Top Industrials Stocks by R&D Spending
Top industrials companies ranked by R&D spending, latest annual filings.
What R&D Spending Means for Industrials Companies
R&D spending in industrials concentrates in aerospace, defense, and advanced manufacturing, where programs run for years and incorporate customer-funded development alongside internal investment. Traditional heavy manufacturing spends less intensively because product cycles are long and process improvements often flow through capex or cost of goods rather than a distinct research line. The result is wide dispersion across the sector that raw dollar rankings alone can obscure.
Why It Matters in Industrials
For aerospace and defense contractors, sustained R&D protects program incumbency on multi-decade platforms where switching costs for customers are enormous. For cyclical industrials, spending tends to compress during downturns and rebuild in recovery, which means the trailing figure can mislead about commitment across a full cycle. Customer-funded R&D, common in defense contracting, also appears differently in different firms' disclosures, muddying direct comparison.
What to Read Alongside
Pair R&D with Revenue for scale context, Free Cash Flow to judge whether investment is self-funded, and Capex since process innovation in industrials often lives on the capex side rather than in R&D.
| # | Symbol | Company | Sector | ||
|---|---|---|---|---|---|
| 1 | BA | The Boeing Company | Industrials | $3.62B | $156.27B |
| 2 | RTX | RTX Corporation | Industrials | $2.81B | $257.41B |
| 3 | DE | Deere & Company | Industrials | $2.31B | $189.58B |
| 4 | CAT | Caterpillar Inc. | Industrials | $2.15B | $371.42B |
| 5 | LMT | Lockheed Martin Corporation | Industrials | $2.00B | $120.55B |
| 6 | HON | Honeywell International Inc. | Industrials | $1.81B | $67.14B |
| 7 | GE | GE Aerospace | Industrials | $1.58B | $331.21B |
| 8 | CMI | Cummins Inc. | Industrials | $1.40B | $72.43B |
| 9 | GEV | GE Vernova Inc. | Industrials | $1.20B | $253.09B |
| 10 | NOC | Northrop Grumman Corporation | Industrials | $1.10B | $72.43B |
| 11 | CNH | CNH Industrial N.V. | Industrials | $1.02B | $21.98B |
| 12 | ETN | Eaton Corporation plc | Industrials | $0.80B | $171.86B |
| 13 | EMR | Emerson Electric Co. | Industrials | $0.77B | $86.01B |
| 14 | AXON | Axon Enterprise, Inc. | Industrials | $0.68B | $37.31B |
| 15 | ROK | Rockwell Automation, Inc. | Industrials | $0.68B | $47.44B |
| 16 | CARR | Carrier Global Corporation | Industrials | $0.63B | $45.55B |
| 17 | ESLT | Elbit Systems Ltd. | Industrials | $0.60B | $34.90B |
| 18 | JOBY | Joby Aviation, Inc. | Industrials | $0.58B | $6.42B |
| 19 | TXT | Textron Inc. | Industrials | $0.52B | $13.39B |
| 20 | ACHR | Archer Aviation Inc. | Industrials | $0.49B | $4.38B |
| 21 | PCAR | PACCAR Inc | Industrials | $0.45B | $59.95B |
| 22 | VRT | Vertiv Holdings Co | Industrials | $0.44B | $97.58B |
| 23 | AGCO | AGCO Corporation | Industrials | $0.37B | $8.45B |
| 24 | TT | Trane Technologies plc | Industrials | $0.35B | $96.33B |
| 25 | SWK | Stanley Black & Decker, Inc. | Industrials | $0.32B | $13.91B |
| 26 | ITW | Illinois Tool Works Inc. | Industrials | $0.30B | $77.03B |
| 27 | JCI | Johnson Controls International plc | Industrials | $0.27B | $88.70B |
| 28 | RKLB | Rocket Lab Corporation | Industrials | $0.27B | $46.02B |
| 29 | PH | Parker-Hannifin Corporation | Industrials | $0.27B | $121.68B |
| 30 | VLTO | Veralto Corporation | Industrials | $0.27B | $23.35B |
| 31 | DLB | Dolby Laboratories, Inc. | Industrials | $0.26B | $5.47B |
| 32 | BETA | BETA Technologies, Inc. | Industrials | $0.26B | $5.45B |
| 33 | GNRC | Generac Holdings Inc. | Industrials | $0.24B | $12.18B |
| 34 | AME | AMETEK, Inc. | Industrials | $0.24B | $56.26B |
| 35 | AEIS | Advanced Energy Industries, Inc. | Industrials | $0.23B | $10.95B |
| 36 | XYL | Xylem Inc. | Industrials | $0.23B | $25.18B |
| 37 | WAB | Westinghouse Air Brake Technologies Corporation | Industrials | $0.22B | $48.94B |
| 38 | SYM | Symbotic Inc. | Industrials | $0.22B | $5.85B |
| 39 | FLY | Firefly Aerospace Inc. | Industrials | $0.20B | $3.91B |
| 40 | RRX | Regal Rexnord Corporation | Industrials | $0.20B | $10.17B |
| 41 | EVEX | Eve Holding, Inc. | Industrials | $0.19B | $0.75B |
| 42 | BE | Bloom Energy Corporation | Industrials | $0.19B | $81.45B |
| 43 | OSK | Oshkosh Corporation | Industrials | $0.17B | $8.52B |
| 44 | REZI | Resideo Technologies, Inc. | Industrials | $0.17B | $2.87B |
| 45 | DOV | Dover Corporation | Industrials | $0.17B | $25.12B |
| 46 | TTC | The Toro Company | Industrials | $0.16B | $8.95B |
| 47 | OTIS | Otis Worldwide Corporation | Industrials | $0.15B | $25.92B |
| 48 | OC | Owens Corning | Industrials | $0.15B | $10.01B |
| 49 | WWD | Woodward, Inc. | Industrials | $0.15B | $19.26B |
| 50 | AYI | Acuity Inc. | Industrials | $0.14B | $9.30B |
| 51 | HY | Hyster-Yale, Inc. | Industrials | $0.14B | $0.60B |
| 52 | ALLE | Allegion plc | Industrials | $0.13B | $13.09B |
| 53 | DRS | Leonardo DRS, Inc. | Industrials | $0.13B | $9.92B |
| 54 | AVAV | AeroVironment, Inc. | Industrials | $0.13B | $7.94B |
| 55 | HEI | HEICO Corporation | Industrials | $0.12B | $43.01B |
| 56 | TDG | TransDigm Group Incorporated | Industrials | $0.12B | $61.49B |
| 57 | JBTM | JBT Marel Corporation | Industrials | $0.12B | $5.88B |
| 58 | IR | Ingersoll Rand Inc. | Industrials | $0.11B | $28.65B |
| 59 | ITT | ITT Inc. | Industrials | $0.11B | $18.65B |
| 60 | ENVX | Enovix Corporation | Industrials | $0.11B | $0.67B |
| 61 | PL | Planet Labs PBC | Industrials | $0.11B | $6.15B |
| 62 | LII | Lennox International Inc. | Industrials | $0.10B | $12.85B |
| 63 | FA | First Advantage Corporation | Industrials | $0.10B | $3.49B |
| 64 | PNR | Pentair plc | Industrials | $0.10B | $8.86B |
| 65 | CW | Curtiss-Wright Corporation | Industrials | $0.10B | $20.32B |
| 66 | AOS | A. O. Smith Corporation | Industrials | $0.10B | $7.90B |
| 67 | BRC | Brady Corporation | Industrials | $0.09B | $3.91B |
| 68 | DCI | Donaldson Company, Inc. | Industrials | $0.09B | $9.97B |
| 69 | LECO | Lincoln Electric Holdings, Inc. | Industrials | $0.09B | $14.33B |
| 70 | GGG | Graco Inc. | Industrials | $0.08B | $12.57B |
| 71 | SPCE | Virgin Galactic Holdings, Inc. | Industrials | $0.08B | $0.50B |
| 72 | NVT | nVent Electric plc | Industrials | $0.08B | $26.33B |
