On Wednesday, Russian newspaper Vedomosti reported that amid the military conflict in Ukraine, and the push to rearm in Western Europe, the biggest military and defense contractors in NATO member states saw their share prices rise by 21.5% in 2022. The news outlet produced the report using data from Defense News and Tradingview analytics.

The sum of the market capitalizations of the various corporations examined rose from $579 billion in December 2021, to $703 billion by December 2022, according to the data.

The newspaper’s analysis was done using 25 companies which had a capitalization of over $1 billion and which were traded on the stock market. Their revenues are dominated by military product sales and they are also involved in arming Ukraine.

According to the report’s authors, the biggest gainer over the previous year was German arms manufacturer Rheinmetall, which saw its share price surged 122%. Thales, the French contractor noted for its drone and missile products, saw its share price rise 54%. In America, Northrup Grumman saw its stock price rise 44%, while the maker of the HIMARS rocket launcher, Lockheed Martin, rose 42%.

The report also noted BAE Systems was up 40%, Kongsberg Gruppen rose 37%, General Dynamics was up 24%, and Raytheon Technologies rose 19%.

The report noted the gains were all the more impressive given that as these companies’ values were soaring, the overall corporate sector was down 16% for the year, by the S&P 1200 index.