I fully agree that many of these companies will see a large increase in sales. I suspect that, in many cases those have already been reflected in price increases. So, the more important question as an investor would be which of them is under-valued compared to their probable increase in profits?

A screen to figure this out would be useful to maximize the probability of investment success.

If none, then our job is to drill downwards in order to find those companies, not generally thought to be military/defense oriented, but who will share in the bounty. Off the top of my head, these might include manufacturers of specific proprietary electrical connectors, chemical mining/manufacturing businesses specializing in compounds associated with explosives. Possibly 3D print shops, even mineral miners.

Anoth field would involve energy infrastructure-oriented companies which stand to be awarded a windfall during the rebuilding of Ukraine.

I guess the trick is to find companies with proprietary moats which have not (yet) been identified with the defense industry.

Jeff