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German maker of mechatronic power and stabilization systems for fighter jets, tanks and air-defense systems, formerly part of Jenoptik.
German maker of mechatronic power and stabilization systems for fighter jets, tanks and air-defense systems, formerly part of Jenoptik.
Is paid under development and series-production contracts tied to specific platforms, so revenue arrives in stages: engineering work first, then production deliveries and spare-parts service over the platform's life. Being designed into a platform, such as a fighter or tank, gives it years of follow-on orders.
In one line: A niche German defense-electronics supplier like a small Moog.
Moat: narrow (customer qualification, IP / patents, installed base). Near-monopoly qualified supplier on specific NATO defense platforms, but concentrated program and customer base.
Headquarters: Wedel, Germany · Founded: 1958 · Employees: 901
Size Vincorion (V1NC.DE) is a Germany Industrials company (Aerospace & Defense) with a market value of $982M, the 144th largest of 205 Germany companies the cockpit tracks. Shares closed at €17.52 on 6 Nov 2026.
Performance Over six months the shares fell 5.1%, against -25.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +13.6%); the operating margin is 12.4% (peer median 6.1%).
Valuation It trades at 24.6× forward earnings against a peer median of 41.2× (4th cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +47%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points below its cost of capital (16.4% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | €240M | €204M | €163M | €74.9M |
| Revenue growth | — | +18% | +25% | +117% | — |
| Gross profit | n/a | €53.7M | €45.5M | €27.2M | €14.6M |
| EBITDA | n/a | €42.3M | €30.0M | €20.8M | €8.21M |
| Net income | n/a | €19.3M | €8.40M | €1.17M | €24.9M |
| Free cash flow | n/a | €27.0M | €11.3M | -€3.60M | €25.3M |
| Capital expenditure | n/a | €17.8M | €12.9M | €10.1M | €4.60M |
| Total debt | €124M | €59.0M | €62.2M | €54.6M | €59.0M |
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 |
|---|---|---|---|---|---|---|
| Vincorion V1NC.DE | $982M | -5% | +18% | 12% | 24.6× | 38.0% |
| Moog MOG-A | $10.3B | +3% | +16% | 12% | 27.8× | 15.1% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| RENK R3NK.DE | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
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 | V1NC.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -2.8% | 10th highest of 20 |
| 6-month return | -5.1% | -25.8% | 5th highest of 20 |
| Distance from 52-week high | -26.7% | -47.7% | 6th highest of 20 |
| Revenue growth (TTM) | +17.8% | +13.6% | 10th highest of 21 |
| Operating margin | 12.4% | 6.1% | 5th highest of 21 |
| Forward P/E | 24.6× | 41.2× | 4th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 38.0% | 26.6% | 3rd most demanding of 7 |
| Growth delivered (Del g) | +47.5% | +7.4% | highest of 7 |
| Hurdle (Req g minus delivered) | -9.5 pp | +16.3 pp | 2nd least demanding of 7 |
| ROIC minus cost of capital | -4.3 pp | -5.9 pp | 9th highest of 20 |
| EV / EBITDA | 23.2× | 22.8× | 5th cheapest of 9 |
| Net debt / EBITDA | 2.5× | 0.1× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vincorion V1NC.DE | Germany | $982M | -5% | +18% | 12% | 24.6× | 38.0% | +47.5% |
| Streamax Technology 002970.SZ | China | $951M | -51% | +3% | 11% | 12.3× | n/a | n/a |
| National Presto Industries NPK | United States | $1.02B | 0% | +21% | 9% | n/a | 8.3% | +7.4% |
| Avon Technologies AVON.L | United Kingdom | $933M | +45% | +5% | 12% | 22.8× | 16.3% | +7.4% |
| Paras Defence & Space Technologies PARAS.NS | India | $1.06B | +43% | +42% | 23% | 85.7× | n/a | n/a |
| Xi'an ChenXi Aviation Technology 300581.SZ | China | $906M | -13% | 0% | -78% | n/a | n/a | n/a |
| Guanglian Aviation Industry 300900.SZ | China | $1.07B | -51% | +1% | -10% | 57.5× | n/a | n/a |
| Kraken Robotics PNG.V | Canada | $896M | -53% | +21% | -2% | 27.6× | n/a | n/a |
| Tonbo Imaging India TONBO.NS | India | $895M | n/a | -23% | 21% | n/a | n/a | n/a |
| Electro Optic Systems EOS.AX | Australia | $1.08B | -18% | +225% | -7% | 43.9× | n/a | n/a |
| Shaanxi Zhongtian Rocket Technology 003009.SZ | China | $1.10B | -26% | +42% | -6% | n/a | n/a | n/a |
| Jiangxi Xinyu Guoke Technology 300722.SZ | China | $870M | -26% | +14% | 14% | n/a | 38.8% | +12.9% |
| Nanjing LES Information Technology 688631.SS | China | $863M | -38% | -31% | -5% | 90.2× | 36.9% | -1.1% |
| York Space Systems YSS | United States | $860M | -82% | +52% | -15% | n/a | n/a | n/a |
| CIMC Safeway Technologies 301559.SZ | China | $1.14B | -24% | +13% | 4% | 54.6× | n/a | n/a |
| DroneShield DRO.AX | Australia | $818M | -60% | +153% | -14% | n/a | n/a | n/a |
| Sichuan 6912 Communication Technology 301592.SZ | China | $1.18B | -14% | -3% | 9% | n/a | n/a | n/a |
| Cohort CHRT.L | United Kingdom | $774M | +9% | +13% | 11% | 18.5× | n/a | n/a |
| H&k MLHK.PA | France | $1.25B | -10% | +36% | 18% | n/a | -4.2% | +7.4% |
| Wuxi Hyatech 688510.SS | China | $768M | -41% | -4% | 12% | 38.6× | 41.9% | +18.2% |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |