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Prime acquisitions

Seven large defense primes have slowed their M&A

Since 2022, the seven primes’ announced sales and acquisitions have roughly matched in disclosed value, on mixed bases. Recent acquisitions bring suppliers and production capacity in-house.

Data as of Sep 28, 2026

The short answer

77 · $127.8B
Acquisitions announced by the seven, 2015 to 2021, disclosed value. 11.0 a year. Internet Archive · SEC EDGAR
19 · $19.4B
Acquisitions, 2022 to Sep 2026, including pending Ultra Maritime. 4.0 a year over 4.75 years. news.lockheedmartin.com · SEC EDGAR
24 · $18.1B
Sales and spin-offs since 2022. Boeing's Jeppesen sale is $10.55B of it. boeing.mediaroom.com · SEC EDGAR
8 to 2
Acquisitions of $4B or more, 2015 to 2021 against 2022 to Sep 2026.

Recorded acquisitions are fewer after 2021

The prime comparison uses a fixed set: Lockheed Martin, RTX, Northrop Grumman, General Dynamics, Boeing, L3Harris and Huntington Ingalls. Deals enter this comparison when attributed to those companies or their predecessors. The set defines this study’s scope; it is not an industry ranking. SEC EDGAR · GlobeNewswire

Draw the acquisitions recorded for the seven primes since January 2015 on one dollar scale, split at January 2022, and the two eras look nothing alike. From 2015 to 2021 they announced 77 acquisitions with $127.8B of disclosed value, eight of them $4B or more. From 2022 to September 2026 they announced 19 for $19.4B, and only two passed $4B: L3Harris and Aerojet Rocketdyne, and Boeing and Spirit AeroSystems. boeing.mediaroom.com · SEC EDGAR

The eras differ in length, 7 years against 4.75, so compare the rates as well as the totals: 11.0 acquisitions a year, then 4.0. Internet Archive · SEC EDGAR

Two mergers of equals drive much of the earlier total: Raytheon into UTC ($33.2B) and Harris with L3 ($19.8B) are 41% of the $127.8B. Without them, disclosed buying runs about $10.7B a year in 2015 to 2021 against $4.1B a year since 2022. The drop is real but smaller than the headline totals suggest. SEC EDGAR · SEC EDGAR

Selling did not slow the same way. The seven sold or spun off 56 businesses for $29.2B in 2015 to 2021, and 24 for $18.1B since 2022, about as much as they bought. Boeing's $10.55B sale of Jeppesen to Thoma Bravo is most of the recent total; RTX's Collins carve-outs and L3Harris' pruning make up much of the rest. l3harris.com · boeing.mediaroom.com

Recorded acquisitions by the seven primes, split at January 2022

Disclosed value, one $B scale for all seven. Above the line: 2022 to Sep 2026. Below: 2015 to 2021, newest nearest the line. Each block is one recorded deal. Small acquisitions are undercounted; “No record” means none in this dataset.

Bought, value disclosedBought, pendingBought, no value disclosed (one tick per deal)Sold or spun offSale pending

2022 to Sep 2026 2015 to 2021 $10B RTX Collins critical infrastructure, 2022, sold: $6.6M Collins actuation, 2023, sold: $1.8B CIS to Blackstone, 2023, sold: $1.3B Hoist & Winch, 2024, sold: $500M Simmonds Precision, 2025, sold: $765M Blue Canyon to MDA, 2026, sold (pending): $620M Blue Canyon, 2020, bought: $425M Forcepoint minority buy-in, 2019, bought: $588M Raytheon Co merger, 2019, bought: $33.2B Raytheon Rockwell Collins, 2017, bought: $30.6B Rockwell RedOwl Analytics, 2017, bought: $54M Skyfence CASB business, 2017, bought: $40M Foreground Security, 2015, bought: $62M Websense, 2015, bought: $1.9B Defense training, 2021, sold: $900M Forcepoint, 2020, sold: $1.1B Collins military GPS, 2020, sold: $1.9B Airborne tactical radios business, 2020, sold: $275M Taylor Company, 2018, sold: $1.0B Commercial cloud-based call center, 2018, sold: $11M Sikorsky to Lockheed, 2015, sold: $9.1B Dutch Thermoplastic Components, 2021, bought: value not disclosed SEAKR, 2021, bought: value not disclosed FlightAware, 2021, bought: value not disclosed RGNext JV, 10% more, 2019, bought: value not disclosed Stonesoft firewall business, 2016, bought: value not disclosed Sensintel, 2015, bought: value not disclosed No record $66.8B14 bought L3Harris Viasat Link 16, 2022, bought: $2.0B Aerojet Rocketdyne, 2022, bought: $4.7B Aerojet Space and Navigation business, 2022, sold: $5M CyTerra, 2022, sold: $18M Visual Information Solutions, 2022, sold: $70M Commercial Aviation Solutions, 2023, sold: $800M Antenna and related businesses, 2024, sold: $200M Aerojet Ordnance Tennessee, 2024, sold: $100M Space propulsion stake to AE Industrial, 2026, sold: $845M L3 merger, 2018, bought: $19.8B L3 ASV Global, 2018, bought: $94M C.K. Industrial Engineers, 2018, bought: $24M Azimuth Security and Linchpin Labs, 2018, bought: $185M Applied Defense Solutions, 2018, bought: $53M Latitude Engineering, 2018, bought: $15M Kigre, 2017, bought: $13M G-Air (Aerocondor), 2017, bought: $13M Adaptive Methods, 2017, bought: $33M MacDonald Humfrey, 2016, bought: $327M Implant Sciences trace detection, 2016, bought: $118M Advanced Technical Materials, 2016, bought: $27M ForceX, 2015, bought: $61M CTC Aviation Group, 2015, bought: $236M Exelis, 2015, bought: $4.7B Exelis MITEQ, 2015, bought: $41M Narda-MITEQ business, 2021, sold: $75M ESSCO business, 2021, sold: $55M Electron Devices, Narda West, 2021, sold: $185M Military Training to CAE, 2021, sold: $1.1B Combat Propulsion Systems, 2021, sold: $398M Voice Switch Enterprise, 2021, sold: $20M EOTech business, 2020, sold: $42M Applied Kilovolts and Analytical, 2020, sold: $12M Airport security to Leidos, 2020, sold: $1.0B Stormscope product line, 2019, sold: $20M Night vision to Elbit, 2019, sold: $350M L3 Mobile-Vision, 2019, sold: $1M Vertex Aerospace, 2018, sold: $540M CTC Aviation Jet Services, 2017, sold: $1M Display Product Line, 2017, sold: $7M L3 Coleman Aerospace, 2017, sold: $15M Government IT services to Veritas, 2017, sold: $690M CapRock commercial, 2016, sold: $425M Composite aerostructures business, 2016, sold: $210M Klein Associates, 2015, sold: $10M NSS to CACI, 2015, sold: $550M Tinsley product line, 2015, sold: $4M Commercial healthcare unit, 2015, sold: $50.6M Broadcast Sports, 2015, sold: $26M Doss Aviation, 2017, bought: value not disclosed Open Water Power, 2017, bought: value not disclosed OceanServer Technology, 2017, bought: value not disclosed Aerosim, 2016, bought: value not disclosed Micreo, 2016, bought: value not disclosed $6.7B2 bought $25.8B21 bought Lockheed Terran Orbital, 2024, bought: $450M Amentum Rapid Solutions, 2025, bought: $360M Ultra Maritime, 2026, bought (pending): $3.5B Ultra Commercial Engine Solutions, 2024, sold: $170M Sikorsky, 2015, bought: $9.0B Sikorsky Distributed Energy Solutions, 2019, sold: $225M IS&GS to Leidos, 2016, sold: $5.0B Allcomp, 2020, bought: value not disclosed Integration Innovation hypersonics portfolio, 2020, bought: value not disclosed AWE Management, 18% more, 2016, bought: value not disclosed $4.3B3 bought $9.0B4 bought Boeing Spirit AeroSystems, 2024, bought: $8.3B Spirit Jeppesen and digital aviation, 2025, sold: $10.6B CloudAhoy, 2023, bought: value not disclosed Wisk remaining stake, 2023, bought: value not disclosed GKN St. Louis plant, 2024, bought: value not disclosed Verocel, 2024, bought: value not disclosed KLX, 2018, bought: $4.2B KLX Adient Aerospace, control, 2019, bought: value not disclosed EnCore, 2019, bought: value not disclosed ForeFlight, 2019, bought: value not disclosed Millennium Space Systems, 2018, bought: value not disclosed Aurora Flight Sciences, 2017, bought: value not disclosed Liquid Robotics, 2016, bought: value not disclosed Peters Software, 2015, bought: value not disclosed 2d3 Sensing, 2015, bought: value not disclosed $8.3B5 bought $4.2B9 bought GD Progeny Systems, 2022, bought: value not disclosed Unnamed business (10-K aggregate), 2024, bought: value not disclosed Iron EagleX, 2024, bought: value not disclosed Jet IN Milwaukee FBO, 2024, bought: value not disclosed Unnamed business (10-K aggregate), 2025, bought: value not disclosed Unnamed business (10-K aggregate), 2025, bought: value not disclosed ASTONSKY Le Bourget FBO, 2025, bought: value not disclosed Forvia exhaust-systems plant, 2026, bought (pending): value not disclosed Hawker Pacific, 2018, bought: $250M CSRA, 2018, bought: $9.7B CSRA Next-Generation 911 business, 2019, sold: $10M Contact centers to Maximus, 2018, sold: $400M Millennium Space, 2018, sold: $84M ExecuJet Zurich FBO, 2021, bought: value not disclosed Scottsdale Jet Center, 2020, bought: value not disclosed Arlin's Aircraft Service FBO, 2020, bought: value not disclosed Medico Industries, 2020, bought: value not disclosed Unnamed business (10-K aggregate), 2020, bought: value not disclosed Unnamed business (10-K aggregate), 2020, bought: value not disclosed Scottsdale Jet Center stake, 2019, bought: value not disclosed Deep Learning Analytics, 2019, bought: value not disclosed San Juan FBO, 2019, bought: value not disclosed FWW Fahrzeugwerk, 2018, bought: value not disclosed NORDAM nacelle line, 2018, bought: value not disclosed 2 unnamed businesses (10-K aggregate), 2018, bought: value not disclosed Unnamed business (10-K aggregate), 2018, bought: value not disclosed GPS Source, 2017, bought: value not disclosed Advatech Pacific division, 2017, bought: value not disclosed Ross Aviation Dulles FBO, 2017, bought: value not disclosed Unnamed business (10-K aggregate), 2017, bought: value not disclosed Avjet, 2016, bought: value not disclosed Bluefin Robotics, 2016, bought: value not disclosed no $8 bought $10.0B21 bought Northrop Training services to Serco, 2025, sold: $327M Orbital ATK, 2017, bought: $9.2B Orbital Federal IT to Peraton, 2020, sold: $3.4B No record $9.2B1 bought HII W International, 2024, bought: $140M Alion, 2021, bought: $1.6B Spatial Integrated Systems autonomy unit, 2021, bought: $40M Hydroid, 2020, bought: $350M Fulcrum IT, 2019, bought: $195M G2, 2018, bought: $77M Camber, 2016, bought: $380M Columbia Group engineering division, 2015, bought: $6M UniversalPegasus International, 2021, sold: $25M Gulfport composite facility, 2015, sold: $32M $0.1B1 bought $2.7B7 bought RTX Collins critical infrastructure, 2022, sold: $6.6M Collins actuation, 2023, sold: $1.8B CIS to Blackstone, 2023, sold: $1.3B