Thank you for the suggestions, I agree with a lot of them.

The present hot war may (hopefully) be cooling down. But the U.S. is retreating from its historical role and Russia seems willing to roll tanks and troops into countries they want to dominate. So EU/NATOexUS countries are on their own.

I've skimmed many euro defense companies so far.

CONCLUSION:
Most have had huge share price run-ups since 2024 or even since early 2025 (like 2x), so am pretty late to that party.
I don't see many that have revenue supporting that increase, but conceivably some contracts aren't reported as revenue?
Lots of P/E's sky high.
Would take a lot more digging to get a sense of what's really going on with them.

It might well be worth looking at smaller firms, but they are harder to get a handle on.
Also, I don't know how to invest directly in Polish or other non-US firms, I don't know the mechanics of investing directly in ex-US companies (never done it, have done ADRs), don't know how year-end results are reported (would my accountant know what to do?), etc So there'd be a steep learning curve.

Non-US Stocks FAQ

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