M&A Transactions
Chaos Industries, Inc., has acquired Atropos Group, Inc., a provider of clean-sheet autonomous aircraft within defense and commercial markets. Terms of the transaction were not disclosed.
Leonardo DRS (NASDAQ: DRS) has agreed to acquire Raft, LLC., a portfolio company of Washington Harbour Partners LP, a developer of AI, autonomous data fusion, and mission software solutions for private sector and U.S. federal government defense and intelligence markets. The transaction is valued at $450 million.
Micross Components, Inc., a portfolio company of Behrman Capital, has agreed to acquire AEMtec GmbH, a portfolio company of Capiton and provider of engineering and electronic manufacturing services specializing in complex micro- and optoelectronic modules and systems within semiconductor, aerospace and defense, industrial automation, communications, and medical markets. Terms of the transaction were not disclosed.
The Carlyle Group has acquired Secturion Systems, Inc., a provider of high-speed, National Security Agency ("NSA")-certified hardware encryption solutions that protect sensitive and classified information within government, defense, aerospace, and critical infrastructure markets. Terms of the transaction were not disclosed.
TransDigm Group, Inc. (NYSE: TDG) has agreed to acquire Prince & Izant Co., LLC, a portfolio company of Industrial Growth Partners, L.P. and provider of highly engineered brazing alloys and specialty metal components within aerospace, defense, space, turbine, and general industrial markets. The transaction is valued at $1.07 billion.
Wynnchurch Capital, L.P., has agreed to acquire Luxfer Holdings PLC (NYSE: LXFR), a provider of highly engineered advanced materials, components, and high-pressure gas containment solutions within defense, aerospace, emergency response, healthcare, transportation, and industrial markets. The transaction is valued at approximately $510 million.
Comparable Company Analysis
($ in millions, except price per share)
| Stock Price | Stock Price ∆ | Market Cap | 2025A P / E | 2025A EV / EBITDA | |||
| Defense Primes | 07/23/26 | 07/30/26 | 1-Week | 1-Year | |||
| RTX Corporation | $209.16 | $214.38 | 2.5% | 35.3% | $288,932.4 | 43.2x | 21.8x |
| Lockheed Martin Corporation | 568.59 | 574.11 | 1.0% | 37.1% | 132,499.3 | 26.7x | 18.0x |
| General Dynamics Corporation | 381.79 | 382.20 | 0.1% | 22.4% | 103,251.4 | 24.7x | 17.1x |
| BAE Systems plc | 26.15 | 27.56 | 5.4% | 16.2% | 78,055.3 | 30.1x | 16.7x |
| Northrop Grumman Corporation | 533.48 | 534.85 | 0.3% | (6.6%) | 75,982.4 | 18.4x | 13.3x |
| L3Harris Technologies, Inc. | 299.67 | 271.90 | (9.3%) | (0.8%) | 50,631.8 | 31.9x | 15.1x |
| Median | 0.6% | 19.3% | $90,653.3 | 28.4x | 16.9x |
| Stock Price | Stock Price ∆ | Market Cap | 2025A P / E | 2025A EV / EBITDA | |||
| Government Technology Solutions | 07/23/26 | 07/30/26 | 1-Week | 1-Year | |||
| Leidos Holdings, Inc. | $110.33 | $112.41 | 1.9% | (30.2%) | $14,139.5 | 10.1x | 8.5x |
| CACI International Inc | 480.61 | 477.35 | (0.7%) | 1.8% | 10,545.3 | 20.4x | 15.3x |
| Booz Allen Hamilton Holding Corporation | 65.87 | 68.31 | 3.7% | (36.4%) | 8,216.7 | 10.2x | 7.4x |
| Amentum Holdings, Inc. | 22.01 | 21.73 | (1.3%) | (10.7%) | 5,309.0 | NM | 8.3x |
| SAIC | 116.50 | 115.72 | (0.7%) | 3.0% | 4,892.3 | 15.0x | 10.9x |
| Parsons Corporation | 58.46 | 43.17 | (26.2%) | (42.5%) | 4,610.8 | 19.6x | 11.5x |
| V2X, Inc. | 83.98 | 86.75 | 3.3% | 83.6% | 2,716.2 | 35.4x | 12.0x |
| ICF International, Inc. | 77.09 | 80.88 | 4.9% | (2.3%) | 1,464.3 | 16.3x | 10.1x |
| DLH Holdings Corp. | 5.07 | 4.90 | (3.4%) | (12.8%) | 71.0 | NM | 7.1x |
| Median | (0.7%) | (10.7%) | $4,892.3 | 16.3x | 10.1x |
| Stock Price | Stock Price ∆ | Market Cap | 2025A P / E | 2025A EV / EBITDA | |||
| Aerospace | 07/23/26 | 07/30/26 | 1-Week | 1-Year | |||
| General Electric Company | $349.00 | $355.04 | 1.7% | 29.8% | $368,376.2 | 44.1x | NM |
| Airbus SE | 232.52 | 234.86 | 1.0% | 14.4% | 185,887.7 | 30.3x | 19.3x |
| The Boeing Company | 209.23 | 220.90 | 5.6% | (2.2%) | 174,592.7 | NM | NM |
| Safran SA | 365.43 | 391.78 | 7.2% | 21.5% | 162,409.9 | 19.4x | 22.5x |
| TransDigm Group Incorporated | 1,213.83 | 1,249.91 | 3.0% | (22.9%) | 69,911.9 | 40.2x | 21.1x |
| Bombardier Inc. | 256.89 | 235.52 | (8.3%) | 99.9% | 23,401.8 | 25.0x | 21.0x |
| MTU Aero Engines AG | 382.38 | 412.39 | 7.8% | (3.7%) | 22,215.6 | 19.0x | 11.8x |
| Embraer S.A. | 65.47 | 68.11 | 4.0% | 24.2% | 12,088.9 | NM | 9.8x |
| Astronics Corporation | 71.00 | 68.41 | (3.6%) | 126.9% | 2,940.6 | NM | NM |
| Median | 3.0% | 21.5% | $69,911.9 | 27.7x | 20.2x |
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