I put together a list of publicly traded companies with meaningful naval exposure (≥10% of revenue) across NATO countries.
Many of these do not show up on standard screeners or through AI.
The dataset includes 47 companies, ranked by % of revenue tied to naval end markets.
Each entry includes:
Naval Exposure (% of revenue)
Key naval content
EV, forward EBITDA, and EV/EBITDA
Let me know if I missed any.
Companies mentioned: TKMS, Austal, Exail, Huntington Ingalls, BWXT, MS International plc, Espey Mfg, Coda Octopus Group, Babcock, Gabler Group, Kraken, TechPrecision Corporation, Graham Corp, Curtiss Wright, Norbit ASA, Leonardo DRS, Cohort PLC, General Dynamics, Nekkar ASA, Fincantieri, ESCO Technologies, Science Group PLC, BAE Systems, Goodwin PLC, Air Industries, Tokyo Keiki, Oceaneering International, Leonardo, Conrad Industries, Kongsberg, Saab, CTS Corporation, Taylor Devices, Rheinmetall, Teledyne Technologies, Mercury Systems, Velan Inc, Thales, Elbit, Hensoldt, QinetiQ, Karman, Scandinavian Astor Group, RENK Group AG, Hanwha Ocean, Haivision, Sypris Solutions
Edit #1 - 4/14/2026
Added AML3D - $AL3.AX . Thanks gezzogero
Photo Source: The Ships of the Great White Fleet
https://www.history.navy.mil/browse-by-topic/exploration-and-innovation/world-cruise/ships.html
This document is provided for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. The author may be wrong. The author or his family owns shares of Huntington Ingalls and Air Industries. All views expressed are solely those of the author and do not reflect the views of any current or former employer.
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