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German (DAX) Aerospace & Defense Industry Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies9
  • 7D1.8%
  • 3M-15.3%
  • 1Y12.9%
  • YTD-1.1%

The Aerospace & Defense industry is up 1.8% in the last week, with Hensoldt up 4.5%. This means that the industry has gained 13% over the past year. As for the next few years, earnings are expected to grow by 26% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026€111.0b€25.5b€2.3b44x47.7x4.4x
Thu, 19 Mar 2026€114.4b€25.1b€2.3b58.2x50.5x4.6x
Sat, 14 Feb 2026€116.4b€25.7b€2.0b74x58.3x4.5x
Mon, 12 Jan 2026€127.5b€25.7b€2.0b68x63.2x5x
Wed, 10 Dec 2025€111.3b€25.7b€2.0b69x55.4x4.3x
Fri, 07 Nov 2025€115.7b€23.1b€1.9b102.6x62.3x5x
Sun, 05 Oct 2025€129.0b€22.9b€1.8b126.3x71.1x5.6x
Tue, 02 Sep 2025€113.8b€22.9b€1.8b106.8x62.8x5x
Thu, 31 Jul 2025€112.5b€22.6b€1.8b105.5x62.3x5x
Sat, 28 Jun 2025€113.1b€22.2b€1.7b106.9x67.1x5.1x
Mon, 26 May 2025€110.6b€22.2b€1.7b98.2x65.7x5x
Wed, 23 Apr 2025€86.0b€20.9b€1.6b69.8x54.9x4.1x
Fri, 21 Mar 2025€86.6b€20.9b€1.6b28.9x52.8x4.1x
Sun, 16 Feb 2025€59.9b€19.4b€1.5b25.4x40.2x3.1x
Tue, 14 Jan 2025€51.0b€19.4b€1.5b24.6x34.2x2.6x
Thu, 12 Dec 2024€49.5b€19.4b€1.5b24.5x33.2x2.6x
Sat, 09 Nov 2024€45.7b€19.5b€1.5b23.9x30x2.3x
Mon, 07 Oct 2024€42.6b€17.3b€706.1m27.3x60.3x2.5x
Wed, 04 Sep 2024€41.6b€17.3b€707.4m27.4x58.9x2.4x
Fri, 02 Aug 2024€40.7b€16.3b€599.4m29.6x67.9x2.5x
Sun, 30 Jun 2024€38.8b€16.2b€612.4m29.7x63.3x2.4x
Tue, 28 May 2024€41.4b€16.2b€612.4m30.3x67.6x2.6x
Thu, 25 Apr 2024€40.5b€16.0b€547.4m29x74x2.5x
Sat, 23 Mar 2024€39.7b€15.7b€528.1m34x75.2x2.5x
Mon, 19 Feb 2024€34.3b€15.3b€349.1m32.2x98.3x2.2x
Wed, 17 Jan 2024€29.4b€15.3b€349.1m27.5x84.2x1.9x
Fri, 15 Dec 2023€26.4b€15.3b€349.1m25.9x75.6x1.7x
Sun, 12 Nov 2023€25.7b€15.3b€349.1m25.3x73.6x1.7x
Tue, 10 Oct 2023€23.9b€15.7b€988.6m22.7x24.1x1.5x
Thu, 07 Sep 2023€26.4b€15.7b€988.1m22.9x26.7x1.7x
Sat, 05 Aug 2023€27.3b€15.6b€988.1m24.6x27.6x1.7x
Mon, 03 Jul 2023€27.9b€15.0b€849.1m23.4x32.8x1.9x
Wed, 31 May 2023€26.7b€15.0b€849.1m22.9x31.4x1.8x
Fri, 28 Apr 2023€29.0b€14.8b€860.6m25.2x33.7x2x
Price to Earnings Ratio

33.7x


Total Market Cap: €29.0bTotal Earnings: €860.6mTotal Revenue: €14.8bTotal Market Cap vs Earnings and Revenue0%0%0%
German Aerospace & Defense Industry Price to Earnings3Y Average 55.6x202420252026
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 47.7x which is lower than its 3-year average PE of 55.6x.
  • The 3-year average PS ratio of 3.1x is lower than the industry's current PS ratio of 4.4x.
Past Earnings Growth
  • The earnings for companies in the Aerospace & Defense industry have grown 39% 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 Market3.70%
Industrials3.98%
Aerospace & Defense1.77%
Aerospace and Defense1.77%
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
HAG Hensoldt€82.364.5%
+€411.2m		25.5%PE106.9x
MTX MTU Aero Engines€331.101.9%
+€338.9m		20.8%PE17.5x
OHB OHB€308.006.0%
+€335.2m		323.1%PE118.1x
TKMS TKMS & Co KGaA€89.003.9%
+€209.6m		n/aPE67.3x
V1NC Vincorion€17.6810.2%
+€81.5m		n/aPE45.7x

Latest News

MTX
€331.10
MTU Aero Engines
7D
1.9%
1Y
20.8%

MTX: Future Re Rating Will Rely On Execution And Margin Delivery

Analyst price targets for MTU Aero Engines have been trimmed by about €4 to reflect a mix of reduced target levels from several banks, along with updated assumptions for discount rates, profitability and future P/E multiples, even as analysts acknowledge slightly firmer revenue growth and margin expectations. Analyst Commentary Recent research updates on MTU Aero Engines show a mix of lowered price targets and more constructive views on the company, with opinions split on how quickly the shares might reflect improved fundamentals and valuation assumptions.
FQT
€75.40
Frequentis
7D
1.6%
1Y
93.3%

FQT: Higher Margin Outlook And Dividend Capacity Will Support Future Upside

Analysts have lifted their price target for Frequentis from €81 to €89, citing updated assumptions that include a slightly lower discount rate, adjusted revenue growth expectations, a higher projected profit margin and a reduced future P/E multiple. What's in the News The Executive Board plans to propose a dividend of €0.30 per share for the 2025 financial year to the Annual General Meeting, subject to Supervisory Board approval (Key Developments).
RHM
€1,475.80
Rheinmetall
7D
-1.3%
1Y
0.8%

RHM: Backlog And Bundeswehr Satellite Project Will Support Future Earnings Power

Analysts have modestly adjusted their price targets on Rheinmetall, with recent moves around the €2,020 mark reflecting mixed views on slightly softer FY results, a strong backlog, and a valuation that some see as appealing on longer term P/E metrics. Analyst Commentary Recent Street research on Rheinmetall points to a split view, with some institutions trimming price targets while others remain constructive on the longer term story.
HAG
€82.36
Hensoldt
7D
4.5%
1Y
25.5%

HAG: Elevated P/E And Order Execution Risks Will Likely Restrain Future Returns

Analysts have slightly reduced the fair value estimate for Hensoldt to about €64.57, reflecting updated views on growth, margins and future P/E. Recent price target changes, which fall between €81 and €99, indicate mixed but generally constructive sentiment following several upgrades and modest target cuts.
Y73
€1.44
Scandinavian Astor Group
7D
12.5%
1Y
-41.5%
TKMS
€89.00
TKMS & Co KGaA
7D
3.9%
1Y
n/a
OHB
€308.00
OHB
7D
6.0%
1Y
323.1%
XK4
€41.60
Gabler Group
7D
-2.1%
1Y
n/a