Thales S.A.
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surve…
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surveillance systems, airborne optronics, and airspace protection solutions; collaborative combat, intelligence, connectivity and cloud, country and force protection, military vehicle, collaborative artillery, and augmented soldier solutions; robotics and drones; above-water combat, unmanned maritime, and underwater warfare systems; naval support and services; and joint systems. It also provides mission-critical and radio communications; cyber defence and electronic warfare solutions; protection systems; unmanned aerial vehicle systems; digital transformation services; and Geonav IoT for real-time indoor/outdoor precise navigations. In addition, it offers digital identity and security solutions comprising banking and payment, data protection, digital identity, identity and access management, biometric, mobile, software monetization, secure IoT solutions, and IoT connecting and security solutions. Further, it provides air traffic management solutions; flight decks and avionics equipment and functions; in-flight entertainment, connectivity, and services; drone and navigation solutions; support and services for civil aviation; connectivity solutions; antennas; and solutions for internal and external aircraft lighting. It offers lasers; microwave and imaging sub-systems; microelectronic solutions; mobile satellite, environmental testing and evaluation laboratory, and training and simulation services; cryogenic technology and coolers; silicon security solutions; and designs, operates, and delivers satellite-based technologies. The company was formerly known as Thomson-CSF and changed its name to Thales S.A. in 2000. Thales S.A. was founded in 1893 and is based in Meudon, France.After signing in, return here and select “Add to watchlist”. Saving companies requires a verified email address.
Looks overvalued
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.
Start with the price and fair value range, then review the data dates and assumptions below. Estimates are not predictions or investment advice.
Market price above modeled range
Showing the EV/EBITDA (12x) you selected on the company card, using 8.1% growth, 2.7% terminal growth and 10% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 8.10%, discount rate 10%, terminal growth 2.70% (sector defaults). See a worked example.
Blended growth assumption: 8.1% (sector default 6.2%, own revenue history 8.1%, analyst revenue consensus 9.0%).
Analyst consensus expects revenue growth of 9.0% a year; the growth assumption used is 8.1%.
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 217.81 (-1.8%)
-
EPS-based Gordon proxy
— EUR 114.42 (-48.4%)
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.
-
DCF (trailing free cash flow)
— EUR 217.81 (-1.8%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
-
FCFF (steady state)
— EUR 172.08 (-22.4%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
-
EV/EBITDA (12x)
— EUR 184.74 (-16.7%)
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.
-
Fade DCF (10-year growth fade)
— EUR 216.22 (-2.5%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
-
EV/Sales (Rule of 40)
— EUR 487.39 (+119.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 152.62 | -45.3% |
| Base EUR 184.74 | -20.0% |
| Bull EUR 216.85 | -2.2% |
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
1 year price change: -5.37% · EUR 221.70 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (EUR 184.74). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:14 (11 minutes ago).
06 Nov 2025Range EUR 215.61 – 271.9006 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
More detail: quality, peers, price history, dividends and financials
Quality score: 90 / 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 5 of 5 years | 20 / 20 |
| Growth | revenue +8.1% a year | 20 / 20 |
| Balance sheet | net debt 0.5x EBITDA | 20 / 20 |
| Margins | EBITDA margin 15% | 10 / 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 |
|---|---|---|---|---|---|---|
| HO.PA (this company) | EUR 221.70 | -1.8% | 27.3 | 5.7 | 1.7% | 90 |
| EZJ.L easyJet plc | GBP 6.84 | 74.5% | 10.6 | 1.5 | 1.7% | 78 |
| WAWI.OL Wallenius Wilhelmsen ASA | NOK 160.10 | 64.9% | 7.0 | 2.2 | 0.3% | 100 |
| IAG.L International Consolidated Airlines Group S.A. | GBP 4.34 | 59.3% | 8.0 | 3.4 | 1.8% | 92 |
| TPK.L Travis Perkins plc | GBP 6.56 | 54.6% | – | 0.8 | 2.1% | 46 |
| DFDS.CO DFDS A/S | DKK 152.90 | 47.4% | – | 0.6 | – | 64 |
| SRP.L Serco Group plc | GBP 2.81 | 45.4% | 20.0 | 3.3 | 1.5% | 82 |
| DG.PA VINCI SA | EUR 111.60 | 42.2% | 12.9 | 2.1 | 4.2% | 90 |
| HAFNI.OL Hafnia Limited | NOK 87.45 | 41.9% | 7.1 | 1.8 | 1.3% | 100 |
| Peer median | 9.3 | 1.9 | ||||
Dividends
Paid in the last 12 months: EUR 3.90 per share · yield 1.76% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 2.950 |
| 2025 | 3.800 |
| 2024 | 3.450 |
| 2023 | 3.040 |
| 2022 | 2.660 |
| 2021 | 1.960 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 22,136,400,000 |
|---|---|
| EBITDA | EUR 3,306,000,000 |
| EBIT | EUR 2,218,700,000 |
| Net income | EUR 1,674,500,000 |
| Free cash flow | EUR 2,634,700,000 |
| Capital expenditures | EUR 687,100,000 |
| Debt | EUR 6,129,500,000 |
| Cash | EUR 4,491,100,000 |
| Working capital | EUR -4,131,500,000 |
| Shares outstanding | 205,879,000 |
| Reported dividends per share | EUR 3.7920 |