Themes · defense
Defense & drones
Primes, sensors, missiles, drones — everything in the defense complex except launch. As of the 2026-09-15 session · marker ITA.
Movers · last 20 sessions
A move is a move in either direction. The base rate is what a random liquid name did over the same 20 sessions; a theme that moves more than the base rate is unusual, not right.
Members · the tape
| Ticker | Sector | Bucket | Last | 20d | 5d | Notable days (14) | Play fired (last 14d) |
|---|---|---|---|---|---|---|---|
| OSS | Technology Hardware | C4ISR/EW/Sensors | $8.60 | -35.7% | -13.1% | 3 | — |
| PL | Telecom | C4ISR/EW/Sensors | $16.00 | -34.1% | -10.2% | 3 | — |
| LASR | Semiconductors | C4ISR/EW/Sensors | $37.92 | -29.9% | -10.5% | 1 | — |
| BKSY | Telecom | C4ISR/EW/Sensors | $21.68 | -29.7% | -2.7% | — | — |
| MTSI | Semiconductors | C4ISR/EW/Sensors | $240.02 | -27.4% | -16.5% | 1 | — |
| AXON | Industrial Machinery | Drones/UAS | $443.60 | -26.6% | -12.5% | 1 | — |
| MRCY | Technology Hardware | C4ISR/EW/Sensors | $87.01 | -25.1% | -3.2% | — | — |
| KTOS | Aerospace & Defense | Drones/UAS | $47.63 | -24.4% | -2.3% | — | — |
| RCAT | Software | Drones/UAS | $7.95 | -23.8% | -8.5% | — | — |
| UMAC | Telecom | Drones/UAS | $23.03 | -23.6% | -11.4% | — | — |
| HWM | Mining & Metals | Primes/Platforms | $225.50 | -22.0% | -2.0% | 4 | — |
| VOYG | Aerospace & Defense | Primes/Platforms | $34.64 | -21.2% | -3.8% | 1 | — |
| HEI | Aerospace & Defense | Primes/Platforms | $296.85 | -20.0% | -6.1% | 2 | — |
| USAR | Mining & Metals | Primes/Platforms | $15.37 | -19.8% | -13.7% | — | — |
| ONDS | Telecom | Drones/UAS | $7.23 | -19.4% | -5.1% | — | — |
| CW | Technology Hardware | Primes/Platforms | $562.85 | -19.1% | -1.7% | — | — |
| ISSC | Software | C4ISR/EW/Sensors | $19.81 | +19.0% | +8.4% | — | — |
| DRS | Aerospace & Defense | C4ISR/EW/Sensors | $36.88 | -18.7% | -1.0% | 2 | — |
| DCO | Aerospace & Defense | Primes/Platforms | $166.50 | -18.5% | +0.1% | 1 | — |
| LOAR | Aerospace & Defense | Primes/Platforms | $63.51 | -18.4% | -6.2% | 1 | — |
| GE | Electrical Equipment | Primes/Platforms | $307.95 | -16.8% | -8.2% | 1 | — |
| BWXT | Technology Hardware | Primes/Platforms | $146.70 | -14.5% | -8.8% | 1 | — |
| VSAT | Telecom | C4ISR/EW/Sensors | $70.02 | -14.0% | -10.1% | — | — |
| AVAV | Aerospace & Defense | Drones/UAS | $156.99 | -13.3% | +4.4% | 3 | — |
| OSIS | Semiconductors | C4ISR/EW/Sensors | $200.82 | -13.1% | -1.7% | — | — |
| SATL | Telecom | C4ISR/EW/Sensors | $5.07 | -13.0% | -5.2% | 2 | — |
| CAE | — | Primes/Platforms | $23.74 | -12.5% | -2.2% | — | — |
| TDG | Aerospace & Defense | Primes/Platforms | $1,086.00 | -12.3% | -5.2% | 2 | — |
| HII | Automotive | Primes/Platforms | $280.50 | -11.9% | -2.5% | — | — |
| BBAI | Software | C4ISR/EW/Sensors | $2.83 | -11.8% | -3.7% | — | — |
| HON | Aerospace & Defense | Primes/Platforms | $202.85 | -11.7% | -3.0% | — | — |
