Defense News Top 100: Lockheed on top, Turkish firms climb, EDGE debuts

The annual Defense News Top 100 ranking of global defense companies has been released, confirming U.S. primes at the top while highlighting new entrants from China, the Middle East and the technology sector.

Lockheed Martin once again ranked first, reporting $68.39 billion in defense revenue for 2024, out of $71.04 billion total sales. RTX (formerly Raytheon Technologies) rose to second with $43.5 billion in defense sales. A significant shift occurred at No. 3, where China Aerospace Science and Industry Corporation (CASIC) hold 3rd place with $38.71 billion in defense revenue, underscoring China’s emphasis on missiles and aerospace systems.

Northrop Grumman and General Dynamics completed the top five with $36.6 billion and $36.5 billion respectively. Europe’s largest contributor, BAE Systems, ranked sixth at $32.26 billion in defense revenue, maintaining a 96 percent defense share.

A notable highlight of this year’s ranking is the debut of EDGE Group from the United Arab Emirates at No. 38. The company reported $4.02 billion in defense revenue from a total of $4.9 billion, translating to an 82 percent defense share. EDGE’s entry reflects the Gulf region’s growing industrial ambitions, spanning guided weapons, autonomous systems, precision munitions, and maintenance services.

EDGE now stands alongside mid-tier Western contractors and signals a shift in the industry’s geographic balance, with the Middle East emerging as a credible player in the global defense economy.

The list also welcomed SpaceX at No. 40 with $4.0 billion in defense revenue, illustrating the normalization of space procurement in defense budgets. Palantir Technologies entered at No. 70 with $1.57 billion, while Anduril debuted at No. 93 with $950 million, highlighting demand for software-driven platforms, autonomy, and data integration.

Türkiye continued its strong representation with five companies on the list:

• Aselsan ranked 43rd with $3.54 billion in defense revenue (97 percent defense share).
• Turkish Aerospace Industries (TAI) climbed to 47th, reporting $3.15 billion (96 percent).
• Roketsan stood at 71st with $1.55 billion (100 percent).
• ASFAT rose sharply to 78th with $1.28 billion (100 percent).
• MKE came in at 80th with $1.21 billion (100 percent).

These results highlight Türkiye’s diversified defense base across electronics, missiles, aerospace, naval production, and munitions, supported by strong export momentum.

Europe and Asia’s advances

Thales jumped from 17th to 10th with $15.9 billion in defense revenue, benefiting from European demand. Rheinmetall rose to 18th with $8.25 billion, while Polish Armaments Group advanced to 54th, reflecting Eastern Europe’s rearmament drive.

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İçeriği Görüntüle

South Korea also expanded its presence: Hanwha ranked 22nd, while KAI and Hyundai Rotem debuted at 62nd and 67th, consolidating Korea’s full spectrum from aerospace to land systems. Israel maintained its three companies Elbit (21st), IAI (28th), and Rafael (31st).

Reading the defense share

Several firms, including HII, Naval Group, MBDA, KNDS, Rafael, Roketsan, ASFAT, MKE, and M1 Support Services, reported defense shares of close to or exactly 100 percent, leaving them highly exposed to budget cycles. Diversified primes such as Airbus (17 percent defense) and RTX (54 percent defense) continue to buffer their portfolios with commercial lines.

Methodology note

The Defense News ranking is based on defense revenue for 2024. While many firms submit figures directly, others are estimated using industry analysis, public filings, and partner research. Non-U.S. currencies are converted to dollars using IRS annual average rates.