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Italy's largest defense and aerospace group, making helicopters, military aircraft, electronics and radar; the Italian state is its largest shareholder.
Italy's largest defense and aerospace group, making helicopters, military aircraft, electronics and radar; the Italian state is its largest shareholder.
Builds to government orders under multi-year programmes, so revenue follows contract milestones and defence budgets. The Italian state is the largest shareholder but holds under half, and a US arm, Leonardo DRS, is listed separately in New York. Helicopters and defence electronics lead, and large fighter programmes are shared with partner countries.
In one line: Italy's Lockheed Martin/Textron.
Moat: narrow (regulatory licence, installed base, IP / patents). State ownership and long-term defense platform programs create durable government relationships, though tender-driven.
Headquarters: Rome, Italy · Founded: 1948 · Employees: 62,762
Size Leonardo (LDO.MI) is an Italy Industrials company (Aerospace & Defense) with a market value of $31.0B, the 10th largest of 123 Italy companies the cockpit tracks. Shares closed at €48.07 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against -0.6% for the median peer and +3.1% for the Italy market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 10.1% over the last twelve months (peer median +12.3%); the operating margin is 6.9% (peer median 11.5%).
Valuation It trades at 20.2× forward earnings against a peer median of 27.3× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +6 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 1.1 points below its cost of capital (7.8% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €20.6B | €19.5B | €17.8B | €15.3B | €14.7B |
| Revenue growth | — | +10% | +16% | +4% | — |
| Gross profit | €1.83B | €1.73B | €1.45B | €1.22B | €1.22B |
| EBITDA | €2.12B | €1.90B | €1.81B | €1.45B | €1.41B |
| Net income | €1.13B | €1.22B | €1.07B | €658M | €927M |
| Free cash flow | €1.14B | €977M | €794M | €404M | €523M |
| Capital expenditure | €1.13B | €1.02B | €895M | €782M | €762M |
| Total debt | n/a | €4.49B | €4.70B | €4.93B | €4.61B |
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 |
|---|---|---|---|---|---|---|
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| Airbus AIR.PA | $174B | +14% | +6% | 8% | 26.8× | 22.6% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
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 | LDO.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.0% | +4.0% | 9th highest of 21 |
| 6-month return | -3.6% | -0.6% | 10th lowest of 20 |
| Distance from 52-week high | -27.4% | -20.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.1% | +12.3% | 7th lowest of 20 |
| Operating margin | 6.9% | 11.5% | 3rd lowest of 21 |
| Forward P/E | 20.2× | 27.3× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.3% | 7.0% | 7th most demanding of 16 |
| Growth delivered (Del g) | +7.8% | +11.5% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +6.5 pp | -1.2 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -1.1 pp | +8.4 pp | 5th lowest of 20 |
| EV / EBITDA | 15.3× | 20.5× | 5th cheapest of 17 |
| Net debt / EBITDA | 1.7× | 1.2× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |