Defense names (NOC, LMT, RTX) wobbled on the Iran ceasefire headlines - RTX the most war-reactive via its Patriot restock cycle - but the structural franchise case is decade-scale, not headline-scale: over $21B of prospective foreign military sales involving Lockheed and RTX were approved for Middle Eastern partners in Q1 2026 alone, Lockheed holds a 416-jet F-35 backlog, and multi-year Pentagon programs and Russia/China-driven demand do not reset on a single ceasefire.