| 73 | ARLO | Arlo Technologies, Inc. | Industrials | $0.07B | $1.44B |
| 74 | WTS | Watts Water Technologies, Inc. | Industrials | $0.07B | $11.83B |
| 75 | SNA | Snap-on Incorporated | Industrials | $0.07B | $19.23B |
| 76 | GTES | Gates Industrial Corporation Ltd. | Industrials | $0.07B | $6.62B |
| 77 | TNET | TriNet Group, Inc. | Industrials | $0.07B | $3.06B |
| 78 | IEX | IDEX Corporation | Industrials | $0.07B | $16.64B |
| 79 | CMPR | Cimpress plc | Industrials | $0.07B | $1.93B |
| 80 | NDSN | Nordson Corporation | Industrials | $0.07B | $17.81B |
| 81 | MSA | MSA Safety Incorporated | Industrials | $0.07B | $6.90B |
| 82 | SEB | Seaboard Corporation | Industrials | $0.06B | $3.95B |
| 83 | MRCY | Mercury Systems, Inc. | Industrials | $0.06B | $5.11B |
| 84 | MIDD | The Middleby Corporation | Industrials | $0.06B | $5.10B |
| 85 | AAON | AAON, Inc. | Industrials | $0.06B | $6.54B |
| 86 | PLUG | Plug Power Inc. | Industrials | $0.06B | $2.95B |
| 87 | HXL | Hexcel Corporation | Industrials | $0.06B | $6.50B |
| 88 | MTW | The Manitowoc Company, Inc. | Industrials | $0.06B | $0.82B |
| 89 | FLS | Flowserve Corporation | Industrials | $0.05B | $9.66B |
| 90 | SPXC | SPX Technologies, Inc. | Industrials | $0.05B | $8.75B |
| 91 | CR | Crane Company | Industrials | $0.05B | $11.69B |
| 92 | SPR | Spirit AeroSystems Holdings, Inc. | Industrials | $0.05B | $4.64B |
| 93 | CSL | Carlisle Companies Incorporated | Industrials | $0.05B | $13.05B |
| 94 | XMTR | Xometry, Inc. | Industrials | $0.05B | $6.03B |
| 95 | CXT | Crane NXT, Co. | Industrials | $0.05B | $2.79B |
| 96 | SMR | NuScale Power Corporation | Industrials | $0.05B | $3.65B |
| 97 | ESAB | ESAB Corporation | Industrials | $0.04B | $4.25B |
| 98 | ATRO | Astronics Corporation | Industrials | $0.04B | $3.00B |
| 99 | KMT | Kennametal Inc. | Industrials | $0.04B | $2.26B |
| 100 | PRLB | Proto Labs, Inc. | Industrials | $0.04B | $2.14B |
No companies match this search.
How this ranking is built
Companies are ranked by R&D spending as reported in their most recent annual filing with the SEC. Figures shown are in US dollars (or percent, as noted), rounded to two decimals.
- Source: annual 10-K / 20-F filings from companies trading on US exchanges (NYSE, Nasdaq, AMEX).
- Fiscal year: whichever annual period the company has most recently filed. Fiscal years don't always align with the calendar year, so the "as of FY" stamp above reflects the most common year across the table.
- Filtered out: warrants, preferred shares, and duplicate listings that share a parent company's financials.
- Size floor: A company qualifies at $500 million in market cap or above. Below that, one mis-stated figure outranks the companies the list is about.
- Currency check: A company whose annual revenue runs above 15 times its market cap is left out, because at that gap the two figures are not in the same currency.
- Currency check: A company whose balance sheet runs above 150 times its market cap is left out for the same reason.
- Update cadence: refreshed as companies file new annual reports (typically within 60–90 days of fiscal year end).
Not financial advice. This is a research tool, not a recommendation.