Lockheed Martin employs over 121,000 people across four key business segments: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space. In FY 2025, it generated $71.81 billion in revenue, up 3.1% year-over-year.
Even though Lockheed is still the biggest defense contractor in the world, it holds only around 11% of the global defense market. With global defense spending expected to exceed $6.3 trillion by 2035, the company faces tough competition from other well-funded rivals, both domestic and international. [1]
Below, I present the top Lockheed Martin competitors across multiple domains. These companies not only compete for billion-dollar contracts but also increasingly pursue international clients, space launches, and cyber-defense solutions.
Did you know?Lockheed Martin operates in 50+ countries, collaborating with over 13,000 active suppliers globally.
Table of Contents
17. Huntington Ingalls Industries
Founded: 2011Country: United States
Annual Revenue: $11.46 billion+
Competitive Edge: Exclusive shipbuilding capabilities
Huntington Ingalls Industries (HII) is America’s largest military shipbuilding company. It was formed in 2011 as a spin-off from Northrop Grumman’s shipbuilding sector. Today, it ranks 375th on the Fortune 500 list, with a workforce exceeding 44,000 employees.
HII is one of the most advanced naval vessels in the world, including nuclear-powered aircraft carriers and submarines for the US Navy. It is the sole builder of nuclear-powered aircraft carriers and one of only two companies in the US capable of building nuclear-powered submarines. [2]
Its portfolio includes the construction of Columbia-class submarines, Gerald R. Ford-class aircraft carriers, and Arleigh Burke-class destroyers.
The company is also increasing its presence in AI, cybersecurity, training and simulation, logistics, and unmanned underwater vehicles, which are becoming crucial components of modern warfare.
16. Thales Group
Founded: 2000Country: France
Annual Revenue: $21.41 billion+
Competitive Edge: Integrated cross-sector expertise
Thales is one of Europe’s most important defense and technology conglomerates and a global leader in mission-critical systems. It has more than 80,000 employees and operates in 68+ countries.
Over the years, Thales has provided reliable technologies like avionics systems found in two-thirds of the world’s aircraft and air traffic control systems that manage over 40% of global airspace. Its defense products include advanced radar, tactical radios, and missile systems used by over 50 armies and navies worldwide.
While its defense and aerospace businesses are its most visible segments, Thales also operates one of the world’s leading cybersecurity and digital identification businesses thanks to its acquisition of Gemalto in 2019. The company also heavily invests in areas like AI, quantum technologies, and 6G communications.
In 2024, Thales delivered an AI-powered Maritime Mine Counter Measures system to the UK and France, enabling the detection and neutralization of naval mines without endangering sailors. [3]
15. China State Shipbuilding Corporation
Founded: 1982Country: China
Annual Revenue: $48.9 billion+
Competitive Edge: Strategic government backing
China State Shipbuilding Corporation (CSSC) underwent a major transformation in 2019, when it merged with China Shipbuilding Industry Corporation, creating a super-conglomerate with more than 100 subsidiaries and research institutes under its umbrella.
Post-merger, CSSC became the world’s biggest shipbuilding company, with a presence spanning shipyards, R&D centers, and component suppliers across China.
Today, it produces aircraft carriers, destroyers, submarines, and amphibious assault ships for the People’s Liberation Army Navy. It also builds commercial vessels such as LNG carriers, bulk carriers, container ships, oil tankers, and offshore engineering platforms, serving both domestic and international clients.
CSSC has over 196,000 employees and builds about one-third of all ships worldwide. In the 2024 fiscal year, it reported $48.8 billion in revenue and $2.4 billion in profit.
The company is now focusing on environmentally friendly ship designs, incorporating energy-efficient technologies and alternative fuels to meet global emission standards.
14. China Aerospace Science and Technology Corporation
Founded: 1999Country: China
Annual Revenue: $37.3 billion+ (for the whole company)
Competitive Edge: Complete vertical integration
The China Aerospace Science and Technology Corporation (CASC) is responsible for virtually every facet of China’s space and missile development — from launch vehicle design and satellite manufacturing to strategic missile systems and space exploration missions.
