Rheinmetall AG

RHM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Rheinmetall Earnings: Muted Growth Due to Timing Masks Backlog Strength and NATO Tailwinds

Loredana Muharremi

Aug 7, 2025

Rheinmetall group sales rose 9% to EUR 2.4 billion, entirely driven by defense. EBIT grew 2% to EUR 276 million (11.3% margin), held back by F-35 ramp costs and civil drag. Nominations were flat at EUR 2.6 billion. Free cash flow fell to EUR 911 million due to delayed prepayments and elevated capex.

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Rheinmetall AG

Rheinmetall Earnings: Muted Growth Due to Timing Masks Backlog Strength and NATO Tailwinds

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