[snowmaker]

That's true. But I don't think revenue multiple is the right metric to look at.

If you just look in terms of aggregate market cap, defense companies are some of the larger companies in the world - i.e., Lockheed Martin is valued over $100B. That's a good sign that it's possible to build a big company in the space, which is all you need.

[hef19898]

Every single defence company today is the result of decades of mergers and decades of Cold War peak defence budgets. Not even SoftBanknhas that amount of dough to repeat that.

Lockheed Martin used to be Lockheed and Martin, MDD used to be McDonnel and Douglas, Northrop Gruman, well, you get it. Those companies were built, the were merged. And they are the first on the big defence budgets, and honestly also the only ones being able to deliver modern defence and weapon systems (regardless of delays and cost over runs).

[dragonwriter]

> Lockheed Martin used to be Lockheed and Martin

Lockheed Martin was formed by the merger of Lockheed and Martin Marietta and Martin Marietta was formed by the merger of Martin and American-Marietta, and American-Marietta was formed by the merger of American Asphalt Paint Company and Marietta Paint and Color Company.

[hef19898]

Thanks! Going down the rabbit hole of defence mergers is always fun!