Defense Contractor Capital Efficiency Rankings 2025: LMT, RTX, NOC, GD Deep Dive

Last Updated: November 30, 2025 Data Currency: Q3 2025 10-Q filings for all companies. LMT, RTX, NOC, GD

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Quick Comparison Table

Before diving deep, here's the executive summary of capital efficiency across the Big 4 defense contractors:

Metric	LMT	RTX	NOC	GD	Best
ROIC (TTM)	30.1%	8.6%	14.0%	14.6%	LMT
ROIC Trend (8Q)	↓ -0.018	↑ +0.004	N/A	↑ +0.004	RTX/GD
Incremental ROIC	6.1%	12.3%	31.3%	4.1%	NOC
ROIC Volatility	High (9.8%)	Low (2.4%)	N/A	V.Low (1.4%)	GD
Operating Margin	8.3%	10.3%	10.6%	14.0%	GD
Oper Margin Trend	+0.1%	+2.3%	+15.6%	-0.7%	NOC
FCF Yield	4.0%	2.3%	2.1%	5.4%	GD
Net Debt/EBITDA	3.0x	2.5x	2.2x	1.2x	GD
Market Cap	$113B	$225B	$87B	$89B	RTX
Revenue (TTM)	$73.3B	$86.0B	$40.9B	$38.2B	RTX

Source: SEC 10-Q/10-K filings via MetricDuck. Trend calculated via OLS regression on trailing 8 quarters.

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Section 1: Why Capital Efficiency Matters in Defense

Defense contractors operate with economics invisible to traditional analysis. A typical tech company signs 1-3 year contracts. Lockheed Martin's F-35 program runs until 2070 and beyond—a 50+ year commitment that creates unique capital allocation dynamics.

The Unique Economics of Defense Contracts

Multi-decade contracts distort traditional metrics:

• The F-35 program represents $1.7 trillion in lifetime value
• Backlog-to-revenue ratios run 5-7x (vs 0.3-0.5x for tech companies)
• Government budget cycles create predictable but lagged earnings patterns

Cost-plus vs fixed-price contracts:

• Cost-plus contracts: Contractor reimbursed for costs + guaranteed margin (lower risk, lower returns)
• Fixed-price contracts: Contractor bears cost overrun risk (higher risk, potentially higher returns)
• LMT's F-35 is cost-plus for development, fixed-price for production—creating margin compression as volumes scale

Why ROIC trajectory matters more than absolute ROIC:

A company at 30% ROIC trending downward may be a worse investment than one at 8% ROIC trending upward. The trajectory reveals:

• Contract renewal economics
• Cost overrun emergence
• New program profitability
• Management capital allocation quality

This is the core insight that differentiates our analysis from surface-level P/E comparisons.

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Section 2: ROIC Deep Dive - The Real Rankings

2.1 Current ROIC Snapshot

As of Q3 2025, here's how the Big 4 rank on trailing twelve-month ROIC:

1. Lockheed Martin (LMT): 30.1% — The headline winner
2. General Dynamics (GD): 14.6% — Most stable
3. Northrop Grumman (NOC): 14.0% — Strong incremental
4. RTX Corporation (RTX): 8.6% — Lowest but improving

If you stopped here, LMT looks like the obvious choice. But absolute ROIC is only half the story.

2.2 ROIC Trajectory Analysis (8-Quarter Trend)

Our 8-quarter trend analysis (Q.TREND8) reveals the direction of capital efficiency—a metric that predicts future performance better than point-in-time snapshots.

Lockheed Martin: DECLINING Capital Efficiency

LMT's ROIC has oscillated dramatically over the past 8 quarters:

Quarter	ROIC	Incremental ROIC	8Q Trend
Q4 2023	34.7%	21.0%	-0.004
Q1 2024	29.6%	-3.6%	-0.007
Q2 2024	31.3%	-10.0%	-0.006
Q3 2024	31.3%	19.4%	-0.004
Q4 2024	11.9%	-103.0%	-0.016
Q1 2025	32.4%	15.0%	-0.011
Q2 2025	9.6%	-43.2%	-0.025
Q3 2025	30.1%	6.1%	-0.018

Key observations:

• ROIC swings from 9.6% to 34.7% (25+ percentage point range)
• Q4 2024 and Q2 2025 saw dramatic drops, likely due to one-time charges
• The 8-quarter trend is consistently negative (-0.018) — ROIC is declining over time
• Volatility (9.8% standard deviation) is exceptionally high

RTX Corporation: IMPROVING Capital Efficiency

RTX tells the opposite story:

• ROIC improved from 6.5% to 8.6% over 8 quarters
• Positive trend coefficient: +0.004
• Low volatility (2.4% standard deviation)
• The 2020 UTC/Raytheon merger initially depressed ROIC, but synergies are materializing

What this means: RTX's lower absolute ROIC is misleading. The company is building capital efficiency while LMT's is eroding.