Hoist & Winch, 2024, sold: $500M Simmonds Precision, 2025, sold: $765M Blue Canyon to MDA, 2026, sold (pending): $620M Blue Canyon, 2020, bought: $425M Forcepoint minority buy-in, 2019, bought: $588M Raytheon Co merger, 2019, bought: $33.2B Rockwell Collins, 2017, bought: $30.6B RedOwl Analytics, 2017, bought: $54M Skyfence CASB business, 2017, bought: $40M Foreground Security, 2015, bought: $62M Websense, 2015, bought: $1.9B Defense training, 2021, sold: $900M Forcepoint, 2020, sold: $1.1B Collins military GPS, 2020, sold: $1.9B Airborne tactical radios business, 2020, sold: $275M Taylor Company, 2018, sold: $1.0B Commercial cloud-based call center, 2018, sold: $11M Sikorsky to Lockheed, 2015, sold: $9.1B Dutch Thermoplastic Components, 2021, bought: value not disclosed SEAKR, 2021, bought: value not disclosed FlightAware, 2021, bought: value not disclosed RGNext JV, 10% more, 2019, bought: value not disclosed Stonesoft firewall business, 2016, bought: value not disclosed Sensintel, 2015, bought: value not disclosed No record $66.8B14 bought LHX Viasat Link 16, 2022, bought: $2.0B Aerojet Rocketdyne, 2022, bought: $4.7B Space and Navigation business, 2022, sold: $5M CyTerra, 2022, sold: $18M Visual Information Solutions, 2022, sold: $70M Commercial Aviation Solutions, 2023, sold: $800M Antenna and related businesses, 2024, sold: $200M Aerojet Ordnance Tennessee, 2024, sold: $100M Space propulsion stake to AE Industrial, 2026, sold: $845M L3 merger, 2018, bought: $19.8B ASV Global, 2018, bought: $94M C.K. Industrial Engineers, 2018, bought: $24M Azimuth Security and Linchpin Labs, 2018, bought: $185M Applied Defense Solutions, 2018, bought: $53M Latitude Engineering, 2018, bought: $15M Kigre, 2017, bought: $13M G-Air (Aerocondor), 2017, bought: $13M Adaptive Methods, 2017, bought: $33M MacDonald Humfrey, 2016, bought: $327M Implant Sciences trace detection, 2016, bought: $118M Advanced Technical Materials, 2016, bought: $27M ForceX, 2015, bought: $61M CTC Aviation Group, 2015, bought: $236M Exelis, 2015, bought: $4.7B MITEQ, 2015, bought: $41M Narda-MITEQ business, 2021, sold: $75M ESSCO business, 2021, sold: $55M Electron Devices, Narda West, 2021, sold: $185M Military Training to CAE, 2021, sold: $1.1B Combat Propulsion Systems, 2021, sold: $398M Voice Switch Enterprise, 2021, sold: $20M EOTech business, 2020, sold: $42M Applied Kilovolts and Analytical, 2020, sold: $12M Airport security to Leidos, 2020, sold: $1.0B Stormscope product line, 2019, sold: $20M Night vision to Elbit, 2019, sold: $350M L3 Mobile-Vision, 2019, sold: $1M Vertex Aerospace, 2018, sold: $540M CTC Aviation Jet Services, 2017, sold: $1M Display Product Line, 2017, sold: $7M L3 Coleman Aerospace, 2017, sold: $15M Government IT services to Veritas, 2017, sold: $690M CapRock commercial, 2016, sold: $425M Composite aerostructures business, 2016, sold: $210M Klein Associates, 2015, sold: $10M NSS to CACI, 2015, sold: $550M Tinsley product line, 2015, sold: $4M Commercial healthcare unit, 2015, sold: $50.6M Broadcast Sports, 2015, sold: $26M Doss Aviation, 2017, bought: value not disclosed Open Water Power, 2017, bought: value not disclosed OceanServer Technology, 2017, bought: value not disclosed Aerosim, 2016, bought: value not disclosed Micreo, 2016, bought: value not disclosed $6.7B2 bought $25.8B21 bought LMT Terran Orbital, 2024, bought: $450M Amentum Rapid Solutions, 2025, bought: $360M Ultra Maritime, 2026, bought (pending): $3.5B Commercial Engine Solutions, 2024, sold: $170M Sikorsky, 2015, bought: $9.0B Distributed Energy Solutions, 2019, sold: $225M IS&GS to Leidos, 2016, sold: $5.0B Allcomp, 2020, bought: value not disclosed Integration Innovation hypersonics portfolio, 2020, bought: value not disclosed AWE Management, 18% more, 2016, bought: value not disclosed $4.3B3 bought $9.0B4 bought BA Spirit AeroSystems, 2024, bought: $8.3B Jeppesen and digital aviation, 2025, sold: $10.6B CloudAhoy, 2023, bought: value not disclosed Wisk remaining stake, 2023, bought: value not disclosed GKN St. Louis plant, 2024, bought: value not disclosed Verocel, 2024, bought: value not disclosed KLX, 2018, bought: $4.2B Adient Aerospace, control, 2019, bought: value not disclosed EnCore, 2019, bought: value not disclosed ForeFlight, 2019, bought: value not disclosed Millennium Space Systems, 2018, bought: value not disclosed Aurora Flight Sciences, 2017, bought: value not disclosed Liquid Robotics, 2016, bought: value not disclosed Peters Software, 2015, bought: value not disclosed 2d3 Sensing, 2015, bought: value not disclosed $8.3B5 bought $4.2B9 bought GD Progeny Systems, 2022, bought: value not disclosed Unnamed business (10-K aggregate), 2024, bought: value not disclosed Iron EagleX, 2024, bought: value not disclosed Jet IN Milwaukee FBO, 2024, bought: value not disclosed Unnamed business (10-K aggregate), 2025, bought: value not disclosed Unnamed business (10-K aggregate), 2025, bought: value not disclosed ASTONSKY Le Bourget FBO, 2025, bought: value not disclosed Forvia exhaust-systems plant, 2026, bought (pending): value not disclosed Hawker Pacific, 2018, bought: $250M CSRA, 2018, bought: $9.7B Next-Generation 911 business, 2019, sold: $10M Contact centers to Maximus, 2018, sold: $400M Millennium Space, 2018, sold: $84M ExecuJet Zurich FBO, 2021, bought: value not disclosed Scottsdale Jet Center, 2020, bought: value not disclosed Arlin's Aircraft Service FBO, 2020, bought: value not disclosed Medico Industries, 2020, bought: value not disclosed Unnamed business (10-K aggregate), 2020, bought: value not disclosed Unnamed business (10-K aggregate), 2020, bought: value not disclosed Scottsdale Jet Center stake, 2019, bought: value not disclosed Deep Learning Analytics, 2019, bought: value not disclosed San Juan FBO, 2019, bought: value not disclosed FWW Fahrzeugwerk, 2018, bought: value not disclosed NORDAM nacelle line, 2018, bought: value not disclosed 2 unnamed businesses (10-K aggregate), 2018, bought: value not disclosed Unnamed business (10-K aggregate), 2018, bought: value not disclosed GPS Source, 2017, bought: value not disclosed Advatech Pacific division, 2017, bought: value not disclosed Ross Aviation Dulles FBO, 2017, bought: value not disclosed Unnamed business (10-K aggregate), 2017, bought: value not disclosed Avjet, 2016, bought: value not disclosed Bluefin Robotics, 2016, bought: value not disclosed no $8 bought $10.0B21 bought NOC Training services to Serco, 2025, sold: $327M Orbital ATK, 2017, bought: $9.2B Federal IT to Peraton, 2020, sold: $3.4B No record $9.2B1 bought HII W International, 2024, bought: $140M Alion, 2021, bought: $1.6B Spatial Integrated Systems autonomy unit, 2021, bought: $40M Hydroid, 2020, bought: $350M Fulcrum IT, 2019, bought: $195M G2, 2018, bought: $77M Camber, 2016, bought: $380M Columbia Group engineering division, 2015, bought: $6M UniversalPegasus International, 2021, sold: $25M Gulfport composite facility, 2015, sold: $32M $0.1B1 bought $2.7B7 bought $10B
The numbers
Internet Archive · SEC EDGAR · SEC EDGAR · Sources
PrimeBought 2015‑21$BSold 2015‑21$BBought 2022‑26$BSold 2022‑26$B
RTX1466.81214.300.065.0
L3Harris2125.8245.726.772.0
Lockheed Martin49.035.234.310.2
Boeing94.220.058.3410.6
General Dynamics2110.0100.580.040.0
Northrop Grumman19.223.400.020.3
Huntington Ingalls72.730.110.100.0
All seven77127.85629.21919.42418.1

