Thales (HO) Stock Overview
Provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. More details
| Snowflake Score | |
|---|---|
| Valuation | 6/6 |
| Future Growth | 3/6 |
| Past Performance | 6/6 |
| Financial Health | 5/6 |
| Dividends | 3/6 |
Rewards
Risk Analysis
No risks detected for HO from our risk checks.
HO Community Fair Values
Create NarrativeSee what 172 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Thales S.A. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | €226.60 |
| 52 Week High | €279.30 |
| 52 Week Low | €214.50 |
| Beta | 0.10 |
| 1 Month Change | -3.12% |
| 3 Month Change | -9.61% |
| 1 Year Change | -16.72% |
| 3 Year Change | 72.65% |
| 5 Year Change | 163.67% |
| Change since IPO | 963.71% |
Recent News & Updates
Narrative Update • Jun 01
HO: Cyber And Tax Headwinds Will Restrain Defence And Cloud Upside
The analyst price target for Thales has moved from €230 to €250. Analysts point to updated assumptions for revenue growth, profit margins and future P/E, while recent Street research reflects a mix of higher price targets from several firms and a more cautious stance from at least one bank concerned about earnings visibility in certain divisions.
Narrative Update • May 10
HO: Defence Resilience And Cyber Recovery Will Support Stronger Future Earnings
Narrative update The updated analyst price target for Thales now reflects a modest uplift of €3 to €10 in recent Street research, as analysts factor in slightly higher assumed discount rates, largely unchanged growth and margin expectations, and a small adjustment to future P/E assumptions. Analyst Commentary Recent research on Thales shows a mixed tone, with several price target increases sitting alongside a rating downgrade.Narrative Update • Apr 23
HO: Defence Strength And Rising Earnings Assumptions Will Drive Future Upside Potential
Analysts have lifted the Thales price target by roughly €9, supported by updated assumptions on fair value, revenue growth, profit margin, a slightly lower future P/E multiple, and recent target changes from several research houses including UBS, Deutsche Bank, Citi, JPMorgan and Jefferies. Analyst Commentary Recent research has focused on how current execution, especially in different business segments, lines up with where the shares are trading and where analysts see fair value.Recent updates
Narrative Update • Jun 01
HO: Cyber And Tax Headwinds Will Restrain Defence And Cloud Upside
The analyst price target for Thales has moved from €230 to €250. Analysts point to updated assumptions for revenue growth, profit margins and future P/E, while recent Street research reflects a mix of higher price targets from several firms and a more cautious stance from at least one bank concerned about earnings visibility in certain divisions.Narrative Update • May 10
HO: Defence Resilience And Cyber Recovery Will Support Stronger Future Earnings
Narrative update The updated analyst price target for Thales now reflects a modest uplift of €3 to €10 in recent Street research, as analysts factor in slightly higher assumed discount rates, largely unchanged growth and margin expectations, and a small adjustment to future P/E assumptions. Analyst Commentary Recent research on Thales shows a mixed tone, with several price target increases sitting alongside a rating downgrade.Narrative Update • Apr 23
HO: Defence Strength And Rising Earnings Assumptions Will Drive Future Upside Potential
Analysts have lifted the Thales price target by roughly €9, supported by updated assumptions on fair value, revenue growth, profit margin, a slightly lower future P/E multiple, and recent target changes from several research houses including UBS, Deutsche Bank, Citi, JPMorgan and Jefferies. Analyst Commentary Recent research has focused on how current execution, especially in different business segments, lines up with where the shares are trading and where analysts see fair value.
