LMT — Lockheed Martin Corporation

Boeing is one of the world's two major commercial airplane manufacturers (alongside Airbus) and a leading defense, space, and security contractor. The company has faced significant challenges including 737 MAX safety issues, production quality problems, and financial strain.

RTX Corporation is one of the largest aerospace and defense companies globally, formed through the 2020 merger of Raytheon and United Technologies. The company operates three segments: Collins Aerospace (aircraft systems, avionics, and interiors), Pratt & Whitney (jet engines for commercial and military aircraft), and Raytheon (missiles, air defense systems, sensors, and cyber). Pratt & Whitney's GTF engine programs have faced significant quality issues requiring accelerated inspections, creating headwinds. Raytheon's missiles and air defense systems (Patriot, StormBreaker) are in high demand given increased global defense spending.

Northrop Grumman is a leading global aerospace and defense technology company known for advanced stealth aircraft, space systems, and autonomous and electronic warfare capabilities. The company is the prime contractor for the B-21 Raider stealth bomber — America's next-generation long-range strike aircraft — and the Ground Based Strategic Deterrent (GBSD) intercontinental ballistic missile program. Northrop has a particularly strong position in space systems, cyber operations, and classified intelligence programs.

General Dynamics is a global aerospace and defense company operating across four segments: Aerospace (Gulfstream business jets), Marine Systems (nuclear submarines), Combat Systems (Abrams tanks, Stryker vehicles), and Technologies (IT services and C4ISR systems). Gulfstream is the world's leading large-cabin business jet manufacturer, providing commercial revenue diversification from the defense segments. General Dynamics' submarine business is uniquely positioned given massive U.S. Navy Virginia-class and Columbia-class submarine programs.