Drone Stocks 2026: Every Publicly Traded Drone Company

There are roughly two dozen publicly traded companies with meaningful drone or eVTOL exposure in 2026. Only two of them — AeroVironment and Kratos Defense — are profitable, defense-backed businesses with predictable revenue. The rest range from credible long-term bets to companies that may not exist in three years. This guide covers every significant name: ticker, market cap, what they actually make, their financial reality, and how to think about the risk.

How to Think About Drone Stocks

The phrase “drone stock” covers three fundamentally different businesses, and confusing them is expensive.

Defense drone companies sell hardware and munitions to governments under multi-year contracts. Demand is driven by geopolitics and defense budgets, not consumer adoption. Revenue is real, contracts are binding, and the business model is proven. AeroVironment and Kratos are this category.

eVTOL companies are pre-revenue ventures betting on FAA certification, urban air mobility infrastructure, and unit economics that don’t yet exist at scale. Joby and Archer are the best-funded examples. Their stock prices reflect optionality, not earnings.

Commercial drone companies occupy a messy middle ground — real products, real customers, but fragmented markets, thin margins, and Chinese competition that NDAA restrictions are only beginning to neutralize. Most of the smaller names in this space face structural challenges regardless of regulatory tailwinds.

The market traded all three categories as a single theme in 2025, pushing the sector up roughly 35% versus the S&P 500’s 12%. That kind of correlation rarely holds. Defense drone stocks and eVTOL stocks will diverge sharply as certification timelines and defense budgets play out differently.

Pure-Play Drone and eVTOL Stocks

AeroVironment (AVAV)

Ticker: AVAV, NASDAQ. Market cap: approximately $9–11 billion as of April 2026, with a 52-week range of $134 to $418.

AeroVironment is the benchmark pure-play drone stock and the only one that qualifies as an unambiguously real business. Its product portfolio spans Switchblade 300 and 600 loitering munitions, Puma AE and Raven small ISR drones, the JUMP 20 medium UAS, and counter-UAS systems acquired through the $4.1 billion BlueHalo deal closed in 2024. That acquisition transformed AeroVironment from a tactical UAS supplier into a broader battlefield systems company with directed energy and space communications capability.

Revenue for fiscal year 2025 was $820 million, up 14.5% year over year. TTM revenue through early 2026 reached approximately $1.37 billion, with Q3 FY2026 alone coming in at $408 million — up 143% year over year as BlueHalo consolidated. Full-year FY2026 guidance is $1.85 to $1.95 billion. Net income has been inconsistent due to acquisition costs, but the underlying defense business is profitable. Backlog stands at approximately $1.1 billion. Analyst consensus is Buy with price targets averaging around $275 to $310.

The primary risks are integration execution on BlueHalo, contract cyclicality, and the possibility that Ukraine-driven Switchblade demand normalizes as the conflict evolves. The catalysts are substantial: Replicator program orders, loitering munition scaling across NATO allies, and counter-UAS demand that shows no sign of slowing.

For investors wanting drone exposure with the lowest existential risk, AVAV is the starting point.

Kratos Defense & Security Solutions (KTOS)

Ticker: KTOS, NASDAQ. Market cap: approximately $13–15 billion. Share price above $90 as of early 2026.

Kratos builds the XQ-58A Valkyrie loyal wingman — the most prominent example of affordable attritable combat UAS — alongside aerial target drones (UTAP-22 Mako, BQM-167 Skeeter) and tactical ISR systems. Revenue runs above $1 billion annually across its defense segments. The company has methodically built manufacturing infrastructure for affordable high-performance production, which is precisely what the Pentagon’s Drone Dominance program demands.

Analyst sentiment is strongly positive, with price targets ranging up to $150. The core thesis is straightforward: if the US military shifts toward autonomous combat aircraft and expendable drone swarms — which the FY2026 NDAA explicitly funds — Kratos has already built the industrial base to supply them. No other publicly traded company occupies that position as cleanly.

Risks are program timing and defense budget allocation rather than existential questions about the business. Kratos does not pay a dividend.

Red Cat Holdings (RCAT)

Ticker: RCAT, NASDAQ. Market cap: approximately $1.3–2 billion. Share price in the $10–13 range. 52-week range: $4.60 to $18.78.

Red Cat is a pure defense play through its Teal Drones subsidiary. Its products — the Teal 2, Golden Eagle, and Fang F7 — are on the Blue UAS Cleared List and target short-range military and law enforcement reconnaissance. The Black Widow FPV platform and autonomy software round out the portfolio. Revenue for fiscal year 2025 grew 161% year over year, with Q4 hitting a record $24 to $26.5 million. Full-year guidance was $38 to $41 million.

