Rheinmetall AG

RHM: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Rheinmetall Earnings: Order Delays Mask Record Backlog and Structural Growth; Fair Value Raised 7%

Loredana Muharremi

Mar 13, 2026

Rheinmetall’s 2025 defense sales rose 29% to EUR 9.9 billion, operating profit grew 33% to EUR 1.84 billion, margin expanded to 18.5%. Backlog rose 36% to a record EUR 63.8 billion. Shares shed 8% as 2026 guidance of EUR 14.0 billion-EUR 14.5 billion fell short of consensus near EUR 15 billion.

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Rheinmetall AG

Rheinmetall Earnings: Order Delays Mask Record Backlog and Structural Growth; Fair Value Raised 7%

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