Source: TGOs deal ledger from SEC filings, company releases and trade press. Values on mixed bases (enterprise value, cash price, fair value of stock); sales with no disclosed value are counted in the table but not drawn. Sikorsky appears twice: a Lockheed Martin buy and an RTX sale. Totals include pending deals and exclude terminated ones. Internet Archive · SEC EDGAR · SEC EDGAR · Sources

The company profiles trace what the primes bought in 2015 to 2021, what they bought and sold since, and how those deals changed their businesses and balance sheets.

RTX: two megadeals built it

United Technologies to 2019; Raytheon Co history included.

2015 to 2021 bought
14 deals, $66.8B disclosed (8 with a value)
2022 to Sep 2026
Recorded buys: 0. Announced sales: 6, $5.0B, including the pending Blue Canyon sale to MDA SEC EDGAR · SEC EDGAR
Signature deals
Rockwell Collins ($30.6B enterprise value, 2018). Raytheon merger ($33.2B, 2020). Carrier and Otis spin-offs (2020). Collins actuation to Safran ($1.8B). CIS to Blackstone ($1.3B).Sikorsky, sold to Lockheed Martin in 2015 for $9.1B, is an RTX sale and a Lockheed Martin buy. Safran · Safran
Goodwill, % of assets
FY2014 30.4%, FY2025 31.2%. Step: 28.8% to 35.8% in FY2018, the year Rockwell Collins closed. SEC EDGAR · SEC EDGAR
What the deals made it
UTC shed Otis and Carrier (41% of 2019 revenue) to become an $88.6B pure aerospace-and-defense company: Collins, Pratt & Whitney, Raytheon. SEC EDGAR · SEC EDGAR
Portrait
In 2019 United Technologies was a $77.0B conglomerate. Our records show no RTX acquisition since 2021 and six announced portfolio sales since 2022. SEC EDGAR · federalregister.gov

RTX goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. Thick segment: the step in the year a deal closed.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 Rockwell Collins 31.2% 30.4%
The numbers
RTX
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
30.431.230.228.835.834.433.533.733.933.232.431.2

Source: SEC XBRL company facts. RTX

Recorded RTX deals (32)
Internet Archive · SEC EDGAR · SEC EDGAR · Sources
AnnouncedDealSide$M
2015-01-26Sensintel Internet Archiveboughtn/d
2015-04-20Websense SEC EDGAR · SEC EDGARbought1,891
2015-07-20Sikorsky to Lockheed SEC EDGAR · SEC EDGARsold9,083
2015-10-05Foreground Security Internet Archive · SEC EDGARbought62
2016-01Stonesoft firewall business SEC EDGAR · SEC EDGARboughtn/d
2017-02-08Skyfence CASB business SEC EDGAR · SEC EDGARbought40
2017-08-28RedOwl Analytics SEC EDGARbought54
2017-09-04Rockwell Collins SEC EDGAR · SEC EDGARbought30,600
2018-05Commercial cloud-based call center SEC EDGARsold11
2018-05-18Taylor Company SEC EDGAR · SEC EDGARsold1,000
2018-05-31SMR Technologies SEC EDGAR · federalregister.govsoldn/d
2018-07-20CSRA SEAS to CACI SEC EDGAR · Safransoldn/d
2018-11-26Carrier spin-off SEC EDGAR · SEC EDGARsoldn/d
2018-11-26Otis spin-off SEC EDGAR · SEC EDGARsoldn/d
2019-02RGNext JV, 10% more SEC EDGARboughtn/d
2019-06-09Raytheon Co merger SEC EDGAR · SEC EDGARbought33,166
2019-10Forcepoint minority buy-in SEC EDGARbought588
2020-01-20Airborne tactical radios business SEC EDGARsold275
2020-01-20Collins military GPS SEC EDGARsold1,925
2020-04-20Collins space optics SEC EDGARsoldn/d
2020-10-26Forcepoint SEC EDGAR · franciscopartners.comsold1,100
2020-11-10Blue Canyon SEC EDGARbought425
2021-08-30FlightAware flightaware.comboughtn/d
2021-09-10Defense training SEC EDGAR · americanindustrial.comsold900
2021-09-14SEAKR SEC EDGARboughtn/d
2021-11-17Dutch Thermoplastic Components Internet Archiveboughtn/d
2022-08-09Collins critical infrastructure SEC EDGARsold6.6
2023-07-21Collins actuation SEC EDGAR · Safransold1,800
2023-10-24CIS to Blackstone SEC EDGAR · SEC EDGARsold1,300
2024-07-09Hoist & Winch SEC EDGAR · PR Newswiresold500
2025-06-30Simmonds Precision SEC EDGAR · SEC EDGARsold765
2026-06-19Blue Canyon to MDA (pending) SEC EDGAR · SEC EDGARsold620

Sources: TGOs deal ledger; 10-K goodwill and segments. Internet Archive · SEC EDGAR · SEC EDGAR · Sources · RTX · Internet Archive · SEC EDGAR · SEC EDGAR · Sources

L3Harris: the most deal-built prime, with goodwill near half its assets

Harris and L3 history included.

2015 to 2021 bought
21 deals, $25.8B disclosed (16 with a value)Tuck-ins before 2019 by L3 are likely undercounted. SEC EDGAR · SEC EDGAR
2022 to Sep 2026
Bought 2, $6.7B. Sold 7, $2.0B
Signature deals
Exelis ($4.7B, 2015). L3 merger ($19.8B, 2019). Aerojet Rocketdyne ($4.7B, 2023). Military Training to CAE ($1.05B, 2021). Space propulsion stake to AE Industrial (2026). l3harris.com · l3harris.com
Goodwill, % of assets
FY2014 34.7%, FY2025 48.6%. Step: 34.7% to 48.4% in FY2015, the Exelis year.Harris fiscal years ended in June until 2019. Harris · SEC EDGAR
What the deals made it
The most deal-built prime: $21.9B of revenue with goodwill near half its assets. Aerojet Rocketdyne is 13.0% of FY2025 revenue. It has also made 31 divestitures since 2015. SEC EDGAR · SEC EDGAR
Portrait
In FY2014 Harris was a $5.0B radio and communications company.

