THEME VALUATION
Defense & Sovereign Tech Valuation - Relative valuation snapshots for comparable companies inside a theme.
Official Theme ValuationPublished
Defense & Sovereign Tech Valuation
Compares relative valuation levels inside the Defense & Sovereign Tech theme.
Models compared
5
Companies valued
12
Median P/E (peer)
34.41
Generated: Jul 19, 2026, 04:31 AM
Data as of: 2026-07-17
Theme Valuation· 6 analyses
Relative valuation snapshots for comparable companies inside a theme.
Upside by Blended Model Fair Value
For each company the median fair value across five models is read against the current price.
- HON+229.6%
- AIR.XETRA+36.1%
- AIR.PA+36%
- RTX-5.1%
- SAF.PA-8.2%
- BA-12.7%
- SAAB-B.ST-22.9%
- PH-37.9%
- ASELS.IS-38.6%
- GE-56.2%
- TXN-64.8%
- KOG.OL-74.4%
Theme Valuation Map
Each bubble is a theme: the horizontal axis is median P/E (cheapness), the vertical axis median Piotroski F-score (fundamental quality). Top-left is cheap and high quality, bottom-right is expensive and weak.
Median Piotroski F-score
Median P/E
AI Platforms and ModelsAI Chips and AcceleratorsAI Data Center InfrastructureAI Software LayerSemiconductor Value ChainDigital InfrastructureCybersecurityRobotics and AutomationDefense and Sovereign TechnologySpace and Satellite EconomyStrategic MineralsCopper and Power TransmissionBattery and Energy StorageNuclear Fuel and UraniumClean Energy EquipmentWater Scarcity and InfrastructureNext-Generation HealthcarePharmaceutical ManufacturersFinancial Rails and PaymentsDigital Commerce and MarketplacesFood SecurityAgricultural TechnologyCircular Economy and Waste
| Theme | Median P/E | Median Piotroski F-score |
|---|---|---|
| AI Platforms and Models | 21.4 | 4 |
| AI Chips and Accelerators | 64.8 | 5 |
| AI Data Center Infrastructure | 35.9 | 5 |
| AI Software Layer | 19.2 | 5 |
| Semiconductor Value Chain | 61.7 | 5 |
| Digital Infrastructure | 29.8 | 5 |
| Cybersecurity | 33.1 | 5 |
| Robotics and Automation | 32.7 | 5 |
| Defense and Sovereign Technology | 36.4 | 5 |
| Space and Satellite Economy | 44.3 | 5 |
| Strategic Minerals | 19.1 | 5 |
| Copper and Power Transmission | 33.6 | 5 |
| Battery and Energy Storage | 20.3 | 5 |
| Nuclear Fuel and Uranium | 35.5 | 4 |
| Clean Energy Equipment | 30.7 | 5 |
| Water Scarcity and Infrastructure | 24.1 | 5 |
| Next-Generation Healthcare | 28.2 | 4 |
| Pharmaceutical Manufacturers | 21 | 5 |
| Financial Rails and Payments | 21.7 | 5 |
| Digital Commerce and Marketplaces | 32 | 5 |
| Food Security | 25.9 | 5 |
| Agricultural Technology | 23.6 | 4 |
| Circular Economy and Waste | 27.8 | 5 |
Model Confidence Gauge
“Coverage” is how many companies a model could value; “Agreement” is how close the model’s fair value sits to the blended median. Higher on both means a more dependable model.
P/E (peer median)Relative
Coverage
100%
Agreement
63%
EV/EBITDA (peer median)Relative
Coverage
100%
Agreement
85%
P/S (peer median)Relative
Coverage
100%
Agreement
81%
Owner EarningsIntrinsic
Coverage
83%
Agreement
48%
FCF YieldIntrinsic
Coverage
92%
Agreement
47%
Datafin’s View
Re-rated by a new arms cycle, the valuation view separates names already pricing the boom from those with room left.
After a sharp re-rating, the goal is to find defense names cheap on through-cycle earnings, not just on this year’s surge.
This analysis is for informational purposes only and is not investment advice; it is a repeatable research starting point using the same rules.
