Ukrainian Defence Industry (UkrOboronProm), Ukraine’s state-owned arms manufacturer, has secured 49th position in the 2025 Top 100 Defence Companies ranking.

Source: UkrOboronProm CEO Herman Smetanin

Details: The ranking of the world’s largest defence companies for 2024 was released by Defense News.

Smetanin said that the company’s defence turnover reached over US$3 billion in 2024, up from US$2.2 billion in 2023.

“This represents a growth rate of 36.3%, well above the global average of 11.2% among the Top 100 defence companies. By absolute defence revenue, UkrOboronProm ranks 49th,” Smetanin said.

Based on revenue growth dynamics, the Ukrainian company placed 16th worldwide.

Among the global leaders by revenue remain Lockheed Martin (US$68.4bn), RTX (US$43.5bn), and CASIC of China (US$38.7bn). By growth rates, the frontrunners were Anduril (US, +138%), Askeri Fabrika (Türkiye, +100%), SES (Luxembourg, +93.7%), and NORINCO (China, +93.6%).

Smetanin noted that this year’s ranking also featured several high-profile newcomers that had not previously appeared in the Top 100.

Meanwhile, only 54 of the world’s largest defence companies recorded growth in 2024, while the rest saw declining revenues. The combined output of the Top 100 defence manufacturers grew by 11.2%, reaching US$661 billion.

Smetanin stressed that Ukraine is becoming a key actor in the world’s defence industry.

“Behind these figures stand more than 56,000 Ukrainian arms industry workers. I thank each of you for this result. Meanwhile, we all understand it is still not enough. Every day we are working to increase weapons and military equipment production for Ukraine’s armed forces,” Smetanin concluded.

Background:

UkrOboronProm had already made the ranking in 2024, when it placed 65th and became one of the leaders in revenue growth.Earlier this August, Lieutenant General Ivan Havryliuk, First Deputy Defence Minister, reported that Ukraine’s defence industry now comprises around 900 companies, most of them privately owned.Recently it emerged that Herman Smetanin has once again been appointed to lead Ukroboronprom. Fourteen candidates in total had applied for the position, with the selection and evaluation overseen by the international company Odgers Berndtson.

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