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European aerospace giant making commercial jetliners, military aircraft and helicopters, the world's other major planemaker besides Boeing.
European aerospace giant making commercial jetliners, military aircraft and helicopters, the world's other major planemaker besides Boeing.
Airlines and leasing companies pay deposits while the plane is built and the balance on delivery, so earnings follow how many planes it can hand over, and the A320 family carries the volume. A multi-year order backlog gives visibility; delivery pace is held up by engines and supplier parts. The French, German and Spanish governments are shareholders.
In one line: Europe's Boeing..
Moat: wide (scale, switching costs, IP / patents). Duopoly with Boeing in large commercial jets; airlines face huge switching/training costs to change platforms.
Headquarters: Toulouse, France · Founded: 1970 · Employees: 165,294
Size Airbus (AIR.PA) is a France Industrials company (Aerospace & Defense) with a market value of $174B, the 4th largest of 206 France companies the cockpit tracks. Shares closed at €196.40 on 6 Nov 2026.
Performance Over six months the shares gained 13.7%, against -0.6% for the median peer and -0.4% for the France market (cap-weighted) — highest of 14 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +11.6%); the operating margin is 8.1% (peer median 11.7%).
Valuation It trades at 26.8× forward earnings against a peer median of 23.2× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points above its cost of capital (11.2% WACC).
Credit Airbus has 10 bonds outstanding ($8.95B), rated A+ by the agencies and trading like AA at a weighted spread of 64 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €76.6B | €73.4B | €69.2B | €65.4B | €58.8B |
| Revenue growth | — | +6% | +6% | +11% | — |
| Gross profit | €12.3B | €11.0B | €10.7B | €10.0B | €10.6B |
| EBITDA | €9.39B | €8.37B | €7.66B | €6.51B | €7.97B |
| Net income | €6.17B | €5.22B | €4.23B | €3.79B | €4.25B |
| Free cash flow | €4.05B | €4.42B | €3.93B | €3.35B | €3.92B |
| Capital expenditure | €4.13B | €3.96B | €3.67B | €3.05B | €2.46B |
| Total debt | €13.8B | €14.2B | €14.3B | €13.6B | €12.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Airbus AIR.PA | $174B | +14% | +6% | 8% | 26.8× | 22.6% |
| Boeing BA | $137B | -27% | +18% | 0% | 179,875.5× | n/a |
| Embraer S.A. Sponsored ADR EMBJ | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Bombardier BBD-B.TO | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AIR.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | +2.8% | 7th highest of 15 |
| 6-month return | +13.7% | -0.6% | highest of 14 |
| Distance from 52-week high | -11.2% | -19.9% | highest of 15 |
| Revenue growth (TTM) | +6.2% | +11.6% | lowest of 14 |
| Operating margin | 8.1% | 11.7% | 2nd lowest of 15 |
| Forward P/E | 26.8× | 23.2× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 22.6% | 7.7% | 4th most demanding of 13 |
| Growth delivered (Del g) | +8.0% | +7.8% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +14.6 pp | -1.5 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +4.4 pp | +9.3 pp | 4th lowest of 14 |
| EV / EBITDA | 16.9× | 17.2× | 7th cheapest of 14 |
| Net debt / EBITDA | 0.3× | 1.3× | 4th least indebted of 15 |
| Bond spread | 64 bp | 70 bp | 4th tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Airbus AIR.PA | France | $174B | +14% | +6% | 8% | 26.8× | 22.6% | +8.0% |
| Rolls-Royce RR..L | United Kingdom | $140B | +6% | +19% | 18% | 28.5× | 24.6% | +13.0% |
| Safran SAF.PA | France | $138B | +4% | +14% | 13% | 28.5× | 22.2% | +13.4% |
| Boeing BA | United States | $137B | -27% | +18% | 0% | 179,875.5× | n/a | n/a |
| Lockheed Martin LMT | United States | $131B | +12% | +8% | 12% | 17.6× | -6.9% | +2.8% |
| RTX RTX | United States | $256B | +8% | +12% | 11% | 24.4× | 8.4% | +9.4% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| GE Aerospace GE | United States | $334B | +9% | +20% | 18% | 36.4× | 27.6% | -9.6% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
Airbus has 10 bonds outstanding with $8.95B face value. The agencies rate it A+; its bonds trade like AA. Weighted yield 4.17%, a spread of 64 bp over government bonds.