| TDY | Aerospace & Defense | C4ISR/EW/Sensors | $598.51 | -11.6% | -1.1% | 1 | — |
| RTX | Aerospace & Defense | Primes/Platforms | $196.49 | -11.6% | -1.4% | — | — |
| HXL | Chemicals | Primes/Platforms | $91.36 | -11.4% | +0.1% | — | — |
| LHX | Aerospace & Defense | Primes/Platforms | $249.66 | -10.8% | -2.4% | 3 | — |
| LMT | Aerospace & Defense | Primes/Platforms | $533.46 | -10.2% | -1.0% | 1 | — |
| LDOS | Software | C4ISR/EW/Sensors | $129.24 | -9.1% | 0.0% | 1 | — |
| VVX | Internet & Digital Services | C4ISR/EW/Sensors | $75.17 | -9.1% | +0.9% | 1 | — |
| GD | Automotive | Primes/Platforms | $358.60 | -8.3% | +0.4% | 1 | — |
| TXT | Automotive | Primes/Platforms | $80.72 | -7.9% | +1.5% | — | — |
| FEIM | Technology Hardware | C4ISR/EW/Sensors | $85.05 | +7.9% | +28.9% | 2 | — |
| BA | Aerospace & Defense | Primes/Platforms | $209.69 | -7.3% | -0.6% | — | — |
| CLS | Technology Hardware | Primes/Platforms | $316.50 | -7.3% | -3.6% | — | — |
| NOC | Aerospace & Defense | Primes/Platforms | $531.25 | -6.8% | +2.2% | 1 | — |
| ESLT | — | Primes/Platforms | $731.75 | -6.5% | +3.1% | 2 | — |
| INFQ | Finance Services | C4ISR/EW/Sensors | $12.61 | -5.7% | -8.0% | — | — |
| EMBJ | Aerospace & Defense | Primes/Platforms | $74.08 | -4.0% | +0.2% | 2 | — |
| CACI | Software | Primes/Platforms | $636.40 | -2.0% | +1.8% | — | — |
| AMTM | Internet & Digital Services | C4ISR/EW/Sensors | $20.11 | -1.7% | -0.8% | — | — |
| PSN | Software | C4ISR/EW/Sensors | $46.65 | +1.3% | -2.0% | 1 | — |
50 of 51 members shown — 1 has no settled options panel we can price, so it is not on this table. 18 more names carry the label at low classifier confidence and are left off the desk on purpose.
Investors · who is in, who is only talking
5 people bullish, 0 of them positioned; 0 bearish, 0 of them positioned (last 90 days, latest dated view per person).
| Bullish | Stance | Date | Where | Said as |
|---|---|---|---|---|
| Cathie Wood | view only | 2026-09-04 | ARK Invest | Defense |
| Admiral Daryl Caldwell | view only | 2026-07-11 | Bloomberg Television | Defense |
| Anna Macdonald | view only | 2026-07-07 | Bloomberg Television | Defense |
| Michael Zezas | view only | 2026-06-19 | The Compound | Defense |
| Brent Johnson | view only | 2026-06-18 | Macro Voices | Defense |
| Bearish | Stance | Date | Where | Said as |
|---|
Our record on this theme
3 published picks; 1 matured to 20 sessions: mean +6.2% · median +6.2% · 1 up / 0 down.
| Ticker | Play | Published | 10d | 20d | State |
|---|---|---|---|---|---|
| RCAT | Small-Cap AI & Defense Momentum | 2026-08-28 | -10.3% | — | |
| USAR | Small-Cap AI & Defense Momentum | 2026-08-28 | -11.9% | — | |
| OSIS | Quiet Institutional Options Accumulation | 2026-07-22 | +13.0% | +6.2% |
Every published pick inside the theme, losers included. A matured row is a close-to-close move from the pick's entry; open rows have no 20-session number yet.
