Rheinmetall became a pure-play defense company after classifying power systems as discontinued operations in December 2025. From 2026, all revenue is generated by defense activities, positioning the group to benefit from the structural increase in European military spending after decades of underinvestment.
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.
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Metric
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RHM
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LDO
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GD
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|---|---|---|---|
Price/Earnings (Normalized) | 37.06 | 22.21 | 20.30 |
Price/Book Value | 8.86 | 2.86 | 3.35 |
Price/Sales | 4.23 | 1.34 | 1.66 |
Price/Cash Flow | 25.15 | 12.34 | 16.04 |
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Metric
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RHM
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LDO
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GD
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|---|---|---|---|
Quick Ratio | 0.35 | 0.49 | 0.85 |
Current Ratio | 1.00 | 0.90 | 1.44 |
Interest Coverage | 16.56 | 271.29 | 16.62 |
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Metric
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RHM
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LDO
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GD
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|---|---|---|---|
Return on Assets (Normalized) | 7.82% | 4.62% | 8.01% |
Return on Equity (Normalized) | 27.91% | 17.06% | 18.43% |
Return on Invested Capital (Normalized) | 18.92% | 17.92% | 13.83% |
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