Scoring model
Weighted composite, not a recommendation. Default weights match the spec. Adjust or apply a preset. Compare checkboxes live on Universe.
Ranked universe
- 73.0fundamentals 50procurement 100supply 94tech 78backlog 50balance 75
Why: Procurement validation is above the universe median. · Balance-sheet heat is a relative strength. · The clearest funded U.S. kinetic C-UAS production line in public markets (Coyote / LIDS). Included as core C-UAS with a single-digit pure-play score.
Risks: Immateriality · Cost-per-kill · Incomplete disclosure in this research set.
- 71.6fundamentals 75procurement 75supply 75tech 80backlog 50balance 75
Why: Procurement validation is above the universe median. · Balance-sheet heat is a relative strength. · Critical U.S. EO/IR supplier with Black Hornet on Blue compilations and disclosed unmanned/C-UAS growth. Low pure-play; included as a component enabler.
Risks: Pure-play mismatch · Incomplete disclosure in this research set. · Incomplete disclosure in this research set.
- 70.4fundamentals 75procurement 100supply 74tech 72backlog 75balance 50
Why: Procurement validation is above the universe median. · Pure-play score 78 — the P&L is actually about drones/C-UAS. · Disclosed funded/reported backlog is material.
Risks: Dilution / issuance flags are on. · DoD concentration · Multiple
- 67.6fundamentals 50procurement 100supply 77tech 70backlog 50balance 75
Why: Procurement validation is above the universe median. · Balance-sheet heat is a relative strength. · Confirmed U.S. Army C-UAS production (VAMPIRE) and WESCAM sensors. Included as core C-UAS with a very low pure-play score — not as a drone OEM.
Risks: Immateriality · Incomplete disclosure in this research set. · Incomplete disclosure in this research set.
- 66.6fundamentals 75procurement 75supply 76tech 68backlog 75balance 50
Why: Procurement validation is above the universe median. · Disclosed funded/reported backlog is material. · Only scaled U.S. public attritable-jet UAS name. Material drone segment with funded production lots. Not a DRNZ top-10; included on relevance, not ETF membership.
Risks: Dilution / issuance flags are on. · CCA competition · Working capital
- 62.1fundamentals 63procurement 50supply 97tech 75backlog 50balance 75
Why: Balance-sheet heat is a relative strength. · Verified software integration with a U.S. Army PoR sUAS (VNav × Black Widow). Included as a defense-autonomy enabler with a 6/100 pure-play score — not as a drone OEM. · Verified software integration with a U.S. Army PoR sUAS (VNav × Black Widow). Included as a defense-autonomy enabler with a 6/100 pure-play score — not as a drone OEM.
Risks: Valuation risk is elevated vs. the rest of the book. · Dilution / issuance flags are on. · Incomplete disclosure in this research set.
- 51.1fundamentals 50procurement 50supply 71tech 52backlog 50balance 50
Why: Pure-play score 70 — the P&L is actually about drones/C-UAS. · Disclosed funded/reported backlog is material. · Newly public U.S. tactical UAS manufacturer with $200M+ quarterly revenue. DRNZ 3.32%. Passes materiality; IPO-seasoning and backlog-refill are the discounts.
Risks: Dilution / issuance flags are on. · PE / float · Deal risk
- 45.9fundamentals 38procurement 50supply 49tech 48backlog 50balance 53
Why: Pure-play score 80 — the P&L is actually about drones/C-UAS. · Disclosed funded/reported backlog is material. · Balance-sheet heat is a relative strength.
Risks: Valuation risk is elevated vs. the rest of the book. · Dilution / issuance flags are on. · Execution risk is a primary discount.
- 44.0fundamentals 38procurement 75supply 51tech 58backlog 25balance 25
Why: Procurement validation is above the universe median. · Pure-play score 88 — the P&L is actually about drones/C-UAS. · U.S. sUAS OEM with a named Army program of record. DRNZ 4.62%.
Risks: Valuation risk is elevated vs. the rest of the book. · Dilution / issuance flags are on. · Execution risk is a primary discount.
- 38.5fundamentals 50procurement 25supply 30tech 35backlog 25balance 85
Why: Pure-play score 74 — the P&L is actually about drones/C-UAS. · Balance-sheet heat is a relative strength. · U.S. component name with a disclosed NDAA-path strategy. DRNZ 5.07%. Supply-chain enabler, not an OEM.
Risks: China / supply-chain heat is elevated (disclosure or industry structure). · Valuation risk is elevated vs. the rest of the book. · Dilution / issuance flags are on.
- 19.9fundamentals 13procurement 0supply 48tech 22backlog 0balance 43
Why: Pure-play score 70 — the P&L is actually about drones/C-UAS. · U.S.-listed (Nasdaq) drone OEM that fails the 'meaningful U.S. defense' bar for a core slot. Held as an international/watchlist comparable, not a core score leader. · U.S.-listed (Nasdaq) drone OEM that fails the 'meaningful U.S. defense' bar for a core slot. Held as an international/watchlist comparable, not a core score leader.
Risks: Valuation risk is elevated vs. the rest of the book. · Dilution / issuance flags are on. · Execution risk is a primary discount.