WTI crude oil has surged from $55.44 in December 2025 to $94.65 as of March 9, 2026, defense budgets are expanding globally, and aviation aftermarket demand keeps outpacing supply. The setup for specialty plays in energy, defense, and aviation services looks compelling. Here are four names ranked by how well-positioned they are to capture the next upcycle.
#4: BETA Technologies
Beta Technologies (NYSE:BETA) is building the full electric aviation stack: aircraft, propulsion systems, and charging infrastructure. The company has flown over 120,000 nautical miles across its aircraft family and operates 107 charging sites, 57 of which are active.
Revenue more than doubled year-over-year to $11.13 million in Q4 2025, beating the $7.22 million consensus by 54%. Full-year 2025 revenue came in at $35.62 million. The commercial backlog stands at 891 aircraft worth approximately $3.5 billion, and a 10-year motor supply deal with Eve Air Mobility carries up to $1 billion in value.
The key catalyst is FAA type certification for the H500A electric engine, expected in the first half of 2026. CEO Kyle Clark framed it this way:
“With a healthy balance sheet and clear milestones ahead in 2026, we are set to maintain our commanding lead in electric aviation.”
Clark, Q4 2025 earnings call
The balance sheet is real: $1.71 billion in cash post-IPO. But Beta is burning capital at scale with 2026 adjusted EBITDA guided at negative $305 million to negative $395 million. This is a certification and scale story, not a profitability story yet. The upside is real but entirely contingent on regulatory and commercial execution.
#3: Civitas Resources
Civitas Resources (NYSE:CIVI | CIVI Price Prediction) operates in the DJ Basin and Permian Basin. Oil production hit 158 MBbl/d, up 6% sequentially, cash operating expenses fell to $9.67 per BOE, down 5% sequentially, adjusted free cash flow was $254 million, and the company completed a $250 million accelerated share repurchase, buying back roughly 8% of shares in Q3.
With WTI at $94.65 per barrel, the macro backdrop is supportive. The complication is the pending all-stock merger with SM Energy, a $12.8 billion deal that would create a combined entity with over $1.4 billion in annual free cash flow. Guidance has been withdrawn pending the deal, and that visibility gap keeps Civitas in the middle of this list.
#2: Amentum Holdings
Amentum Holdings (NYSE:AMTM) is a pure-play advanced engineering and technology company serving nuclear energy, space systems, and critical digital infrastructure. The backlog stands at $47.2 billion with a 1.1x book-to-bill.
Q1 FY2026 revenue came in at $3.237 billion, missing estimates by 2.6%, but the miss was structural. An approximately 8% revenue headwind came from contract transitions into unconsolidated joint ventures and divestitures, not lost business. Underlying EPS growth is guided at approximately 12% for the full year.
Recent wins include a $730 million EDF nuclear services contract in the UK, a $995 million U.S. Air Force RPA IDIQ, and a $151 billion ceiling MDA SHIELD missile defense IDIQ. Moody’s upgraded the credit to Ba3 from B1. Leverage at 3.4x net and negative Q1 free cash flow keep it at number two.
#1: AAR Corp
AAR Corp (NYSE:AIR) runs the most consistent beat-and-raise story in this group. Q2 FY2026 adjusted EPS came in at $1.18, beating the $1.04 estimate by nearly 14%. Revenue of $795.3 million beat by 4.5% and grew 15.9% year-over-year. The Parts Supply segment grew 29%, with new parts distribution organic growth at 32%.
CEO John Holmes explained the margin lever:
“Our 16% sales growth translated to 23% adjusted EBITDA growth as we expanded adjusted margins from 11.4% to 12.1%.”
Holmes, Q2 FY2026 earnings call
The HAECO Americas acquisition cost $77 million and came with $850 million in multi-year customer commitments, buying pre-sold capacity. New Oklahoma City and Miami hangars add 15% new capacity in calendar 2026, are already sold out. Government sales grew 23% year-over-year. Full-year FY2026 guidance calls for total sales growth approaching 17%.
Analysts carry a $119.80 consensus price target with five buys and one hold. The stock is up nearly 31% year-to-date and 65% over the past year.
The Bottom Line
Each company is positioned differently: Beta is a pre-revenue bet on FAA certification and electric aviation infrastructure; Civitas is an oil producer riding WTI’s recovery but clouded by merger uncertainty; Amentum is a backlog-rich defense and nuclear services contractor working through structural revenue headwinds; and AAR is executing right now, with expanding margins, sold-out capacity, and a software platform layered on top of a parts and maintenance business airlines cannot walk away from. If the aviation aftermarket and defense services upcycle has legs, AAR has demonstrated the most consistent execution of the four companies covered here.
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