Top 5 Largest Public A&D Companies by TEV/Revenue Multiple

by Stephen Perry on 01/10/2025

Top 5		Public A&D Companies by TEV/Revenue Multiple
Rank	Company	Valuation Multiples	Financials ($M)	Description
1	NasdaqGS: AXON Scottsdale, AZ	TEV/LTM Revenue: 23.1x TEV/LTM EBITDA: 231.1x	TEV: $44,893 LTM Revenue: $1,940 LTM EBITDA: $194 EBITDA Margin: 10% Historical Y/Y Revenue Growth: 32% Forward Y/Y Revenue Growth: 32%	Provides advanced public safety technologies, including body cameras, cloud-based digital evidence platforms, and non-lethal conducted energy devices for law enforcement and security professionals. 3,300 employees.
2	NYSE: LOAR White Plains, NY	TEV/LTM Revenue: 19.0x TEV/LTM EBITDA: 56.5x	TEV: $7,186 LTM Revenue: $379 LTM EBITDA: $127 EBITDA Margin: 34% Historical Y/Y Revenue Growth: 58% Forward Y/Y Revenue Growth: 28%	Designs, manufactures, and markets airframe components, structural components, avionics, composites, braking system components, flight controls, fluid and motion controls, environmental, metal forming, molded components, and restraints and safety devices. 1,300 employees.
3	NasdaqGS: FTAI New York, NY	TEV/LTM Revenue: 11.6x TEV/LTM EBITDA: 24.8x	TEV: $17,898 LTM Revenue: $1,549 LTM EBITDA: $723 EBITDA Margin: 47% Historical Y/Y Revenue Growth: 37% Forward Y/Y Revenue Growth: 42%	Focuses on transportation and energy-related infrastructure, specializing in aviation leasing, engine repair, and aftermarket services to enhance asset reliability and lifecycle value. 170 employees.
4	NYSE: TDG Cleveland, OH	TEV/LTM Revenue: 11.3x TEV/LTM EBITDA: 22.9x	TEV: $89,902 LTM Revenue: $7,940 LTM EBITDA: $3,931 EBITDA Margin: 50% Historical Y/Y Revenue Growth: 21% Forward Y/Y Revenue Growth: 22%	Designs, produces, and supplies highly engineered aerospace components and subsystems, including actuators, sensors, and specialized fastening systems. 16,600 employees.
5	NYSE: HEI Hollywood, FL	TEV/LTM Revenue: 8.1x TEV/LTM EBITDA: 30.2x	TEV: $31,305 LTM Revenue: $3,858 LTM EBITDA: $1,036 EBITDA Margin: 27% Historical Y/Y Revenue Growth: 30% Forward Y/Y Revenue Growth: 17%	Designs, manufactures, and distributes aerospace and electronic components, providing aftermarket parts, repair solutions, and niche products to commercial, defense, and space sectors. 10,000 employees.

Note: Market data as of 12/31/24; LTM financial data as of 9/30/24; Excludes Palantir (NasdaqGS: PLTR) and Rocket Labs (NasdaqCM: RKLB) trading at 63.5x and 34.9x TEV/LTM revenue, respectively. Also excludes companies with under $300M of LTM revenue.