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Spanish technology group providing air traffic management systems, defense electronics, and IT services to governments and enterprises.
Spanish technology group providing air traffic management systems, defense electronics, and IT services to governments and enterprises.
Earns from long government contracts to build and maintain air traffic control, defense electronics and transport systems, often with service income for years afterward, plus consulting and IT work for companies. Spain's state holding company SEPI is among its largest shareholders.
In one line: A Spanish Leidos/L3Harris hybrid.
Moat: narrow (regulatory licence, customer qualification, installed base). Long-cycle government and air-traffic contracts create high switching costs and qualification barriers.
Headquarters: Madrid, Spain · Founded: 1993 · Employees: 62,396
Size Indra Sistemas (IDR.MC) is a Spain Information Technology company (Information Technology Services) with a market value of $11.2B, the 20th largest of 97 Spain companies the cockpit tracks. Shares closed at €56.76 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against +26.5% for the median peer and +8.2% for the Spain market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 28.4% over the last twelve months (peer median +16.8%); the operating margin is 10.0% (peer median 10.0%).
Valuation It trades at 19.7× forward earnings against a peer median of 26.9× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.5 points above its cost of capital (8.5% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.49B | €5.46B | €4.84B | €4.34B | €3.85B |
| Revenue growth | — | +13% | +12% | +13% | — |
| Gross profit | €497M | €1.29B | €1.15B | €980M | €836M |
| EBITDA | €882M | €591M | €519M | €422M | €387M |
| Net income | €500M | €436M | €278M | €206M | €172M |
| Free cash flow | n/a | €447M | €402M | €338M | €300M |
| Capital expenditure | n/a | €138M | €111M | €62.7M | €54.1M |
| Total debt | €1.44B | €1.75B | €659M | €823M | €1.06B |
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 |
|---|---|---|---|---|---|---|
| Indra Sistemas IDR.MC | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| Leidos LDOS | $16.2B | +2% | +3% | 12% | 11.4× | -6.4% |
| Amadeus IT AMS.MC | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% |
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 | IDR.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | +8.9% | 5th lowest of 21 |
| 6-month return | +11.9% | +26.5% | 6th lowest of 21 |
| Distance from 52-week high | -14.2% | -11.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +28.4% | +16.8% | 8th highest of 21 |
| Operating margin | 10.0% | 10.0% | 11th highest of 21 |
| Forward P/E | 19.7× | 26.9× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | 11.2% | 4th least demanding of 17 |
| Growth delivered (Del g) | +12.4% | +9.8% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -8.2 pp | +2.3 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +23.5 pp | +3.9 pp | 3rd highest of 21 |
| EV / EBITDA | 10.3× | 23.8× | 2nd cheapest of 14 |
| Net debt / EBITDA | -1.3× | -0.3× | 4th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Coforge COFORGE.NS | India | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% | +28.6% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Otsuka 4768.T | Japan | $8.63B | +24% | +9% | 7% | 20.1× | -5.6% | +9.6% |
| EPAM Systems EPAM | United States | $8.22B | +61% | +11% | 10% | 11.3× | 9.4% | +15.5% |
| AppFolio APPF | United States | $8.18B | +39% | +20% | 19% | 28.9× | 18.5% | +25.1% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Viavi Solutions VIAV | United States | $7.00B | -44% | +40% | 11% | 14.0× | 32.7% | +4.8% |
| Xometry XMTR | United States | $6.63B | +44% | +37% | -2% | 91.0× | n/a | n/a |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Suzhou Centec Communications 688702.SS | China | $6.58B | -45% | +32% | -18% | 5,922.0× | n/a | n/a |
| Temenos TEMN.SW | Switzerland | $6.51B | +10% | +30% | 27% | 21.8× | 8.3% | +1.7% |
| Computacenter CCC.L | United Kingdom | $6.48B | +15% | +54% | 3% | 16.4× | 7.9% | +11.1% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |