Threats from Iran, Russia, North Korea, and others instigate an arms race beyond just the scope of the Iraqi and Afghan wars and cause the perpetual need for military modernization, providing Raytheon with plenty of work.
Raytheon diversifies its contracts better than any of its competitors, limiting its exposure to government program cuts and eliminations and making Raytheon a stable, blue chip stock.
The U.S.'s presence in Iraq and Afghanistan pushes defense spending to all-time highs, fueling Raytheon's balance sheet with a slew of defense electronics and missiles contracts.