Rheinmetall AG

RHM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Rheinmetall Earnings: Another Strong Quarter; FVE Maintained Amid Policy and Market Share Upside

Loredana Muharremi

May 8, 2025

Wide-moat Rheinmetall reported group backlog rising 56% year on year to EUR 62.6 billion, supported by EUR 11 billion in new nominations. Management confirmed that around EUR 55 billion of framework agreements—mainly from Germany—are actively converting into firm contracts, providing over four years of visibility. Revenue rose 46% year on year to EUR 2.31 billion, almost entirely from organic defense growth, while defense margins reached a first-quarter record of 11.5%.

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Rheinmetall AG

Rheinmetall Earnings: Another Strong Quarter; FVE Maintained Amid Policy and Market Share Upside

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