A Wall Street Journal analysis on March 17, 2026, found that major U.S. defense contractor stocks remain flat or down despite international conflicts.
Markets likely priced in rising defense budgets and geopolitical instability before the recent escalations. Lockheed Martin, RTX, and Northrop Grumman currently trade near historical multiples.
Investors now face margin pressures from high input costs. A shift toward cheaper, technology-driven systems counterbalances the increased demand for munitions.