15 Biggest European Defense Companies

In this article, we will discuss the 15 biggest European defense companies. If you want to skip our detailed analysis of the defense sector of Europe, you can go directly to 5 Biggest European Defense Companies.

The European Defense Industry: An Analysis

The defense sector of Europe is a large and complex industry that provides a variety of products and services to militaries and other government organizations. The sector is made up of a number of different companies and organizations, each with its own specialties. The defense sector of Europe is a major contributor to the economy, employing thousands of people and generating billions of euros in revenue each year. According to a report by Mordor Intelligence, defense spending in Europe amounted to $417.8 billion in 2021, making it rank among the continents with the highest defense spending in the world. Moreover, country-wise, Russia, France, Germany, the UK, and Italy have dominated the share of global defense spending each year throughout history and have invested most heavily in the research and development of weaponry and military assets. Mordor Intelligence expects the European defense market to grow at a compound annual growth rate of 3% from 2022 through 2027.

Furthermore, Mordor Intelligence expects Russia to dominate the market share of the European defense market throughout the forecasted period. Russia’s invasion of Ukraine is a further catalyst in this trend since Russia has been excessively utilizing cluster bombs, rockets, and artilleries to support itself in the war, and is consequently causing a surge in demand for weaponry.

Russia is expected to hold the major market share of the European defense market, followed by the United Kingdom, and France. Other prominent countries that are expected to account for a major share include Germany, Ukraine, and Poland. This article will look at some of the biggest European defense companies which are competing and collaborating with their American counterparts The Boeing Company (NYSE:BA), Lockheed Martin Corporation (NYSE:LMT), and Raytheon Technologies Corporation (NYSE:RTX).

Our Methodology

To determine the biggest European defense companies, we reviewed industry analysis reports and identified major defense companies operating in Europe. We included both public and private companies in our rankings. For public companies, we gave weight to their market cap, and for private companies, we looked at other metrics such as estimated annual revenue, cash flows, and estimated valuation among others that can help determine a company’s size.

Biggest European Defense Companies

15. Kongsberg Defence & Aerospace

Annual Revenue (Estimated): $300 Million

Kongsberg Defence & Aerospace is one of the leading suppliers of defense and space systems and products. Among the company’s product offerings, we have anti-ship missiles, military communications, and command & weapons control systems. The company’s products are in use by militaries and government agencies around the world. Kongsberg Defence & Aerospace has a long history of innovation that dates back to the 1800s and the company’s products are among the most advanced in the market. The company is ranked among the largest European defense companies and has an estimated annual revenue of $300 million per year.

14. Navantia

Annual Revenue (2021): EUR 1.3 Billion

Navantia is a leading Spanish state-owned shipbuilding company. The company is one of the largest shipbuilders in Europe and also ranks among the largest shipbuilders in the world. Navantia has a strong track record in the design and construction of military ships. It has built a number of frigates, destroyers, and aircraft carriers for the Spanish Navy, as well as ships for navies around the world. The company has particular expertise in the construction of amphibious ships. The company’s annual revenue for fiscal 2021 amounted to EUR 1.3 billion, and therefore is one of the largest European defense companies.

Some of the biggest defense contractors in the world include The Boeing Company (NYSE:BA), Lockheed Martin Corporation (NYSE:LMT), and Raytheon Technologies Corporation (NYSE:RTX).

13. Diehl Defence

Annual Sales (2021): EUR 3.16 Billion

Diehl Defence is a world-class German provider of defense products and services. The company’s products are reliable and its customer service is excellent. They have a strong presence in the defense market and their products are used by many militaries around the world. Diehl Defence offers a range of missiles and munitions including the IRIS-T, PARS 3 LR, HOPE, and IDAS among others. In 2021, the company reported sales of EUR 3.16 billion, up from EUR 2.97 billion in 2020. Diehl Defence ranks among the biggest European defense companies by sales.

12. Naval Group

Annual Revenue (2021): EUR 4.1 Billion

Naval Group is a leading French defense company that has a strong presence in Europe, Canada, and Asia. The company offers a wide range of products and services, including shipbuilding, submarines, surface combatants, aircraft carriers, and amphibious warfare vessels. Naval Group has a strong R&D department, and its products are used by navies around the world. In 2021, Naval Group’s annual revenue amounted to EUR 4.1 billion. The company is ranked among the biggest European defense companies.

11. Fincantieri S.p.A. (BIT:FCT)

Market Cap as of November 18: $932.68 Million

Fincantieri S.p.A. (BIT:FCT) is a leading Italian shipbuilding company and is among the largest shipbuilders in the world. Fincantieri S.p.A. (BIT:FCT) specializes in the design and construction of military vessels and is one of the leading manufacturers of military vessels in Europe. The company is worth $932.68 million as of November 18 and is one of the largest European defense companies.

