Lockheed

Lockheed Martin is the largest defense contractor in the world, formed in 1995 by merging Lockheed and Martin Marietta. Most of its revenue comes from the US government and allied militaries, which makes political budgets and procurement cycles the main driver of the business. Its signature program is the F-35 fighter jet, a decades-long franchise that also generates steady sustainment and upgrade work long after the aircraft are delivered. Beyond aircraft it builds missiles and missile-defense systems, military helicopters through Sikorsky, satellites and space hardware. Based in Bethesda, Maryland, Lockheed benefits from enormous barriers to entry: few companies can design and integrate systems this complex, and programs run for decades. Rising global defense spending and restocking after conflicts have kept its order backlog large, though it depends heavily on a handful of big programs.

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