2.3 Incremental ROIC: The Hidden Metric

Incremental ROIC measures returns on new capital deployed: ΔNOPAT / ΔInvested Capital.

This is the single most differentiated metric in defense contractor analysis—and it reveals a story Wall Street misses entirely.

Company	Historical ROIC	Incremental ROIC	Interpretation
LMT	30.1%	6.1%	New capital earning LESS than legacy
RTX	8.6%	12.3%	New capital earning MORE than legacy
NOC	14.0%	31.3%	Exceptional new program returns
GD	14.6%	4.1%	Submarines are capital intensive

NOC's Exceptional Incremental ROIC (31.3%)

Northrop Grumman's 31.3% incremental ROIC stands out dramatically. This suggests:

• B-21 Raider bomber program is generating exceptional returns
• Space systems investments are paying off
• New contracts are more profitable than legacy programs

For investors, this is the hidden quality signal: NOC is building its moat while LMT may be eroding theirs.

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Section 3: Operating Margin Analysis

Operating margins reveal pricing power, cost discipline, and contract quality. For defense contractors, margin trajectory can signal cost overruns 2-3 quarters before they appear in earnings calls.

3.1 Current Operating Margins

Company	Operating Margin (TTM)	Interpretation
GD	14.0%	Highest — diversified portfolio + Gulfstream
NOC	10.6%	B-21 development phase, improving
RTX	10.3%	Post-merger stabilization
LMT	8.3%	Lowest — F-35 sustainment pressure

GD's 14% operating margin is 69% higher than LMT's 8.3%. This reflects GD's diversification into commercial aerospace (Gulfstream) and IT services (GDIT), which carry higher margins than pure defense manufacturing.

3.2 Operating Margin Trajectory (8-Quarter Trend)

Here's where the analysis gets interesting:

Company	Margin Trend (Q.TREND8)	Direction	Interpretation
NOC	+15.6%	↑ Rapidly improving	B-21 program maturation
RTX	+2.3%	↑ Steady improvement	Merger synergies
LMT	+0.1%	→ Flat	Margin pressure contained
GD	-0.7%	↓ Slight decline	Gulfstream delivery headwinds

NOC's +15.6% margin trend is exceptional. This suggests the B-21 program is transitioning from development (capital intensive, negative margin impact) to early production (margin accretive). This is a leading indicator of future profitability.

3.3 What F-35 Cost Overruns Mean for LMT

The F-35 program's struggles are well-documented, but their financial impact is often underestimated:

GAO Findings (September 2025):

• F-35 deliveries averaged 238 days late (up from 61 days in 2023)
• Program now 80% over original budget ($1.7T vs $233B initial estimate)
• Lockheed received incentive fees despite late deliveries

Financial impact visible in our data:

• LMT's operating margin (8.3%) is lowest among peers
• Incremental ROIC (6.1%) suggests new F-35 production is margin-dilutive
• ROIC volatility (9.8%) reflects one-time charges from program adjustments

The data suggests: LMT's F-35 dominance comes at a capital efficiency cost. The program's fixed-price production contracts create margin pressure as volumes scale.

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Section 4: Balance Sheet Strength

Defense contractors' balance sheets reveal M&A capacity, dividend sustainability, and financial flexibility. Net Debt/EBITDA trajectory is particularly informative—companies deleveraging quickly have more strategic optionality.

4.1 Net Debt/EBITDA Comparison

Company	Net Debt/EBITDA	Rating	Interpretation
GD	1.2x	Fortress	Strongest balance sheet
NOC	2.2x	Comfortable	Investment grade cushion
RTX	2.5x	Acceptable	Post-merger deleveraging
LMT	3.0x	Elevated	Highest leverage among peers

GD's 1.2x leverage is exceptional for a defense contractor. This provides:

• Capacity for opportunistic M&A
• Dividend safety cushion
• Flexibility for share buybacks

LMT's 3.0x leverage is elevated but manageable. However, combined with declining ROIC trajectory, it limits financial flexibility.

