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German maker of small arms, including rifles, pistols and machine guns, for militaries and police forces.
German maker of small arms, including rifles, pistols and machine guns, for militaries and police forces.
Wins multi-year supply contracts from armies and police after long trials, which then bring replacement orders, spare parts and upgrades. Exports need German government approval, and sales go mostly to NATO and allied governments, with a US subsidiary serving American military and law-enforcement buyers.
Moat: narrow (brand, IP / patents, regulatory licence). Long-established defense-grade small arms brand with government certification and procurement relationships.
Headquarters: Oberndorf am Neckar, Germany · Founded: 1949 · Employees: 1,383
Size H&k (MLHK.PA) is a France Industrials company (Aerospace & Defense) with a market value of $1.25B, the 125th largest of 206 France companies the cockpit tracks. Shares closed at €31.50 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -15.8% for the median peer and -0.4% for the France market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 35.8% over the last twelve months (peer median +16.6%); the operating margin is 18.0% (peer median 2.8%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 6.0× (6th 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 +7%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.7 points above its cost of capital (6.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €477M | €393M | €343M | €301M | €305M |
| Revenue growth | — | +14% | +14% | -1% | — |
| Gross profit | €177M | €129M | €112M | €114M | €119M |
| EBITDA | €104M | €68.2M | €62.6M | €60.9M | €79.4M |
| Net income | €67.1M | €38.1M | €27.0M | €19.2M | €50.6M |
| Free cash flow | €6.94M | -€3.96M | €75.3M | -€16.3M | €20.7M |
| Capital expenditure | €34.3M | €22.7M | €22.1M | €22.4M | €20.0M |
| Total debt | €105M | €109M | €114M | €115M | €203M |
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.
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 | MLHK.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.8% | -3.0% | 11th highest of 21 |
| 6-month return | -10.0% | -15.8% | 9th highest of 21 |
| Distance from 52-week high | -32.7% | -35.7% | 7th highest of 21 |
| Revenue growth (TTM) | +35.8% | +16.6% | 5th highest of 21 |
| Operating margin | 18.0% | 2.8% | 3rd highest of 21 |
| EV / Sales | 2.5× | 6.0× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -4.2% | 26.1% | least demanding of 8 |
| Growth delivered (Del g) | +7.4% | +10.6% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | -11.6 pp | +8.3 pp | least demanding of 8 |
| ROIC minus cost of capital | +15.7 pp | -5.7 pp | highest of 21 |
| EV / EBITDA | 11.6× | 17.9× | cheapest of 8 |
| Net debt / EBITDA | 0.9× | 0.1× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | 2.5× | -4.2% | +7.4% |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | 4.0× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 1.7× | n/a | n/a |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 3.4× | n/a | n/a |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | 16.2× | n/a | n/a |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 1.9× | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 9.2× | 49.7% | +2.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | 6.5× | n/a | n/a |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 2.5× | 16.9% | +8.6% |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | 6.7× | n/a | n/a |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 18.5× | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 5.5× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 1.7× | 4.1% | +11.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 10.4× | n/a | n/a |
| Guanglian Aviation Industry 300900.SZ | China | $1.07B | -51% | +1% | -10% | 8.6× | n/a | n/a |
| Paras Defence & Space Technologies PARAS.NS | India | $1.06B | +43% | +42% | 23% | 17.7× | n/a | n/a |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 8.3× | 31.7% | +21.0% |
| National Presto Industries NPK | United States | $1.02B | 0% | +21% | 9% | 1.9× | 8.3% | +7.4% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | 10.3× | n/a | n/a |
| Vincorion V1NC.DE | Germany | $982M | -5% | +18% | 12% | 4.1× | 38.0% | +47.5% |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 1.5× | 26.1% | +10.6% |