That growth rate is real, but the company remains loss-making with approximately $27.8 million in total liabilities including convertible notes. Short interest is reported above 20% of float, reflecting market skepticism about whether it can scale production fast enough to justify its valuation. A Palantir partnership for AI integration and a $800,000 component order with Unusual Machines are positive signals but not yet material at the current revenue base.

Red Cat is a classic asymmetric defense bet: if the US Army SRR program and Blue UAS procurement scale as the DoD intends, the revenue trajectory could justify the valuation. If production execution stumbles or contracts shift to competitors like Skydio, the downside is severe. Analyst targets average around $17 to $21.

Joby Aviation (JOBY)

Ticker: JOBY, NYSE. Market cap: approximately $8–9 billion. Share price around $8.63. 52-week range: $5.26 to $20.95. Short interest: approximately 8.7% of float.

Joby is building the S4 eVTOL — a four-passenger plus pilot electric air taxi designed for quiet, short-range urban transport. It is the most technically credible eVTOL company in the world and the most cash-rich, with approximately $2.6 billion on hand following a February 2026 raise. That cash provides a realistic runway through commercialization regardless of certification timing.

Revenue is essentially zero. Net loss runs approximately $930 million annually. The entire investment thesis rests on FAA certification: Joby’s conforming aircraft began flying in March 2026, Type Inspection Authorization testing is underway, and the company has targeted initial commercial operations via the FAA’s early implementation pathway for 2026. Realistic full certification and scaled passenger service is more likely 2027 to 2028 based on historical FAA timelines.

Toyota has committed approximately $900 million in support. The DoD is funding a hybrid military variant. Joby acquired Blade Air Mobility for $125 million to secure an air mobility operating network. These partnerships de-risk the commercialization path but do not accelerate the certification timeline, which is governed by the FAA regardless of investor or partnership pressure.

Analyst consensus is Hold, with average targets around $13.40 to $13.80. At current prices that implies modest upside on the base case but severe downside if certification slips by more than 18 months. This is a binary outcome stock: the question is not whether eVTOL works technically but whether the FAA, infrastructure, and unit economics align within the capital runway.

Archer Aviation (ACHR)

Ticker: ACHR, NYSE. Market cap: approximately $4–6 billion. Share price around $5.58. 52-week range: $4.80 to $14.62. Short interest: approximately 14% of float.

Archer builds the Midnight eVTOL, a 12-rotor piloted air taxi targeting 20-mile urban routes. Revenue is negligible — approximately $300,000 trailing twelve months. Cash and liquidity stand at roughly $2 billion, providing adequate runway but significantly less than Joby. Archer has a $142 million US Air Force contract and a UAE air taxi pilot agreement as its most significant commercial milestones.

Archer’s competitive position versus Joby is a matter of genuine debate. Archer achieved 100% FAA Means of Compliance acceptance — the first eVTOL to do so — and has been more aggressive on the commercial go-to-market side, including airline partnerships and route announcements. Joby leads in total flight hours, vertical integration depth, and financial backing. The market has consistently assigned Joby roughly twice Archer’s valuation, reflecting that perceived gap.

Both are targeting FAA certification in the second half of 2026. Neither has achieved it. Both are burning cash at a rate that makes a 2028 or later certification scenario painful. Buy consensus with average targets around $11 implies significant upside, but the 14% short interest reflects how many institutional investors are on the other side of that trade.

EHang (EH)

Ticker: EH, NASDAQ. Market cap: approximately $1–2 billion.

EHang is the first publicly listed autonomous passenger drone company and the only eVTOL operator with actual revenue from commercial flights. Its EH216 has received Chinese Civil Aviation Administration certification and operates passenger demonstration routes in China. Revenue exists but remains small.

The investment case is complicated by geopolitical risk. EHang is a Chinese company listed on a US exchange, subject to potential delisting under HFCAA enforcement. Its regulatory advantage in China has no direct US analog. For investors comfortable with Chinese regulatory and political risk, EHang offers something Joby and Archer cannot: proof that the technology works commercially at some scale. For investors who are not, the delisting risk alone warrants avoidance.

Beta Technologies (BETA)

Ticker: BETA, NYSE. IPO completed November 2025 at $34 per share, raising over $1 billion.

