Other Defense Companies: Turkey, Israel, Korea and Poland
The defense story of the Ukraine war is not only an American and Western European one. A second tier of primes — Turkey’s Baykar, Aselsan and Roketsan, Israel’s Elbit Systems, South Korea’s Hanwha Aerospace, Korea Aerospace Industries and LIG Nex1, and Central Europe’s CSG and PGZ — has reshaped the global arms market since 2022. These companies supply drones, artillery, ammunition and precision systems either directly to Kyiv or, more often, to the NATO states refilling their own stocks. This page maps who they are, how they are owned and why each matters to the war.
What Defines This Group
The companies on this page share one trait: they sit outside the traditional United States and Western European defense bloc, yet each has become strategically relevant to the Ukraine war. Some, like Turkey’s Baykar, supplied front-line equipment directly. Others, like South Korea’s primes, matter indirectly by rearming NATO frontline states at a speed and price the West has struggled to match. A third cluster — Czechia’s CSG and Poland’s PGZ — anchors the artillery-ammunition supply chain that keeps Ukrainian guns firing.
Ownership structures vary widely and matter for transparency. Listed firms publish daily, market-priced valuations; private and state-owned ones do not. The table below separates the two clearly so readers do not mistake an estimate for a market price.
| Company | Country | Listing | Approx. market cap / status | Ukraine relevance |
|---|---|---|---|---|
| Baykar | Turkey | Private (family-owned) | Private — not listed | TB2 and Akinci strike drones used by Ukraine |
| Aselsan | Turkey | Borsa Istanbul (ASELS) | ~1.7–1.9 trillion TRY (June 2026) | Electronics, EW, radars, communications |
| Roketsan | Turkey | State / foundation-owned | State-owned — not listed | Missiles and rocket artillery |
| Elbit Systems | Israel | NASDAQ / TASE (ESLT) | ~US$38–43 billion (June 2026) | Precision fires, electro-optics, EW |
| Hanwha Aerospace | South Korea | KRX (012450) | ~51–53 trillion KRW (June 2026) | K9 howitzers, ammunition, propulsion |
| Korea Aerospace Industries (KAI) | South Korea | KRX (047810) | ~14 trillion KRW (June 2026) | FA-50 light fighter, aerostructures |
| LIG Nex1 | South Korea | KRX (079550) | ~20 trillion KRW (June 2026) | Guided missiles, air-defense systems |
| CSG (Czechoslovak Group) | Czechia | Private | Private — not listed | Artillery ammunition, armoured vehicles |
| PGZ (Polska Grupa Zbrojeniowa) | Poland | State-owned | State-owned — not listed | Ammunition, armoured vehicles, air defense |
⚠ Figures are approximate, rounded and change daily. Sources and as-of dates: Aselsan — stockanalysis.com (June 2026); Elbit Systems — stockanalysis.com (June 2026); Hanwha Aerospace — stockanalysis.com (June 2026); KAI — stockanalysis.com (June 2026); LIG Nex1 — stockanalysis.com (June 2026). Roketsan ownership — source.
Turkey: Baykar and the Drone Revolution
No company captured the early phase of the Ukraine war like Baykar. Its Bayraktar TB2, a medium-altitude unmanned combat aircraft, became a symbol of Ukrainian resistance in 2022, striking armoured columns and supply lines at a fraction of the cost of Western platforms. Baykar is privately and family-owned, so it has no listed shares and publishes no audited valuation; any figure circulating in the press is an estimate, not a market price. Its larger Akinci drone and ambitions in unmanned fighters have since extended the brand well beyond the TB2.
Around Baykar sits a broader Turkish ecosystem. Aselsan, listed on Borsa Istanbul, supplies electronics, electronic warfare, radars and secure communications, and its market capitalization — roughly 1.7 to 1.9 trillion lira in June 2026 — has risen sharply, though much of that move reflects lira depreciation as well as genuine growth. Roketsan, controlled by the Turkish Armed Forces Foundation alongside MKE and state banks, builds the missiles and rocket artillery that complete the package. It is not publicly traded and is best judged on programmes rather than share price.