L3Harris goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported; Harris years ended in June until 2019, and the 2019 transition period is not drawn.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 Exelis 48.6% 34.7%
The numbers
LHX
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
34.748.449.853.254.652.851.152.451.647.948.448.6

Source: SEC XBRL company facts. LHX

Recorded L3Harris deals (54)
SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources
AnnouncedDealSide$M
2015-01-22MITEQ SEC EDGARbought41
2015-02-06Exelis SEC EDGAR · SEC EDGARbought4,709
2015-04-24Broadcast Sports SEC EDGARsold26
2015-05-28CTC Aviation Group SEC EDGARbought236
2015-06-16Commercial healthcare unit SEC EDGAR · SEC EDGARsold50.6
2015-07-27Tinsley product line SEC EDGARsold4
2015-10-13ForceX SEC EDGARbought61
2015-12-08NSS to CACI SEC EDGAR · SEC EDGARsold550
2015-12-31Klein Associates SEC EDGAR · SEC EDGARsold10
2016-01-22Advanced Technical Materials SEC EDGARbought27
2016-02-29Composite aerostructures business SEC EDGAR · SEC EDGARsold210
2016-09-07Micreo SEC EDGARboughtn/d
2016-10-04Aerosim SEC EDGARboughtn/d
2016-10-10Implant Sciences trace detection SEC EDGARbought118
2016-11-01CapRock commercial SEC EDGAR · SEC EDGARsold425
2016-11-22MacDonald Humfrey SEC EDGARbought327
2017-01-27Government IT services to Veritas SEC EDGAR · SEC EDGARsold690
2017-02-22L3 Coleman Aerospace SEC EDGAR · SEC EDGARsold15
2017-02-23Display Product Line SEC EDGARsold7
2017-03-01CTC Aviation Jet Services SEC EDGARsold1
2017-04-04OceanServer Technology SEC EDGARboughtn/d
2017-05-22Open Water Power SEC EDGARboughtn/d
2017-09-12Adaptive Methods SEC EDGARbought33
2017-09-14Doss Aviation SEC EDGARboughtn/d
2017-10-27G-Air (Aerocondor) SEC EDGARbought13
2017-12-18Kigre SEC EDGARbought13
2018-05-01Vertex Aerospace SEC EDGAR · SEC EDGARsold540
2018-06-28Latitude Engineering SEC EDGARbought15
2018-07-02Applied Defense Solutions SEC EDGARbought53
2018-07-11Azimuth Security and Linchpin Labs SEC EDGARbought185
2018-09-18C.K. Industrial Engineers SEC EDGARbought24
2018-09-24ASV Global SEC EDGARbought94
2018-10-14L3 merger SEC EDGAR · SEC EDGARbought19,845
2019-02-05L3 Mobile-Vision SEC EDGARsold1
2019-04-05Night vision to Elbit SEC EDGAR · SEC EDGARsold350
2019-08-30Stormscope product line SEC EDGAR · extantaerospace.comsold20
2020-02-04Airport security to Leidos SEC EDGAR · SEC EDGARsold1,000
2020-02-19Applied Kilovolts and Analytical SEC EDGARsold12
2020-03-20EOTech business SEC EDGAR · soldiersystems.netsold42
2021-02-23Voice Switch Enterprise SEC EDGAR · frequentis.comsold20
2021-03-01Combat Propulsion Systems SEC EDGAR · SEC EDGARsold398
2021-03-01Military Training to CAE SEC EDGAR · SEC EDGARsold1,050
2021-08-03Electron Devices, Narda West SEC EDGAR · Business Wiresold185
2021-09-06ESSCO business SEC EDGAR · PR Newswiresold55
2021-10-29Narda-MITEQ business SEC EDGAR · PR Newswiresold75
2022-02-15Space and Navigation business SEC EDGAR · SEC EDGARsold5
2022-05-31CyTerra SEC EDGAR · SEC EDGARsold18
2022-10-03Viasat Link 16 SEC EDGAR · SEC EDGARbought1,958
2022-12-18Aerojet Rocketdyne SEC EDGAR · SEC EDGARbought4,715
2022-12-21Visual Information Solutions SEC EDGAR · SEC EDGARsold70
2023-11-27Commercial Aviation Solutions SEC EDGAR · s205.q4cdn.comsold800
2024-04-05Antenna and related businesses l3harris.com · SEC EDGARsold200
2024-11-04Aerojet Ordnance Tennessee l3harris.com · SEC EDGARsold100
2026-01-05Space propulsion stake to AE Industrial l3harris.com · l3harris.comsold845

Sources: TGOs deal ledger; 10-K goodwill and segments. SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources · LHX · SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources

Lockheed Martin: swapped IT services for Sikorsky, and now buys space and undersea capacity

The terminated Aerojet Rocketdyne bid is not counted.

2015 to 2021 bought
4 deals, $9.0B disclosed (1 with a value)
2022 to Sep 2026
Bought 3, $4.3B, including the pending $3.45B Ultra Maritime deal. Sold 1, $0.2B news.lockheedmartin.com · SEC EDGAR
Signature deals
Sikorsky ($9.0B, 2015). IS&GS to Leidos (about $5B, 2016). Aerojet Rocketdyne ($4.4B, terminated 2022). Terran Orbital (2024). Ultra Maritime ($3.45B, pending).Sikorsky also appears under RTX, as a sale. SEC EDGAR · SEC EDGAR
Goodwill, % of assets
FY2014 29.3%, FY2025 18.9%. No step up: it falls as the company grows.FY2015 excludes IS&GS goodwill held for sale. SEC EDGAR · news.lockheedmartin.com
What the deals made it
A $75.0B hardware prime that swapped IT services for Sikorsky and now buys space and undersea capacity: Terran Orbital, Amentum Rapid Solutions, Ultra Maritime. news.lockheedmartin.com · SEC EDGAR
Portrait
In 2014 a $45.6B platform prime with a government IT arm (IS&GS, 17% of sales) and no helicopters. SEC EDGAR · SEC EDGAR

Lockheed Martin goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. FY2015 excludes IS&GS goodwill held for sale.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 18.9% 29.3%
The numbers
LMT
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
29.327.622.523.224.022.321.321.320.420.619.918.9

