I think in general it relates to the US military budget. Over the last decade it has been in the $650B-$800B. While it has grown substantially since the 1960s, it also has actually decreased as a percentage of GDP.

I am not sure exactly how to word what I trying to say, so in short: there just isn’t growth in defense like there is elsewhere. Defense stocks are generally seen as value plays and tend to have decent dividends. They see spikes when conflict arises, but their contracts are long and well defined generally so their valuations are relatively straightforward.

I feel like I rambled, but hopefully that makes sense to you and anyone else reading? What do you think?

Edit: millions to billions