Narrative Update • Apr 09
HO: Defence Strength And Cyber Recovery Will Support Future Earnings Rerating
Narrative Update on Thales The analyst price target for Thales has been revised to €308, up from €284, as analysts weigh stronger views on the Defence business and recent target increases against concerns around Cyber & Digital earnings and higher expected interest and tax charges. Analyst Commentary Recent research on Thales gives you a mix of optimism and caution.Narrative Update • Mar 26
HO: Defence Strength And Cyber Turnaround Will Support Stronger Medium Term Earnings Power
The analyst price target for Thales has been lifted modestly, with the new fair value estimate moving by about €1 to €354.79. Analysts are factoring in slightly different discount rate assumptions alongside updated views on revenue growth, profit margins, and future P/E, supported by recent upgrades and target increases from several firms, as well as a downgrade that cited Cyber & Digital headwinds and higher expected interest and tax charges.Narrative Update • Mar 11
HO: Defense Exposure And Margin Gains Will Support Stronger Medium Term Earnings Power
Analysts have lifted their average price target on Thales to about €356 from roughly €338, reflecting a slightly higher fair value view even as they balance stronger defence and margin expectations with more cautious assumptions for revenue growth and interest costs. Analyst Commentary Recent research shows a mix of views on Thales, with some firms becoming more cautious on execution in certain divisions, while others highlight what they see as attractive defence exposure and scope for improved returns.Narrative Update • Feb 25
HO: Local Champion Positioning In Defense And Technology Will Drive Upside Potential
Analysts have raised their fair value estimate for Thales from €281.22 to €285.67, citing recent upgrades and higher price targets. These changes reflect more constructive views on its role as a European defense and technology "local champion," with a portfolio they consider better positioned relative to peers.Narrative Update • Feb 10
HO: Cyber Execution Risks Will Temper Upside Despite Defense And AI Security Momentum
Analysts have nudged their price expectations for Thales higher by €5, supported by slightly stronger assumptions on revenue growth and profit margins, as well as a modest adjustment to the future P/E they apply. Analyst Commentary Recent research has been generally constructive on Thales, with several firms adjusting their stances and price assumptions.Narrative Update • Jan 27
HO: Space Joint Venture And Defense Positioning Will Shape Balanced Upside Potential
Narrative Update The analyst price target for Thales has edged higher by about €1.53 to €281.22, as analysts factor in updated assumptions for revenue growth, profit margins, discount rate and a lower future P/E following recent target increases and rating changes from Berenberg, Bernstein and Morgan Stanley. Analyst Commentary Recent research updates on Thales point to a generally constructive stance, with price targets adjusted upward and at least one rating moved higher.Narrative Update • Jan 12
HO: Cyber Margin Drag Will Constrain Upside Despite Defense And Aerospace Execution
Analysts have nudged their price targets on Thales higher into a €250 to €275 range, pointing to solid Q3 performance in Defense and Aerospace, a slightly lower discount rate, and a modestly higher future P/E assumption, while continuing to flag Cyber as a key margin headwind. Analyst Commentary Recent research on Thales has centered on how to balance strong Q3 delivery in Defense and Aerospace with ongoing pressure in Cyber and questions around how much optimism is already reflected in current valuation multiples.Narrative Update • Dec 26
HO: Defense Strength And Cyber Drag Will Shape Mid Term Performance
Analysts have raised their price target on Thales to EUR 230 from EUR 220, citing a series of upward revisions to Street targets and increasing confidence in the company’s ability to sustain mid single digit organic growth and resilient margins despite lingering cyber headwinds. Analyst Commentary Recent Street research reflects a more nuanced stance on Thales, with rising price targets tempered by lingering concerns around certain business segments and the durability of current valuation multiples.Narrative Update • Dec 12
HO: Defense And Aerospace Momentum Will Drive Stronger Medium Term Earnings Power
Analysts have nudged their fair value estimate for Thales slightly higher to about EUR 338 from EUR 337, citing a series of recent price target increases that reflect solid Defense and Aerospace performance, partially offset by ongoing Cyber margin concerns. Analyst Commentary Bullish analysts have recently raised their targets for Thales, highlighting confidence in the company’s ability to execute on its growth strategy despite lingering concerns in Cyber.Analysis Article • Nov 23