10. Rolls-Royce Holdings plc (OTC:RYCEY)

Market Cap as of November 18: $8.58 Billion

Rolls-Royce Holdings plc (OTC:RYCEY) is a major British multinational aerospace and defense company that designs, manufactures, and distributes power systems for aviation and defense industries. Rolls-Royce Holdings plc (OTC:RYCEY) has a long-standing reputation for innovation and excellence and is widely recognized as a world-class engineering company. The company has a strong presence in the defense market, and its products are used by militaries around the world. The company’s products are known for their reliability and performance, and Rolls-Royce Holdings plc (OTC:RYCEY) is committed to providing the best possible support to its customers. The company has a strong research and development capability and is constantly innovating to meet the changing needs of the defense market. As of November 18, Rolls-Royce Holdings plc (OTC:RYCEY) is worth $8.58 billion on the open market and is ranked among the biggest European defense companies.

9. Babcock International Group PLC (OTC:BCKIF)

Market Cap as of November 18: $1.67 Billion

Babcock International Group PLC (OTC:BCKIF) is a world-leading aerospace, defense, and nuclear engineering services company headquartered in London, England. The company has a proud heritage of over 100 years and employs over 28,000 people across the world. The company has a strong track record in the defense sector, providing support to the UK Ministry of Defence and other international customers. Babcock International Group PLC (OTC:BCKIF) has a wide range of capabilities, including engineering design, production, testing, and through-life support. As of November 18, Babcock International Group PLC (OTC:BCKIF) is worth $1.67 billion on the open market and is one of the biggest European defense companies.

8. QinetiQ Group plc (OTC:QNTQF)

Market Cap as of November 18: $2.36 Billion

QinetiQ Group plc (OTC:QNTQF) is a global leader in defense technology and operates in the defense, security, and aerospace industries. The company has a strong track record in delivering innovative solutions to its customers and its products and services are trusted by the world’s leading defense, security, and aerospace organizations. QinetiQ Group plc (OTC:QNTQF) has a strong financial position, which provides the company with the resources to invest in new products and services. Moreover, the company has a long history of experience and expertise in the defense sector and a strong focus on research and development, which has resulted in a number of innovative products and services. According to the company’s balance sheet, QinetiQ Group plc (OTC:QNTQF) has free cash flows of GBP 104.4 million and as of November 18, the company is worth $2.36 billion on the open market. QinetiQ Group plc (OTC:QNTQF) is ranked among the biggest European defense companies.

7. Leonardo S.p.a. (OTC:FINMY)

Market Cap as of November 18: $4.36 Billion

Leonardo S.p.a. (OTC:FINMY) is an Italian multinational aerospace, defense, and security company headquartered in Rome, Italy. Leonardo S.p.a. (OTC:FINMY) is a world leader in the design, development, and production of military aircraft, helicopters, and unmanned aerial vehicles (UAVs). The company has a long history of engineering and manufacturing excellence and is known for its innovative and cutting-edge products. Leonardo S.p.a. (OTC:FINMY) is a major supplier of aircraft and helicopters to the Italian armed forces and has operations that span 15 countries.

In the defense market, Leonardo S.p.a. (OTC:FINMY) has a number of competitive advantages. First, the company has a strong reputation for quality and reliability. Second, Leonardo S.p.a. (OTC:FINMY) has a large and diversified product portfolio, which includes fixed-wing aircraft, helicopters, UAVs, and missiles. Third, the company has a global reach, with a large sales and service network. Finally, Leonardo S.p.a. (OTC:FINMY) has a strong financial position, with a strong balance sheet and cash flow. The company has free cash flows of EUR 0.64 million. As of November 18, Leonardo S.p.a. (OTC:FINMY) is worth $4.36 billion on the open market and is one of the biggest European defense companies.

6. Rheinmetall AG (OTC:RNMBY)

Market Cap as of November 18: $8.05 Billion

Rheinmetall AG (OTC:RNMBY) is one of the world’s leading defense companies. The company offers a comprehensive product portfolio covering all key aspects of defense, from air defense and land systems to naval systems and electro-optics. Rheinmetall AG (OTC:RNMBY) has a strong international presence, with around 21,000 employees working in over 30 countries. The company’s defense products are in use by militaries around the world and have been proven in a wide range of demanding operational environments. Rheinmetall AG (OTC:RNMBY) is a trusted defense partner with a proven track record in delivering high-quality, reliable, and innovative products and solutions. As of November 18, Rheinmetall AG (OTC:RNMBY) is one of the biggest European companies and has a market capitalization of $8.05 billion.

Other world leaders operating in the aerospace and defense industry include The Boeing Company (NYSE:BA), Lockheed Martin Corporation (NYSE:LMT), and Raytheon Technologies Corporation (NYSE:RTX).

Click to continue reading and see 5 Biggest European Defense Companies.

Suggested articles:

Disclosure: None. 15 Biggest European Defense Companies is originally published on Insider Monkey.