | Kevin Stein, President, CEO and Director | U.S. | $2,389.00 | $2,180.00 | 10% | $4,798.00 | 50% |
| 48 | 49 | Fincantieri S.p.A. | Pierroberto Folgiero, CEO * | Italy | $2,338.69 | $2,211.96 | 6% | $8,175.35 | 29% |
| 49 | 48 | Aselsan A.S. | Haluk Gorgun, Chairman, President and CEO | Turkey | $2,250.39 | $2,218.33 | 1% | $2,333.68 | 96% |
| 50 | 55 | ST Engineering | Vincent Chong, Group President and CEO | Singapore | $2,157.72 | $1,885.29 | 14% | $5,723.92 | 38% |
| 51 | 52 | ManTech | Kevin M. Phillips, Chairman of the Board, CEO and President | U.S. | $1,991.00 | $1,964.00 | 1% | $2,554.00 | 78% |
| 52 | 54 | Parsons Corporation | Carey Smith, President and CEO | U.S. | $1,888.05 | $1,911.91 | -1% | $3,660.77 | 52% |
| 53 | 56 | Serco | Rupert Soames, Group CEO | U.K. | $1,870.54 | $1,736.39 | 8% | $6,085.59 | 31% |
| 54 | 53 | Sierra Nevada Corporation | Eren Ozmen, Chairwoman, President and Owner, and Fatih Ozmen, CEO and Owner | U.S. | $1,856.00 | $1,918.00 | -3% | $2,106.00 | 88% |
| 55 | 51 | Kawasaki Heavy Industries 11 | Yasuhiko Hashimoto, President and CEO | Japan | $1,848.76 | $2,026.50 | -9% | $13,368.34 | 14% |
| 56 | 61 | Bharat Electronics Limited | Anandi Ramalingam, Chairman and Managing Director * | India | $1,811.78 | $1,440.00 | 26% | $2,018.41 | 90% |
| 57 | 63 | Vectrus 19 | Charles Prow, President and CEO | U.S. | $1,768.54 | $1,383.90 | 28% | $1,783.67 | 99% |
| 58 | 64 | Hensoldt AG | Thomas Mueller, CEO | Germany | $1,743.67 | $1,377.58 | 27% | $1,743.67 | 100% |
| 59 | 57 | Korea Aerospace Industries | Ahn Hyun-ho, President and CEO | South Korea | $1,709.05 | $1,716.71 | 0% | $2,224.68 | 77% |
| 60 | 58 | BWX Technologies 20 | Rex Geveden, President and CEO | U.S. | $1,605.22 | $1,634.58 | -2% | $2,124.07 | 76% |
| 61 | 59 | Ball Corporation | Dan W. Fisher, President and CEO * | U.S. | $1,599.00 | $1,495.00 | 7% | $13,800.00 | 12% |
| 62 | 65 | LIG Nex1 | Kim Ji-Chan, President and CEO | South Korea | $1,590.78 | $1,357.05 | 17% | $1,590.78 | 100% |
| 63 | 62 | Melrose Industries 21 | Simon Peckham, Chief Executive | U.K. | $1,544.57 | $1,416.83 | 9% | $10,315.49 | 15% |
| 64 | 66 | QinetiQ Plc | Steve Wadey, CEO | U.K. | $1,502.87 | $1,270.16 | 18% | $1,803.45 | 83% |
| 65 | 60 | Aerojet Rocketdyne Holdings Inc. | Eileen Drake, CEO and President | U.S. | $1,485.00 | $1,472.00 | 1% | $2,092.00 | 71% |
| 66 | 67 | Curtiss-Wright Corporation | Lynn M. Bamford, Chair and CEO | U.S. | $1,383.64 | $1,263.29 | 10% | $2,505.93 | 55% |
| 67 | 68 | Turkish Aerospace Industries | Temel Kotil, President and CEO | Turkey | $1,302.95 | $1,256.42 | 4% | $1,565.61 | 83% |
| 68 | 70 | Moog Inc. | John R. Scannell, Chairman and CEO | U.S. | $1,299.48 | $1,238.36 | 5% | $2,851.99 | 46% |
| 69 | 72 | Kongsberg Gruppen | Geir Haoy, President and CEO | Norway | $1,288.21 | $1,064.72 | 21% | $3,191.91 | 40% |
| 70 | NEW | Polish Armaments Group | Sebastian Chwalek, President of the Management Board | Poland | $1,283.66 | $1,160.86 | 11% | $1,755.11 | 73% |
| 71 | 81 | CAE | Marc Parent, President and CEO | Canada | $1,277.92 | $921.35 | 39% | $2,689.13 | 48% |
| 72 | 76 | Navantia | Ricardo Domínguez García-Baquero, Chairman | Spain | $1,163.32 | $999.24 | 16% | $1,545.43 | 75% |
| 73 | 71 | Viasat | Richard Baldridge, President and CEO | U.S. | $1,086.72 | $1,066.30 | 2% | $2,787.64 | 39% |
| 74 | 75 | Aerospace Corporation | Steven J. Isakowitz, President and CEO | U.S. | $1,084.50 | $1,032.00 | 5% | $1,162.80 | 93% |
| 75 | 69 | Austal | Paddy Gregg, CEO | Australia | $1,083.60 | $1,239.39 | -13% | $1,174.07 | 92% |
| 76 | 79 | Mitre | Jason Providakes, President and CEO | U.S. | $1,010.00 | $984.00 | 3% | $2,100.00 | 48% |
| 77 | 77 | Howmet Aerospace 1 | John C. Plant, CEO | U.S. | $944.68 | $999.21 | -5% | $4,972.00 | 19% |
| 78 | 73 | Maxar Technologies 22 | Daniel Jablonsky, President and CEO | U.S. | $936.00 | $1,062.00 | -12% | $1,770.00 | 53% |
| 79 | 83 | Ultra Electronics | Simon Pryce, CEO | U.K. | $920.69 | $832.90 | 11% | $1,170.05 | 79% |
| 80 | NEW | Eaton | Craig Arnold, Chairman and CEO | Ireland | $920.00 | N/A | N/A | $19,628.00 | 5% |
| 81 | 87 | Mercury Systems | Mark Aslett, President and CEO | U.S. | $904.69 | $776.17 | 17% | $924.00 | 98% |
| 82 | 78 | Meggitt 1 | Tony Wood, CEO | U.K. | $878.05 | $985.62 | -11% | $2,090.61 | 42% |
| 83 | NEW | Teledyne Technologies 23 | Robert Mehrabian, Chairman, President and CEO | U.S. | $876.60 | $578.40 | 52% | $4,614.30 | 19% |
| 84 | 84 | AAR Corp. | John M. Holmes, President and CEO | U.S. | $845.90 | $812.77 | 4% | $1,652.00 | 51% |
| 85 | 86 | HEICO 10 | Laurans A. Mendelson, Chairman and CEO | U.S. | $823.81 | $786.28 | 5% | $1,865.68 | 44% |
| 86 | NEW | Roketsan | Murat Ikinci, CEO | Turkey | $814.16 | $572.29 | 42% | $814.16 | 100% |
| 87 | NEW | Cobham Advanced Electronic Solutions 24 | Mike Kahn, President and CEO | U.S. | $806.59 | $762.06 | 6% | $1,013.92 | 80% |
| 88 | 90 | Day & Zimmermann | Hal Yoh III, Chair and CEO | U.S. | $759.54 | $741.94 | 2% | $2,700.00 | 28% |
| 89 | 97 | Ukroboronprom | Yuriy Husyev, Director General | Ukraine | $754.57 | $650.61 | 16% | $1,451.65 | 52% |
| 90 | 100 | Indra 25 | Ignacio Mataix, CEO * | Spain | $752.35 | $594.33 | 27% | $4,010.19 | 19% |
| 91 | NEW | TTM Technologies 1 26 | Thomas T. Edman, President and CEO | U.S. | $742.08 | $757.92 | -2% | $2,248.74 | 33% |
| 92 | 89 | Woodward Inc. | Charles Blankenship, Chairman, CEO and President * | U.S. | $711.03 | $764.00 | -7% | $2,245.83 | 32% |
| 93 | 82 | Fluor Corporation | David Constable, Chairman and CEO | U.S. | $706.30 | $864.20 | -18% | $12,400.00 | 6% |
| 94 | 91 | Lumen Technologies | Jeff Storey, President and CEO | U.S. | $687.21 | $728.29 | -6% | $19,687.00 | 3% |
| 95 | 92 | Battelle | Lewis Von Thaer, President and CEO | U.S. | $663.00 | $705.00 | -6% | $10,000.00 | 7% |
| 96 | NEW | Diehl Group | Klaus Richter, CEO | Germany | $651.75 | $577.60 | 13% | $3,400.01 | 19% |
| 97 | NEW | Nammo 1 26 | Morten Brandtzaeg, President and CEO | Norway | $641.04 | $511.07 | 25% | $811.44 | 79% |
| 98 | NEW | Saudi Arabian Military Industries 27 | Walid Abukhaled, CEO | Saudi Arabia | $604.95 | $20.18 | 2898% | $806.17 | 75% |
| 99 | NEW | Patria | Esa Rautalinko, President and CEO | Finland | $602.59 | $565.69 | 7% | $647.90 | 93% |
| 100 | 95 | Embraer | Francisco Gomes Neto, President and CEO | Brazil | $594.40 | $653.87 | -9% | $4,197.20 | 14% |
Data for the Top 100 list comes from information Defense News solicited from companies, from companies’ annual reports, from analysts, and from research by Defense News, the International Institute for Strategic Studies and SPADE Indexes.
Companies were contacted by Defense News and asked to fill out a survey reporting their total annual revenue and revenue derived from defense, intelligence, homeland security and other national security contracts.
Currency conversions for non-U.S. firms were calculated using average market conversion rates over each firm’s fiscal year to mitigate the effects of currency fluctuations.
Company adjustments made to 2020 defense revenue during the subsequent year is not reflected unless otherwise noted.
Footnotes
- Total defense revenue is based on a percentage of total revenue.
- Defense revenue includes sales to the U.S. departments of Defense and Homeland Security, the U.S. intelligence community, and defense sales to international customers.
- China’s two largest shipbuilding conglomerates, China Shipbuilding Industry Corporation and China State Shipbuilding Corporation, merged in November 2019 to create China State Shipbuilding Corporation Limited. The resulting company’s total revenue in last year’s list solely reflected its shipbuilding business, and its defense revenue reflected defense-related activity from the overall shipbuilding business. Those figures are updated for this year’s list to reflect wider company revenue data.
- The fiscal 2020 defense revenue is not adjusted for divestitures.
- China Electronics Technology Group acquired China Putian Information Industry Group, otherwise known as Potevio, in June 2021.
- Airbus lists its “headquarters” in the Netherlands and its “main office” in France.
- Huntington Ingalls Industries changed its name to HII in 2022. Fiscal 2021 revenue figures include that of Alion Science and Technology, which the company acquired from Veritas Capital on Aug. 19, 2021, and which ranked 74 in last year’s Top 100 list.
- The company primarily attributes the growth in defense revenue to Rafale aircraft deliveries, which increased from 13 in fiscal 2020 to 25 in fiscal 2021.
- Revenue figures take into account the acquisition of PAE, which Amentum completed Feb. 15, 2022. PAE ranked 80 in last year’s Top 100 list.
- Defense revenue comes from the company’s defense and space segment.
- Defense revenue reflects awards made by Japan’s Ministry of Defense for the fiscal year ending March 31, 2022.
- In 2021, Peraton acquired Perspecta as well as Northrop Grumman’s integrated mission support and IT solutions business. Fiscal 2021 revenue reflects that of the consolidated company.
- In fiscal 2021, four companies were added to the group of consolidated subsidiaries through being founded and one through being acquired. Two companies accounted for using the equity method left the consolidated group due to liquidation.
- Fiscal 2020 defense revenue for General Electric was miscalculated in last year’s list; it was $4,572 million. The company would have remained ranked at 27.
- SAIC completed its acquisition of Halfaker and Associates on July 2, 2021.
- Defense revenue figures include all revenue from the U.S. government.
- KNDS is a joint venture of Krauss-Maffei Wegmann and Nexter.
- For the first time, Rafael Advanced Defense Systems incorporated the financial reports of its subsidiaries Aeronautics Group and Controp into its revenue calculations.
- Vectrus attributes its increase in defense revenue to the acquisition of both Zenetex and HHB Systems as well as organic growth.
- Defense revenue primarily includes work manufacturing naval nuclear reactors for submarines and aircraft carriers as well as work for the U.S. Energy Department and the National Nuclear Security Administration in the support of national defense and cleaning up legacy waste.
- Melrose is the holding company of GKN Aerospace, which completed its first year of operating a defense business unit.
- Defense revenue figures include all revenue from the U.S. government and agencies but not revenue from international defense and intelligence customers.
- Defense revenue solely represents sales to the U.S. Defense Department. All U.S. government-related revenue was $1,193,100,000 in fiscal 2021 and $818,200,000 in fiscal 2020. Teledyne acquired FLIR Systems in May 2021.
- U.K. company Cobham was acquired by the U.S. private equity firm Advent International and was renamed. In September 2021, CAES acquired Colorado Engineering.
- Defense revenue comes from the company’s defense and security activities.
- Defense revenue comes from the company’s aerospace and defense business.
- SAMI announced Dec. 28, 2020, its acquisition of the Advanced Electronics Company, to which it attributes the majority of its defense revenue growth from fiscal 2020 to fiscal 2021. Other notable sources of growth are its weapons and missiles business (now known as defense systems); its emerging technologies division; and its joint ventures involving Saudi Aircraft Accessories and Components Company, Navantia, and Thales.
* Leadership changed since last year’s list if company appeared on list
N/A Not available
NEW Did not appear on last year’s list
SOURCE https://people.defensenews.com/top-100/
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