How to Read the Models
The multiple models (P/E, EV/EBITDA, P/S) value each company at the theme peer-median multiple, so the fair value reflects cheap/expensive relative to peers.
The intrinsic models (Owner Earnings, FCF Yield) give an absolute reference based on cash and earnings power, independent of peers.
“Blended FV” is the median across these models; “Upside” is the gap to the current price.
Results
Latest published or live-generated results from the official Datafin analysis.
| # | Stock | Price | P/E(peer median) | EV/EBITDA(peer median) | P/S(peer median) | Owner Earnings | FCF Yield | Blended FV | Upside | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 🇺🇸 | HON.US Honeywell International Inc | $118.47 | $442.12 | $409.40 | $390.51 | $114.90 | $128.85 | $390.51 | +229.6% |
| 2 | 🇩🇪 | AIR.XETRA Airbus SE | €160.78 | €218.79 | €241.28 | €311.84 | €44.64 | €24.41 | €218.79 | +36.1% |
| 3 | 🇫🇷 | AIR.PA Airbus Group SE | €160.82 | €218.79 | €275.80 | €311.84 | €44.64 | €24.41 | €218.79 | +36% |
| 4 | 🇺🇸 | RTX.US RTX Corporation | $192.90 | $182.98 | $220.04 | $224.55 | $54.32 | $61.26 | $182.98 | -5.1% |
| 5 | 🇫🇷 | SAF.PA Safran SA | €275.90 | €591.19 | €294.20 | €253.14 | €147.95 | €107.31 | €253.14 | -8.2% |
| 6 | 🇺🇸 | BA.US The Boeing Company | $199.03 | $95.39 | $173.80 | $382.03 | - | - | $173.80 | -12.7% |
| 7 | 🇸🇪 | SAAB-B.ST Saab AB (publ) | SEK 502.80 | SEK 451.18 | SEK 387.54 | SEK 552.47 | SEK 19.20 | SEK 121.48 | SEK 387.54 | -22.9% |
| 8 | 🇺🇸 | PH.US Parker-Hannifin Corporation | $895.24 | $935.63 | $871.72 | $555.94 | $259.94 | $287.37 | $555.94 | -37.9% |
| 9 | 🇹🇷 | ASELS.IS ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi | TRY 320.25 | TRY 250.65 | TRY 261.11 | TRY 142.74 | - | TRY 8.44 | TRY 196.69 | -38.6% |
| 10 | 🇺🇸 | GE.US GE Aerospace | $373.73 | $295.43 | $184.97 | $163.86 | $70.20 | $34.24 | $163.86 | -56.2% |
| 11 | 🇺🇸 | TXN.US Texas Instruments Incorporated | $194.14 | $202.07 | $199.31 | $68.40 | $31.01 | $40.71 | $68.40 | -64.8% |
| 12 | 🇳🇴 | KOG.OL Kongsberg Gruppen ASA | NOK 298.30 | NOK 287.04 | NOK 76.50 | NOK 160.83 | NOK 50.13 | NOK 48.98 | NOK 76.50 | -74.4% |
1🇺🇸
HON.US
Honeywell International Inc
- Price
- $118.47
- P/E(peer median)
- $442.12
- EV/EBITDA(peer median)
- $409.40
- P/S(peer median)
- $390.51
- Owner Earnings
- $114.90
- FCF Yield
- $128.85
- Blended FV
- $390.51
- Upside
- +229.6%
2🇩🇪
AIR.XETRA
Airbus SE
- Price
- €160.78
- P/E(peer median)
- €218.79
- EV/EBITDA(peer median)
- €241.28
- P/S(peer median)
- €311.84
- Owner Earnings
- €44.64
- FCF Yield
- €24.41
- Blended FV
- €218.79
- Upside
- +36.1%
3🇫🇷
AIR.PA
Airbus Group SE
- Price
- €160.82
- P/E(peer median)
- €218.79
- EV/EBITDA(peer median)
- €275.80
- P/S(peer median)
- €311.84
- Owner Earnings
- €44.64
- FCF Yield
- €24.41
