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Czech defense holding group making tanks, armored vehicles, artillery ammunition and military systems, largely for Ukraine and NATO.
Czech defense holding group making tanks, armored vehicles, artillery ammunition and military systems, largely for Ukraine and NATO.
Sells artillery ammunition and armored vehicles to governments under multi-year supply contracts, so orders follow defense budgets and the war in Ukraine. It is controlled by its Czech founder Michal Strnad and grew as a private group largely through acquisitions of defense firms.
In one line: A fast-growing, Central European General Dynamics.
Moat: narrow (scale, installed base, regulatory licence). One of Europe's few groups with spare ammunition and armor manufacturing capacity amid rearmament demand.
Headquarters: Prague, Czech Republic · Founded: 1995 · Employees: 10,572
Size Csg (CSG.AS) is a Netherlands Industrials company (Aerospace & Defense) with a market value of $14.6B, the 20th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €13.03 on 6 Nov 2026.
Performance Over six months the shares fell 19.6%, against -7.6% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 71.8% over the last twelve months (peer median +13.7%); the operating margin is 24.9% (peer median 10.9%).
Valuation It trades at 11.7× forward earnings against a peer median of 26.1× (cheapest of 21).
Capital Return on invested capital runs 13.8 points above its cost of capital (5.7% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | €6.74B | €3.93B | €1.73B | €1.02B |
| Revenue growth | — | +72% | +126% | +71% | — |
| Gross profit | n/a | €1.83B | €1.14B | €455M | €211M |
| EBITDA | n/a | €1.84B | €1.08B | €427M | €181M |
| Net income | n/a | €678M | €526M | €174M | €121M |
| Free cash flow | n/a | -€444M | €700M | €56.0M | €236M |
| Capital expenditure | n/a | €225M | €117M | €74.2M | €65.3M |
| Total debt | n/a | €4.51B | €3.02B | €1.14B | €880M |
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 |
|---|---|---|---|---|---|---|
| Csg CSG.AS | $14.6B | -20% | +72% | 25% | 11.7× | n/a |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| General Dynamics GD | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% |
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 | CSG.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.6% | +3.1% | 7th lowest of 21 |
| 6-month return | -19.6% | -7.6% | 5th lowest of 21 |
| Distance from 52-week high | -63.3% | -27.0% | lowest of 21 |
| Revenue growth (TTM) | +71.8% | +13.7% | 3rd highest of 21 |
| Operating margin | 24.9% | 10.9% | 2nd highest of 21 |
| Forward P/E | 11.7× | 26.1× | cheapest of 21 |
| ROIC minus cost of capital | +13.8 pp | +3.8 pp | 2nd highest of 21 |
| EV / EBITDA | 8.7× | 18.6× | cheapest of 15 |
| Net debt / EBITDA | 1.5× | 1.9× | 6th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
| Textron TXT | United States | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% | +4.9% |
| Embraer S.A. Sponsored ADR EMBJ | United States | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% | +14.5% |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| Crane CR | United States | $11.6B | +11% | +22% | 18% | 25.8× | 17.5% | -3.5% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Huntington Ingalls Industries HII | United States | $11.4B | -8% | +13% | 5% | 14.4× | 5.3% | +5.9% |
| BWX Technologies BWXT | United States | $11.0B | -42% | +18% | 10% | 23.8× | 19.6% | +8.5% |
| Jonhon Optronic Technology 002179.SZ | China | $10.7B | -7% | +6% | 11% | 30.4× | n/a | n/a |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Moog MOG-A | United States | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% | +6.0% |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| Hensoldt HAG.DE | Germany | $10.0B | +2% | +15% | 10% | 41.3× | 12.2% | +15.3% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| AVIC Xi'an Aircraft Industry 000768.SZ | China | $9.92B | +1% | -34% | 3% | 55.7× | n/a | n/a |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |