Thales S.A.

ENXTPA:HO Stock Report

Market Cap: €47.8b

Thales Past Earnings Performance

Past criteria checks 6/6

Thales has been growing earnings at an average annual rate of 10.6%, while the Aerospace & Defense industry saw earnings growing at 14.2% annually. Revenues have been growing at an average rate of 7.6% per year. Thales's return on equity is 20.5%, and it has net margins of 7.6%.

Key information

10.59%

Earnings growth rate

11.50%

EPS growth rate

Aerospace & Defense Industry Growth6.10%
Revenue growth rate7.64%
Return on equity20.54%
Net Margin7.56%
Next Earnings Update23 Jul 2026

Recent past performance updates

Recent updates

Narrative Update • Jun 15

HO: Defence And Cyber Resilience Will Support Future Earnings Re Rating

Analysts have nudged their price targets for Thales higher, citing recent upward revisions from UBS and Deutsche Bank that together add €13 to prior Street estimates. Analyst Commentary Bullish Takeaways Bullish analysts see the combined €13 uplift in price targets as a sign that their valuation models now justify a higher fair value range for the stock.
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...
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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.

Revenue & Expenses Breakdown

How Thales makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

ENXTPA:HO Revenue, expenses and earnings (EUR Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Dec 2522,1361,6752,3511,328
30 Sep 2521,7431,3602,3481,315
30 Jun 2521,3491,0462,3451,302
31 Mar 2520,9631,0272,3401,288
31 Dec 2420,5771,0072,3351,274
30 Sep 2419,8919802,2631,234
30 Jun 2419,2059532,1921,194
31 Mar 2418,8179512,1371,151
31 Dec 2318,4289492,0831,108
30 Sep 2318,2281,0632,0771,099
30 Jun 2318,0281,1782,0711,090
31 Mar 2317,7991,1452,0121,077
31 Dec 2217,5691,1121,9541,064
30 Sep 2217,1741,1201,8941,056
30 Jun 2216,7801,1291,8331,048
31 Mar 2216,4861,0501,8131,038
31 Dec 2116,1929711,7931,027
30 Jun 2115,2897731,653916
31 Mar 2115,3306071,716930
31 Dec 2015,3714411,779943
30 Sep 2017,4765572,0341,069
30 Jun 2017,9626302,1041,113
31 Mar 2018,1828762,0961,106
31 Dec 1918,4011,1222,0891,099
30 Sep 1917,4971,1021,9621,024
30 Jun 1916,5921,0821,836949
31 Mar 1916,2241,0321,765914
31 Dec 1815,8559821,694879
30 Sep 1815,7089101,685860
30 Jun 1815,5618381,676842
31 Mar 1815,3947591,674819
31 Dec 1715,2286801,673797
30 Sep 1715,1937711,653782
30 Jun 1715,1588621,633766
31 Mar 1715,0219041,632748
31 Dec 1614,8859461,631730
30 Sep 1614,7249151,631719
30 Jun 1614,5628831,630708
31 Mar 1614,3138241,601700
31 Dec 1514,0637651,573692
30 Sep 1513,8446561,560679
30 Jun 1513,6265481,548666

Quality Earnings: HO has high quality earnings.

Growing Profit Margin: HO's current net profit margins (7.6%) are higher than last year (4.9%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: HO's earnings have grown by 10.6% per year over the past 5 years.

Accelerating Growth: HO's earnings growth over the past year (66.2%) exceeds its 5-year average (10.6% per year).

Earnings vs Industry: HO earnings growth over the past year (66.2%) exceeded the Aerospace & Defense industry 29.1%.

Return on Equity

High ROE: HO's Return on Equity (20.5%) is considered high.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/19 23:25
End of Day Share Price 2026/06/19 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

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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 26 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.

AnalystInstitution
Milene KernerBarclays
Joseph CampbellBarclays
George McwhirterBerenberg