Turkey’s value proposition is speed and affordability. Its firms iterate quickly, export aggressively and operate with fewer political constraints than many Western suppliers, which has made Ankara a favoured partner for states seeking capable systems without lengthy approval chains.
South Korea: The K-Defense Surge
South Korea has emerged as perhaps the most important indirect supplier to the Ukrainian effort. Its industrial base, built for a permanent confrontation with the North, can mass-produce mature land systems at a pace Western factories cannot match. The flagship deal came with Poland, a NATO frontline state: a multi-billion-dollar package covering Hanwha’s K9 self-propelled howitzers, Hyundai Rotem’s K2 tanks and Korea Aerospace Industries’ FA-50 light fighters, with significant local production.
Hanwha Aerospace is the centrepiece. Listed on the KRX with a market capitalization around 51 to 53 trillion won in June 2026, it has become a global artillery and propulsion powerhouse, and the K9 is now a NATO-standard 155 mm gun across multiple European armies. Korea Aerospace Industries, valued near 14 trillion won, supplies the FA-50 and aerostructures, while LIG Nex1 — around 20 trillion won and recently rebranded toward a defense-and-aerospace identity — provides guided missiles and air-defense interceptors.
The link to Ukraine is mostly second-order but powerful. By rearming Poland and other NATO members quickly and cheaply, Korean firms free older European equipment for transfer to Kyiv and help refill the artillery-ammunition stocks the war has drained. The result is a structural shift: a non-Western producer has become central to the West’s ability to sustain support.
Israel: Elbit and Precision Fires
Elbit Systems is Israel’s largest independent defense company and one of the few non-Western primes dual-listed on a major Western exchange, trading on NASDAQ and the Tel Aviv Stock Exchange. In June 2026 its market capitalization sat in the region of US$38 to US$43 billion, lifted by a wave of global rearmament orders. Elbit specialises in precision fires, artillery rocket systems, electro-optics, electronic warfare and soldier systems — capabilities that map directly onto the demands of the Ukraine war.
Israel’s posture toward Ukraine has been cautious and politically constrained, balancing relations with Russia and its own security priorities in the Middle East. Direct transfers of major Israeli weapons to Kyiv have been limited. Even so, Israeli technology circulates widely through European supply chains and licensed production, and Elbit’s precision and electronic-warfare expertise remains influential in how Western armies think about artillery and counter-drone warfare.
For investors and analysts, Elbit is notable as a rare case where a non-Western prime can be valued in real time on a deep, liquid market, making its capitalization a useful barometer of how the rearmament cycle is being priced.
Central Europe: CSG and PGZ
The least glamorous but arguably most decisive contribution comes from Central European ammunition makers. Czechoslovak Group (CSG), a privately owned Czech holding, sits at the heart of the Czech-led ammunition initiative that has scoured global markets for large-calibre artillery shells and channelled hundreds of thousands of rounds toward Ukraine. CSG also produces armoured vehicles and has expanded aggressively, acquiring capacity across Europe and North America. As a private company it publishes no market capitalization, so its scale is best measured in output and contracts.
Poland’s Polska Grupa Zbrojeniowa (PGZ) is the state-owned counterpart: a conglomerate of dozens of subsidiaries spanning ammunition, armoured vehicles, air defense and naval systems. Warsaw has poured resources into expanding domestic 155 mm shell production and integrating Korean and Western technology, positioning PGZ as a backbone of NATO’s eastern flank. It is not listed as a single entity, and its trajectory is set by Polish state policy rather than markets.
Together, these two firms illustrate where the war is actually being decided industrially. Artillery remains the dominant killer on the battlefield, and the side that can keep guns supplied with shells holds a structural advantage. Central Europe’s ammunition base has become as strategically important as any high-profile drone or missile programme.
