Jim Cramer says investors should have these four defense stocks on their shopping lists

CNBC's Jim Cramer said Thursday that he's bullish on the defense industry and has four stocks in mind that he believes are investable.

"There's at least one industry that's booming right now, and it will keep booming regardless of what happens with the [Federal Reserve] in particular or U.S. economy in general. I'm talking about the defense industry, which is on fire," the "Mad Money" host said.

"The Russian invasion of Ukraine is a game-changer for the defense industry, and you'd really have to be clueless not to notice," he later added.

Here is Cramer's list of four investable defense stocks:

1. Raytheon
2. Lockheed Martin
3. AeroVironment
4. Northrop Grumman

Cramer also noted that the iShares US Aerospace & Defense ETF and the Invesco Aerospace & Defense ETF have year-to-date declines of around 4% and 5%, respectively, while the S&P 500 has plunged around 18%.

"This is just the beginning. If the defense contractors can hold up this well during the worst tape in years, I bet they can soar when the market gets a little less hostile," he said.

He added that the United States and countries in Europe will likely look to invest more in defense. 

The U.S., which on Thursday passed a $40 billion security assistance package for Ukraine, will have to spend to replenish its own stockpiles of military equipment while continuing to send aid to the warring country, Cramer said.

Citing Sweden's and Finland's recently launched bids to join NATO, Cramer predicted that the two countries will have to increase their military spending.

"If Sweden and Finland do join, they'll have to substantially boost their defense spending as part of their treaty obligations — but then again they'd probably do it anyway given that they live right next door to Russia," he said.

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