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German defense manufacturer making tanks, artillery, ammunition and military vehicles, plus legacy automotive components.
German defense manufacturer making tanks, artillery, ammunition and military vehicles, plus legacy automotive components.
Sells to governments under multi-year framework contracts, in which the buyer sets a ceiling and orders in call-offs, so the order backlog matters more than any single sale; Germany's armed forces and its allies are the main buyers. Over the past decade it has run down the car-parts business that once drove it and reorganised around weapons and ammunition.
In one line: Germany's General Dynamics.
Moat: narrow (regulatory licence, installed base, scale). Long-term government procurement contracts and munitions capacity, though tender-driven and political.
Headquarters: Dusseldorf, Germany · Founded: 1889 · Employees: 32,251
Size Rheinmetall (RHM.DE) is a Germany Industrials company (Aerospace & Defense) with a market value of $42.5B, the 20th largest of 205 Germany companies the cockpit tracks. Shares closed at €812.70 on 6 Nov 2026.
Performance Over six months the shares fell 28.9%, against -4.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 2.3% over the last twelve months (peer median +12.0%); the operating margin is 18.1% (peer median 10.8%).
Valuation It trades at 22.0× forward earnings against a peer median of 25.5× (8th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.3 points above its cost of capital (5.8% WACC).
Credit Rheinmetall has 1 bond outstanding ($557M), rated Baa1 by the agencies and trading like A- at a weighted spread of 93 bp.
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €10.4B | €9.94B | €7.71B | €7.18B | €6.41B |
| Revenue growth | — | +29% | +8% | +12% | — |
| Gross profit | €2.81B | €2.40B | €1.95B | €1.51B | €1.23B |
| EBITDA | €2.28B | €1.90B | €1.58B | €1.15B | €962M |
| Net income | €716M | €696M | €717M | €535M | €474M |
| Free cash flow | €390M | €1.41B | €987M | €345M | -€175M |
| Capital expenditure | €923M | €873M | €733M | €398M | €349M |
| Total debt | €2.98B | €1.28B | €2.42B | €1.91B | €971M |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
| 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 | RHM.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.1% | +4.0% | 4th lowest of 21 |
| 6-month return | -28.9% | -4.2% | 3rd lowest of 20 |
| Distance from 52-week high | -58.7% | -21.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | -2.3% | +12.0% | 2nd lowest of 20 |
| Operating margin | 18.1% | 10.8% | 7th highest of 21 |
| Forward P/E | 22.0× | 25.5× | 8th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.5% | 9.7% | 8th least demanding of 18 |
| Growth delivered (Del g) | +12.9% | +8.9% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -6.5 pp | -1.0 pp | 4th least demanding of 18 |
| ROIC minus cost of capital | +9.3 pp | +8.4 pp | 8th highest of 20 |
| EV / EBITDA | 18.2× | 19.0× | 9th cheapest of 18 |
| Net debt / EBITDA | 1.2× | 1.5× | 8th least indebted of 19 |
| Bond spread | 93 bp | 72 bp | 4th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| 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% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| 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% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| 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% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| 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% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
Rheinmetall has 1 bond outstanding with $557M face value. The agencies rate it Baa1; its bonds trade like A-. Weighted yield 3.93%, a spread of 93 bp over government bonds.