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German defense electronics company making radar, sensors and electronic warfare systems for military platforms.
German defense electronics company making radar, sensors and electronic warfare systems for military platforms.
Sells radar and sensor systems to defence ministries under long-running programs such as Eurofighter radar upgrades, with Germany the largest customer, then earns service and upgrade work over decades. It was separated from Airbus's defence unit in 2017 and listed in 2020. Italy's Leonardo is a major shareholder.
Moat: narrow (IP / patents, regulatory licence, process know-how). Specialized defense electronics require security clearances and long-cycle qualification, limiting competitors.
Headquarters: Taufkirchen, Germany · Founded: 2017 · Employees: 9,362
Size Hensoldt (HAG.DE) is a Germany Industrials company (Aerospace & Defense) with a market value of $10.0B, the 51st largest of 205 Germany companies the cockpit tracks. Shares closed at €77.44 on 6 Nov 2026.
Performance Over six months the shares gained 2.4%, against -9.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +17.9%); the operating margin is 10.3% (peer median 7.5%).
Valuation It trades at 41.3× forward earnings against a peer median of 27.8× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (5.3% WACC).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.68B | €2.46B | €2.24B | €1.85B | €1.71B |
| Revenue growth | — | +10% | +21% | +8% | — |
| Gross profit | €560M | €525M | €508M | €420M | €393M |
| EBITDA | €450M | €410M | €383M | €301M | €261M |
| Net income | €120M | €89.0M | €108M | €56.0M | €78.0M |
| Free cash flow | €310M | €247M | €111M | €153M | €149M |
| Capital expenditure | €260M | €206M | €200M | €114M | €95.0M |
| Total debt | €1.69B | €1.63B | €1.38B | €855M | €789M |
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 |
|---|---|---|---|---|---|---|
| Hensoldt HAG.DE | $10.0B | +2% | +15% | 10% | 41.3× | 12.2% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| Saab SAAB-B.ST | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
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 | HAG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.7% | +1.0% | 9th highest of 21 |
| 6-month return | +2.4% | -9.8% | 6th highest of 21 |
| Distance from 52-week high | -19.9% | -32.4% | 5th highest of 21 |
| Revenue growth (TTM) | +14.7% | +17.9% | 9th lowest of 21 |
| Operating margin | 10.3% | 7.5% | 9th highest of 21 |
| Forward P/E | 41.3× | 27.8× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 12.2% | 16.1% | 4th least demanding of 11 |
| Growth delivered (Del g) | +15.3% | +6.0% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -3.1 pp | +2.9 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +4.0 pp | -0.1 pp | 5th highest of 21 |
| EV / EBITDA | 22.3× | 17.3× | 4th most expensive of 12 |
| Net debt / EBITDA | 2.5× | 1.7× | 4th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hensoldt HAG.DE | Germany | $10.0B | +2% | +15% | 10% | 41.3× | 12.2% | +15.3% |
| AVIC Xi'an Aircraft Industry 000768.SZ | China | $9.92B | +1% | -34% | 3% | 55.7× | n/a | n/a |
| Moog MOG-A | United States | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% | +6.0% |
| Jonhon Optronic Technology 002179.SZ | China | $10.7B | -7% | +6% | 11% | 30.4× | n/a | n/a |
| BWX Technologies BWXT | United States | $11.0B | -42% | +18% | 10% | 23.8× | 19.6% | +8.5% |
| Leonardo DRS DRS | United States | $9.08B | -18% | +9% | 11% | 23.1× | 4.6% | +5.6% |
| Huntington Ingalls Industries HII | United States | $11.4B | -8% | +13% | 5% | 14.4× | 5.3% | +5.9% |
| Crane CR | United States | $11.6B | +11% | +22% | 18% | 25.8× | 17.5% | -3.5% |
| Raytron Technology 688002.SS | China | $8.64B | -15% | +84% | 29% | 26.4× | 20.1% | +32.1% |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| Embraer S.A. Sponsored ADR EMBJ | United States | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% | +14.5% |
| Textron TXT | United States | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% | +4.9% |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |