Defense and drones
This theme covers the main US prime contractors and a group of newer companies that sell defense technology, including drones. It does not include companies that have only occasional government contracts. Members were chosen because defense customers account for a large share of the company's business.
Companies
By tier, with the last 12 months of insider, congressional, contract and lobbying activity.
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Tiers
How much of each company the theme explains.
- Prime contractors6 companies
- Defense technology6 companies
How this list is chosen
Last reviewed Oct 27, 2026.
A listed company is included when defense customers account for a large share of its business, or defense technology is its stated focus. Membership is reviewed twice a year, in March and September, and every change is logged below.
Change log
- Oct 27, 2026First list published with 12 companies.
The case commonly made
What supporters of the theme usually argue. Not our view.
- Supporters point to governments raising defense budgets and replacing older equipment.
- The case usually made is that defense contracts often run for many years and are hard for new entrants to win.
- Supporters argue that drones and software are becoming a larger part of how militaries operate.
Risks commonly cited
What critics and cautious investors usually raise. Not our view.
- Critics note that results depend heavily on government budgets and political decisions.
- Risks often raised include program delays, cost overruns and contract cancellations.
- Critics note that smaller defense technology companies often have limited revenue and depend on a few customers.
Funds with an overlapping focus
Shown for reference. Their holdings and rules differ from this theme, and listing them is not an endorsement.
- ITAiShares U.S. Aerospace & Defense ETF
- SHLDGlobal X Defense Tech ETF
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A theme is a list of companies with something in common, chosen under a published rule. It is information, not a recommendation or investment advice. Activity figures come from public filings, each linked on the company's page; none of it predicts what a price will do. Disclaimer.