Its portfolio spans launch vehicles (e.g., Long March series), communication and Earth observation satellites, manned spaceflight (e.g., Shenzhou, Tiangong), planetary exploration (Chang’e, Tianwen), and a range of ballistic missile systems, including intercontinental ballistic missiles (ICBMs), medium-range ballistic missiles (MRBMs), and anti-satellite weapons.
CASC is planning missions to Jupiter and other deep-space locations to help China learn more about the solar system. It’s also leading China’s effort to send astronauts to the moon by 2030. [4][5]
13. Airbus (Defence and Space)
Continent: European
Annual Revenue: $74.9 billion+ (for the whole company)
Competitive Edge: Balanced Civil-Military portfolio
As Europe’s aerospace leader, Airbus competes with Lockheed globally in military transport, UAVs, and satellite technology. Though its US defense market share is smaller, Airbus is a strategic rival globally, especially in Europe, the Middle East, and Asia-Pacific.
The company provides military transport aircraft (like the A400M Atlas), fighter jets (such as the Eurofighter Typhoon, via its stake in Eurofighter GmbH), satellites, and launch systems. Its Airbus Helicopters division is a global leader in rotary-wing aircraft for civil, government, and military applications.
The Commercial Aircraft segment is the largest, delivering 766 aircraft in 2024, driven by strong demand for models like the A320neo and A350. The Helicopters segment delivered 361 units, reflecting an 8% revenue increase to $9 billion. The Defence and Space division, despite facing challenges in its space programs, brought in $13.7 billion in revenue in 2024.
12. Leonardo
Country: Italy
Annual Revenue: $19 billion+
Competitive Edge: Backed by the Italian Ministry of Economy and Finance
As Italy’s largest defense contractor, Leonardo plays a critical role in Europe’s defense framework and is part of many multinational defense collaborations. It is a key supplier of military helicopters, defense electronics, aircraft systems, space technologies, and cybersecurity solutions.
Leonardo follows a multi-division, dual-use (civil and military), and integrated systems business model. It partnered with Rheinmetall to create a joint venture for developing and building military combat vehicles, helping it grow stronger in the European defense market.
The company also plans to launch a constellation of around 40 satellites by 2028, including 18 military and 20 civilian multi-sensor satellites. This $1.5 billion project aims to provide an alternative to existing satellite networks and capitalize on the growing demand for satellite services.
11. L3Harris
Founded: 2019Country: United States
Annual Revenue: $21.24 billion+
Competitive Edge: ISR and modular mission systems
L3Harris is the sixth-largest defense contractor in the United States. It was created in 2019 by merging L3 Technologies and Harris Corporation.
Unlike traditional defense primes like Lockheed Martin or Northrop Grumman, L3Harris focuses heavily on mission-critical subsystems rather than full-scale platforms like aircraft or missiles. Its products range from tactical radios and space payloads to night vision, avionics, and maritime sensors.
In 2023, L3Harris acquired Aerojet Rocketdyne for $4.7 billion, enhancing its capabilities in propulsion and missile systems and solidifying its position in the defense sector. [6]
In 2024, the company reported $21.3 billion in revenue, a 10% increase from the year before. It received $24.2 billion in new orders, with a book-to-bill ratio of 1.14, showing strong demand and a solid order backlog.
10. China Electronics Technology Group Corporation
Founded: 2002Country: China
Annual Revenue: $55.8 billion+
Competitive Edge: Significant in-house capabilities
China Electronics Technology Group Corporation (CETC) is a state-owned defence and electronics giant, often referred to as the “Huawei of defense electronics.”
It has evolved into a behemoth with over 100 subsidiaries and research institutes, employing over 200,000 people, and conducting operations across various technology verticals — from radar systems and quantum communications to AI, electronic countermeasures, and public security surveillance.
Its major clients include the People’s Liberation Army (PLA), government intelligence services, civilian agencies, as well as industrial and commercial partners.