Source: SEC XBRL company facts. LMT

Recorded Lockheed Martin deals (11)
SEC EDGAR · news.lockheedmartin.com · SEC EDGAR · Sources
AnnouncedDealSide$M
2015-07-20Sikorsky SEC EDGAR · news.lockheedmartin.combought9,000
2016-01-26IS&GS to Leidos SEC EDGAR · SEC EDGARsold5,000
2016-02-22Commercial flight training to CAE SEC EDGAR · GlobeNewswiresoldn/d
2016-08-24AWE Management, 18% more SEC EDGARboughtn/d
2019-10-23Distributed Energy Solutions SEC EDGAR · news.lockheedmartin.comsold225
2020-10-09Integration Innovation hypersonics portfolio news.lockheedmartin.com · news.lockheedmartin.comboughtn/d
2020-12Allcomp SEC EDGAR · compositesworld.comboughtn/d
2024-05-30Commercial Engine Solutions SEC EDGAR · GlobeNewswiresold170
2024-08-15Terran Orbital news.lockheedmartin.com · SEC EDGARbought450
2025-04-23Amentum Rapid Solutions SEC EDGAR · news.lockheedmartin.combought360
2026-07-06Ultra Maritime (pending) news.lockheedmartin.com · SEC EDGARbought3,450

Sources: TGOs deal ledger; 10-K goodwill and segments. SEC EDGAR · news.lockheedmartin.com · SEC EDGAR · Sources · LMT · SEC EDGAR · news.lockheedmartin.com · SEC EDGAR · Sources

Boeing: re-buying its fuselage supplier while selling its digital aviation arm

The terminated Embraer joint venture is not counted.

2015 to 2021 bought
9 deals, $4.2B disclosed (1 with a value)
2022 to Sep 2026
Bought 5, $8.3B. Sold 4, $10.6B, including the pending Wisk, Insitu and SkyGrid sale to Archer boeing.mediaroom.com · boeing.mediaroom.com
Signature deals
KLX ($4.25B, 2018). Embraer JV (terminated 2020). Spirit AeroSystems (closed 2025). Jeppesen to Thoma Bravo ($10.55B, 2025). Wisk, Insitu and SkyGrid to Archer (pending). boeing.mediaroom.com · boeing.mediaroom.com
Goodwill, % of assets
FY2014 5.2%, FY2025 10.3%. Step: 5.2% to 10.3% in FY2025, after Spirit AeroSystems closed on Dec 8 2025.Provisional goodwill of $10.3B exceeds the consideration. boeing.mediaroom.com · SEC EDGAR
What the deals made it
Re-verticalizing and shrinking at once: it re-bought its fuselage supplier and sold its digital aviation arm, and in 2026 agreed to sell its HRL stake to IBM. boeing.mediaroom.com · SEC EDGAR
Portrait
Through 2024 an occasional acquirer, with goodwill at 5.2% of assets.

Boeing goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. FY2025 goodwill from Spirit AeroSystems is provisional.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 Spirit AeroSystems 10.3% 5.2%
The numbers
BA
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
5.25.45.96.06.76.05.35.85.95.95.210.3

Source: SEC XBRL company facts. BA

Recorded Boeing deals (20)
boeing.mediaroom.com · boeing.mediaroom.com · boeing.mediaroom.com · Sources
AnnouncedDealSide$M
2015-04-102d3 Sensing boeing.mediaroom.comboughtn/d
2015-10-12Peters Software boeing.mediaroom.comboughtn/d
2016-12-06Liquid Robotics boeing.mediaroom.com · SEC EDGARboughtn/d
2017-10-05Aurora Flight Sciences boeing.mediaroom.com · boeing.mediaroom.comboughtn/d
2018-05-01KLX boeing.mediaroom.com · SEC EDGARbought4,250
2018-08-16Millennium Space Systems boeing.mediaroom.com · boeing.mediaroom.comboughtn/d
2019-03-06ForeFlight boeing.mediaroom.com · SEC EDGARboughtn/d
2019-06-14EnCore boeing.mediaroom.com · SEC EDGARboughtn/d
2019-09Inventory Locator Service boeing.mediaroom.com · boeing.mediaroom.comsoldn/d
2019-10-25Adient Aerospace, control SEC EDGARboughtn/d
2020-11-13Australia component repair MRO asiapacificdefencereporter.com · aidn.org.ausoldn/d
2023-04-05CloudAhoy boeing.mediaroom.comboughtn/d
2023-05-31Wisk remaining stake ainonline.comboughtn/d
2024-04-26GKN St. Louis plant gknaerospace.comboughtn/d
2024-06-25Verocel boeing.mediaroom.comboughtn/d
2024-07-01Spirit AeroSystems boeing.mediaroom.com · SEC EDGARbought8,300
2024-10Digital Receiver Technology aviationweek.comsoldn/d
2025-04-22Jeppesen and digital aviation boeing.mediaroom.com · SEC EDGARsold10,550
2026-07-23HRL Laboratories boeing.mediaroom.com · newsroom.ibm.comsoldn/d
2026-08-10Wisk, Insitu, SkyGrid to Archer (pending) boeing.mediaroom.com · SEC EDGARsoldn/d

Sources: TGOs deal ledger; 10-K goodwill. boeing.mediaroom.com · boeing.mediaroom.com · boeing.mediaroom.com · Sources · BA · boeing.mediaroom.com · boeing.mediaroom.com · boeing.mediaroom.com · Sources

General Dynamics: one large bet on government IT, then small deals it rarely prices

GD rarely names or prices its acquisitions, so most of its deals carry no value.

2015 to 2021 bought
21 deals, $10.0B disclosed (2 with a value)Tuck-ins are likely undercounted; several rows are unnamed 10-K aggregates. Carlyle · SEC EDGAR
2022 to Sep 2026
Recorded buys: 8, with no values disclosed in this dataset, including a pending plant purchase from Forvia. Recorded sales: 4, with no values disclosed gd.com · gd.com
Signature deals
CSRA ($9.7B, 2018). Hawker Pacific ($250M, 2018). Contact centers to Maximus ($400M, 2018). Iron EagleX (2024). gd.com · gd.com
Goodwill, % of assets
FY2014 33.2%, FY2025 36.7%. Step: 34.0% to 43.2% in FY2018, the CSRA year. SEC EDGAR · SEC EDGAR
What the deals made it
A bet on government IT with CSRA. Since then only small deals (jet FBOs, Progeny, Iron EagleX), while Marine Systems grew to be its largest segment. SEC EDGAR · SEC EDGAR
Portrait
In 2017 a $31.0B prime; now $52.6B.

