Rheinmetall AG
5-year stock timeline
Rheinmetall transformed from a modest industrial defense supplier into a major rearmament beneficiary following Russia's invasion of Ukraine. Before 2022, the company operated with a modest order book in the low-20 billion euros range and traded below €100 per share, reflecting its position as a steady but low-profile cyclical player.
Germany's €100 billion special defense fund declaration in February 2022, coupled with broader NATO re-armament, fundamentally shifted the trajectory. Large government orders, production expansions, and multi-billion-euro ammunition and land-systems contracts began flowing in at scale.
By 2024–2025, the company reported record sales with an order backlog expanding toward the €50–64 billion range. The earnings-per-share growth became material as framework contracts and specific high-value deals were booked. The share price, meanwhile, moved multiple-fold higher from its pre-war levels, reflecting the market's recalibration from "defensive industrial" to "European rearmament mega-cycle."
The technical picture from 2020 onward tells a similar story. Early 2022 marked a clear inflection point. What followed was a multi-stage uptrend with successive breakouts, punctuated by profit-taking pullbacks that held at higher lows—the pattern of conviction building rather than speculation burning out.
Into 2025 and early 2026, momentum continued on the back of record backlogs and earnings, with the stock pushing to new highs. The current price sits at 1172.
The narrative now carries an undertone of legitimate questions: after the special-fund-driven surge, how much of this is sustainable? Strong revenue and margin momentum are real. So is the backlog. But markets have already priced in the story, and there's a difference between a mega-cycle and a mega-valuation.
Key risks and downside factors
Rheinmetall operates across defence—land systems, munitions, electronics—and automotive components, competing against established primes like BAE Systems, Lockheed Martin, Thales and Leonardo [5][1]. On the automotive side, it faces conventional suppliers and new EV entrants; defence attracts platform integrators, ammunition specialists and focused electronics players, all of which tighten competitive margins [8][6]. The business carries exposure to procurement cycles, export restrictions and geopolitical friction, supply-chain volatility, commodity swings, and the persistent margin pressure that comes from technology execution and contract delivery [5][6].
- Heavy reliance on government procurement and large program awards creates volatility in how and when revenue gets recognized, with backlog timing introducing real execution risk.
- Export controls, sanctions, and geopolitical shifts pose real risks—they could shrink addressable markets, delay deliveries, or terminate contracts outright.
- Supply-chain disruptions and rising commodity costs—steel, munitions inputs—can compress margins and delay production schedules.
- Intense competition from major defence primes alongside specialist and new-tech entrants, combined with integration and execution risk from acquisitions, creates pressure on both pricing and contract delivery [1][3].
Competitive landscape
Rheinmetall spans land systems, defence electronics, and automotive components, competing against both heavyweight global defence primes and specialized suppliers. The pressure comes from established names like BAE Systems, Thales, Lockheed Martin, Leonardo and Safran, while its automotive business navigates typical supplier competition alongside the messier realities of electrification and commoditization. The company faces real structural headwinds: defence procurement moves in cycles, export controls and geopolitical shifts can close doors overnight, competitors are squeezing margins, and the automotive transition—along with supply chain strain—isn't getting easier.
| Company | Ticker |
|---|---|
| BAE Systems plc | BA.LSE |
| Thales SA | HO.PA |
| Lockheed Martin Corporation | LMT.NYSE |
| Leonardo SpA | LDO.MI |
| Safran SA | SAF.PA |
Private competitors
- Anduril Industries
- NP Aerospace
- Plasan
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Start Free TrialPerformance Figures of Rheinmetall AG
Relative Performance vs Benchmarks
| Period | Rheinmetall AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -17.40% | -17.64% | -20.93% |
| 3M | -30.08% | -27.81% | -37.57% |
| 6M | -19.77% | -25.76% | -31.74% |
| 1Y | -31.51% | -33.34% | -56.69% |
| 3Y | +373.54% | +323.16% | +291.40% |
| 5Y | +1427.99% | +1369.44% | +1338.66% |
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Start Free TrialHistorical valuation trends
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 | 77.9 | 5.9 | 10.6 | 32.9 |
| 1Y ago | 108.6 | 7.8 | 18.3 | 36.4 |
| 3Y ago | 23.8 | 1.7 | 3.8 | 21.4 |
| 5Y ago | 393.1 | 0.6 | 1.7 | 6.1 |
Frequently Asked Questions
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What are the key metrics for RHM.XETRA?
How has Rheinmetall AG's stock price performed?
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Does RHM.XETRA pay dividends?
What are the key risks when investing in RHM.XETRA?
- Heavy reliance on government procurement and large program awards creates volatility in how and when revenue gets recognized, with backlog timing introducing real execution risk.
- Export controls, sanctions, and geopolitical shifts pose real risks—they could shrink addressable markets, delay deliveries, or terminate contracts outright.
- Supply-chain disruptions and rising commodity costs—steel, munitions inputs—can compress margins and delay production schedules.
- Intense competition from major defence primes alongside specialist and new-tech entrants, combined with integration and execution risk from acquisitions, creates pressure on both pricing and contract delivery [web:1][web:3].
Who are the main competitors of Rheinmetall AG?
- BAE Systems plc (BA.LSE)
- Thales SA (HO.PA)
- Lockheed Martin Corporation (LMT.NYSE)
- Leonardo SpA (LDO.MI)
- Safran SA (SAF.PA)
When does Rheinmetall AG report earnings?
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 |
|---|---|---|---|
| 2026 | 11.50 EUR | 0.99% | 1.91% |
| 2025 | 8.10 EUR | 0.50% | |
| 2024 | 5.70 EUR | 1.09% | |
| 2023 | 4.30 EUR | 1.63% | |
| 2022 | 3.30 EUR | 1.81% | |
| 2021 | 2.00 EUR | 2.34% | |
| 2020 | 2.40 EUR | 3.44% | |
| 2020 | 2.40 EUR | 3.93% | |
| 2019 | 2.10 EUR | 2.09% | |
| 2018 | 1.70 EUR | 1.45% | |
| 2017 | 1.45 EUR | 1.69% | |
| 2016 | 1.10 EUR | 1.66% | |
| 2015 | 0.30 EUR | 0.61% | |
| 2014 | 0.40 EUR | 0.85% | |
| 2013 | 1.80 EUR | 4.60% |
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 | 9.94B | 9.75B | 7.18B | 6.41B | 5.66B |
| Operating income (EBIT) | 1.70B | 1.41B | 897.00M | 738.00M | 614.00M |
| Net income | 696.00M | 717.00M | 586.00M | 540.00M | 291.00M |
| Free cash flow | 1.41B | 988.00M | 345.00M | -175.00M | 419.00M |
| Total assets | 17.08B | 14.34B | 11.94B | 8.09B | 7.73B |
| Equity | 5.01B | 4.05B | 3.32B | 2.81B | 2.42B |
| Net debt | -368.00M | 1.24B | 1.06B | 427.00M | -118.00M |
PWP Leeway UG (haftungsbeschränkt)
