Sustainable growth of military enterprises is key to developing the national defense industry. Therefore, we selected the financial data of 90 military enterprises listed in China. Using the factor analysis method, we obtained the growth evaluation index from the four dimensions of profitability, debt repayment, operation, and R&D (research and development). The results show that R&D is the critical factor for the growth of military enterprises, and profitability is a short board. In the industrial field, the growth of military shipbuilding enterprises is better than that of other fields, mainly because of the high attention paid to R&D. Regarding the conversion of military-oriented enterprises to civilian production, this study emphasizes the importance of improving profitability and ensuring scientific research incentives. The results of this study are also consistent with the stock market performance of military-listed enterprises, which means that the higher the growth score, the better is the market performance. At the same time, the growth evaluation results of military enterprises have guiding significance for enterprises and market investors.