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Ukraine’s Ukroboronprom Cracks Global Top 50 Defense Companies With $3 Billion Revenue
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![Photo of Vlad Litnarovych]( "Photo of Vlad Litnarovych")
Ukraine’s state-owned defense conglomerate Ukroboronprom has for the first time broken into the global Top 50 defense companies, ranking 49th in Defense News’ annual Top 100 list for 2025, CEO Herman Smetanin announced on September 9.
According to the ranking, Ukroboronprom reported defense revenues exceeding $3 billion in 2024, up from $2.2 billion in 2023.
“This represents a growth rate of 36.3%, far outpacing the global average of 11.2% among the world’s Top 100 defense companies. By absolute defense revenue, Ukroboronprom ranked 49th,” Smetanin said. He added that in terms of growth dynamics alone, the company placed 16th worldwide.
The Defense News ranking again placed Lockheed Martin ($68.4 billion), RTX ($43.5 billion), and China’s CASIC ($38.7 billion) at the top of the global arms industry.
Among the fastest risers were Anduril (US, +138%), Askeri Fabrika (Turkey, +100%), SES (Luxembourg, +93.7%), and NORINCO (China, +93.6%).
Smetanin highlighted that several high-profile newcomers entered this year’s Top 100, including GE Aerospace, MBDA, EDGE Group, SpaceX, Korea Aerospace Industries, Hyundai Rotem, Palantir Technologies, and AM General.
He also noted that only 54 of the world’s 100 largest defense companies reported revenue growth last year, while the rest saw declines. In total, the combined defense output of the Top 100 rose 11.2% to $661 billion in 2024.
“Behind these numbers stand more than 56,000 Ukrainian defense workers, and I thank each of you for this result. At the same time, we all understand this is still not enough. Every day we are working to increase the production of weapons and military equipment for Ukraine’s armed forces,” Smetanin said.
Earlier, Erik Prince, the founder of the private military company Blackwater, expressed interest in purchasing Ukrainian drone manufacturers.