4.2 Leverage Trajectory

The direction of leverage matters as much as the absolute level:

Company	Leverage Trajectory	Interpretation
RTX	Deleveraging fastest	Merger debt unwinding
GD	Stable at low levels	Maintaining optionality
NOC	Stable	Consistent capital structure
LMT	Slightly increasing	Funding programs + dividends

RTX's deleveraging story: The 2020 merger with United Technologies created significant leverage. RTX has prioritized debt paydown, and the trajectory shows consistent improvement. This opens M&A optionality as leverage normalizes.

4.3 M&A Capacity

Defense sector consolidation is ongoing. Recent examples:

• L3Harris merger (2019)
• Raytheon/UTC merger (2020)
• Lockheed's proposed Aerojet acquisition (blocked by FTC)

Companies with low leverage and high FCF have the most optionality:

Company	M&A Capacity	Rationale
GD	Highest	1.2x leverage + 5.4% FCF yield
NOC	High	2.2x leverage + improving margins
RTX	Moderate	Deleveraging first priority
LMT	Limited	3.0x leverage constrains flexibility

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Section 5: FCF Yield & Dividend Safety

Defense contractors are often held as income investments. FCF yield and payout sustainability are critical for dividend-focused investors.

5.1 FCF Yield Rankings

Company	FCF Yield (TTM)	Interpretation
GD	5.4%	Highest cash yield
LMT	4.0%	Solid FCF generation
RTX	2.3%	Reinvesting in growth
NOC	2.1%	B-21 investment consuming cash

GD's 5.4% FCF yield stands out. Combined with its low leverage (1.2x), this provides exceptional dividend coverage.

5.2 Dividend Coverage Analysis

Company	Dividend Yield	Payout Ratio (5Y Avg)	Safety Assessment
LMT	2.75%	47%	✅ Safe — conservative payout
GD	1.84%	~35%	✅ Safe — low payout + high FCF
NOC	1.6%	~40%	✅ Safe — conservative
RTX	1.9%	101%	⚠️ Watch — historically high

RTX's payout ratio concern: Over the past 5 years, RTX has averaged a 101% payout ratio—meaning dividends exceeded earnings. This is concerning but context matters:

• Merger integration costs depressed earnings temporarily
• FCF has improved as synergies materialize
• Management has signaled commitment to dividend growth

The data suggests: Monitor RTX's FCF conversion as merger integration completes. The high historical payout ratio should normalize.

5.3 Dividend Sustainability Verdict

For income investors, here's our assessment:

Company	Dividend Safety	Confidence
GD	Safest	High — low leverage + high FCF yield
LMT	Safe	High — 47% payout ratio
NOC	Safe	High — conservative management
RTX	Improving	Medium — watch FCF trajectory

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Section 6: Program-Specific Analysis

Each defense contractor has signature programs that drive economics. Understanding program maturity and risk is essential for evaluating future capital efficiency.

6.1 Lockheed Martin: F-35 Dominance, but at What Cost?

The F-35 Lightning II is the most expensive weapons program in history:

• Program value: $1.7 trillion lifetime
• Budget overrun: 80% over original estimate
• Schedule delay: 10 years late for full operational capability
• Production deliveries: 238 days late on average (2024)

Financial impact:

• F-35 represents ~25% of LMT revenue
• Sustainment costs (maintenance, upgrades) are becoming the larger segment
• Fixed-price production contracts create margin pressure at scale

NGAD contract loss: In late 2024, Boeing won the Next Generation Air Dominance (NGAD/F-47) contract over Lockheed. This signals:

• Competitive position may be weakening
• Future fighter revenue shifts to Boeing
• LMT's aircraft dominance is no longer assured

6.2 RTX Corporation: Merger Integration Success Story

The 2020 merger combined United Technologies (Pratt & Whitney engines, Collins Aerospace) with Raytheon (missiles, defense systems):

• Defense backlog: $92 billion
• Commercial aerospace exposure: Pratt & Whitney engines for Airbus, Boeing
• Synergy target: $1 billion+ annual savings

Our data shows integration is working:

• ROIC improved from 6.5% to 8.6% (8Q trend: +0.004)
• Operating margin trend: +2.3%
• Incremental ROIC: 12.3% (higher than historical)

Risk factor: Tariff impact. RTX management guided to $850 million hit to 2025 operating profit from tariffs. Commercial aerospace recession would also create headwinds.