Risks and Outlook
Several risks cloud the outlook for this group. Currency volatility distorts headline valuations — much of Aselsan’s lira-denominated growth, for instance, reflects depreciation rather than real expansion, so figures must always be read against an as-of date. Political constraints differ sharply by country: Israel’s caution over Russia limits direct support, while Turkey balances NATO membership against its own dealings with Moscow.
The opportunity, however, is structural. Global rearmament has lengthened order books for years, and non-Western producers have proven they can deliver mature systems at scale and speed. South Korea’s ascent and Central Europe’s ammunition push suggest the supply base for any prolonged conflict is broadening well beyond the traditional Western primes. For Ukraine, that diversification is largely positive, reducing single-source dependence and easing the chronic shortage of artillery shells.
The central caveat remains transparency. Listed firms offer real-time, market-priced valuations; private and state-owned ones do not, and the gap between an audited market capitalization and a press estimate is wide. Readers should treat the two categories differently and always check the source and date before relying on any number.
Frequently Asked Questions
Which non-Western defense companies matter most to the Ukraine war?
Turkey’s Baykar (TB2 and Akinci drones), South Korea’s Hanwha Aerospace and Korea Aerospace Industries (K9 howitzers and ammunition feeding NATO stocks), Israel’s Elbit Systems (precision fires and electro-optics), and Central European firms CSG of Czechia and Poland’s PGZ (large-calibre ammunition) are the most relevant primes outside the United States and Western Europe.
Is Baykar a publicly listed company?
No. Baykar is a privately held, family-owned Turkish company. It has no listed shares and publishes no audited market capitalization, so any valuation figure circulating publicly is an estimate rather than a market-priced number.
What is Aselsan’s market capitalization in 2026?
Aselsan trades on Borsa Istanbul under the ticker ASELS. As of early-to-mid June 2026 its market capitalization was roughly 1.7 to 1.9 trillion Turkish lira. Because the lira is volatile, the figure should always be read with its as-of date.
Is Roketsan listed on the stock market?
No. Roketsan is controlled by the Turkish Armed Forces Foundation, with additional stakes held by MKE, Aselsan and state banks. It is not publicly traded, so it has no daily market capitalization and is best assessed qualitatively.
How big is Elbit Systems?
Elbit Systems is dual-listed on NASDAQ (ESLT) and the Tel Aviv Stock Exchange. In June 2026 its market capitalization was in the region of US$38 to US$43 billion, reflecting strong order intake driven by global rearmament.
Why is South Korea called the rising arms exporter?
South Korean firms can mass-produce mature systems quickly and cheaply. Hanwha’s K9 self-propelled howitzer, Korea Aerospace Industries’ FA-50 light fighter and Hyundai Rotem’s K2 tank underpinned a multi-billion-dollar package with Poland, a NATO frontline state, making Korea a major supplier of Western-compatible hardware.
How is South Korean industry connected to Ukraine?
The connection is mostly indirect. By arming Poland and other NATO members at scale, Korean firms free up older European stocks for transfer to Ukraine and help refill depleted ammunition inventories, easing the supply pressure created by the war.
What does CSG of Czechia do for Ukraine?
Czechoslovak Group (CSG) is a privately owned holding that produces large-calibre artillery ammunition and armoured vehicles. It is a key supplier within the Czech-led ammunition initiative that has sourced hundreds of thousands of artillery shells for Ukraine from global markets.
Is PGZ a state-owned company?
Yes. Polska Grupa Zbrojeniowa (PGZ) is Poland’s state-owned defense conglomerate, grouping dozens of subsidiaries. It is not publicly listed as a single entity and is expanding ammunition and armoured-vehicle output as Poland rearms.
Are the market-cap figures on this page investment advice?
No. All figures are approximate, rounded estimates drawn from public market-data aggregators and shown with an as-of date. They change daily and are provided for journalistic context only, not as investment advice.