Turkish defense company ASELSAN has been ranked the 18th most valuable defense company globally and 9th in Europe, according to a ranking published by Visual Capitalist using real-time market capitalization data from CompaniesMarketCap.com (as of May 20, 2025).
ASELSAN manufactures a broad portfolio of defense technologies, including air defense systems, tactical radios, radar platforms, electro-optical sensors, electronic warfare systems, and guided munitions. These solutions support armed forces across land, air, naval, and joint operations domains.
The company has a growing presence in the Middle East, South Asia, Central Asia, and Africa. In 2025, ASELSAN expanded its international footprint by opening a new regional office in Oman, further enhancing its ability to support local partners and regional defense programs.
ASELSAN’s financial results for 2024 reflect a year of strong growth. The company reported revenues of $3.2 billion, marking a 13% year-on-year increase. It also secured $6.5 billion in new contracts, including $1 billion in international sales. Export volume rose by 67%, and 29 new defense systems were introduced during the year. These figures underscore ASELSAN’s growing role in key areas such as air defense, radar systems, naval platforms, and guided munition technologies.
The company’s rise in the global defense ranking highlights its increasing relevance in international defense supply chains, supported by sustained R&D investment and strategic expansion into emerging markets.
This latest milestone is coming barely a few months after the company announced that it had achieved a record-breaking performance in 2024 by signing export contracts worth over $1 billion—the highest figure in its history. This milestone reflects the company’s expanding influence in global markets and its steady progress toward ambitious goals set for 2030.
Direct exports doubled compared to the previous year, reaching $217 million. Indirect exports through land, naval, and air platforms amounted to $291 million, bringing the total export volume to $508 million. These impressive figures underscore ASELSAN’s growing presence in the international defense industry.
In 2024, ASELSAN broadened its global reach by signing contracts with seven countries for the first time, increasing the total number of nations utilizing its technology to 92. The company also exported 31 products for the first time, including the ASELFLIR-500 camera, GÖZDE and KGK guidance kits, CENK naval radars, and the FERSAH anti-submarine sonar. Notably, the ASELFLIR-500, a new generation electro-optical system renowned for its superior performance on unmanned aerial vehicles (UAVs), was sold to 16 countries in its first year of production.
To enhance its service to end-users worldwide, ASELSAN opened new offices in six different countries during 2024, expanding its global presence to 20 countries. This expansion allows the company to provide more localized support and strengthen relationships with international partners.
Beforehand, late last year, Aselsan’s CEO Ahmet Akyol in an interview with Military Africa explained how ASELSAN became the top 100 defence companies globally. Ahmet Akyol stated that although, “ASELSAN, which started its operations with the aim of fulfilling Türkiye’s military communication needs by national means in 1975, has transformed to a global technology company with its proven technologies in the fields of radar and electronic warfare systems, micro-electronic guidance and electro-optical systems, defence system technologies, and communication and information technologies.”
He noted that: The company’s remarkable progress is attributed to its development of cutting-edge solutions and export performance. ASELSAN, maintained its solid growth and recorded an extraordinary financial performance for the first half of 2024. According to first half financials, revenues reached 35.7 billion TL (over 1 billion USD) with an 8% growth rate, while net profit grew by 133%, reaching 3.6 billion TL. The new contracts worth 2.6 billion USD brought total backlog of the company to 12.3 billion USD.
We have placed innovation at the center of every single piece of our work as we develop advanced technological solutions in all military domains ranging from deep ocean to the space. Our portfolio of over 500 products, most of which are field-proven, is constantly adapted to changing technology requirements of our customers worldwide in line with their feedbacks.
However, the level of success we have reached is never enough for us. As part of our strategic vision that we name AselsaneXt 2030, we have set a goal to be among the top 30 companies in the world by 2030. As we work toward this goal, our core vision is to:
- Grow through global expansion.
- Develop the best-in class products,
- Create game-changing technologies,
