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German (DAX) Aerospace & Defense Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies9
  • 7D-11.9%
  • 3M-19.4%
  • 1Y-33.1%
  • YTD-24.8%

Over the last 7 days, the Aerospace & Defense industry has dropped 12%, driven by a pullback from Rheinmetall of 18%. In contrast, MTU Aero Engines has gained 6.3%. Overall the industry is down 33% in 12 months. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

Has the German Aerospace & Defense Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Jun 2026€84.7b€26.0b€2.3b42.7x36.2x3.3x
Thu, 28 May 2026€99.8b€26.0b€2.3b46.4x42.6x3.8x
Sat, 25 Apr 2026€98.5b€25.5b€2.3b45.6x42.4x3.9x
Mon, 23 Mar 2026€106.5b€25.2b€2.3b54.1x46.1x4.2x
Wed, 18 Feb 2026€117.0b€25.7b€2.0b74.3x58.6x4.6x
Fri, 16 Jan 2026€128.4b€25.7b€2.0b83.8x63.7x5x
Sun, 14 Dec 2025€109.1b€25.7b€2.0b68x54.3x4.2x
Tue, 11 Nov 2025€120.6b€23.5b€1.9b91.8x63.2x5.1x
Thu, 09 Oct 2025€126.6b€22.9b€1.8b124.2x69.8x5.5x
Sat, 06 Sep 2025€112.1b€22.9b€1.8b105.3x61.8x4.9x
Mon, 04 Aug 2025€110.9b€22.6b€1.8b105.4x61.5x4.9x
Wed, 02 Jul 2025€115.6b€22.2b€1.7b109.9x68.7x5.2x
Fri, 30 May 2025€117.4b€22.2b€1.7b108.5x69.7x5.3x
Sun, 27 Apr 2025€85.4b€20.9b€1.6b69.1x54.5x4.1x
Tue, 25 Mar 2025€85.6b€20.9b€1.6b50.1x54.5x4.1x
Thu, 20 Feb 2025€66.0b€19.4b€1.5b26.3x44.3x3.4x
Sat, 18 Jan 2025€53.7b€19.4b€1.5b25.4x36x2.8x
Mon, 16 Dec 2024€49.5b€19.4b€1.5b24.5x33.2x2.6x
Wed, 13 Nov 2024€47.2b€19.6b€1.5b23.8x31.7x2.4x
Fri, 11 Oct 2024€40.8b€17.3b€706.1m25.8x57.8x2.4x
Sun, 08 Sep 2024€40.8b€17.3b€706.1m27x57.8x2.4x
Tue, 06 Aug 2024€39.4b€16.5b€637.4m28.3x61.8x2.4x
Thu, 04 Jul 2024€40.8b€16.2b€612.4m30.5x66.6x2.5x
Sat, 01 Jun 2024€40.8b€16.2b€612.4m30.4x66.6x2.5x
Mon, 29 Apr 2024€40.6b€15.9b€547.6m29.6x74.1x2.6x
Wed, 27 Mar 2024€41.6b€15.8b€503.1m34.8x82.6x2.6x
Fri, 23 Feb 2024€34.3b€15.3b€349.1m32.8x98.2x2.2x
Sun, 21 Jan 2024€30.0b€15.3b€349.1m28x86x2x
Tue, 19 Dec 2023€26.6b€15.3b€349.1m25.8x76.2x1.7x
Thu, 16 Nov 2023€26.1b€15.3b€349.1m25.5x74.7x1.7x
Sat, 14 Oct 2023€24.9b€15.7b€988.6m22.6x25.2x1.6x
Mon, 11 Sep 2023€26.1b€15.7b€988.1m22.7x26.4x1.7x
Wed, 09 Aug 2023€27.5b€15.6b€985.5m24.4x27.9x1.8x
Fri, 07 Jul 2023€26.6b€15.0b€849.1m22.6x31.3x1.8x
Price to Earnings Ratio

31.3x


Total Market Cap: €26.6bTotal Earnings: €849.1mTotal Revenue: €15.0bTotal Market Cap vs Earnings and Revenue0%0%0%
German Aerospace & Defense Industry Price to Earnings3Y Average 56.2x202420252026
Current Industry PE
  • Investors are pessimistic on the German Aerospace & Defense industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.2x which is lower than its 3-year average PE of 56.2x.
  • The industry is trading close to its 3-year average PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Aerospace & Defense industry have grown 40% per year over the last three years.
  • Revenues for these companies have grown 20% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the German Industrials industry?

DE Market-2.44%
Industrials-4.90%
Aerospace & Defense-11.88%
Aerospace and Defense-11.88%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
MTX MTU Aero Engines€359.106.3%
+€1.1b		-4.8%PE19.5x
TKMS TKMS & Co KGaA€76.605.9%
+€273.2m		n/aPE57.9x
Y73 Scandinavian Astor Group€1.465.3%
+€4.5m		-62.2%PE19.1x

Latest News

RHM
€970.90
Rheinmetall
7D
-18.4%
1Y
-46.0%
FQT
€62.70
Frequentis
7D
-15.3%
1Y
23.4%
OHB
€281.50
OHB
7D
-29.5%
1Y
280.4%
Narrative Update • Jun 26

OHB: Capital Raise And Defense Expansion Will Reshape Future Business Profile

Analysts have raised their price target for OHB to €320 from €141, citing updated assumptions for revenue growth, profit margins and a higher future P/E multiple as the main drivers of the valuation change. What’s in the News for OHB OHB SE plans to raise about €500 million through a capital increase at €300 per new share via a subscription rights offering and private placement, with major shareholders including the Fuchs family and KKR waiving subscription rights to support a larger free float and higher stock liquidity.
Y73
€1.46
Scandinavian Astor Group
7D
5.3%
1Y
-62.2%
MTX
€359.10
MTU Aero Engines
7D
6.3%
1Y
-4.8%
Narrative Update • Jun 24

MTX: Future Returns Will Be Pressured By Execution Risks After Recent Downgrades

The analyst price target for MTU Aero Engines has been reduced from €290.82 to €275.00, as analysts factor in recent downgrades and target cuts alongside some more positive initiation and upgrade commentary. Analyst Commentary Recent Street research on MTU Aero Engines points to a mixed backdrop, with several bearish analysts trimming price targets and downgrading the stock, alongside a smaller group taking a more constructive stance.
HAG
€67.56
Hensoldt
7D
-2.2%
1Y
-30.6%
Narrative Update • Jun 17

HAG: Raised Cash Flow Guidance And New Contracts Will Support Future Rerating

Analysts have adjusted the Hensoldt price target to €80, citing updated assumptions on fair value, discount rate, revenue growth, profit margin, and future P/E that align with recent Street research indicating a change from €78 to €80. Analyst Commentary Recent research on Hensoldt points to a modestly more constructive stance from bullish analysts, reflected in the latest price target change to €80.
TKMS
€76.60
TKMS & Co KGaA
7D
5.9%
1Y
n/a
XK4
€37.60
Gabler Group
7D
-6.9%
1Y
n/a
V1NC
€16.51
Vincorion
7D
-4.4%
1Y
n/a