Thales (EPA:HO) Is Due To Pay A Dividend Of €0.95
The board of Thales S.A. ( EPA:HO ) has announced that it will pay a dividend of €0.95 per share on the 4th of...Narrative Update • Nov 10
HO: Defense And Aerospace Momentum Will Drive Upside From Robust Sector Demand
Analysts have slightly raised their fair value estimate for Thales from €279.13 to €279.69. This reflects ongoing strength in Defense and Aerospace, though some concerns remain over Cyber margin pressures.Analysis Article • Oct 28
Thales (EPA:HO) Is Due To Pay A Dividend Of €0.95
The board of Thales S.A. ( EPA:HO ) has announced that it will pay a dividend of €0.95 per share on the 4th of...Narrative Update • Oct 27
European Defense Expansion and Cyber Efforts Will Drive Aerospace and Space Opportunities
Analysts have modestly raised their fair value estimate for Thales to EUR 279.13. This reflects continued optimism around stronger Aerospace performance and steady revenue growth forecasts.Narrative Update • Sep 20
European Defense And Cybersecurity Trends Will Fuel Aerospace And Space Opportunities
Thales' consensus analyst price target saw a slight downward revision to €275.56 as bullish drivers such as strong defense sector demand and order visibility were partially offset by valuation concerns, though the overall outlook remains broadly positive. Analyst Commentary Bullish analysts cite robust rearmament cycles and elevated defense sector demand as key drivers for higher price targets.Analysis Article • Aug 25
Investors Appear Satisfied With Thales S.A.'s (EPA:HO) Prospects
Thales S.A.'s ( EPA:HO ) price-to-earnings (or "P/E") ratio of 45.6x might make it look like a strong sell right now...
New Narrative • Mar 09
Debt Costs Will Rise, But Defence Contracts Will Open Future Opportunities
Increased financial expenses due to higher debt costs from recent acquisitions may affect future earnings growth.Shareholder Returns
| HO | FR Aerospace & Defense | FR Market | |
|---|---|---|---|
| 7D | -1.6% | 0.2% | 0.3% |
| 1Y | -16.7% | 2.2% | 1.8% |
Return vs Industry: HO underperformed the French Aerospace & Defense industry which returned 2.2% over the past year.
Return vs Market: HO underperformed the French Market which returned 1.8% over the past year.
Price Volatility
| HO volatility | |
|---|---|
| HO Average Weekly Movement | 4.9% |
| Aerospace & Defense Industry Average Movement | 6.9% |
| Market Average Movement | 5.4% |
| 10% most volatile stocks in FR Market | 11.0% |
| 10% least volatile stocks in FR Market | 2.8% |
Stable Share Price: HO has not had significant price volatility in the past 3 months compared to the French market.
Volatility Over Time: HO's weekly volatility (5%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1893 | 82,111 | Patrice Caine | www.thalesgroup.com |
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surveillance systems, airborne optronics, and airspace protection solutions; collaborative combat, intelligence, connectivity and cloud, country and force protection, military vehicle, collaborative artillery, and augmented soldier solutions; robotics and drones; above-water combat, unmanned maritime, and underwater warfare systems; naval support and services; and joint systems. It also provides mission-critical and radio communications; cyber defence and electronic warfare solutions; protection systems; unmanned aerial vehicle systems; digital transformation services; and Geonav IoT for real-time indoor/outdoor precise navigations.
Thales S.A. Fundamentals Summary
| HO fundamental statistics | |
|---|---|
| Market cap | €46.56b |
| Earnings (TTM) | €1.67b |
| Revenue (TTM) | €22.14b |
27.8x
P/E Ratio2.1x
P/S RatioIs HO overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| HO income statement (TTM) | |
|---|---|
| Revenue | €22.14b |
| Cost of Revenue | €16.28b |
| Gross Profit | €5.85b |
| Other Expenses | €4.18b |
| Earnings | €1.67b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
Jul 23, 2026
| Earnings per share (EPS) | 8.15 |
| Gross Margin | 26.44% |
| Net Profit Margin | 7.56% |
| Debt/Equity Ratio | 60.1% |
How did HO perform over the long term?
See historical performance and comparisonDividends
1.7%
Current Dividend Yield48%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/02 04:12 |
| End of Day Share Price | 2026/06/02 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Thales S.A. is covered by 27 analysts. 17 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Joseph Campbell | Barclays |
| Milene Kerner | Barclays |
| George Mcwhirter | Berenberg |