Satellite links just became front-page geopolitics, with Starlink’s wartime role in Ukraine turning what looked like niche infrastructure into critical plumbing for modern defense. When one supplier looks less reliable or more political, budgets and contracts start to shift. That kind of reset can create sharp winners. This article walks through three stocks exposed to this news and how the story could matter for your portfolio decisions.
The stocks covered below are just a first pass on the theme. The full screen surfaced 15 more companies with equally compelling narratives that are not discussed in this article. To go deeper into this niche and identify which businesses fit your own risk and return preferences, head straight to the Defense-Oriented Satellite & Secure Communications Providers screener.
Norbit (OB:NORBT)
Overview: Norbit develops sonar, secure connectivity and contract manufacturing solutions for maritime, transport and industrial clients across its Oceans, Connectivity and Product Innovation and Realization segments.
Operations: Norbit generates NOK 845.7 million from Oceans, NOK 758.9 million from Connectivity and NOK 1.3 billion from Product Innovation and Realization, with group eliminations of NOK 82.5 million.
Market Cap: NOK 10.1 billion
Norbit fits this secure communications theme as a European technology supplier whose sonar, wireless and contract manufacturing capabilities can matter when governments want resilient, locally produced electronics for critical missions.
"Increased geopolitical uncertainty and customer preferences for designed and produced in Europe electronics are feeding demand from defense and security clients, which is already visible in PIR order intake and may affect the durability of revenue streams and operating margins in that segment."
What happens if a single assumption about how long that demand surge lasts proves either too cautious or far too modest for Norbit?
If that single assumption matters to you, read the full narrative for Norbit to see how Norbit’s defense exposure, cash flows and execution risks all fit together.
Kongsberg Gruppen (OB:KOG)
Overview: Kongsberg Gruppen supplies high tech defense, secure communications, missile and space related systems to government and military customers worldwide.
Operations: Kongsberg Gruppen reports NOK 2.1 billion from Other activities, with NOK 34.8 billion of segment adjustments and NOK 1.2 billion eliminations.
Market Cap: NOK 265.2 billion
For the Defense Oriented Satellite & Secure Communications Providers theme, Kongsberg Gruppen matters because it already sits inside critical defense networks, where communications, sensing and strike capabilities are increasingly bundled into the same high tech packages governments want.
"The build out of high volume missile production through Zone 5 and new factories in Norway, Australia and the U.S., together with plans for European hubs, positions Kongsberg Gruppen to serve expected large scale orders for affordable missiles, which could add meaningful revenue while supporting group earnings once margins move from single digit levels toward the company average."
The key variable is how one pressure on future profitability develops once that extra capacity meets actual long term demand.
As that profitability lever plays out, the full narrative for Kongsberg Gruppen unpacks how capacity, defense demand and execution risk could be quietly reshaping Kongsberg Gruppen’s long term earnings power.
KVH Industries (KVHI)
Overview: KVH Industries provides mobile satellite connectivity, managed services and related hardware for maritime and land users that need secure, always on communications.
Operations: KVH Industries generates about $125 million from Mobile Connectivity, with revenue spread across Singapore, the United States and other international markets.
Market Cap: $120 million
KVH Industries operates in secure satellite communications, selling connectivity, terminals and managed services into ships, offshore assets and mobile users that require reliable links when Starlink is not available. The stock provides exposure to government-grade communications and LEO partnerships at a relatively low P/S multiple. The outcome will depend on how pressure on future profitability evolves.
That pressure on profitability makes the analysis report for KVH Industries the next step if you want to see what the market might be missing.
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