ASELSAN Enters Global Defense Top 40: ASELSAN, a major Turkish firm in defence electronics, has hit a notable point. It now sits at number 40 in the 2026 Defense News Top 100 list.
In the prior year’s list, ASELSAN was at 43. With the new result, it becomes the first Turkish defence company to reach the global Top 40. Defense News puts ASELSAN’s 2025 defence revenue at about $4.56 billion. In its own breakdown, the defence revenue used for the report is near $4.46 billion.
The Top 100 ranking is tied to defence-related revenue from the year before. So the jump to No. 40 points back to ASELSAN’s 2025 results. At the same time, the firm’s early 2026 results are shown as a separate signal of faster growth. ASELSAN orders in H1 2026 rose 72 percent. The company’s latest numbers add more detail.
From January through June 2026, ASELSAN won $4.9 billion in fresh deals. That is a 72% rise versus the same months in 2025. After that, its order backlog grew by 45% and reached a new high at $23.2 billion.
The book-to-bill ratio also moved up. It reached 2.5 in the first half of 2026, up from 2.0 in the same period of 2025. Put plainly, ASELSAN brought in far more new orders than the revenue it reported during the period. This helps outline stronger visibility for what comes next.
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ASELSAN Enters Global Defense Top 40
- New contracts: $4.9 billion, +72%
- Order backlog: $23.2 billion, +45%
- Revenue: TRY 88.5 billion, +25% real terms
- EBITDA: TRY 23.2 billion, +31%
- EBITDA margin: 26.3%, +120 basis points
- R&D spending: $804 million, +41%
- Capacity/high-tech investment: $323 million, +195%
ASELSAN’s official H1 release confirms the $4.9 billion contract intake and $23.2 billion backlog, while reporting an EBITDA margin of 26.3%.
The $23.2 Billion Backlog
The backlog is arguably the most important number in ASELSAN’s latest results. A $23.2 billion order book gives the company a substantial pipeline of contracted work stretching into future periods. It does not mean ASELSAN will receive $23.2 billion in cash immediately, nor does it represent annual revenue. Instead, it reflects orders expected to be delivered over time.
The 45% year-on-year increase is particularly significant because it came alongside strong new contract activity. The combination suggests that ASELSAN is not simply growing revenue from its existing order book; it is replenishing and expanding that pipeline at a rapid pace.
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Revenue And Profitability Also Improved
ASELSAN said its revenue for the first six months of 2026 was TRY 88.5 billion. The firm noted this was a 25% jump in real terms versus the same months in the prior year.
EBITDA climbed by 31% to about TRY 23.2 billion. The EBITDA margin went up as well. It reached 26.3%, which is 120 basis points higher than a year earlier.
The company also reported operational cash flow of roughly TRY 15.2 billion in H1 2026.
Net debt to EBITDA improved a little, moving to 0.55 from 0.57. ASELSAN said this suggests that the big rise in contract work and investment has not yet pushed this leverage figure in the same direction.
It also plans to put more money into R and D and output capacity. ASELSAN increased R and D spending by 41% to $804 million in H1 2026. At the same time, it raised investments tied to production capacity and high-tech skills by 195% to $323 million.
ASELSAN pointed to its Oğulbey Technology Base as a key part of the buildout. The company called this its biggest investment. It expects the project to lift production capacity as more sections start running.
Exports
ASELSAN is also making a strong push into overseas markets. In the first quarter of 2026, it said new export deals climbed 69% to $629 million.
Through the end of the first half, its total contract intake reached $4.9 billion. That suggests outside buyers are playing a bigger role in how the firm plans to grow.
ASELSAN has widened its international reach. Its products and systems are now used by customers in many countries. Its jump to No. 40 should not be read as a verdict based only on the latest backlog figures or on 2026 revenue.
The 2026 Defense News Top 100 list is based on 2025 defense revenues. ASELSAN’s defense sales rose to about $4.46 billion in 2025. That was up around 26% from $3.54 billion in 2024. As a result, it moved from 43rd to 40th.
This point matters. The $23.2 billion backlog and the 72% rise in H1 2026 contract wins did not by themselves set the company at No. 40. Those numbers instead show the pace that may matter for later lists.
ASELSAN Leads Türkiye’s Defence Companies
ASELSAN stayed at the top spot among Turkish firms in the 2026 Defense News Top 100 list. In the same ranking, Türkiye placed five companies. ASELSAN came in at 40th. TUSAŞ followed at 48th. ARCA Defense was next at 53rd. ROKETSAN moved up to 64th. MKE ended at 81st.
ARCA Defense stood out because it showed up in the list for the first time. ROKETSAN also climbed from its earlier place. Taken together, the five Turkish firms posted about $14.9 billion in defense revenue in 2025.
This Defense News ranking mainly shows the standing of each firm based on 2025 sales. The H1 2026 results, on the other hand, may hint at where things could go next.
