Rising energy driven price pressures linked to Middle East conflict and oil supply worries have pushed defense and security back to the top of many government agendas in 2026. That renewed focus keeps attention on Aerospace And Defense stocks, where long planning cycles and mission critical spending can offer a different rhythm to the wider market. This article highlights 3 stocks from our screener worth a closer look.

The three Aerospace And Defense stocks below are only a small sample, and the full screen surfaced more than 300 additional companies with equally compelling business narratives that are not covered here. To identify and analyze the highest conviction opportunities in this space, go straight to the Aerospace And Defense screener.

ATI (ATI)

Overview: ATI produces specialty metals and complex components such as titanium and nickel superalloys that go into jet engines, defense systems, medical devices, and energy infrastructure. It sells into highly technical markets where quality and reliability are critical. Its operations span two main segments: High Performance Materials & Components, and Advanced Alloys & Solutions, serving customers worldwide from its base in Dallas.

Operations: ATI generates about US$2.7b in revenue from High Performance Materials & Components and about US$2.5b from Advanced Alloys & Solutions, with some intersegment sales adjustments partly offsetting these totals.

Market Cap: US$31.3b

ATI sits at the intersection of commercial aerospace recovery, rising defense budgets, and energy transition projects. This is already feeding through into a record US$4.4b backlog, stronger margins, and raised 2026 guidance. The company’s focus on high value jet engine and defense materials, plus efficiencies in its High Performance Materials & Components and Advanced Alloys & Solutions segments, supports high quality earnings and a 24.47% ROE, although that is flattered by heavy use of debt. Valuation appears full and the business depends on a handful of major aerospace customers, so the risk side cannot be ignored. Even so, if you are interested in premium materials suppliers tied to long dated aerospace and defense contracts, ATI may warrant a closer look to understand what the current share price is pricing in.

ATI’s record backlog, premium materials focus, and debt boosted 24.47% ROE paint a complex picture. Get the full context from the 2 key rewards and 1 important warning sign and see what the current earnings mix might be hiding.

Build your own high quality aerospace and defense shortlist

ATI and the other two stocks in this article are just a few examples pulled from our screener. Use our flexible Screener to combine filters such as valuation, future growth, balance sheet strength, risks, and dividends into a watchlist that fits your style, or jump straight into our curated Investing Ideas.

Voyager Technologies (VOYG)

Overview: Voyager Technologies develops defense and space hardware, software, and services, from propulsion and guidance systems for missiles and satellites to communications payloads and AI-powered edge computing. The company is also building the Starlab commercial space station to support a permanent human presence in orbit. It serves defense, national security, and space customers across the United States, Europe, the Middle East, and other international markets from its base in Denver.

Operations: Reported segment figures show around $178 million of revenue with a small intersegment elimination of about $4 million, alongside about $161 million from the United States and a modest geographic adjustment.

Market Cap: US$2.6b

Voyager Technologies provides exposure to both today’s defense modernization cycle and tomorrow’s commercial space economy. Recent quarters brought record bookings, backlog, and revenue, supported by new Space Force communications contracts, NASA linked lunar missions via Astrobotic, and work on systems such as Raytheon’s SM-3 missile interceptors. The larger strategic focus is Starlab, which could shift Voyager from a primarily hardware-focused company to one that also provides recurring “orbital rent” and research services if commercial space stations scale after the ISS retires. The trade off is significant, as the stock is unprofitable, carries a high P/S multiple, and has less than a year of cash runway that relies on higher risk funding. Anyone interested in Voyager needs to weigh the potential orbital opportunity against current funding and earnings risks.

Voyager Technologies is chasing orbital rent with record bookings and a high P/S that many investors may be misreading. Read the 3 key rewards and 3 important warning signs (1 is major!) to see what its cash runway and contracts are really signaling

Rocket Lab (RKLB)

Overview: Rocket Lab is a space company that designs and launches small and medium rockets while also building satellites and spacecraft components for commercial, government, and defense customers worldwide. Alongside its Electron rocket, it is developing the larger Neutron vehicle to serve constellation deployments, interplanetary missions, and potentially human spaceflight.

Operations: Rocket Lab generates about US$544 million of revenue from Space Systems and about US$225 million from Launch Services.

Market Cap: US$47.9b

Rocket Lab provides direct exposure to the space backbone of launch services and satellites, supported by a US$2.36b backlog, recent quarterly revenue of about US$234 million, and a plan to acquire Iridium Communications to add global connectivity services on top. The business remains loss making with a high P/B ratio and reliance on external funding, and Neutron has seen its first flight window slip and carries execution risk. At the same time, Neutron has the potential to reshape Rocket Lab’s scale and earnings profile if it performs as intended, which is one reason many investors follow the company closely.

Rocket Lab’s expanding space systems and Neutron ambitions could be masking a very different risk reward profile than the headline story suggests. For the full picture, see the 2 key rewards and 3 important warning signs

Seeking Alternatives Before The Crowd?

Fresh opportunities do not stay quiet for long. Stocks gain momentum, break out, or get caught dropping while the data still matters. Stay ahead and act now.

• Spot companies quietly building strong moats before attention floods in by scanning the 20 high quality undiscovered gems that focus on quality fundamentals still flying under most radars.
• Target cash generative businesses supporting AI growth by checking the 56 AI infrastructure stocks and see which enablers may benefit if demand pressure keeps building.
• Explore potential income ideas while yields still look appealing by reviewing the 9 dividend fortresses that highlight higher payout stocks with resilient profiles.

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.