6.3 Northrop Grumman: B-21 High-Margin Opportunity

The B-21 Raider is the U.S. Air Force's next-generation stealth bomber:

• Fixed-price contract: NOC bears cost overrun risk
• First flight: 2023 (on schedule)
• Production: Ramping up at Palmdale, CA facility

Why our data shows exceptional economics:

• Incremental ROIC: 31.3% (highest among peers)
• Operating margin trend: +15.6% (exceptional improvement)
• This suggests B-21 contracts are highly profitable

Caveat: B-21 is a classified program. Limited public visibility creates opacity risk. However, the financial metrics suggest strong contract economics.

Space systems growth: NOC is also investing heavily in space:

• Sentinel ICBM replacement program
• Satellite systems
• Space Launch System (SLS) components

6.4 General Dynamics: The Stable Dividend Machine

GD is the most diversified of the Big 4, with four distinct business segments:

1. Aerospace (Gulfstream jets):

• Commercial business jet market leader
• Higher margins than pure defense
• Cyclical demand tied to corporate profits

2. Marine Systems (submarines):

• Virginia-class attack submarines
• Columbia-class ballistic missile submarines
• Multi-decade backlog but capital intensive

3. Combat Systems:

• Abrams tanks, Stryker vehicles
• Land systems for Army contracts

4. Technologies (GDIT):

• IT services for government agencies
• Higher margin, lower capital intensity

Why GD has the most stable ROIC:

• Diversification reduces program-specific volatility
• ROIC volatility: only 1.4% (lowest among peers)
• Gulfstream provides commercial revenue cushion
• IT services segment is asset-light

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Section 7: Sector Benchmarks & Context

7.1 Defense vs Industrial Sector ROIC

How do defense contractors compare to the broader industrial sector?

Benchmark	ROIC Range	Context
Defense sector average	12-15%	Government contracts, stable but regulated
Industrial sector average	10-12%	Broader manufacturing base
LMT	30.1%	2-3x sector average (exceptional)
RTX	8.6%	Below average (merger drag)
NOC	14.0%	At sector average
GD	14.6%	At sector average

LMT's 30% ROIC is exceptional in any sector—but remember the declining trajectory and low incremental ROIC. The historical returns may not persist.

7.2 Government Budget Tailwinds

All four contractors benefit from increasing defense spending:

Budget Metric	Value	Trend
FY2026 NDAA	$924.7 billion	+2.4% YoY
Administration target	$1 trillion by 2026	Ambitious but signaled
NATO commitments	2% GDP minimum	Driving European demand

Geopolitical drivers:

• Ukraine conflict sustaining munitions demand
• Taiwan tensions driving naval investment
• Middle East instability supporting missile defense

All four contractors are positioned to benefit. The question is which will convert budget growth into superior capital efficiency.

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Section 8: Investment Framework (Balanced with Leans)

Different investors have different objectives. Here's how the data maps to investment styles:

8.1 For Income Investors

The data suggests: GD offers the best combination of FCF yield (5.4%), dividend safety, and balance sheet strength.

Criteria	GD	LMT	Winner
FCF Yield	5.4%	4.0%	GD
Net Debt/EBITDA	1.2x	3.0x	GD
Payout Ratio	~35%	47%	GD
Dividend Yield	1.84%	2.75%	LMT

LMT's higher dividend yield comes with higher leverage and margin pressure risk. For pure income, GD's lower yield is compensated by superior safety.

8.2 For Growth Investors

The data suggests: NOC's exceptional incremental ROIC (31.3%) and improving margin trajectory (+15.6%) indicate B-21 and space programs are generating strong returns on new capital.

Criteria	NOC	Others
Incremental ROIC	31.3%	4-12%
Operating Margin Trend	+15.6%	-0.7% to +2.3%
New Program Upside	B-21, Space	Mixed

NOC is reinvesting at the highest returns. For growth-oriented investors, this is the quality signal.

8.3 For Value Investors

The data suggests: RTX's improving ROIC trajectory and merger deleveraging could mean the market is undervaluing post-merger efficiency gains.

Criteria	RTX	Context
ROIC Trend	+0.004	Improving
Incremental ROIC	12.3%	Above historical 8.6%
Leverage	2.5x → declining	Improvement
P/E (Forward)	25.8x	Not cheap, but deserved?

RTX trades at a premium, but improving fundamentals may justify it. The merger thesis appears to be working.

