With inflation, growth and geopolitics all pulling at markets in different directions, many investors are looking for themes that are closely linked to long term government spending and global trade. Aerospace and defense stocks sit right at that intersection. The Aerospace And Defense screener focuses on companies that manufacture or provide services to this sector, which can be influenced by energy prices, supply chain shifts and AI driven manufacturing demand. This article highlights 3 stocks from the screener that stand out on business quality factors, so you can decide whether any deserve a place on your watchlist.

Voyager Technologies (VOYG)

Overview: Voyager Technologies is a defense and space company that builds propulsion, guidance, sensing and communications systems for national security customers, while also developing commercial space infrastructure such as in-space propulsion, the Bishop Airlock on the ISS and the Starlab commercial space station.

Market Cap: US$1.66b

Voyager Technologies catches attention because it blends a traditional defense and national security business with a high ambition commercial space platform in Starlab, which targets long term demand from agencies like NASA and ESA for a replacement to the ISS. Recent contracts with Sandia, DARPA and new agentic AI spectrum platforms show that demand for its defense and space services is real. Q2 revenue of US$52.75m and a raised 2026 revenue outlook signal solid top line momentum. At the same time, the stock carries clear risks, including ongoing losses, a short cash runway and heavy reliance on external funding, which help explain its volatility and current discount to some fair value estimates.

Voyager Technologies appears to be a story where ambitious space projects and national security work are progressing more quickly than market sentiment. Get the full context on contracts, cash runway and execution risks in the 3 key rewards and 3 important warning signs (2 are major!)

L3Harris Technologies (LHX)

Overview: L3Harris Technologies is a long established defense contractor that supplies mission critical communications, space systems and missile technologies to the U.S. Department of Defense, international allies, civil agencies and public safety customers.

Operations: L3Harris generates about US$23.0b of revenue, with roughly US$17.7b from the United States and US$5.2b from international customers.

Market Cap: US$51.7b

L3Harris Technologies operates in areas that are seeing increased attention, including missile defense, resilient communications and space based surveillance. This is supported by a record order book of US$7.3b, recent contract awards with the Space Development Agency and multi year frameworks to ramp PAC 3 and THAAD propulsion output. The stock currently trades on a P/E below many U.S. aerospace and defense peers. The company faces risks such as high debt levels, reliance on fixed price development contracts and exposure to government budget decisions. For investors looking at large cap defense exposure with a growing missile and space backlog and a focus on margin improvement, L3Harris is one option within this theme.

Missile and space growth at L3Harris is getting attention, but the real story is how that translates into quality and risk. Review the 6 key rewards and 1 important warning sign

Boeing (BA)

Overview: Boeing is a global aerospace company that builds and services commercial jetliners, military aircraft, satellites, missile defense systems, and human spaceflight and launch systems for customers worldwide.

Operations: Boeing generates most of its revenue from Commercial Airplanes at about US$43.4b, followed by Defense, Space & Security at roughly US$29.4b and Global Services at about US$21.3b.

Market Cap: US$184.54b

Boeing stands out in the aerospace and defense group because it combines a record commercial backlog, including fresh 737 MAX orders and rising 787 demand, with a growing services arm that can bring in steadier, higher margin revenue. Recent milestones such as FAA certification of the 737 MAX 7, restoration of some self certification authority and a new 737 MAX assembly line indicate progress on deliveries and free cash flow. At the same time, the stock still carries meaningful risks, including high debt, ongoing losses in commercial airplanes and sensitivity to production delays and one off charges. For investors who can accept that trade off, a key consideration is how those strengths and weaknesses balance out over the next few years.

Boeing’s mix of record commercial backlog and a growing services arm could be masking a very different risk reward profile than headlines suggest. Walk through the 3 key rewards and 2 important warning signs (1 is major!) to see what might be hiding in plain sight.

The three aerospace and defense stocks in this article are just a starting point, since the full screener surfaces 66 more companies with equally compelling narratives in the Aerospace And Defense screener. Use Simply Wall St to identify and analyze the exact catalysts, contract trends and risk profiles that matter to you so you can focus on the highest conviction ideas in this theme.

Take Control of Your Investment Journey

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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.