General Dynamics goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. Thick segment: the CSRA year.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 CSRA 36.7% 33.2%
The numbers
GD
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
33.235.834.834.043.240.339.140.139.437.636.836.7

Source: SEC XBRL company facts. GD

Recorded General Dynamics deals (43)
Carlyle · SEC EDGAR · marlinequity.com · Sources
AnnouncedDealSide$M
2015-01-06AxleTech International Carlyle · SEC EDGARsoldn/d
2015-04-14Fidelis Cybersecurity Solutions marlinequity.com · ftc.govsoldn/d
2016-02-22Bluefin Robotics gd.com · SEC EDGARboughtn/d
2016-03-08Avjet PR Newswire · ainonline.comboughtn/d
2017Unnamed business (10-K aggregate)boughtn/d
2017-01-18Ross Aviation Dulles FBO gd.com · generalaviationnews.comboughtn/d
2017-05-03Advatech Pacific division gdmissionsystems.comboughtn/d
2017-10-16GDMS optical and EO/IR business PR Newswire · militaryaerospace.comsoldn/d
2017-11-01GPS Source Capstone Partners · SEC EDGARboughtn/d
2018Unnamed business (10-K aggregate)boughtn/d
20182 unnamed businesses (10-K aggregate)boughtn/d
2018-02-12CSRA SEC EDGAR · SEC EDGARbought9,749
2018-03-02Commercial health products business SEC EDGARsoldn/d
2018-04-11Hawker Pacific gd.com · gd.combought250
2018-08-06Millennium Space SEC EDGARsold84
2018-10NORDAM nacelle line gd.comboughtn/d
2018-10-09Contact centers to Maximus SEC EDGARsold400
2018-11-30FWW Fahrzeugwerk gd.com · PR Newswireboughtn/d
2019-02-19San Juan FBO gd.com · investorrelations.gd.comboughtn/d
2019-03-26Deep Learning Analytics gdmissionsystems.comboughtn/d
2019-04-29Next-Generation 911 business SEC EDGAR · SEC EDGARsold10
2019-05-03Scottsdale Jet Center stake PR Newswire · investorrelations.gd.comboughtn/d
2019-08-05SATCOM Technologies cpii.comsoldn/d
2020Unnamed business (10-K aggregate)boughtn/d
2020Unnamed business (10-K aggregate)boughtn/d
2020Unnamed business (10-K aggregate)soldn/d
2020Unnamed business (10-K aggregate)soldn/d
2020-07-13Medico Industries ftc.govboughtn/d
2020-09-15Arlin's Aircraft Service FBO jetaviation.com · corporatejetinvestor.comboughtn/d
2020-12Scottsdale Jet Center jetaviation.comboughtn/d
2021-06-25ExecuJet Zurich FBO jetaviation.comboughtn/d
2022-07Progeny Systems SEC EDGAR · gdmissionsystems.comboughtn/d
2023-08-31GAU-19 Gatling gun line fulcrumconceptsllc.comsoldn/d
2024Unnamed business (10-K aggregate)boughtn/d
2024-01Mk 47 grenade launcher line Colt CZ Groupsoldn/d
2024-09-09Iron EagleX General Dynamics Information Technologyboughtn/d
2024-09-27Jet IN Milwaukee FBO jetaviation.com · SEC EDGARboughtn/d
2025Unnamed business (10-K aggregate)boughtn/d
2025Unnamed business (10-K aggregate)boughtn/d
2025-04-02GD-OTS Garland Operations PR Newswiresoldn/d
2025-08-01ASTONSKY Le Bourget FBO jetaviation.com · SEC EDGARboughtn/d
2025-09-16GDIT background investigation assets Xcelerate Solutions releasesoldn/d
2026-06-17Forvia exhaust-systems plant (pending) GDELSboughtn/d

Sources: TGOs deal ledger; 10-K goodwill and segments. Carlyle · SEC EDGAR · marlinequity.com · Sources · GD · Carlyle · SEC EDGAR · marlinequity.com · Sources

Northrop Grumman: Orbital ATK is its only acquisition in this record

2015 to 2021 bought
1 deal, $9.2B disclosed
2022 to Sep 2026
Recorded buys: 0. Announced sales: 2, $0.3B disclosed
Signature deals
Orbital ATK ($9.2B including debt, 2018). IT services to Veritas, now Peraton ($3.4B, 2021). Training services to Serco ($327M, 2025). news.northropgrumman.com · SEC EDGAR
Goodwill, % of assets
FY2014 46.9%, FY2025 33.9%. Step: 35.7% to 49.6% in FY2018, the Orbital ATK year.FY2017 dips because the deal's financing sat on the balance sheet as cash. SEC EDGAR · SEC EDGAR
What the deals made it
Orbital ATK became 18% of 2019 sales and put Northrop in solid rocket motors and space. SEC EDGAR · SEC EDGAR
Portrait
In 2017 a $25.8B prime with an IT services business; now $42.0B, with no acquisition recorded since 2018. SEC EDGAR · SEC EDGAR

Northrop Grumman goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. The FY2017 dip is pre-funded deal cash, not a change in goodwill.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 Orbital ATK 33.9% 46.9%
The numbers
NOC
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
46.951.048.635.749.645.539.441.140.037.635.533.9

Source: SEC XBRL company facts. NOC

Recorded Northrop Grumman deals (5)
SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources
AnnouncedDealSide$M
2017-01-09BluVector SEC EDGARsoldn/d
2017-09-18Orbital ATK SEC EDGAR · SEC EDGARbought9,200
2020-12-07Federal IT to Peraton SEC EDGAR · SEC EDGARsold3,400
2023-06-02Park Air Systems indragroup.com · indragroup.comsoldn/d
2025-01-30Training services to Serco news.northropgrumman.com · SEC EDGARsold327

Sources: TGOs deal ledger; 10-K goodwill and segments. SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources · NOC · SEC EDGAR · SEC EDGAR · SEC EDGAR · Sources

Huntington Ingalls: small deals that built a services arm

2015 to 2021 bought
7 deals, $2.7B disclosed (all 7 with a value)
2022 to Sep 2026
Bought 1, $0.1B. Sold 0
Signature deals
Camber ($380M, 2016). Hydroid ($350M, 2020). Alion ($1.65B, 2021). W International ($140M, announced Dec 2024). Huntington Ingalls · SEC EDGAR
Goodwill, % of assets
FY2014 16.4%, FY2025 20.8%. Step: 19.8% to 24.7% in FY2021, the Alion year. SEC EDGAR · SEC EDGAR
What the deals made it
A shipbuilder with a services arm: Camber, Fulcrum, G2, Hydroid and Alion built Mission Technologies to 22% of 2022 revenue. Its latest buy is ship-module capacity. Huntington Ingalls · SEC EDGAR
Portrait
In 2014 a pure-play shipbuilder with goodwill at 16.4% of assets.

Huntington Ingalls goodwill, % of total assets

Fiscal years 2014 to 2025, as originally reported. Thick segment: the Alion year.

