20 Companies Profiting the Most from War

For the second consecutive year, L3Harris Technologies ranks as the 10th largest arms and military services provider in the world. This follows the merger between Harris Corporation and L3 Technologies in June 2019.

L3Harris Technologies is a defense contractor that makes electronics, sensors, and networks for military applications for sea, air, land, and space. In November 2021, the company secured a $125 million contract from the U.S. Space Force to upgrade its Counter Communications System, which jam communications from satellites.

China Electronics Technology Group Corporation, or CETC, is a state-run company that works to modernize and upgrade China’s military. The company is an amalgamation of a number of longstanding research institutes that have been combined under the CETC umbrella. The company’s researches, develops, and sells products in many areas, including electronics, software, semiconductors, radar, and much more.

CETC’s arms and military sales figures are an estimate, as sales and military contracts in China are less transparent than they are in the U.S. or European countries. SIPRI estimates that the company had $34.3 billion in sales in 2020, $14.6 billion of which arms and military services sales.

Aviation Industry Corporation of China, also known as AVIC, sold $17.0 billion worth of arms and military services in 2020 — just a quarter of its $67.9 billion total sales for the fiscal year. Like every other Chinese military contractor on this list, AVIC is state owned.

A relatively new endeavor, AVIC was created in 2008 by a merger between two other aviation companies. The company and its subsidiaries create planes like bombers and fighter jets as well as helicopters, commercial airliners, and more.

China North Industries Group Corporation Limited, also known as NORINCO, is one of the largest arms dealers in the world. The Chinese company provides weapons and technical support to China’s military and police forces.

Though NORINCO has the seventh-highest sales total for arms and military services, it has the highest total sales figure of any company on this list, at $71 billion. Arms and military services account for a quarter of the company’s sales. NORINCO is also involved in China’s chemical, equipment, and IT industries.

BAE Systems is a London-based defense contractor that manufactures aircraft, combat vehicles, ammunition, missiles, artillery, cybersecurity, IT, electronics, surface ships, and more for military applications.

Nearly all of BAE Systems’ sales come from arms and military services — 97% of the company’s $24.7 billion in sales in 2020. The arms maker is the largest military services provider headquartered outside of the United States.