Rheinmetall cut 2026 sales guidance to about EUR 13.2 billion from EUR 13.7-EUR 14.2 billion and its operating margin to 18.5% from 19%. It also withdrew its cash conversion target above 40% as Arminius and ammunition delays defer revenue and cash receipts.
Rheinmetall is well positioned to capitalize on the 35% growth in the European defense budget during the next five years.
Political approvals and procurement delays can prevent higher defense budgets from converting into orders, as demonstrated by the cancellation of F126 and repeated delays to major German programs.
Metric | RHM | GD | LDO |
|---|---|---|---|
Price/Earnings (Normalized) | 27.67 | 21.60 | 21.60 |
Price/Book Value | 6.96 | 3.64 | 2.94 |
Price/Sales | 3.49 | 1.78 | 1.37 |
Price/Cash Flow | 20.38 | 19.37 | 12.69 |
Metric | RHM | GD | LDO |
|---|---|---|---|
Quick Ratio | 0.37 | 0.84 | 0.60 |
Current Ratio | 1.00 | 1.43 | 0.77 |
Interest Coverage | 13.92 | 18.75 | 80.15 |
Metric | RHM | GD | LDO |
|---|---|---|---|
Return on Assets (Normalized) | 8.08% | 8.22% | 5.61% |
Return on Equity (Normalized) | 30.14% | 18.57% | 18.76% |
Return on Invested Capital (Normalized) | 19.95% | 14.09% | 19.71% |
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