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Sectors · Defence, aerospace, and satellites
Defence & Aerospace stocks: small caps at a glance
Kurz gefasstDefence and space are order-driven industries: the order backlog matters more than quarterly revenue. Government budgets set the pace.
86 companies in the directory
34 articles
5 typical price drivers
What belongs in this sector
The sector spans defence suppliers, aerospace engineering, satellite operators, and drone manufacturers. Customers are mostly government bodies and large corporations. That means long sales cycles, high barriers to entry due to certification requirements — and unusually good visibility of future revenues once a contract has been awarded.
What moves the share price
These are the events that typically move share prices in the Defence & Aerospace sector:
Major contract / framework agreement
The primary share-price driver. Check whether it is a binding call-off order or merely a ceiling with no obligation to purchase.
Government programme or budget decision
Defence budgets affect the entire sector, not just individual companies.
Certification / qualification
Approval of a component or system is what opens the market — often the real turning point.
Launch success or failure
For space companies, a binary event with an immediate impact on the share price.
Export licence
Politically controlled and therefore outside the company's hands.
The key figures that matter here
| Order backlog (Auftragsbestand) | Contracts already awarded but not yet fulfilled. The most meaningful metric in this sector. |
|---|---|
| Book-to-bill | New orders divided by revenue. Above 1 means the backlog is growing. |
| Programme duration | Defence programmes often run for a decade or more, which stabilises revenues. |
| Customer concentration | A single government customer can be both an opportunity and a concentration risk at the same time. |
Risiken des Sektors
Political dependency is the core risk: budget cuts, a change of government, or blocked export licences hit the sector immediately. Programmes are frequently delayed, and fixed-price contracts can become a burden when costs rise. In addition, some sustainability-focused funds exclude the sector entirely.
Recent articles
Serial Production Over Innovation: The New Procurement Logic in Counter-UAS 17.09.2026 Space Unicorns vs. Listed Small Caps: A Valuation Comparison 15.09.2026 Engine License vs. Acquisition: What Vertical Integration Costs Defense Small Caps 15.09.2026 Qualified Vendor Status: How Drone Procurement Selects Suppliers 11.09.2026 Decentralized Defense Production: What MBDA in Poland Means for Suppliers 09.09.2026Companies in this sector
86 listed small and micro caps in this sector, ordered by market capitalisation.
| companies | Ticker | Börse |
|---|---|---|
| York Space Systems Inc. | YSS | NYSE |
| AEVEX Corp. | AVEX | NYSE |
| Southern Cross Gold Consolidated Ltd. | SXGC | TSX |
| Kraken Robotics Inc. | PNG | TSXV |
| Voyager Technologies, Inc. | VOYG | NYSE |
| Magellan Aerospace Corporation | MAL | TSX |
| Telesat Corporation and Variable Voting Shares | TSAT | NASDAQ |
| Cadre Holdings, Inc. | CDRE | NYSE |
| BlackSky Technology Inc. | BKSY | NYSE |
| Red Cat Holdings, Inc. | RCAT | NASDAQ |
| Evertz Technologies Limited | ET | TSX |
| Gilat Satellite Networks Ltd. | GILT | NASDAQ |
Andere Sektoren
Educational content only, not investment advice. Small caps are highly speculative and total loss is possible. All information without warranty.