The leadership shake-up in Ukraine, with Mykhailo Drapatyi taking over command after mass protests, is a reminder that geopolitics can quickly reshape the risk and opportunity profile for defense and military technology stocks. Changes in war strategy, public confidence, and expectations around military reform can affect how investors view everything from weapons systems to cybersecurity and aerospace platforms. This article looks at 3 stocks that appear positively exposed to these developments, all drawn from a Defense and Military Technology screener, and explains what this catalyst could mean for their risk profile and potential role in a diversified portfolio.

Park Aerospace (PKE)

Overview: Park Aerospace develops and manufactures advanced composite materials and parts used in commercial and military aircraft, unmanned systems, rocket motors, and radomes across North America, Asia, and Europe. Its products include high performance adhesives, lightning strike protection materials, specialty ablatives for missile and rocket nozzles, and custom composite structures and tooling for aerospace customers.

Operations: Park Aerospace generates essentially all of its US$76.2 million in revenue from its Aerospace & Defense segment.

Market Cap: US$681.9 million

Park Aerospace sits at the intersection of rising missile defense spending and long running commercial engine programs, supplying composite and ablative materials that are tied to systems like Patriot missiles and LEAP powered aircraft. The Ukrainian leadership change has refocused attention on air defense and battlefield technology, which reinforces the relevance of Park’s materials as countries reassess stockpiles and look for higher performance systems. At the same time, the stock trades on a high P/E multiple and depends heavily on a single partner for key C2B materials, while funding capacity expansion with external capital. For investors, that mix of earnings momentum, specialized positions on critical programs and financing, execution and concentration risks is an area where closer analysis can matter most.

Park Aerospace’s high P/E and critical exposure to missile and engine programs raise a simple question: are investors pricing the story or the balance of risks? Get the fuller picture in the 2 key rewards and 1 important warning sign

Knowles (KN)

Overview: Knowles specializes in high performance capacitors, RF and microwave filters, and precision audio components such as balanced armature speakers and medtech microphones that go into hearing health devices, defense systems, industrial equipment, and electric vehicles across the US, Asia, Europe, and the Americas.

Operations: Knowles generates US$341.5 million of revenue from its Precision Devices segment and US$272.6 million from Medtech & Specialty Audio, with sales spread across the United States, Asia, Europe, and the rest of the Americas.

Market Cap: US$3.0b

Knowles offers a mix of medtech audio and precision electronic components that fits directly into defense upgrades and the wider push toward electrification, which is gaining attention as Ukraine’s new military leadership emphasizes technology and modern equipment. The stock has a history of resilient demand in hearing health, industrial, and defense, alongside expectations for faster earnings growth, but carries tension between that growth outlook and a high valuation as well as modest revenue expansion and margin pressure risks. With strong recent earnings improvement, a sizeable Q2 results catalyst on July 23, and analysts split between enthusiasm for edge audio and concerns about slower sales trends, Knowles is a company where the full risk reward picture is not immediately obvious.

Momentum in Knowles earnings and defense exposure is colliding with questions around valuation and slower sales trends, and the real twist may sit inside the analyst forecasts for Knowles that could reframe those risks entirely

Calian Group (TSX:CGY)

Overview: Calian Group is a Canada based business services company that supplies defense electronics, satellite communications, cybersecurity, IT services, healthcare staffing and digital health, as well as training and emergency management solutions to government and corporate clients worldwide.

Operations: Calian Group reports a segment adjustment of CA$832.1 million and generates revenue primarily from Canada (CA$493.3 million), with additional contributions from Europe (CA$132.1 million), the United States (CA$190.0 million), and other regions (CA$16.6 million).

Market Cap: CA$902.0 million

Calian Group stands out in defense and military technology because it sits at the crossroads of communications, cyber, and training at a time when Ukraine’s leadership shift is putting modernization and accountability in the spotlight. Around half of its revenue is tied to defense, space, and cybersecurity, supported by a large contract backlog and a very large recent earnings jump alongside a 4% net margin. Recent deals such as the CAMSC Arctic security consortium and the ATHORA interoperability platform illustrate how Calian is positioning for complex multi domain defense needs. Its dividend, acquisitions, and healthcare contracts add another layer of appeal. However, reliance on government budgets, acquisition risks, and higher external borrowing mean the full risk reward picture is more nuanced than headline growth and analyst optimism suggest.

Calian Group’s mix of defense, cyber, and healthcare contracts, combined with a large backlog and a recent earnings jump, hints at a bigger story investors may be missing. See how the analysis report for Calian Group reshapes the risk profile right at the end.

The three stocks covered here are only the starting point. The full Defense and Military Technology screener surfaces 43 more companies in defense, military technology, aerospace, and cybersecurity that carry equally compelling narratives around contracts, balance sheets, and exposure to real world catalysts. Unlock deeper context, identify the specific catalysts that matter to you, and analyze which stories feel like the highest conviction fits for your portfolio using the filters and narrative tools inside Simply Wall St.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.