Beta Technologies takes a different approach from Joby and Archer: its CX300 is a fixed-wing electric aircraft rather than a multirotor eVTOL, targeting cargo and regional transport before passenger air taxi. Revenue for 2025 was $35.6 million, up 136% year over year — making it one of the only eVTOL-adjacent companies with meaningful and growing revenue. Beta has built a nationwide charging network and holds partnerships with Amazon, GE, and the US Air Force.

The fixed-wing-first strategy means Beta faces a lower regulatory bar than full eVTOL certification, which is a genuine competitive advantage on timeline. Post-IPO trading has been volatile, with shares falling significantly from the $34 offering price. Cash runway is solid following the IPO. This is the most operationally credible of the eVTOL-adjacent companies outside Joby.

Ondas Holdings (ONDS)

Ticker: ONDS, NASDAQ. Market cap: approximately $4–5 billion.

Ondas operates across two segments: drone systems through its American Robotics subsidiary and industrial wireless communications for rail. The American Robotics Optimus autonomous drone was added to the Blue UAS Cleared List in February 2026, opening federal procurement channels. Its Iron Drone Raider is a counter-UAS intercept system. Revenue exists but the company is not yet at scale. The $4 billion-plus valuation implies significant growth expectations that production reality has not yet confirmed.

DroneShield (DRO)

Exchange: ASX (Australian Securities Exchange). OTC in the US as DRSHF.

DroneShield builds counter-UAS systems — RF detection, AI-based threat identification, and jamming hardware. It is not a drone manufacturer but benefits directly from drone proliferation: every conflict where drones are used creates demand for DroneShield’s products. Revenue is real and growing on the back of Ukraine-driven procurement and global counter-UAS spending. The ASX listing limits accessibility for US retail investors but the OTC market provides a route.

Blade Air Mobility (BLDE)

Ticker: BLDE, NASDAQ.

Blade operates urban air charter services — currently helicopters, transitioning to eVTOL as certification occurs for partners including Joby. It is an asset-light operator rather than a manufacturer, with real revenue from charter bookings. The eVTOL exposure is indirect but the operational infrastructure has genuine value if Joby or Archer commercialize on schedule. Lower risk profile than pure eVTOL plays but also lower upside.

Vertical Aerospace (EVTL)

Ticker: EVTL, NYSE. Market cap: small. Raised $50 million in March 2026.

Vertical Aerospace is building the VX4 eVTOL. It has faced repeated delays and severe financial distress. The March 2026 capital raise extends runway but does not resolve the underlying certification and production challenges. Vertical faces the same obstacles as Joby and Archer with a fraction of their cash and partnerships. Bankruptcy probability is materially higher than any other eVTOL company on this list.

Smaller and Distressed Names

AgEagle Aerial Systems (UAVS) produces the eBee VISION and eBee TAC fixed-wing mapping drones, both on the Blue UAS Cleared List. Revenue is low single-digit millions with ongoing losses and high dilution risk. The Blue UAS listing provides a genuine regulatory advantage but the financial position is precarious.

Unusual Machines (UMAC) is not a drone manufacturer — it makes NDAA-compliant components including flight controllers, ESCs, motors, and cameras produced in Florida. The investment thesis is geopolitical reshoring: as Chinese drone components become restricted, US-made alternatives from Unusual Machines should capture that market. Revenue is early stage and the $2.1 million purchase order in January 2026 is the most significant data point to date.

Parrot (PARRO, Euronext Paris) makes the ANAFI USA, one of the few non-US Blue UAS Cleared platforms. Revenue-generating enterprise business but subscale versus US competitors.

Surf Air Mobility (SRFM) is attempting to electrify regional air travel via hybrid-electric Cessna Caravan retrofits. Early revenue, high execution risk.

Lilium filed for insolvency a second time in February 2025. Assets were pursued by multiple bidders including AAMG. No successor entity trades publicly. The equity is worthless.

Defense Primes: Drone Exposure Without Drone Focus

The major defense contractors all have drone programs but none derives more than 20% of revenue from unmanned systems. Their stock prices move on overall defense budgets, not drone-specific news.

Northrop Grumman (NOC, approximately $75 billion market cap) has the most meaningful UAS exposure through the RQ-4 Global Hawk and MQ-4C Triton ISR programs. Dividend yield approximately 1.7%.

Lockheed Martin (LMT, approximately $125 billion market cap) produces classified UAS platforms alongside the well-known RQ-170 Sentinel. Drone programs are growing but the F-35 dominates the revenue picture. Dividend yield approximately 2.3%.

