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German naval shipbuilder making submarines and surface warships, spun off from thyssenkrupp in October 2025.
German naval shipbuilder making submarines and surface warships, spun off from thyssenkrupp in October 2025.
Builds submarines and warships to order under multi-year government contracts, so revenue follows the building schedule of a few large programmes. The Type 212CD submarine, ordered by both Germany and Norway, is a flagship programme. thyssenkrupp kept a controlling stake after the separation.
Moat: narrow (IP / patents, regulatory licence, process know-how). One of few Western yards able to build advanced conventional submarines, with long qualification cycles.
Headquarters: Kiel, Germany · Founded: 2025 · Employees: 8,500
Size TKMS AG & Co. KGaA (TKMS.DE) is a Germany Industrials company (Trucks/Construction/Farm Machinery) with a market value of $5.57B, the 68th largest of 205 Germany companies the cockpit tracks. Shares closed at €78.20 on 6 Nov 2026.
Performance Over six months the shares gained 8.3%, against -12.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +7.7%); the operating margin is 5.0% (peer median 7.9%).
Valuation It trades at 39.8× forward earnings against a peer median of 16.1× (most expensive of 20).
Next results Next results expected around 7 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.48B | €2.17B | €1.99B | €1.95B | €1.70B |
| Revenue growth | — | +9% | +2% | +15% | — |
| Gross profit | €444M | €383M | €313M | €308M | €239M |
| EBITDA | €214M | €182M | €150M | €154M | €90.1M |
| Net income | €80.9M | €105M | €82.9M | €56.9M | €11.1M |
| Free cash flow | -€42.6M | €827M | €374M | €195M | €295M |
| Capital expenditure | €151M | €165M | €104M | €125M | €124M |
| Total debt | €37.0M | €32.7M | €32.7M | €31.7M | €35.0M |
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 |
|---|---|---|---|---|---|---|
| TKMS AG & Co. KGaA TKMS.DE | $5.57B | +8% | +15% | 5% | 39.8× | n/a |
| Saab SAAB-B.ST | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% |
| Fincantieri FCT.MI | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
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 | TKMS.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.5% | -6.6% | 5th highest of 21 |
| 6-month return | +8.3% | -12.2% | 3rd highest of 21 |
| Distance from 52-week high | -28.1% | -30.9% | 9th highest of 21 |
| Revenue growth (TTM) | +14.6% | +7.7% | 4th highest of 21 |
| Operating margin | 5.0% | 7.9% | 6th lowest of 21 |
| Forward P/E | 39.8× | 16.1× | most expensive of 20 |
| EV / EBITDA | 17.7× | 10.8× | 3rd most expensive of 16 |
| Net debt / EBITDA | -5.5× | 1.2× | least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% | +12.1% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |