Defense Contracting
Companies that sell weapons, military materiel, defense equipment, or military services where the military application is material — not incidental. Exclusion thresholds: (1) the company has developed specialized products or marketing targeting military customers, (2) military/defense revenue exceeds approximately 15% of total revenue, or (3) the product is purpose-built for warfare (guidance systems, weapons platforms, munitions). Selling dual-use products (semiconductors, extension cords, commodity components) that happen to be purchased by militaries is NOT grounds for exclusion. Supporting military personnel as human beings (healthcare, insurance, worker protections) is NOT grounds for exclusion. The distinction is between supporting the war-industrial complex and incidentally serving people who work in it. Distinct from occupied_territories (which covers what military customers do with the equipment) and surveillance_tech (which covers surveillance products sold to any buyer).
Excluded Companies (8 total)
Showing 8 of 8 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| ACHR | ARCHER AVIATION INC | Though primarily understood as a provider of air taxis, Archer has a significant and expanding defense operation. |
| APH | AMPHENOL CORP | DOJ $18M settlement (August 2023) for violating the False Claims Act by selling non-compliant electrical connectors to the U.S. military for use in tanks, fighter jets, rockets, and missiles. |
| AVIJF | AviChina Industry & Technology Company Limited | NBIM: Sales of weapons to states in armed conflicts, where the weapons are used in ways that constitute breaches of the international rules on the conduct of hostilities |
| BEL.NS | Bharat Electronics Limited | NBIM: Sales of weapons to states in armed conflicts, where the weapons are used in ways that constitute breaches of the international rules on the conduct of hostilities |
| CAT | Caterpillar | Caterpillar's webiste states "Defense Customers Are Our Priority" and also notes that "Caterpillar has developed an extensive military training program to support the owners and operators of advanced ... |
| CMI | Cummins | Cummins is a Tier 1 defense contractor. As of December 2025, the company secured a $500 million contract for U.S. military generators. It also produces the Advanced Combat Engine (ACE) and V903 engine... |
| KEYS | KEYSIGHT TECHNOLOGIES INC | Keysight Technologies, Inc. received an $18.5 million US Air Force contract to integrate and deliver two Electronic Warfare Threat Simulator (EWTS) systems. |
| NVDA | NVIDIA Corporation | The Israeli military uses multiple Nvidia products. Several purchases of Nvidia products were disclosed by the Israeli Ministry of Defense during Israel’s 2023-2025 Gaza genocide. |
The Naughty List
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.