The New Private Equity Cycle in the Defence Manufacturing Industry
6 pages · PDF · 11 November 2025 · Licensed single-user copy, watermarked to the buyer
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What this report covers
Technologies: Space, Satellites, Launchers & PNT. A sourced, structured 6-page analysis for European defence and dual-use decision-makers, from the DFM research desk and built on official and primary sources.
About this report
Private equity has entered a structural realignment phase within the global aerospace and defence manufacturing ecosystem, driven by renewed capital deployment, higher valuation multiples, and the accelerating fusion of advanced manufacturing with national security priorities.
Data from Q2 and Q3 2025 confirm a decisive rebound in defence M&A valuations, with Total Enterprise Value to EBITDA ratios stabilising between 16× and 17×—levels unseen since the pre-pandemic boom.
Key questions this report answers
- What is driving private equity's structural realignment within the global aerospace and defence manufacturing ecosystem?
- Why have defence M&A Total Enterprise Value to EBITDA ratios stabilised between 16x and 17x, and what does that level signal?
- How does the fusion of advanced manufacturing with national security priorities shape current capital deployment?
- What overvaluation and exit risks do investors face as defence valuations return to pre-pandemic highs?
Who it's for
Strategy, corporate-development and investment teams that need an ecosystem-level view — budgets, industrial capacity and technology landscapes — before committing capital or capacity.
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Methodology, format & delivery
DFM reports are built from primary and official sources — TED procurement notices, CORDIS and the EU Funding & Tenders Portal, EIB operations, the NATO Innovation Fund portfolio, SIPRI data, official budget documents and company disclosures — read together with the underlying legal texts. Sources are cited in the document; it reflects them as of its publication date (11 November 2025). You receive a 6-page PDF, watermarked to you on every page, delivered on the confirmation page and by e-mail immediately after checkout (personal link valid 72 hours, up to 5 downloads). Guest checkout, single-user licence — Terms of Sale.
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