This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Safran is a major defense contractor specializing in aerospace and defense systems. Its Safran Electronics & Defense division develops and manufactures optronics, avionics, and electronic warfare systems for military applications. According to SIPRI data, Safran generated approximately $5.2 billion in defense revenue in 2024, representing about 18% of its total revenue, which exceeds the materiality threshold for exclusion.
The company’s defense portfolio includes products purpose-built for warfare. It is a joint venture partner in MBDA, a leading European missile systems manufacturer. Safran also partners with firms like Rheinmetall on advanced defense electronics and has a memorandum of understanding with EDGE Group to jointly explore the smart weapons market. Its U.S. subsidiary, Safran Federal Systems, is a dedicated mission partner to the U.S. Department of Defense, providing resilient Position, Navigation, and Timing (PNT) solutions under hundreds of government contracts.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.