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Defence & Space:
What changed in defence and space, and why it mattered.
- 01
Lockheed Martin agreed a decade-long F-35 framework deal with the Pentagon and reported record order backlog, and its shares closed 7.0% higher.
A framework covering hundreds of jets gives the largest fighter programme long-range demand visibility, which flows down to suppliers of engines, electronics and parts. The backlog of $292.0 billion includes $52.5 billion for PAC-3 MSE interceptors, so missile demand is a second leg of the story.
Screener matches in Primes, and Land and munitions · Friday's close, 23 Oct
- Shortlisted
All six checks pass, with the price 12.2% above a flat 200-day average.
- Shortlisted
Dassault AviationAM.PA
All five checks on file pass, with the price 2.3% above a flat 200-day average. One check has no data.
- 02
Safran's third-quarter revenue matched expectations and it kept its 2026 targets unchanged, but those targets sit below what analysts expected.
The engine maker confirmed its outlook, yet the market was looking for more, so the read is mixed: demand is steady but the guidance gave no upside surprise. Safran is a gauge for the aero-engines part of the chain, which includes other engine makers and parts suppliers.
Aero engines· SAF.PA·Source 1·Source 2·Source 3
Closest to a screener match in Aero engines · Friday's close, 23 Oct
- Not a match
MTU Aero EnginesMTX.DE
One check short of a pick.
- Not a match
Two checks short of a pick.
- 03
Leonardo DRS reportedly won a $500 million counter-drone contract and a NASA deal, and the US Navy gave Applied Intuition $25 million for AI sensor fusion at sea.
Money is going into defences against small drones and into software that merges sensor data, a sign that spending is moving toward autonomy and electronics rather than only traditional hardware. Leonardo DRS reports earnings on 29 October, where these wins may get more detail.
- 04
Denmark plans to buy Kongsberg and Covenant missiles to add a long-range strike option.
European governments are putting rearmament money into long-range missiles, which supports orders for makers of strike weapons. Kongsberg reports earnings on 29 October, when the order picture may be clearer.
Land and munitions· KOG.OL·Source
Closest to a screener match in Land and munitions · Friday's close, 23 Oct
- Not a match
KongsbergKOG.OL
Three checks short of a pick.
- Not a match
RheinmetallRHM.DE
Three checks short of a pick.
- 05
CACI raised its full-year guidance after higher first-quarter earnings and revenue, and Leidos won a $95 million Defense Logistics Agency contract.
Government IT and services contractors are seeing steady demand, with CACI lifting its outlook and Leidos adding a new award. This part of the chain tends to depend on contract flow rather than on weapons programmes.
Software and services· CACI, LDOS·Source 1·Source 2·Source 3
Published 23/10/2026, 08:03 UTC · claude-sonnet-5-5