Rheinmetall AG
Rheinmetall AG provides mobility and security technologies in Germany, Rest of Europe, North, Middle, and South America, Asia and the Near East, and internationally. The company operates through the Vehicle Systems, Weapon and Ammunition, and Electronic Solutions segments. Its Vehicle Systems segme…
Rheinmetall AG provides mobility and security technologies in Germany, Rest of Europe, North, Middle, and South America, Asia and the Near East, and internationally. The company operates through the Vehicle Systems, Weapon and Ammunition, and Electronic Solutions segments. Its Vehicle Systems segment offers combat, logistics, support, and special vehicles, including armored tracked vehicles, CBRN protection systems, artillery, turret systems, and wheeled logistics and tactical vehicles. The Weapon and Ammunition segment provides firepower and protection solutions, such as weapons and ammunition, protection systems, propellants, and international projects and services. Its Electronic Solutions segment offers a chain of systems network, such as sensors, networking platforms, automated connected effectors for soldiers, cyberspace protection solutions, and training and simulation solutions. The company's products include air defense, soldier, and fire control systems; radar technology; and command, control and reconnaissance systems, as well as simulations for the army, air force, navy, and civil applications. It also engages in the aftermarket activities. The company was formerly known as Rheinmetall Berlin AG and changed its name to Rheinmetall AG in 1996. Rheinmetall AG was founded in 1889 and is headquartered in Düsseldorf, Germany.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Showing the DCF (trailing free cash flow) you selected on the company card, using 21.82% growth, 2.7% terminal growth and 10% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 21.82%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 21.8% (sector default 6.2%, own revenue history 15.7%, analyst revenue consensus 32.7%).
Analyst consensus expects revenue growth of 32.7% a year; the growth assumption used is 21.8%.
Adjust assumptions
Show the recommended model instead
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — EUR 900.95 (+11.5%)
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EPS-based Gordon proxy
— EUR 209.85 (-74.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 927.57 (+14.8%)
Not used: Free cash flow is 2.0x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— EUR 435.40 (-46.1%)
Not used: Free cash flow is 2.0x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— EUR 571.73 (-29.2%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 918.37 (+13.7%)
Not used: Free cash flow is 2.0x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— EUR 1876.24 (+132.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 591.49 | -36.6% |
| Base EUR 927.57 | 12.9% |
| Bull EUR 1575.28 | 48.7% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 96 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue +12.9% a year | 20 / 20 |
| Balance sheet | net debt 1.1x EBITDA | 20 / 20 |
| Margins | EBITDA margin 23% | 20 / 20 |
Peers in Industrials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| RHM.DE (this company) | EUR 807.80 | 10.3% | 54.2 | – | 1.0% | 95 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.60 | 64.7% | 7.1 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.31 | 59.5% | 7.9 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.45 | 55.4% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 153.20 | 47.3% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.79 | 45.8% | 19.8 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 110.60 | 42.8% | 12.8 | 2.0 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 88.95 | 40.9% | 7.2 | 1.8 | 1.2% | 100 |
| Peer median | 9.2 | 1.9 | ||||
Dividends
Paid in the last 12 months: EUR 11.50 per share · yield 1.42% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 11.500 |
| 2025 | 8.100 |
| 2024 | 5.700 |
| 2023 | 4.300 |
| 2022 | 3.300 |
| 2021 | 2.000 |
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025
| Revenue | EUR 9,935,000,000 |
|---|---|
| EBITDA | EUR 2,189,000,000 |
| EBIT | EUR 1,688,000,000 |
| Net income | EUR 696,000,000 |
| Free cash flow | EUR 1,415,000,000 |
| Capital expenditures | EUR -872,000,000 |
| Debt | EUR 1,282,000,000 |
| Cash | EUR 1,691,000,000 |
| Working capital | EUR 1,830,000,000 |
| Shares outstanding | 46,660,000 |
| Reported dividends per share | EUR 8.1000 |