Research firm Global Fire Power recently ranked military strength by nation. The United States finished first, followed by Russia, China, India, the United Kingdom, France, South Korean, Germany, Japan and Turkey. A total of 126 nations were ranked as part of its Power Index.

24/7 Wall St. has done two related studies.

The first is on the most military spending by nation and is titled Companies Spending the Most on War. The primary findings, based on expenditures by nation in 2014:

1. United States

> Military expenditure: $609.9 billion
> Pct. change military expenditure, 2005-2014: -0.4%
> Expenditure as pct. of GDP: 3.5%
> Military expenditure per capita: $1,891

While U.S.’ military expenditure in 2014 was relatively flat from 2005, it is still by far the largest military spending in the world and several times greater than second-place China. U.S. military spending has fluctuated over the years, but the country has outspent every other nation in the world since at least 2005. Last year, military spending equalled 3.5% of U.S. GDP, the 22nd highest share among countries reviewed. Dr. Perlo-Freeman suggested that the nation’s exceptionally high spending reflects its role as the dominant global superpower and the perception that there are “potentially military threats everywhere.” The U.S. has an estimated 7,100 nuclear warheads, trailing only Russia. The country is also home to several top arms companies, including United Technologies, Raytheon, and Boeing. Still, largely as a result of fiscal austerity and the scaling back of the Iraq and Afghanistan conflicts, U.S. military spending as a percent of total government spending fell from 10.4% in 2013 to 9.5% in 2014.

2. China

> Military expenditure: $216.4 billion
> Pct. change military expenditure, 2005-2014: 167.4%
> Expenditure as pct. of GDP: 2.1%
> Military expenditure per capita: $155

China’s military spending increased by 167.4% since 2005 to a total of $190,974 billion last year — in 2011 dollars — the largest expenditure after only the U.S. The spending growth was the 10th largest increase and mostly reflects the country’s rapid economic growth in recent years. While China’s tax base is not as strong as many other developed nations, its population is so large that a bulk of its revenue still comes from taxation. China’s 2013 GDP of $9.5 trillion was the second-largest in the world and up substantially from 2005. The country had a standing army of about 3 million soldiers in 2013, the largest worldwide. In a recent report published by the state-run military news outlet, China’s People’s Liberation Army is ready to fight a war with Japan, another top military spender.

3. Russia

> Military expenditure: $84.5 billion
> Pct. change military expenditure, 2005-2014: 97.4%
> Expenditure as pct. of GDP: 4.5%
> Military expenditure per capita: $593

Russia annexed Crimea from Ukraine in March 2014 and began aiding pro-Russian rebels in eastern Ukraine, the West claims. As a result, the United States and European Union imposed sanctions on Russia, causing heightened tensions between the powers and leading some to suggest the Cold War has resumed. The international drama intensified as Russia continued to ramp up its military spending. The 97.4% growth in spending since 2005 was one of the largest growth rates of all nations, largely due to spending hikes in the last three years. Not only has there been an absolute growth in spending, but also military spending has steadily increased as a share of the nation’s GDP, from 3.7% in 2011 to 4.5% in 2014, 12th most in the world. Because of its size — 142.5 million people making it the 10th most populous country in the world — Russia’s 2014 per capita military spending of $593 was 20th highest in the world, down slightly from one year earlier. Russia’s 1.26 million-person conscripted military force is the fifth largest in the world.

Another study by 24/7 Wall St., Companies Profiting the Most From War, found, at the top of the list:

1. Lockheed Martin (NYSE: LMT)
> Arm sales: $37.47 billion
> Total sales: $45.60 billion
> Profit: $3.61 billion
> Employment: 112,000

Lockheed Martin sold $37.5 billion worth of military equipment in 2014, the highest arms sales figure in the world. The massive arms supplier has also been the most profitable in the world by a large margin since 2009. The company has managed to continuously widen the distance from its competition since then, and will likely continue to do so. Last year, Lockheed acquired helicopter manufacturer Sikorsky Aircraft from United Technologies Corp. for $9 billion. With the acquisition of the Black Hawk-maker, Lockheed’s annual sales are expected to top $40 billion, and the company will become the world’s top helicopter manufacturer. While arms sales are down globally due in large part to slowing sales from U.S. and Western European companies, Lockheed Martin’s arms sales rose by 3.9% in 2014. Well over half of Lockheed Martin’s $45.6 billion 2014 revenue came from sales to the U.S. Defense Department.

2. Boeing (NYSE: BA)
> Arm sales: $28.30 billion
> Total sales: $90.76 billion
> Profit: $5.45 billion
> Employment: 165,500

Chicago-based Boeing trails only Lockheed Martin in total arms sales. Boeing’s arms sales were also down from 2013 to $28.3 billion, a $2.4 billion decline. The global slowdown in arms sales is due largely to slipping arms spending in the United States and Western European nations, as well as poor economic conditions across the board, which likely also explains Boeing’s sales drop. Military equipment sales accounted for less than one-third of the company’s overall sales of $90.8 billion, one of the highest revenues of any company in the world. According to the company, it is the world’s largest aerospace company.

Whether it is military might, national spending or headquarters locations, the United States finishes first.

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