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French aerospace and defense group making jet engines (with GE), aircraft landing gear and electrical/defense systems.
French aerospace and defense group making jet engines (with GE), aircraft landing gear and electrical/defense systems.
Sells new engines through CFM, an equally owned joint venture with GE, often at little profit, and earns more from spare parts and repairs as engines age, so results follow flying hours. Aircraft makers buy engines in the build cycle, while airlines pay for servicing for decades.
In one line: France's GE Aerospace jet-engine peer..
Moat: wide (switching costs, IP / patents, installed base). CFM engines power most narrowbody jets; certified engine programs and aftermarket parts lock in decades of servicing.
Headquarters: Paris, France · Founded: 2005 · Employees: 110,535
Size Safran (SAF.PA) is a France Industrials company (Aerospace & Defense) with a market value of $138B, the 7th largest of 206 France companies the cockpit tracks. Shares closed at €295.50 on 6 Nov 2026.
Performance Over six months the shares gained 4.3%, against +1.0% for the median peer and -0.4% for the France market (cap-weighted) — 7th highest of 17 in its peer set.
Growth Revenue grew 14.3% over the last twelve months (peer median +8.8%); the operating margin is 12.7% (peer median 11.7%).
Valuation It trades at 28.5× forward earnings against a peer median of 24.4× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +9 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 10.9 points above its cost of capital (11.3% WACC).
Credit Safran has 1 bond outstanding ($780M), rated A by the agencies and trading like AA- at a weighted spread of 82 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €33.6B | €31.2B | €27.7B | €23.7B | €19.5B |
| Revenue growth | — | +13% | +17% | +21% | — |
| Gross profit | €4.59B | €4.47B | €4.06B | €2.96B | €2.19B |
| EBITDA | €5.85B | €5.62B | €4.89B | €3.94B | €3.25B |
| Net income | €3.88B | €7.18B | -€667M | €3.44B | -€2.46B |
| Free cash flow | €5.23B | €4.48B | €3.69B | €3.40B | €3.05B |
| Capital expenditure | €1.65B | €1.45B | €1.22B | €1.07B | €596M |
| Total debt | n/a | €5.33B | €5.06B | €6.58B | €6.95B |
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 |
|---|---|---|---|---|---|---|
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| Rolls-Royce RR..L | $140B | +6% | +19% | 18% | 28.5× | 24.6% |
| Honeywell Technologies HON | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% |
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 | SAF.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.9% | +4.9% | 5th lowest of 18 |
| 6-month return | +4.3% | +1.0% | 7th highest of 17 |
| Distance from 52-week high | -19.4% | -19.1% | 9th lowest of 18 |
| Revenue growth (TTM) | +14.3% | +8.8% | 7th highest of 17 |
| Operating margin | 12.7% | 11.7% | 9th highest of 18 |
| Forward P/E | 28.5× | 24.4× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 22.2% | 8.4% | 7th most demanding of 16 |
| Growth delivered (Del g) | +13.4% | +8.0% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | +8.8 pp | -1.0 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | +10.9 pp | +6.7 pp | 5th highest of 17 |
| EV / EBITDA | 20.9× | 17.7× | 5th most expensive of 17 |
| Net debt / EBITDA | -0.3× | 1.3× | 3rd least indebted of 18 |
| Bond spread | 82 bp | 70 bp | 4th widest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Safran SAF.PA | France | $138B | +4% | +14% | 13% | 28.5× | 22.2% | +13.4% |
| Boeing BA | United States | $137B | -27% | +18% | 0% | 179,875.5× | n/a | n/a |
| Rolls-Royce RR..L | United Kingdom | $140B | +6% | +19% | 18% | 28.5× | 24.6% | +13.0% |
| Lockheed Martin LMT | United States | $131B | +12% | +8% | 12% | 17.6× | -6.9% | +2.8% |
| Airbus AIR.PA | France | $174B | +14% | +6% | 8% | 26.8× | 22.6% | +8.0% |
| General Dynamics GD | United States | $95.7B | +3% | +10% | 10% | 19.4× | -2.5% | +6.7% |
| Howmet Aerospace HWM | United States | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% | +9.4% |
| RTX RTX | United States | $256B | +8% | +12% | 11% | 24.4× | 8.4% | +9.4% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| GE Aerospace GE | United States | $334B | +9% | +20% | 18% | 36.4× | 27.6% | -9.6% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| 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% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
Safran has 1 bond outstanding with $780M face value. The agencies rate it A; its bonds trade like AA-. Weighted yield 3.85%, a spread of 82 bp over government bonds.