In 2021, CETC took over Potevio, a company that made telecom hardware. This helped CETC grow and become the third-largest electronics and IT company in China. [7]
9. Rostec
Country: Russia
Annual Revenue: $32 billion+
Competitive Edge: Adapted to become more self-reliant (due to sanctions)
Established by a decree from President Vladimir Putin, Rostec is Russia’s most prominent state-owned industrial and defense conglomerate. With over half a million employees and 800+ subsidiaries, Rostec accounts for a substantial share of Russia’s defense manufacturing and civil technological development.
It produces a broad range of military equipment, including fighter jets like the Su-57 and MiG-35, helicopters like the Mi-28 and Ka-52, as well as armored vehicles, missiles, and firearms. It also plays a key role in exporting Russian weapons through Rosoboronexport, the official agency for all government-approved arms exports.
In 2023, Rostec significantly increased its production of military equipment, making 10 times more self-propelled artillery and 25 times more of certain types of ammunition. It also completed a test flight of the Yakovlev Superjet-100 using only Russian-made parts, aiming to reduce reliance on foreign parts.
Rostec’s influence extends beyond defense. It has played a major role in advancing 5G technology (through its subsidiary Avtomatika), as well as making progress in nanotechnology and AI-powered surveillance systems.
8. China Aerospace Science and Industry Corporation
Founded: 1999Country: China
Annual Revenue: $44.4 billion+
Competitive Edge: Advanced missile expertise
China Aerospace Science and Industry Corporation (CASIC) plays a crucial role in modernizing China’s military, particularly in the development of strategic and tactical missile systems, unmanned systems, air defense technologies, and cyber defense solutions.
It’s a state-owned company that combines military research and development with large-scale industrial production and the application of civilian technology. It currently operates 7 research academies, 15 fully or partly owned companies, and over 470 businesses and institutions, including 7 publicly listed companies.
CASIC has helped develop numerous advanced missile systems, including the DF (Dongfeng) ballistic missiles, the CJ (Changjian) cruise missiles, and the HQ-series surface-to-air missiles. It has also worked on anti-satellite weapons and space-based defense systems.
7. Aviation Industry Corporation of China
Country: China
Annual Revenue: $82.6 billion+
Competitive Edge: Indigenous fighter jet capabilities
Aviation Industry Corporation of China (AVIC) is one of the world’s largest aerospace corporations, overseeing more than 100 subsidiaries and research institutions, and employing over 500,000 people.
It has developed nearly every major aircraft platform used by the People’s Liberation Army Air Force (PLAAF) and the People’s Liberation Army Navy (PLAN), including the Chengdu J-10, Shenyang J-11, J-16, J-20 stealth fighter, and Y-20 military transport aircraft.
It is one of only a few global firms capable of producing fifth-generation stealth fighters, such as the J-20, positioning it in an exclusive group alongside Lockheed Martin, Sukhoi, and others. [8]
In the civil aviation domain, AVIC leads the development and integration of the MA-series turboprops and is a key supplier to COMAC, the manufacturer of China’s flagship commercial jetliners like the C919.
6. Norinco
Founded: 1980Country: China
Annual Revenue: $82.5 billion+
Competitive Edge: Comprehensive land-based weapons portfolio
Norinco Group is the backbone of China’s land-based weapons industry. Its scale is immense. It oversees hundreds of subsidiaries and industrial parks, employing over 210,000 personnel across the nation.
Norinco develops tanks, infantry fighting vehicles, air defense systems, multiple launch rocket systems (MLRS), and various types of ammunition. It is China’s largest producer of civil explosives, used in mining, tunneling, and infrastructure projects. It also offers solutions for blasting, geotechnical support, and the handling of explosives.
Beyond traditional arms manufacturing, the company is also active in dual-use technologies, including civil explosives, mining equipment, energy infrastructure, and automotive manufacturing. This combination of military and civilian industry makes Norinco a versatile player aligned with China’s military-civil fusion strategy.
Unlike many Western competitors focused on NATO compatibility, Norinco tailors its products to export markets, providing cost-effective, rugged, and combat-tested platforms that appeal to non-Western militaries.
Over the decades, it has developed a robust export business, selling weapons systems and vehicles to clients in Africa, the Middle East, Southeast Asia, and Latin America. Some of its most exported systems include the VT-4 main battle tank, AR3 multiple launch rocket system, and WMA301 fire support vehicle. [9]
5. Boeing
Country: United States
Annual Revenue: $24 billion (from Defense, Space & Security)
Competitive Edge: Strong aftermarket and services revenue
While Boeing is best known for its commercial airplanes, such as the 777 and 787 Dreamliner families, it is also one of the top contractors for the US Department of Defense, with about $24 billion in annual defense revenue.
The company is deeply involved in missile defense, unmanned systems, and command and control technologies. Its key products include the F/A-18 Super Hornet, CH-47 Chinook helicopters, P-8 Poseidon maritime patrol aircraft, and the KC-46 Pegasus aerial refueling tanker.
As one of the Pentagon’s top five contractors, Boeing enjoys consistent funding and takes part in classified defense projects. It also has long-term partnerships with NASA and other agencies. Through programs like Starliner, ULA, and SLS, Boeing plays a key role in human and cargo spaceflight, satellite systems, and space exploration missions.
Boeing is working on a sixth-generation fighter jet called the F-47 as part of the U.S. Air Force’s Next Generation Air Dominance (NGAD) program. It won the contract to design and build this advanced jet, which is expected to enter service in the 2030s. [10]
4. General Dynamics
Founded: 1893Country: United States
Annual Revenue: $49.2 billion+
Competitive Edge: Prime contractor for the US Navy Submarines
General Dynamics designs and manufactures nuclear submarines, armored vehicles, military-grade IT systems, and business jets. It is the only US defense contractor that operates across both military shipbuilding and business aviation segments, giving it a unique commercial-military hybrid edge.
Its Gulfstream Aerospace division, for example, manufactures some of the world’s most advanced business jets, while its Electric Boat and Bath Iron Works subsidiaries build US Navy submarines and destroyers.
In 2025, its Electric Boat division secured a $12.4 billion contract modification to build two additional Virginia-class submarines for the U.S. Navy, with completion expected by June 2036. [11]
Its Combat Systems division builds the iconic M1A2 Abrams main battle tank, Stryker armored vehicle, and other advanced ground systems used by the US and allied militaries.
Financially, General Dynamics maintains a strong balance sheet, characterized by steady profits, regular dividend payments, and effective cost management. It has remained financially stable even during ups and downs in defense spending or the global aviation market.
3. BAE Systems
Country: United Kingdom
Annual Revenue: $33.6 billion+
Competitive Edge: Strong US presence via subsidiary
BAE Systems was created by merging British Aerospace and Marconi Electronic Systems, making it the largest defense contractor in Europe. It is particularly well-regarded for its partnerships with the UK Ministry of Defence, the U.S. Department of Defense, and numerous NATO allies.
The company derives revenue primarily from government defense contracts, with a smaller but growing stream from cyber, space, and commercial aviation. It frequently engages in long-term platform support, providing maintenance, modernization, and upgrade services that generate stable recurring revenue.
BAE Systems derives revenue primarily from government defense contracts, with a smaller but growing stream from cyber, space, and commercial aviation. The company frequently engages in long-term platform support, providing maintenance, modernization, and upgrade services that generate stable recurring revenue.
In 2024, BAE earned $33.6 billion in revenue and $2.49 billion in net profit, up from $28.7 billion in revenue and $2.3 billion in profit the previous year.
BAE Systems is working with Italy and Japan to develop the next-generation Tempest fighter jet, which is planned to enter service by 2035. This project is expected to boost the UK economy by £37 billion and support around 16,000 jobs annually over the next decade. [12]
2. Northrop Grumman
Country: United States
Annual Revenue: $40.3 billion+
Competitive Edge: Stealth and next-gen air power
Northrop Grumman is known for its innovation and leadership in delivering advanced systems to military and government customers. Its business model centers around long-term government contracts, often spanning decades.
As the prime contractor for the B-2 Spirit stealth bomber and the lead on the classified B-21 Raider program, Northrop dominates in the stealth aircraft domain. Northrop’s unmanned aerial vehicles, such as the RQ-4 Global Hawk, provide unparalleled ISR capabilities, making it a key player in autonomous warfare.
The company also focuses on space systems, developing satellites and supporting major NASA missions, including the James Webb Space Telescope. It is expanding its involvement in satellite constellations and space situational awareness technologies amid growing competition in the space defense sector. [13]
Compared to Lockheed Martin, which has a dominant role in manned tactical aircraft, Northrop specializes more in strategic platforms and cutting-edge autonomous systems. In terms of innovation, Northrop Grumman’s investments in hypersonics and directed energy are often considered complementary to Lockheed’s focus on integrated missile systems and fighter upgrades.
1. Raytheon Technologies
Country: United States
Annual Revenue: $81.7 billion+
Competitive Edge: Engine technology
Formed through the merger of Raytheon Company and United Technologies Corporation, Raytheon Technologies brought together deep expertise in both defense and commercial aerospace under one powerful umbrella.
The company leads the world in missile systems, including high-demand products like Patriot, AIM-120 AMRAAM, Tomahawk, and the emerging Hypersonic Air-breathing Weapon Concept.
Through Pratt & Whitney, Raytheon is one of only two major jet engine manufacturers (alongside General Dynamics) that produce engines for both fighter jets, such as the F-35 and F-22, and commercial aircraft. Its Geared Turbofan engine stands out for being fuel-efficient and producing lower emissions.
In terms of innovation, Raytheon Technologies owns over 60,000 patents and ranked first in the aerospace and defense sector for the most US patents granted in 2024. [14]
Compared to Lockheed Martin, which leads in making tactical aircraft like the F-35 Joint Strike Fighter, Raytheon powers the F-35 with its Pratt & Whitney F135 engine but does not build the entire jet. Instead, Raytheon supplies advanced weapons, sensors, and electronic warfare systems used on these aircraft.
In missile systems, Raytheon is often the main supplier. Lockheed might provide the launcher or platform, while Raytheon supplies the interceptor or radar. For example, Raytheon’s Patriot system is a key missile defense product, while Lockheed leads on the THAAD and Aegis systems.
On the commercial side, Raytheon has a big advantage. Lockheed Martin doesn’t work in commercial aerospace, but Raytheon Technologies earns billions from engines and avionics used in Airbus, Boeing, and Embraer aircraft.
Read More
- 15 Best Fighter Jets In The World
- Boeing SWOT Analysis [Detailed View]
- 14 Fastest Aircraft In The World Of All Time
- Aerospace & Defense, Global defence spending market size to worth $6.38 trillion by 2035, Spherical Insights
- All Capabilities, Building the next 100 years of aircraft carriers, HII
- Mia Jankowicz, The UK & France took delivery of an AI-driven naval mine-hunting system, Business Insider
- Michael Baturin, China space plan highlights commitment to space exploration, VOA News
- Ken Moritsugu, China unveils its plans to turn its feats in space exploration into scientific advances, AP News
- Stephen Losey, L3Harris says feds cleared Aerojet deal, Defense News
- Sun Chi, Potevio, CETC integrated to form giant internet information firm, ChinaDaily
- Richard Thomas, China declassifies world-first fifth-generation stealth fighter variant, Airforce Technology
- Competition Tracker, China’s arms industry is increasingly global, Merics
- Thomas Newdick, Boeing wins F-47 next generation air dominance fighter contract, TWZ
- Paul Schott, Groton-based Electric Boat gets $12.4 billion contract for Virginia-class submarines, CT Insider
- Business, UK joins Italy and Japan to develop British fighter jet to rival America’s F-35, The Guardian
- Kate Halloran, NASA and Northrop Grumman’s digital engineering collaboration, NASA
- Licensing, With over 60,000 patents, we’re one of the most innovative companies, RTX