8.4 For Conservative Investors

The data suggests: GD's low ROIC volatility (1.4% std dev) and diversified business mix provides the most predictable returns.

Criteria	GD	Others
ROIC Volatility	1.4%	2.4-9.8%
Business Diversification	4 segments	2-3 segments
Balance Sheet	1.2x leverage	2.2-3.0x
Management Style	Conservative	Varies

For investors seeking predictability over maximum returns, GD is the clear choice.

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Section 9: Risks & Red Flags

Every investment has risks. Here's what to monitor for each company:

9.1 Lockheed Martin Risks

Risk	Severity	Evidence
ROIC trajectory declining	High	Trend: -0.018 over 8 quarters
Incremental ROIC below historical	High	6.1% vs 30% = moat erosion signal
NGAD contract loss	Medium	F-47 awarded to Boeing
F-35 sustainment costs	Medium	Margin pressure visible
Elevated leverage	Medium	3.0x Net Debt/EBITDA

9.2 RTX Corporation Risks

Risk	Severity	Evidence
Tariff impact	High	$850M hit to 2025 profit guided
High historical payout ratio	Medium	5-year average 101%
Commercial aerospace exposure	Medium	Recession would pressure Pratt & Whitney
Merger complexity	Low	Integration mostly complete

9.3 Northrop Grumman Risks

Risk	Severity	Evidence
B-21 cost overrun risk	High	Fixed-price contract structure
Limited 8Q trend data	Medium	Data gaps limit full analysis
Classified program opacity	Medium	Less visibility than peers
Concentration risk	Medium	B-21 + Sentinel dominate backlog

9.4 General Dynamics Risks

Risk	Severity	Evidence
Gulfstream demand cyclicality	Medium	Business jet market is cyclical
Submarine program delays	Medium	Supply chain constraints
Lowest incremental ROIC	Low	4.1% suggests capital-intensive growth
Margin trajectory declining	Low	-0.7% trend is slight

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Section 10: Our Subjective Interpretation

We've presented the data objectively. Now here's our honest assessment, with appropriate humility about uncertainty.

Ranking by Investor Objective

Objective	Best Pick	Confidence	Rationale
Best Capital Efficiency Trajectory	NOC	Medium-High	31.3% incremental ROIC + margin expansion
Best Balance Sheet	GD	High	1.2x leverage, clear winner
Best Turnaround Story	RTX	Medium	Merger working, ROIC improving
Highest Risk/Reward	NOC	Medium	B-21 could be exceptional or problematic
Best Dividend Safety	GD	High	Low payout + high FCF yield
Highest Absolute ROIC	LMT	High (for now)	30.1%, but declining

The Contrarian Insight

Conventional wisdom: LMT has the best ROIC (30%), therefore it's the highest quality defense contractor.

What the data suggests: LMT's declining trajectory (-0.018), high volatility (9.8%), and low incremental ROIC (6.1%) signal potential moat erosion. The company's 30% ROIC may not persist.

For investors prioritizing capital efficiency improvement over absolute levels, RTX and NOC offer more attractive trajectories than LMT, despite LMT's higher current ROIC.

Overall Verdict

Investor Type	Recommendation	Confidence
Income-focused	GD	High
Growth-focused	NOC	Medium
Value-focused	RTX	Medium
Momentum-focused	NOC	Medium
Conservative	GD	High

The honest uncertainty: Defense contractors are affected by geopolitical factors, budget politics, and program execution risk that are difficult to forecast. Our data provides edge on capital efficiency analysis, but macro risks remain.

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Frequently Asked Questions

What is Lockheed Martin's current ROIC?

LMT's trailing twelve-month ROIC is 30.1%, the highest among major defense contractors. However, the 8-quarter trend shows decline from 34.7%, with a negative trend coefficient of -0.018. This suggests capital efficiency is eroding.

Which defense stock has the best capital efficiency?

It depends on how you define "best." LMT has highest absolute ROIC (30.1%), but NOC has highest incremental ROIC (31.3%) indicating new investments are generating superior returns. For trajectory improvement, RTX shows the strongest positive trend (+0.004).

Is RTX's ROIC improving after the merger?

Yes. RTX's ROIC has improved from 6.5% to 8.6% with a positive 8-quarter trend of +0.004, suggesting merger synergies with United Technologies are materializing. Incremental ROIC of 12.3% (above historical 8.6%) confirms new capital deployment is earning higher returns.