0% 20% 40% 60% FY2014 FY2018 FY2022 FY2025 Alion 20.8% 16.4%
The numbers
HII
FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
16.415.919.419.119.819.519.824.724.123.321.620.8

Source: SEC XBRL company facts. HII

Recorded Huntington Ingalls deals (11)
SEC EDGAR · hii.com · SEC EDGAR · Sources
AnnouncedDealSide$M
2015-01-30Columbia Group engineering division SEC EDGAR · hii.combought6
2015-03Gulfport composite facility SEC EDGAR · SEC EDGARsold32
2016-11-02Camber Huntington Ingalls · SEC EDGARbought380
2017-07-31Avondale shipyard facility Huntington Ingalls · SEC EDGARsoldn/d
2018-12-03G2 Huntington Ingalls · SEC EDGARbought77
2019-01-18Fulcrum IT Huntington Ingalls · SEC EDGARbought195
2020-02-04Hydroid Huntington Ingalls · Huntington Ingallsbought350
2021-01-04Spatial Integrated Systems autonomy unit Huntington Ingalls · SEC EDGARbought40
2021-02-03UniversalPegasus International SEC EDGAR · PR Newswiresold25
2021-07-06Alion SEC EDGAR · SEC EDGARbought1,650
2024-12W International SEC EDGARbought140

Sources: TGOs deal ledger; 10-K goodwill and segments. SEC EDGAR · hii.com · SEC EDGAR · Sources · HII · SEC EDGAR · hii.com · SEC EDGAR · Sources

Recent acquisitions bring suppliers and production capacity in-house

Recent buying is vertical integration and capacity: rocket motors (Aerojet Rocketdyne), satellite buses (Terran Orbital), fuselages (Spirit AeroSystems), ship modules (W International), undersea sensors (Ultra Maritime). news.lockheedmartin.com · news.lockheedmartin.com

Sellers are public companies, corporate parents or private-equity owners, almost never venture-backed startups. The primes reach startups through venture arms instead: Lockheed Martin Ventures has backed more than 120 companies, RTX Ventures more than 30. SEC EDGAR · GlobeNewswire

Acquisitions by the seven primes, by capability and era

One square per acquisition; disclosed value in $B beside each cell. One capability per deal, assigned by the desk; megadeals are placed by centre of gravity.

Value disclosedNo value disclosedPending

The numbers
Internet Archive · SEC EDGAR · SEC EDGAR · Sources
Capability2015‑21 deals$B2022‑26 deals$B
Other (diversified, rotorcraft, robotics)1729.8250.00
Aerostructures and commercial aero1735.1048.30
IT and services1514.6930.00
EW and C4ISR135.0621.96
Space40.4820.81
Missiles and sensors433.1813.45
Munitions and propulsion29.2014.71
Shipbuilding00.0010.14
Training and simulation50.2500.00

Source: TGOs deal ledger, capability by desk judgment; venture-arm counts from company statements. Internet Archive · SEC EDGAR · SEC EDGAR · Sources · Internet Archive · SEC EDGAR · SEC EDGAR · Sources · Internet Archive · SEC EDGAR · SEC EDGAR · Sources

Parsons and CACI lead this comparison by recorded acquisition count

In this dataset, Parsons (10) and CACI (9) have more acquisitions announced from 2022 to September 2026 than any of the seven primes. Anduril (7) exceeds six of them; General Dynamics has 8, including unnamed 10-K aggregate rows. CACI · CACI

Counts only, not value. Mid-tier and new-entrant rows are researched to a lighter standard than the primes; Anduril is private and its list is press-based. Anduril Industries · CACI

Acquisitions announced, 2022 to Sep 2026

Number of recorded deals, closed or pending, in this selected-company comparison.

Traditional primeMid-tier or new entrant

  1. Parsons10
  2. CACI9
  3. General Dynamics8
  4. Anduril Industries7
  5. Boeing5
  6. AeroVironment4
  7. Booz Allen Hamilton4
  8. Leidos3
  9. Lockheed Martin3
  10. L3Harris2
  11. Huntington Ingalls1
  12. SAIC1
  13. Northrop Grumman0
  14. RTX0
The numbers
CACI · CACI · CACI · Sources
CompanyGroup2015‑212022‑Sep 26
Parsonsmid-tier810
CACImid-tier239
General Dynamicstraditional prime218
Anduril Industriesnew-entrant27
Boeingtraditional prime95
AeroVironmentnew-entrant54
Booz Allen Hamiltonmid-tier54
Leidosmid-tier73
Lockheed Martintraditional prime43
L3Harristraditional prime212
Huntington Ingallstraditional prime71
SAICmid-tier51
Northrop Grummantraditional prime10
RTXtraditional prime140

Source: TGOs deal ledger and contrast ledger. CACI · CACI · CACI · Sources

Method and sources

  1. The fixed set is Lockheed Martin, RTX, Northrop Grumman, General Dynamics, Boeing, L3Harris and Huntington Ingalls. The ledger holds 190 deal rows attributed to these companies, January 2015 to September 2026, from SEC filings, company releases and trade press. Predecessors sit under today's parent: UTC and Raytheon Co under RTX, Harris and L3 under L3Harris. Era is set by announcement date. SEC EDGAR · l3harris.com
  2. Values are as disclosed and on mixed bases: enterprise value including debt (Rockwell Collins, Orbital ATK), cash price, or fair value of stock at close (Raytheon, L3). Sums are indicative. Undisclosed values are blank, not zero, and are drawn as ticks that mark a deal, not its size. SEC EDGAR · SEC EDGAR
  3. Small tuck-ins are likely undercounted, most of all for General Dynamics (targets rarely named; 12 rows are 10-K aggregates) and for L3 before 2019. General Dynamics Information Technology · General Dynamics
  4. Pending deals are counted and hatched (Ultra Maritime, Blue Canyon to MDA, Wisk, Insitu and SkyGrid to Archer, GD's Forvia plant). Terminated deals (Lockheed Martin and Aerojet Rocketdyne, Boeing and Embraer), joint ventures and minority stakes sold are not drawn. boeing.mediaroom.com · SEC EDGAR
  5. Deals between primes appear twice: Sikorsky is a Lockheed Martin buy and a UTC sale, so all-prime totals are not net of each other. Lockheed Martin · SEC EDGAR
  6. The eras differ in length, 7 years against 4.75, so compare the per-year rates (11.0 against 4.0) as well as the totals. Internet Archive · SEC EDGAR
  7. Goodwill as a share of assets is as originally reported (SEC XBRL). It moves with held-for-sale reclassifications (Lockheed Martin FY2015) and pre-funded deal cash (Northrop Grumman FY2017), not only with deals. L3Harris' 2019 transition period is not drawn. SEC EDGAR · GlobeNewswire
  8. Capability areas are desk judgment, one per deal. Mid-tier and new-entrant counts are researched to a lighter standard than the primes. Internet Archive · SEC EDGAR

Internet Archive · SEC EDGAR · SEC EDGAR · Sources

Sources

Source documents and datasets