Thales

HO: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Thales Earnings: Beats Guidance; We Raise FVE on Higher Expected European Defense Spending

Loredana Muharremi

Mar 4, 2025

Thales delivered a strong 2024 performance, exceeding financial targets across revenue, profit, and cash generation. The company reported record order intake of EUR 25.3 billion (6% organic growth), driven by robust demand in defense and space, resulting in a book/bill ratio of 1.23.

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Thales

Thales Earnings: Beats Guidance; We Raise FVE on Higher Expected European Defense Spending

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