Airbus SE
5-year stock timeline
Airbus (AIR.XETRA) — concise 2020–2026 timeline and key drivers; latest price used as fact: €168.48.
Major events & drivers
2020 saw the pandemic force sharp production cuts, with commercial aircraft deliveries falling to 566 units. Large COVID-related charges and a steep EBIT decline followed, prompting production-rate adjustments and closure of the A380 programme.
2021–2022 brought a deliberate, measured production ramp alongside continued order wins, though margins and throughput remained constrained by supply-chain disruptions and supplier reliability issues.
From mid-2023 onward, Pratt & Whitney GTF quality issues triggered accelerated inspections and grounding of hundreds of A320neo family engines—a disruption that extended through 2024–2026 and materially affected airline operations and aircraft availability.
Investor perception
During 2020, investors largely treated Airbus as a pandemic-hit industrial story focused on survival and cash preservation as deliveries collapsed.
In 2021–2022 the narrative shifted toward cautious recovery—a "reopening play" with production ramp potential, tempered by execution and supply-chain risk.
The 2023 engine crisis briefly revived execution-risk concerns and episodic selling, but by 2024–2026 strong order intake, record deliveries and a rising backlog reframed sentiment toward durable demand and backlog-driven visibility.
Technical chart phases
Early 2020 saw a large, rapid drawdown as pandemic-hit airline demand and earnings visibility collapsed.
From late 2020 through 2021, a multi-stage recovery unfolded as markets anticipated production normalisation, followed by 2022 consolidation as demand and supply uncertainties balanced.
Mid-2023 produced a clear correction and volatility phase tied to Pratt & Whitney inspections. The stock subsequently rallied into 2024–2026 alongside improving deliveries, record orders and a growing backlog.
Year-by-year highlights
2020 — pandemic nadir: deliveries of 566, heavy COVID charges, production cuts and visible earnings deterioration marking the equity's low point.
2021–2022 — measured recovery: production ramps and continuing order intake demonstrated demand resilience, though margins remained under pressure from disrupted supply chains.
2023–2026 — 2023 engine inspections and groundings created a meaningful near-term operational shock. By 2024–2025 a strong commercial rebound emerged, culminating in record deliveries and a year-end 2025 backlog near 8,754 aircraft, underpinning renewed investor confidence into 2026.
Key risks and downside factors
Airbus operates in a commercial-aircraft market where Boeing remains its primary competitor across both narrowbody and widebody segments. The competitive landscape extends beyond direct aircraft rivals—large defense contractors and systems integrators also vie for similar business. What actually shapes Airbus's competitive position, though, are its relationships with critical suppliers like Safran and Rolls-Royce, whose engine and equipment choices directly influence product performance and market appeal. Adding another layer: COMAC, a state-backed Chinese manufacturer, is emerging as a narrowbody competitor that will likely pressure market share over time while introducing geopolitical and regulatory complications Airbus will need to navigate.
- Intense duopolistic competition with Boeing across core commercial programs creates meaningful pressure on pricing, margins, and backlog dynamics.
- Key suppliers in engines, avionics, and composites face concentration and technical challenges that risk production delays and cost overruns [14][21].
- Defense and government contracts introduce program execution risks, export control complications, and offset obligations that can pressure revenues while inviting regulatory attention.
- China's COMAC represents a geopolitical and market-access risk that could erode market share, particularly as trade policies shift and certification pathways evolve [24][27]
Competitive landscape
Airbus operates in a commercial-aircraft duopoly with Boeing while competing across defense and space against major contractors including Lockheed Martin, General Dynamics, and BAE Systems. State-backed manufacturers like COMAC and United Aircraft Corporation, though unlisted, exert meaningful competitive pressure in regional and emerging markets.
| Company | Ticker |
|---|---|
| Boeing | BA.NYSE |
| Lockheed Martin | LMT.NYSE |
| General Dynamics | GD.NYSE |
| Embraer | EMBJ.NYSE |
Private competitors
- COMAC (Commercial Aircraft Corporation of China) [web:28]
- United Aircraft Corporation (UAC) [web:32]
- Almaz-Antey (Russian aerospace/defence group) [web:32]
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Relative Performance vs Benchmarks
| Period | Airbus SE | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -10.84% | -4.87% | -5.85% |
| 3M | -18.85% | -13.45% | -14.48% |
| 6M | -21.01% | -16.04% | -18.74% |
| 1Y | -2.79% | -5.57% | -20.05% |
| 3Y | +35.71% | -12.52% | -29.37% |
| 5Y | +69.21% | +15.86% | -4.61% |
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How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 24.4 | 1.7 | 4.9 | 15.9 |
| 1Y ago | 29.0 | 1.8 | 5.8 | 13.9 |
| 3Y ago | 27.8 | 1.7 | 6.7 | 18.3 |
| 5Y ago | -260.8 | 1.5 | 10.7 | 20.6 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2025 | 3.00 EUR | 2.20% | 1.74% |
| 2024 | 2.80 EUR | 1.71% | |
| 2023 | 1.80 EUR | 1.41% | |
| 2022 | 1.50 EUR | 1.42% | |
| 2020 | 1.80 EUR | 3.17% | |
| 2019 | 1.65 EUR | 1.39% | |
| 2018 | 1.50 EUR | 1.64% | |
| 2017 | 1.35 EUR | 1.89% | |
| 2016 | 1.30 EUR | 2.38% | |
| 2015 | 1.20 EUR | 1.93% | |
| 2014 | 0.75 EUR | 1.41% | |
| 2013 | 0.60 EUR | 1.35% | |
| 2012 | 0.45 EUR | 1.72% | |
| 2012 | 0.39 EUR | 1.45% | |
| 2011 | 0.22 EUR | 0.96% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 73.42B | 69.23B | 65.45B | 58.76B | 52.15B |
| Operating income (EBIT) | 5.24B | 4.80B | 4.27B | 4.74B | 4.83B |
| Net income | 5.22B | 4.23B | 3.79B | 4.25B | 4.21B |
| Free cash flow | 4.42B | 3.93B | 3.35B | 3.82B | 2.79B |
| Total assets | 134.94B | 129.21B | 118.87B | 115.94B | 107.05B |
| Equity | 26.10B | 19.61B | 17.70B | 12.95B | 9.47B |
| Net debt | 2.17B | -3.73B | -5.15B | -4.84B | -1.11B |
PWP Leeway UG (haftungsbeschränkt)
