Rheinmetall (RHM.DE): analysis in plain words
Is Rheinmetall cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Rheinmetall (RHM.DE) is listed on the Frankfurt Stock Exchange (Xetra) and we classify it in aerospace and defence. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Rheinmetall according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Rheinmetall (RHM.DE) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €1,003.40 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 39.0x | Price over earnings per share |
| Revenue growth | +68.8% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 6.3% | Profit for every 100 of sales |
| Net debt / EBITDA | 1.2x | Years of operating profit to repay debt |
| Dividend yield | 1.15% | Annual dividend over price |
| Market cap | €46.8 billion | What the stock market values it at |
The Rheinmetall figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any RHM.DE figure that is not available shows as N/A: we do not estimate it.
How Rheinmetall makes money
Rheinmetall makes defense equipment for armed forces, mainly in Europe and other NATO countries. It reports segments including Weapon and Ammunition (artillery shells and guns), Vehicle Systems (Boxer and Lynx armored vehicles and military trucks), Electronic Solutions (air defense and digital systems) and Power Systems, its civilian auto parts business.
Over the last 12 months, Rheinmetall brought in revenue of €11.4 billion. For every 100 it sells, Rheinmetall keeps 52.2 after the direct cost of what it sells (gross margin) and 14.4 after all operating costs (operating margin). With 29,636 full-time employees, that is about €385,000 of revenue per employee.
Rheinmetall against its sector
To know whether a Rheinmetall figure is high or low you have to put it next to similar companies. This table compares Rheinmetall with the median of the 12 aerospace and defence companies Fintols covers, with data as of November 4, 2026.
| Figure | Rheinmetall | aerospace and defence median |
|---|---|---|
| P/E | 39.0x | 24.9x (12) |
| Revenue growth | +68.8% | +14.4% (14) |
| Net margin | 6.3% | 8.2% (14) |
| Dividend yield | 1.15% | 1.17% (14) |
| Net debt / EBITDA | 1.2x | 1.3x (12) |
In short, against the typical aerospace and defence company, Rheinmetall trades on a higher P/E, grows faster and earns a thinner margin. By size, Rheinmetall ranks number 3 of 4 aerospace and defence companies quoted in EUR on Fintols.
The bull case for Rheinmetall
What works in favour of Rheinmetall, according to its figures as of November 4, 2026:
- Rheinmetall grew sales +68.8% in its latest quarter against the same quarter a year earlier, while the median aerospace and defence company Fintols tracks grew +14.4%.
- Analysts expect Rheinmetall earnings to rise: its P/E on the next 12 months of estimated earnings is 19.0x, below the current 39.0x.
- Rheinmetall earns 25.7% a year on its shareholders' money (return on equity).
The main risk for Rheinmetall
Rheinmetall stock sits 49% below its 52-week high (€1,966.00): the market has cut its expectations, and it is worth understanding why first.
On top of that: the price already assumes a lot: Rheinmetall trades at 39.0x its last 12 months of earnings, against 24.9x for the aerospace and defence median. If growth disappoints, the multiple can shrink and the share price with it.
And, like the rest of aerospace and defence, Rheinmetall is exposed to production delays and problems, and changes in defence budgets.
Frequently asked questions about Rheinmetall
Is it a good time to buy Rheinmetall stock?
Fintols does not tell you whether to buy or sell Rheinmetall, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Rheinmetall stock trades at €1,003.40, 49% below its 52-week high (€1,966.00) and 10% above its low (€909.00). Its P/E is 39.0x against a aerospace and defence median of 24.9x, and 19.0x on the earnings analysts expect over the next 12 months. With Rheinmetall, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Rheinmetall pay a dividend?
Yes. As of November 4, 2026, Rheinmetall pays €11.50 per share a year, which at today's price is a yield of 1.15%. It uses 45% of its profit to pay it, which leaves room to keep paying it if profit dips. The aerospace and defence median on Fintols is 1.17%.
Is Rheinmetall stock expensive?
It depends on what you compare it with. On P/E, Rheinmetall trades at 39.0x its last 12 months of earnings: more expensive than the aerospace and defence median (24.9x). Including its debt, Rheinmetall is valued at 21.8x its EBITDA (EV/EBITDA). A high P/E alone does not make Rheinmetall expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Rheinmetall's competitors?
On Fintols we compare Rheinmetall with Airbus, Safran and Rocket Lab, which are also in aerospace and defence. As of November 4, 2026, Airbus is worth €157.9 billion and trades on a P/E of 25.7; Safran is worth €121.1 billion and trades on a P/E of 31.4; Rocket Lab is worth $33.5 billion. Each has a side-by-side comparison with Rheinmetall below.
Rheinmetall competitors
- Airbus (AIR.PA) analysis · Rheinmetall vs Airbus comparison
- Safran (SAF.PA) analysis · Rheinmetall vs Safran comparison
- Rocket Lab (RKLB) analysis · Rheinmetall vs Rocket Lab comparison
To understand Rheinmetall better
- How to Write an Investment Thesis (Step by Step)
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Rheinmetall: aerospace and defence stocks. Open the full RHM.DE analysis with its valuation and scenarios. Educational content about Rheinmetall, not investment advice.