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12 segments · 34 companies

Industrials & Defense

−3.4%chain · 1M

Engine and parts deliveries set aircraft output, defense budgets set military orders, construction and farm cycles set machinery, and freight volumes set rail and parcels.

  • The Industrials & Defense covers 12 segments and 34 companies, 2 of them chokepoints.
  • Over the past month the chain's median listed company returned −3.4%, against 0.0% for the S&P 500.
  • The strongest segment is Railroads (+4.4%) and the weakest Commercial space (−11.2%), a 15.6-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

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Aerospace & defenseMachineryTransport
Parts & distribution
Engines & avionics−2.9%
GE−7.2%RTX+0.3%HONA−2.9%
Industrial distribution & materials+4.0%
FAST+4.8%MMM+3.2%
Systems & equipment
Commercial aircraft−2.8%
BA−2.8%
Defense primes+0.4%
LMT+5.6%GD+0.4%RTX+0.3%
Commercial space−11.2%
SPCX+3.0%RKLB−25.4%
Construction & farm machinery−7.2%
CAT−8.4%DE−9.3%PCAR−3.2%AGCO−12.8%ALSN−3.8%BLBD−3.5%CNH−15.7%LNN−7.2%OSK−1.8%TEX−9.7%TITN−5.3%
Operations & services
Airlines−10.1%
AAL−10.1%
Public-safety technology−12.3%
AXON−12.3%
Business services & infrastructure−6.0%
CTAS+10.7%CPRT−4.2%FER−11.2%KELYA−1.6%MAN−22.5%RHI−7.8%
Railroads+4.4%
UNP+4.9%CSX+3.9%
Parcel & less-than-truckload+3.9%
UPS+3.9%FDX+0.8%ODFL+6.5%
Demand & budgets
Defense budgets & capex

Which segments are leading

Median price return of the listed companies in each segment.

Railroads+4.4%
Industrial distribution & materials+4.0%
Parcel & less-than-truckload+3.9%
Defense primes+0.4%
Commercial aircraft−2.8%
Engines & avionics−2.9%
Business services & infrastructure−6.0%
Construction & farm machinery−7.2%
Airlines−10.1%
Commercial space−11.2%
Public-safety technology−12.3%
S&P 5000.0%
Industrial distribution & materials+8.7%
Commercial space+5.7%
Business services & infrastructure−3.5%
Railroads−6.9%
Commercial aircraft−8.1%
Defense primes−8.4%
Airlines−9.8%
Construction & farm machinery−10.3%
Parcel & less-than-truckload−12.7%
Engines & avionics−15.2%
Public-safety technology−18.2%
S&P 500+4.7%
Railroads+30.5%
Parcel & less-than-truckload+25.5%
Industrial distribution & materials+19.0%
Business services & infrastructure+16.4%
Defense primes+10.4%
Construction & farm machinery+9.6%
Airlines+0.5%
Engines & avionics−2.0%
Commercial space−10.7%
Commercial aircraft−11.3%
Public-safety technology−41.1%
S&P 500+15.8%

Chokepoints

Concentrated, hard-to-replace links that can cap the whole chain.

Engines & avionics · Narrowbody engines come mainly from CFM (GE JV) and Pratt & Whitney (RTX)

New aircraft deliveries are limited by engine output; engines depend on a few suppliers of special castings, forgings and materials, so ramps are slow.

Commercial aircraft · A Boeing–Airbus duopoly

Only Boeing and Airbus build large jetliners, with years of backlog; FAA caps 737 MAX monthly output, so airline capacity growth waits on deliveries.

Key numbers

Boeing total backlog (record)$715BBoeing · 2026 Q2 财报（SEC 8-K 附件）
Union Pacific Q2 revenue growth+12%Union Pacific · 2026 Q2 财报（SEC 8-K 附件）

Sources

AI Infrastructure Supply ChainSemiconductor Value ChainSoftware & AI ApplicationsHealthcare Value ChainFinancial ServicesConsumer Value ChainEnergy & PowerCommunications & MediaOil & Gas Supply ChainUtilities & Power GridTravel, Leisure & EntertainmentAerospace & DefenseCapital Markets & Asset ManagementInsurance Value ChainReal Estate & REITsMedtech, Diagnostics & CareHousing & BuildingChemicals & Basic MaterialsIndustrial Automation & EquipmentRetail Channels & Consumer BrandsLogistics & FreightWater, Environment & Facility ServicesBanking, Credit & PaymentsAgriculture to the TableEnterprise IT & Services

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