Entrants · small-cap 8-Ks read into this theme (last 60 days)
| Filed | Ticker | Company | What | Read |
|---|---|---|---|---|
| 2026-09-14 | ONDS | Ondas Inc. | m&a | Ondas acquired Gate Technologies (Israel) and Bron Technologies (Poland) for up to ~$315M plus earn-out, adding electronic safe-and-arm and fuzing technology for missiles, rockets, and loitering munitions to its existing defense autonomy platform. “acquired GATE Technologies, an Israeli developer of Electronic Safe & Arm Devices and advanced electronic fuzing technologies...integrated into more than dozens of weapon systems, including rockets, missiles, UAVs and loitering munitions” filing
|
| 2026-09-10 | LPTH | LIGHTPATH TECHNOLOGIES INC | update | LightPath Technologies reported fiscal 2026 results showing revenue nearly doubled to $71.7M on surging defense optics demand, with backlog up 197% to a record $110.9M driven by counter-UAS and germanium-free infrared programs. “Received an $11 million follow-on infrared camera order from a leading global technology customer for counter-unmanned aircraft system (UAS) applications and $13 million in follow-on optical assembly orders from a leading counter-UAS and defense systems supplier.” filing
|
| 2026-09-10 | FEIM | FREQUENCY ELECTRONICS INC | update | Frequency Electronics reports record Q1 FY2027 revenue and backlog driven by its established defense and space precision timing products. “FEI is a world leader in precision time and frequency generation technology, which is incorporated into commercial and U.S. Government satellites, C4ISR, and Electronic Warfare ("EW") systems.” filing
|
| 2026-08-31 | SAIC | Science Applications International Corp | update | SAIC reports routine Q2 FY2027 earnings of $1.88B revenue with raised full-year guidance, reflecting ongoing execution across its defense and intelligence IT portfolio. “a premier mission integrator driving our nation's digital transformation across the defense, space, intelligence, and civilian markets” filing
|
| 2026-08-24 | USAR | USA Rare Earth, Inc. | m&a | USA Rare Earth announced the $1.55B capitalization of a U.S. government-backed SPV to purchase 100% of Serra Verde's Phase 1 rare earth output, satisfying a key condition to close its acquisition of the only non-Asian commercial producer of all four magnetic rare earths. “The Department of War has committed to a $750 million investment in the SPV...to the aerospace and defense platforms that safeguard national security” filing
|
| 2026-08-20 | OSIS | OSI SYSTEMS INC | update | OSI Systems reported record fiscal 2026 revenues of $1.79B and a $1.9B backlog, with its security screening and optoelectronics divisions continuing to serve defense and aerospace customers. “We are excited by the opportunities we see across our aerospace, defense, healthcare, technology and industrial Optoelectronics customer base.” filing
|
| 2026-08-19 | SAIC | Science Applications International Corp | financing | SAIC expanded its U.S. government receivables purchase facility from $300M to $400M, routine working-capital management for an established defense IT contractor. “allows for the sale of up to $400 million of certain designated eligible receivables with the U.S. government, an increase from the previous facility limit of $300 million” filing |
| 2026-08-18 | MRCY | MERCURY SYSTEMS INC | update | Mercury Systems, an established defense electronics supplier, reported record Q4 FY26 bookings, backlog, and revenue, with strong demand signals driving an increased fiscal 2027 organic growth outlook. “Record Q4 FY26 Bookings of $660 million grew 93.1% year-over-year; book-to-bill of 2.28 • Record Backlog of over $1.9 billion; up 38.4% year-over-year” filing
|
8 filings shown; 1 more were read and filed here below the confidence floor, so it is not on this table.
An analyst model reads every 8-K from a universe company under $5B and files it under the theme it enters or reports inside, quoting the filing. This says who walked in and what they said; whether entrants outperform is a separate question we have not measured.
Membership is a current classification, not a history: a name that entered the theme last month reads as if it were always here. Entrants come from 8-Ks of universe companies under $5B only. Nothing on this page is a recommendation; the tape says what is unusual, the voices say who is in, the record says how our own picks did, the filings say who walked in.