Boeing (BA) produces the MQ-25 Stingray carrier-based refueling drone and ScanEagle ISR platform. Wholly owns Wisk Aero. Drone exposure is growing but remains subordinate to commercial aviation recovery and defense cost overruns.

RTX (Raytheon) contributes sensors, payloads, and the Coyote counter-UAS interceptor. The drone exposure is primarily in systems that go onto drones rather than complete aircraft. Dividend yield approximately 2.1%.

Textron (TXT) operates through its Textron Systems division with the RQ-7 Shadow and Aerosonde platforms. The Shadow is being retired by the US Army, making next-generation contract wins critical to Textron’s UAS future.

L3Harris (LHX) provides ISR payloads, EO/IR sensors, and electronic warfare systems that appear across the Blue UAS ecosystem. Its WESCAM sensor turrets are a standard component on many allied ISR aircraft.

General Atomics remains private. As the manufacturer of the MQ-1 Predator and MQ-9 Reaper family, it is the dominant supplier of medium-altitude long-endurance UAS globally but is not accessible as a public investment.

ETFs for Drone Exposure

The AdvisorShares Drone Technology ETF (UAV) is the most direct vehicle, with holdings including AeroVironment, EHang, Vertical Aerospace, and defense names with UAS exposure. Assets under management are limited.

Two newer products launched in 2026: the Defiance 2X Daily Long Pure Drone ETF (DRNL), a leveraged instrument tracking a pure drone index, and the REX Drone ETF (DRNZ), targeting drone manufacturers and eVTOL companies. Both are tactical instruments rather than long-term holdings.

For broader defense exposure with meaningful drone content, the Global X Defense Tech ETF (SHLD) at approximately $8 billion AUM holds Kratos, AeroVironment, and Red Cat alongside defense primes. ARK Autonomous Technology & Robotics (ARKQ) holds Kratos at roughly 7.7% and AeroVironment at approximately 3.8%.

Market Size and What’s Driving Valuations

Total drone market size estimates for 2026 range from $26 billion to $69 billion depending on methodology and scope. Military drones account for approximately $17 to $25 billion with a consensus CAGR of roughly 11% through 2030. Commercial drones and eVTOL are growing faster in percentage terms from a smaller base.

The macro tailwinds are clear: US defense budgets reached $923 billion for FY2026, the Drone Dominance program is spending $150 million in its initial procurement with 340,000 attritable units targeted by 2027, and Ukraine has provided years of combat validation for tactical drone systems. Every NATO member is building or expanding a drone procurement program.

The headwinds are equally real: high interest rates compress speculative valuations, FAA certification timelines are slow and non-negotiable, and the eVTOL infrastructure problem — vertiports, air traffic integration, public acceptance — is not solved by certification alone.

Drone stocks as a category outperformed in 2025 by roughly 23 percentage points versus the S&P 500. That outperformance was concentrated in defense names. eVTOL stocks remain well below their 2021 SPAC-era peaks.

Which Companies Have a Realistic Path Forward?

The strongest balance sheets heading into the second half of 2026 are AeroVironment (profitable with a $1.1 billion backlog), Kratos (profitable defense business), and Joby (approximately $2.6 billion cash). The defense primes are not at risk of financial distress by definition.

The highest dilution and bankruptcy risk sits with Vertical Aerospace (severe distress), AgEagle (precarious financials), and any eVTOL company whose certification slips by more than 18 months. Archer and Beta have adequate cash for now but the margin for error is narrow.

For eVTOL, the only companies with a realistic path to commercial passenger operations within 24 months are Joby — whose conforming aircraft is flying and whose FAA relationship is the most advanced — and Archer, which has been faster on commercial certification pathways if not on total flight hours. Beta Technologies has the most credible near-term revenue path via its fixed-wing cargo approach.

What to Watch Through 2027

The FAA certification decisions for Joby and Archer are the defining events for the eVTOL sector. A 2026 Type Certificate for either company — even if operations begin at small scale — would revalue the entire category. A slip into 2028 would pressure cash positions and force dilutive capital raises.

For defense drone stocks, the Drone Dominance procurement awards and Replicator program orders are the near-term catalysts. AeroVironment and Kratos are best positioned for both. Red Cat’s trajectory depends heavily on whether the US Army SRR program and Blue UAS procurement scale as planned or face the schedule compression that has historically affected DoD acquisition programs.

The January 1, 2027 expiration of FCC exemptions for Blue UAS platforms is a policy catalyst that could further entrench the market position of compliant US manufacturers — and eliminate remaining Chinese competition from federally funded procurement entirely.