HENSOLDT AG (DE:HAG)
XETRA:HAG
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HENSOLDT AG
(XETRA:HAG)
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Rating:61Neutral
Price Target:
€77.00
▼(-4.75% Downside)
Action:ReiteratedDate:05/09/26
The score is supported primarily by improving financial performance, led by a significantly de-risked balance sheet and strong recent cash generation. This is tempered by weak technical momentum (price below key moving averages with negative MACD) and unfavorable valuation metrics (negative P/E and low dividend yield).
Positive Factors
De-risked balance sheet
The sharp reduction in leverage to a TTM debt-to-equity of ~0.06 materially lowers refinancing and solvency risk, giving HENSOLDT durable financial flexibility. This improves its ability to fund program execution, pursue strategic investments, and withstand defense procurement timing shocks over months.
Negative Factors
Modest, volatile net margins
A ~3.9% net margin that has fluctuated historically reduces the buffer to absorb cost inflation or contract overruns on long-cycle defense programs. Modest bottom-line resilience can pressure retained earnings and limit volatility-absorbing capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
De-risked balance sheet
The sharp reduction in leverage to a TTM debt-to-equity of ~0.06 materially lowers refinancing and solvency risk, giving HENSOLDT durable financial flexibility. This improves its ability to fund program execution, pursue strategic investments, and withstand defense procurement timing shocks over months.
Read all positive factors
HENSOLDT AG (HAG) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€8.48B
Dividend Yield0.68%
Average Volume (3M)536.28K
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth10.84%
EPS Growth7.53%
CountryDE
Employees8,986
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.87
Shares Outstanding115,500,000
10 Day Avg. Volume473,044
30 Day Avg. Volume536,278
Financial Highlights & Ratios
PEG Ratio-5.54
Price to Book (P/B)8.55
Price to Sales (P/S)3.45
P/FCF Ratio34.32
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€90.00Price Target Upside11.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.79
Revenue Forecast (FY)€2.76B
HENSOLDT AG Business Overview & Revenue Model
Company Description
Hensoldt AG, together with its subsidiaries, provides defense and security electronic sensor solutions worldwide. It offers air surveillance, airborne, ground based, security, naval and coastal, and space radars; identification friend or foe and s...
How the Company Makes Money
HENSOLDT makes money primarily by selling defense and security sensor products and integrated system solutions to government customers (e.g., armed forces and public-security agencies) and to prime defense contractors/OEMs that integrate HENSOLDT ...
HENSOLDT AG Earnings Call Summary
Earnings Call Date:Nov 07, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong growth in order intake and revenue, with a record order backlog providing excellent visibility. The company has raised its book-to-bill guidance and secured major contracts. Despite the positive momentum, the logistical ramp-up temporarily impacted revenue growth, and ongoing investments in working capital affected cash flow. Overall, the sentiment is positive, with strong future growth expectations.Positive Updates
Strong Order Intake and Revenue Growth
Order intake reached more than EUR 2 billion, exceeding the prior year figure by 9%. Revenue increased to EUR 1.5 billion, with core revenue growing by 14%.
Negative Updates
Logistical Ramp-Up Impact
The logistical ramp-up temporarily moderated the pace of revenue growth in 2025, impacting the Sensors segment's performance initially.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Order Intake and Revenue Growth
Order intake reached more than EUR 2 billion, exceeding the prior year figure by 9%. Revenue increased to EUR 1.5 billion, with core revenue growing by 14%.
Read all positive updates
Company Guidance
During the Hensoldt 9M 2025 results call, CFO Christian Ladurner provided updated guidance, highlighting a significant increase in the book-to-bill ratio for 2025, revised to a range of 1.6x to 1.9x, up from around 1.2x. The company anticipates a robust finish to 2025, with order intake projected to grow from over EUR 2 billion in the first nine months to approximately EUR 4.4 billion by year-end. Revenue for 2025 is expected to be around EUR 2.5 billion, with an adjusted EBITDA margin of at least 18%. The Optronics segment is expected to contribute significantly, with a projected order intake of approximately EUR 1.4 billion, driven by contracts like the EUR 850 million Luchs II reconnaissance vehicle. Additionally, Hensoldt maintains a cash conversion target of 50% to 60% and a net leverage goal of around 1.5x. The company is also preparing for increased production capacity, investing EUR 80 million in a new site for air defense radars, set to ramp up production from 2027 onwards.HENSOLDT AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.56B | 2.46B | 2.24B | 1.85B | 1.71B | 1.47B |
| Gross Profit | 538.00M | 525.00M | 509.00M | 416.00M | 394.00M | 329.80M |
| EBITDA | 366.00M | 385.00M | 379.00M | 293.00M | 267.00M | 253.00M |
| Net Income | 100.00M | 89.00M | 108.00M | 54.00M | 78.00M | 63.00M |
Balance Sheet | ||||||
| Total Assets | 5.55B | 5.43B | 4.70B | 3.84B | 2.98B | 2.95B |
| Cash, Cash Equivalents and Short-Term Investments | 820.00M | 933.00M | 734.00M | 803.00M | 462.00M | 534.00M |
| Total Debt | 55.00M | 1.63B | 1.38B | 854.00M | 789.00M | 943.90M |
| Total Liabilities | 4.56B | 4.43B | 3.81B | 3.02B | 2.36B | 2.54B |
| Stockholders Equity | 979.00M | 991.00M | 872.00M | 808.00M | 604.00M | 399.30M |
Cash Flow | ||||||
| Free Cash Flow | 270.00M | 247.00M | 112.00M | 153.00M | 149.00M | 197.20M |
| Operating Cash Flow | 502.00M | 453.00M | 311.00M | 267.00M | 244.00M | 299.20M |
| Investing Cash Flow | -265.00M | -236.00M | -745.00M | -122.00M | -101.00M | -117.10M |
| Financing Cash Flow | -10.00M | -20.00M | 367.00M | 197.00M | -214.00M | -297.20M |
HENSOLDT AG Technical Analysis
Positive
80.84
Price Trends
78.35
Positive
78.30
Positive
86.48
Negative
Market Momentum
0.77
Negative
53.92
Neutral
62.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:HAG, the sentiment is Positive. The current price of 80.84 is above the 20-day moving average (MA) of 77.22, above the 50-day MA of 78.35, and below the 200-day MA of 86.48, indicating a neutral trend. The MACD of 0.77 indicates Negative momentum. The RSI at 53.92 is Neutral, neither overbought nor oversold. The STOCH value of 62.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:HAG.
HENSOLDT AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €16.43B | 9.32 | 26.38% | 0.62% | 18.24% | 60.48% | |
71 Outperform | €2.05B | 10.57 | 7.38% | 1.97% | -6.26% | -22.28% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | €4.81B | 82.50 | 22.72% | 0.80% | 17.16% | 102.59% | |
61 Neutral | €8.48B | -114.89 | 9.97% | 0.68% | 10.84% | 7.53% | |
59 Neutral | €5.77B | 45.14 | 12.09% | 0.51% | 22.46% | 1421500.00% | |
59 Neutral | €56.71B | 150.11 | 14.96% | 0.53% | -8.66% | -8.96% |
* Industrials Sector Average
DE:HAG
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.