Rheinmetall AG
5-year stock timeline
Rheinmetall's price trajectory from 2020 through May 2026 was anchored by a structural re-rating that took hold after 2022. Large NATO and German defence orders, ammunition contracts, and capacity expansion transformed the company into a genuine growth story, with backlog and margins expanding accordingly. The stock now trades at 1232.8.
2020–2021
This period served as the pre-inflection baseline. Vehicle Systems, Electronic Solutions and Sensors posted modest growth while the civilian business remained flat. Project delivery timing and supply-chain adjustments during these years established the operational foundation for what would follow.
2022–2023
2022 marked the structural turning point. European security policy shifted materially, and defence procurement surged. Rheinmetall's order intake jumped and its strategic importance to NATO customers became unmistakable.
The year 2023 proved decisive. Expal's integration (operational from 1 August) coincided with a record backlog of €38.3 billion and record operating results as Vehicle Systems and Weapon & Ammunition volumes ramped. Large ammunition contracts followed—including a €142 million 155mm order announced 4 December—with production targets reaching approximately 700,000 rounds annually. These were the catalysts that drove the price higher.
2024 through May 2026
Management guided for a material step change in 2024, with consolidated sales expected near €10 billion and a Group operating margin target of 14–15%. This forward visibility supported the re-rating. Ongoing framework contracts and scheduled munitions deliveries through 2024–2025 sustained revenue clarity and investor conviction into early 2026.
Pattern and execution
The market's perception shifted from cyclical industrial supplier to defence compounder. Multiyear contracts and a swelling orderbook convinced investors that revenue and margin expansion were structural, not cyclical. Technically, the chart shows a pre-2022 consolidation followed by a sustained uptrend coinciding with the 2022 procurement shift and 2023 backlog announcement, with periodic pauses as the market absorbed capacity investments and delivery schedules.
Key risks and downside factors
Rheinmetall is a leading European defence and mobility supplier, built primarily around armored vehicles, munitions, and integrated battlefield systems. It competes directly with major global defence primes including Lockheed Martin, BAE Systems, Thales, Leonardo, and General Dynamics [1][7]. The company's risk profile centers on its reliance on large government defence programmes, the execution of those programmes, supply-chain constraints, export controls, geopolitical and regulatory exposure, and vulnerability to commodity and manufacturing cost inflation [6][1].
- The business carries meaningful exposure to European government defence spending. A shift in procurement priorities or budget constraints would meaningfully compress both near-term revenue and the backlog that typically provides visibility.
- Execution risk on complex vehicle and munitions programs carries real exposure to cost overruns, schedule delays, and potential warranty and liability claims.
- Export controls, geopolitical tensions, and regulatory restrictions can constrain market access, slow down approvals, and fracture international partnerships [5][1].
- Supply-chain tightness and commodity inflation—metals, energy, specialized components—can squeeze margins and tie up working capital in ways that matter more than the headlines suggest.
Competitive landscape
Rheinmetall operates two distinct businesses: Defence and Automotive, competing against large global defence primes and a fragmented automotive supplier base [3][1]. The company's risk profile hinges on government contract dependency and programme timing, geopolitical and export-control constraints, plus the automotive sector's ongoing pressures around electrification and supply-chain costs [3][1].
| Company | Ticker |
|---|---|
| Leonardo S.p.A. | LDO.MI |
| Lockheed Martin Corp. | LMT.NYSE |
Private competitors
- Anduril Industries
- Arquus
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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 | -7.30% | -11.56% | -12.75% |
| 3M | -25.15% | -24.19% | -34.85% |
| 6M | -15.90% | -20.96% | -26.34% |
| 1Y | -34.40% | -38.58% | -63.55% |
| 3Y | +411.01% | +354.03% | +325.34% |
| 5Y | +1430.38% | +1369.02% | +1339.08% |
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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 | 79.6 | 6.0 | 10.8 | 33.6 |
| 1Y ago | 117.1 | 8.4 | 19.7 | 39.3 |
| 3Y ago | 22.5 | 1.7 | 3.6 | 20.3 |
| 5Y ago | 406.3 | 0.6 | 1.8 | 6.3 |
Frequently Asked Questions
Where is the Rheinmetall AG stock traded?
What does Rheinmetall AG do?
What are the key metrics for RHM.XETRA?
How has Rheinmetall AG's stock price performed?
How is RHM.XETRA valued?
Does RHM.XETRA pay dividends?
What are the key risks when investing in RHM.XETRA?
- The business carries meaningful exposure to European government defence spending. A shift in procurement priorities or budget constraints would meaningfully compress both near-term revenue and the backlog that typically provides visibility.
- Execution risk on complex vehicle and munitions programs carries real exposure to cost overruns, schedule delays, and potential warranty and liability claims.
- Export controls, geopolitical tensions, and regulatory restrictions can constrain market access, slow down approvals, and fracture international partnerships [web:5][web:1].
- Supply-chain tightness and commodity inflation—metals, energy, specialized components—can squeeze margins and tie up working capital in ways that matter more than the headlines suggest.
Who are the main competitors of Rheinmetall AG?
- Leonardo S.p.A. (LDO.MI)
- Lockheed Martin Corp. (LMT.NYSE)
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)
