Q2 2026 Defense Tech Dataset
317 companies and transactions across 8 Defense Tech niches, with public, private, and M&A comps in one working Excel file.
Each tab answers a different valuation question. Use the summary views to understand the market range, then use the company database to build a Defense Tech peer group that fits the company you are valuing.
Average and median EV/Revenue across eight Defense Tech niches, with percentile ranges and market-wide valuation dispersion.
317 public companies, private companies, and M&A transactions with company-level valuation, revenue, funding, classification, and source data.
Compare how revenue multiples differ between public and private Defense Tech companies across the eight market niches.
Private-market EV/Revenue and EV/Funding benchmarks across Seed, Series A, Series B, Series C, Series D, and Late Stage companies.
Transaction multiples by Defense Tech niche, including median, average, percentile ranges, and disclosed EV/Revenue observations.
Classification notes, methodology, source documentation, funding-stage definitions, and usage guidance for working valuation analysis.
See the structure and level of detail inside the workbook, including niche benchmarks, funding-stage analysis, and M&A valuation data.
| Niche | Companies | Median EV/Rev | 25th Pctl. | 75th Pctl. |
|---|---|---|---|---|
| Defense Components & Deep Tech | 49 | 20.8x | 10.0x | 111.1x |
| Counter-Drone & Air Defense | 40 | 16.2x | 4.6x | 34.5x |
| Defense Cyber & Electronic Warfare | 31 | 15.7x | 8.4x | 24.7x |
| Space & Defense ISR | 49 | 13.3x | 8.8x | 26.7x |
| Mission Software & Battlefield AI | 40 | 13.0x | 2.3x | 30.2x |
| Defense Software & AI | 29 | 7.4x | 5.0x | 15.6x |
| Niche | Public Median | Private Median | Public Obs. | Private Obs. |
|---|---|---|---|---|
| Mission Software & Battlefield AI | 1.2x | 26.0x | 11 | 19 |
| Counter-Drone & Air Defense | 2.8x | 24.8x | 10 | 19 |
| Defense Cyber & Electronic Warfare | 1.7x | 18.4x | 4 | 18 |
| Drones & Unmanned Systems | 6.4x | 16.7x | 10 | 23 |
| Space & Defense ISR | 13.8x | 18.7x | 14 | 28 |
| Defense Components & Deep Tech | 19.0x | 21.9x | 14 | 25 |
| Stage | Companies | Median EV/Rev | Avg EV/Rev | 25th–75th |
|---|---|---|---|---|
| Seed | 19 | 13.3x | 26.3x | 7.6–31.5x |
| Series A | 40 | 19.7x | 41.7x | 9.6–36.2x |
| Series B | 44 | 12.7x | 33.6x | 7.9–32.6x |
| Series C | 19 | 16.6x | 84.2x | 11.4–26.2x |
| Series D | 18 | 35.5x | 51.1x | 19.6–56.9x |
| Late Stage | 28 | 24.7x | 51.9x | 11.9–41.0x |
| Niche | Total Deals | EV/Rev Obs. | Median EV/Rev | Average EV/Rev |
|---|---|---|---|---|
| Defense Components & Deep Tech | 10 | 3 | 16.7x | 23.7x |
| Defense Cyber & Electronic Warfare | 9 | 6 | 16.1x | 20.6x |
| Counter-Drone & Air Defense | 10 | 5 | 15.0x | 18.0x |
| Defense Software & AI | 10 | 4 | 5.9x | 25.9x |
| Drones & Unmanned Systems | 10 | 5 | 4.5x | 14.4x |
| Defense Manufacturing & Dual-Use Hardware | 4 | 3 | 2.1x | 1.5x |
Preview only. The full workbook contains 317 companies and transactions with detailed analysis and source documentation.
This is a working valuation dataset for professionals who need current Defense Tech benchmarks, structured segmentation, and comparable-company evidence they can use in real analysis.
Benchmark a Defense Tech company ahead of fundraising and understand how niche, stage, and company type affect the valuation range.
Build peer groups faster across public and private markets, compare funding stages, and support internal investment discussions with structured market data.
Compare transaction multiples across Defense Tech niches and use disclosed acquisition pricing alongside public and private benchmarks.
Build comparable-company analyses for valuation reports, investor discussions, transaction work, and other client-facing assignments.
Feedback from buyers of Finro valuation datasets across different technology markets.
We used the dataset to come up with an internal valuation and it helped us confirm assumptions we had been relying on anecdotally. Having structured comp sets by AI niche made the difference.
Exactly what I needed to build a defensible comparable set for an AI infrastructure client. The niche segmentation meant I wasn't averaging across companies that aren't genuinely comparable.
We used the dataset to construct our valuation and support our argument for a revenue multiple in the sale. It gave us a structured, defensible comp set we could put in front of the other side.
We used the dataset to benchmark a valuation on a company we had invested in, with third parties also reviewing the position. It gave us a credible, structured reference point we could share externally.
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