- Blended FV
- €218.79
- Upside
- +36%
4🇺🇸
RTX.US
RTX Corporation
- Price
- $192.90
- P/E(peer median)
- $182.98
- EV/EBITDA(peer median)
- $220.04
- P/S(peer median)
- $224.55
- Owner Earnings
- $54.32
- FCF Yield
- $61.26
- Blended FV
- $182.98
- Upside
- -5.1%
5🇫🇷
SAF.PA
Safran SA
- Price
- €275.90
- P/E(peer median)
- €591.19
- EV/EBITDA(peer median)
- €294.20
- P/S(peer median)
- €253.14
- Owner Earnings
- €147.95
- FCF Yield
- €107.31
- Blended FV
- €253.14
- Upside
- -8.2%
6🇺🇸
BA.US
The Boeing Company
- Price
- $199.03
- P/E(peer median)
- $95.39
- EV/EBITDA(peer median)
- $173.80
- P/S(peer median)
- $382.03
- Owner Earnings
- -
- FCF Yield
- -
- Blended FV
- $173.80
- Upside
- -12.7%
7🇸🇪
SAAB-B.ST
Saab AB (publ)
- Price
- SEK 502.80
- P/E(peer median)
- SEK 451.18
- EV/EBITDA(peer median)
- SEK 387.54
- P/S(peer median)
- SEK 552.47
- Owner Earnings
- SEK 19.20
- FCF Yield
- SEK 121.48
- Blended FV
- SEK 387.54
- Upside
- -22.9%
8🇺🇸
PH.US
Parker-Hannifin Corporation
- Price
- $895.24
- P/E(peer median)
- $935.63
- EV/EBITDA(peer median)
- $871.72
- P/S(peer median)
- $555.94
- Owner Earnings
- $259.94
- FCF Yield
- $287.37
- Blended FV
- $555.94
- Upside
- -37.9%
9🇹🇷
ASELS.IS
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi
- Price
- TRY 320.25
- P/E(peer median)
- TRY 250.65
- EV/EBITDA(peer median)
- TRY 261.11
- P/S(peer median)
- TRY 142.74
- Owner Earnings
- -
- FCF Yield
- TRY 8.44
- Blended FV
- TRY 196.69
- Upside
- -38.6%
10🇺🇸
GE.US
GE Aerospace
- Price
- $373.73
- P/E(peer median)
- $295.43
- EV/EBITDA(peer median)
- $184.97
- P/S(peer median)
- $163.86
- Owner Earnings
- $70.20
- FCF Yield
- $34.24
- Blended FV
- $163.86
- Upside
- -56.2%
11🇺🇸
TXN.US
Texas Instruments Incorporated
- Price
- $194.14
- P/E(peer median)
- $202.07
- EV/EBITDA(peer median)
- $199.31
- P/S(peer median)
- $68.40
- Owner Earnings
- $31.01
- FCF Yield
- $40.71
- Blended FV
- $68.40
- Upside
- -64.8%
12🇳🇴
KOG.OL
Kongsberg Gruppen ASA
- Price
- NOK 298.30
- P/E(peer median)
- NOK 287.04
- EV/EBITDA(peer median)
- NOK 76.50
- P/S(peer median)
- NOK 160.83
- Owner Earnings
- NOK 50.13
- FCF Yield
- NOK 48.98
- Blended FV
- NOK 76.50
- Upside
- -74.4%
Methodology
P/E (peer median)Values the company at the theme-median price/earnings multiple.
EV/EBITDA (peer median)Values the company at the theme-median EV/EBITDA multiple, net of debt.
P/S (peer median)Values the company at the theme-median price/sales multiple.
Owner EarningsBuffett owner-earnings: net income + depreciation − capex, capitalised.
FCF YieldCapitalises free cash flow per share at a target yield.
Last 5 Updates
Jul 19, 2026, 04:31 AM12 companies
List unchanged (refreshed).
Jul 12, 2026, 05:00 AM12 companies
Entered:SAF.PA, PH.US
Exited:BA.LSE, RR.LSE
May 31, 2026, 08:34 AM12 companies
First run.