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Fiscal Spend '25: US Defense Modernization & Shipbuilding
9 tickers · $81.01B total market cap
Group: Fiscal Spend
Robust federal funding and geopolitical imperatives are driving multi-year investment in US defense modernization, shipbuilding, unmanned systems, hypersonics, and space infrastructure. The compelling bull case is supported by expanding backlogs and a focus on industrial base expansion, despite persistent execution and capacity risks.
Fiscal Spend '25: US Defense Modernization & Shipbuilding tracks 9 publicly listed stocks in this theme: ASB.AU, FERG, HII, KTOS, MRCY, ONDS, OPXS, RDW, TIC. See the constituent table for details.
Thesis update: 2026-03-04
Constituents
Build 20260520T081747
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Ferguson plcFERG | 05/05/2026 (BMO) | 05/05/2026 (BMO) | 3.72% | -3.29% | 0.05% | -12.15% | $42.97B | 11.1111 |
Huntington Ingalls Industries, Inc.HII | 05/05/2026 (BMO) | 05/05/2026 (BMO) | -3.72% | -12.06% | -8.65% | 1.58% | $12.79B | 11.1111 |
Kratos Defense & Security Solutions, Inc.KTOS | 05/06/2026 (AMC) | 05/06/2026 (AMC) | -6.45% | -3.89% | -30.27% | -6.20% | $10.03B | 11.1111 |
Mercury Systems, Inc.MRCY | 05/05/2026 (AMC) | 05/05/2026 (AMC) | -20.36% | 16.72% | 4.92% | 1.24% | $5.57B | 11.1111 |
Ondas Holdings Inc.ONDS | 05/14/2026 (BMO) | 05/14/2026 (BMO) | 6.16% | 19.86% | -17.04% | -14.08% | $4.43B | 11.1111 |
Redwire CorporationRDW | 05/06/2026 (AMC) | 05/06/2026 (AMC) | 5.22% | 5.87% | 6.28% | 51.20% | $2.09B | 11.1111 |
TIC Solutions, Inc.TIC | 05/06/2026 | 05/06/2026 | -5.72% | 5.37% | 42.21% | -14.49% | $1.89B | 11.1111 |
Austal LimitedASB.AU | 02/23/2026 (BMO) | — | -22.32% | — | -19.53% | — | $1.17B | 11.1111 |
Optex Systems Holdings, IncOPXS | 05/11/2026 (AMC) | 05/11/2026 (AMC) | 1.84% | 15.20% | -28.95% | -12.68% | $71.4M | 11.1111 |
| Average | -4.62% | 5.47% | -5.66% | -0.70% | $9.00B | 11.1111 | ||
| Median | -3.72% | 5.62% | -8.65% | -9.18% | $4.43B | 11.1111 | ||
| Std Dev | 9.95% | 10.61% | 21.23% | 20.54% | $12.66B | 0.0% | ||
| Min | -22.32% | -12.06% | -30.27% | -14.49% | $71.4M | 11.1111 | ||
| Max | 6.16% | 19.86% | 42.21% | 51.20% | $42.97B | 11.1111 | ||
| % Positive Tickers | 44.44% | 62.50% | 44.44% | 37.50% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.