What is incremental ROIC and why does it matter?

Incremental ROIC measures returns on NEW capital deployed (ΔNOPAT/ΔInvested Capital). A company with high historical ROIC but low incremental ROIC is eroding its competitive advantage. LMT's 6.1% incremental vs 30% historical is a classic moat erosion pattern.

Which defense contractor has the safest dividend?

GD offers the safest dividend with a 5.4% FCF yield, 1.2x Net Debt/EBITDA, and conservative ~35% payout ratio. LMT's 2.75% yield is also well-covered with a 47% payout ratio. RTX's historically high payout ratio (101% 5-year average) warrants monitoring.

How do F-35 cost overruns affect Lockheed Martin's financials?

F-35 sustainment costs and fixed-price production contracts are creating margin pressure. This is visible in LMT's declining ROIC trajectory (-0.018) and low incremental ROIC (6.1% vs 30% historical). The GAO reported 238-day average delays in 2024, up from 61 days in 2023.

What is Northrop Grumman's B-21 doing to its capital efficiency?

NOC's 31.3% incremental ROIC suggests B-21 and other new programs are earning exceptional returns. The +15.6% operating margin trend—best among defense contractors—indicates program economics are highly favorable. However, B-21 is fixed-price, creating cost overrun risk.

Which defense stock has the strongest balance sheet?

GD has the strongest balance sheet with 1.2x Net Debt/EBITDA, lowest among the Big 4 defense contractors. This provides M&A optionality and dividend safety. NOC (2.2x) and RTX (2.5x) are comfortable. LMT at 3.0x has the highest leverage, limiting flexibility.

Is defense spending increasing in 2025?

Yes. The FY2026 NDAA calls for $924.7B in defense spending, and the administration is targeting $1 trillion by 2026. NATO commitments (2% GDP minimum) are driving European demand. All four major contractors are positioned to benefit from this tailwind.

What is the best defense stock to buy in 2025?

It depends on your investment objective:

• For income: GD (highest FCF yield, safest dividend)
• For growth: NOC (best incremental ROIC, margin expansion)
• For turnaround: RTX (improving ROIC trajectory)
• For highest absolute returns: LMT (30% ROIC, but watch declining trend)

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Methodology

Data Sources

• Financial data: Sourced directly from SEC 10-Q and 10-K filings via EDGAR
• ROIC calculation: NOPAT / Invested Capital (asset-based method using operating assets)
• Incremental ROIC: ΔNOPAT / ΔInvested Capital (period-over-period)
• 8Q Trend (Q.TREND8): OLS regression slope on trailing 8 quarters
• Processing: MetricDuck automated filing analysis platform

Calculation Details

ROIC (Asset-Based):

ROIC = NOPAT / Invested Capital

Where:
- NOPAT = Operating Income × (1 - Tax Rate)
- Invested Capital = Total Assets - Current Liabilities - Excess Cash

Incremental ROIC:

Incremental ROIC = (NOPAT_t - NOPAT_t-1) / (Invested Capital_t - Invested Capital_t-1)

Q.TREND8: Ordinary Least Squares regression slope coefficient on trailing 8 quarterly observations, showing rate of change per quarter.

Limitations

• NOC has limited 8Q trend data due to data gaps in certain quarters
• Defense contractor gross margins often show anomalies due to COGS accounting practices
• Classified program economics (B-21, NGAD) are not fully reflected in public filings
• One-time charges create ROIC volatility that may not reflect underlying economics

Companies Analyzed

• Lockheed Martin Corporation (LMT) — CIK: 0000936468
• RTX Corporation (RTX) — CIK: 0000101829
• Northrop Grumman Corporation (NOC) — CIK: 0001133421
• General Dynamics Corporation (GD) — CIK: 0000040533

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Disclaimer:

This analysis is for educational and informational purposes only. It does not constitute investment advice, and you should not rely on it as such.

Important considerations:

• Past performance does not guarantee future results
• Defense contractors face significant geopolitical and political risks not captured in financial metrics
• The author holds no positions in any of the stocks mentioned
• Always consult a qualified financial advisor before making investment decisions
• Data is sourced from SEC filings, which may contain errors or be subject to restatement

Conflict of Interest Disclosure: MetricDuck provides financial analysis tools. This content demonstrates our analytical capabilities but should not be construed as a recommendation to buy or sell any security.

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Last updated: November 30, 2025. Next update scheduled after Q4 2025 earnings (late January 2026).