OHB SE (OHB) AI Stock Analysis

• Market Cap: €4.22B
• Dividend Yield: 0.51%
• Average Volume (3M): 14.06K
• Price to Earnings (P/E): 688.9
• Beta (1Y): 1.16
• Revenue Growth: 10.80%
• EPS Growth: -91.79%
• Country: DE
• Employees: 3,466
• Sector: General
• Sector Strength: N/A
• Industry: Aerospace & Defense
• EPS (TTM): 0.65
• Shares Outstanding: 19,214,905
• 10 Day Avg. Volume: 16,867
• 30 Day Avg. Volume: 14,060
• PEG Ratio: 46.69
• Price to Book (P/B): 2.31
• Price to Sales (P/S): 0.92
• P/FCF Ratio: 6.35
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 3.48
• Revenue Forecast (FY): €1.44B

• Rating: 63 Neutral
• Price Target: €274.00 ▲(110.77% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is primarily driven by moderate underlying financial performance (stable growth and reduced leverage but weak profitability and cash flow). Technicals are a major positive with strong trend and momentum, while an extremely high P/E and low dividend yield materially reduce the overall score.

Positive Factors

Low Leverage / Strong Balance Sheet

A debt-to-equity of 0.11 materially reduces financial leverage, improving flexibility to fund large, multi-year ESA and government programs without equity dilution. Lower interest burden strengthens capacity to invest in R&D and absorb schedule delays, aiding long-term resilience.

Contracted Revenue Base and ESA Participation

A business model anchored in government, ESA and long-term service contracts provides predictable multi-year revenue and backlog. This reduces cyclicality, supports recurring service income, and creates barriers to entry vs. pure-commercial peers, strengthening durable revenue visibility.

Healthy Gross Margin

A 19.1% gross margin indicates solid project-level economics and pricing power on hardware and integrated systems. That buffer helps cover engineering and fixed overhead on long-duration programs, enabling sustained investment in proprietary tech and long-term competitiveness.

Negative Factors

Very Weak Net Profitability and Shareholder Returns

Net margin of 0.5% and ROE of 1.4% indicate limited profitability and weak shareholder value creation. Persistent low net profits constrain reinvestment, limit dividend capacity, and reduce headroom to absorb program cost overruns or to bid aggressively on capital-intensive contracts.

Poor Cash Conversion and Inconsistent Free Cash Flow

A 51% drop in free cash flow and OCF converting only 15% of net income signal weak cash conversion. This inconsistency raises reliance on external financing for program execution, constrains flexible capital allocation, and increases vulnerability to payment schedule or program timing risk.

Low Operating Margins

EBIT margin of 2.5% and EBITDA of 6.2% reflect modest operational efficiency in a capital-intensive sector. Low operating margins reduce resilience to input cost inflation, limit room for R&D and investment, and make competing for lower-margin commercial work more challenging over time.

OHB SE Business Overview & Revenue Model

Company Description

OHB SE operates as a space and technology company in Germany, rest of Europe, and internationally. The company operates through three segments, Space Systems, Aerospace, and Digital segments. It produces and distributes products and projects, as well as provides technology services primarily in the areas of space and aeronautic technology, telematics, and satellite services. The Space Systems segment focuses on developing and executing space projects. This segment primarily develops and manufactures low-orbiting and geostationary small satellites for navigation, research, communications, and earth and weather observation and reconnaissance, including scientific payloads; undertakes projects for the assembly and outfitting of the International Space Station; and prepares studies and models for exploring solar system, such as the moon, asteroids, and Mars. The Aerospace segment is involved in assembling and developing aviation and space products; and other industrial activities. The Digital segment provides mechatronic systems for antennas and telescopes; various radio telescope projects; and operation of space-borne systems, digital applications based on satellite data as well as information technology and cybersecurity. The company is headquartered in Bremen, Germany.

How the Company Makes Money

OHB SE generates revenue through various streams, primarily by providing satellite and space system solutions to government agencies, international organizations, and commercial customers. Key revenue streams include contracts for the design, manufacture, and operation of satellites, as well as participation in large-scale European Space Agency (ESA) projects and programs. The company also benefits from partnerships with other aerospace firms and research institutions, which enhance its technological capabilities and market reach. Additionally, OHB engages in long-term service agreements and maintenance contracts, providing further financial stability and recurring income.

OHB SE Financial Statement Overview

Summary

Moderate revenue growth (4.7% TTM) and improved leverage (debt-to-equity 0.11) support stability, but profitability is weak (0.5% net margin, 1.4% ROE) and cash generation is inconsistent (free cash flow growth -51%, low operating cash flow to net income at 0.15).

Income Statement

OHB SE shows a moderate revenue growth rate of 4.7% in the TTM, indicating a positive trend compared to the previous year. The gross profit margin is healthy at 19.1%, but the net profit margin is quite low at 0.5%, suggesting limited profitability. The EBIT and EBITDA margins are modest at 2.5% and 6.2% respectively, reflecting operational efficiency challenges.

Balance Sheet

The company has improved its debt-to-equity ratio to 0.11 in the TTM, indicating reduced leverage and a stronger equity position. The return on equity is low at 1.4%, suggesting limited returns for shareholders. The equity ratio is not directly provided, but the balance sheet shows a stable financial structure with a focus on reducing debt.

Cash Flow

OHB SE's cash flow performance is mixed, with a significant decline in free cash flow growth by 51% in the TTM. The operating cash flow to net income ratio is 0.15, indicating challenges in converting income into cash. However, the free cash flow to net income ratio is relatively strong at 0.86, showing some ability to generate cash relative to net income.

Breakdown	TTM	Dec 2024	Mar 2024	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.13B	1.00B	1.05B	944.52M	905.00M	880.32M
Gross Profit	201.98M	174.79M	417.51M	368.67M	370.34M	360.88M
EBITDA	73.16M	58.78M	161.35M	99.92M	84.84M	72.58M
Net Income	6.14M	-196.00K	71.29M	32.24M	27.50M	20.87M
Balance Sheet
Total Assets	1.57B	1.40B	1.34B	1.08B	960.85M	912.08M
Cash, Cash Equivalents and Short-Term Investments	53.45M	124.89M	149.86M	128.87M	98.64M	93.99M
Total Debt	303.38M	195.41M	329.20M	254.94M	209.90M	168.55M
Total Liabilities	1.12B	972.06M	902.06M	787.26M	708.23M	688.75M
Stockholders Equity	409.30M	396.95M	409.01M	268.76M	234.54M	206.13M
Cash Flow
Free Cash Flow	56.82M	144.51M	-85.57M	-11.36M	-39.94M	22.97M
Operating Cash Flow	77.11M	159.77M	-61.80M	9.12M	-17.35M	44.12M
Investing Cash Flow	-17.39M	-11.67M	-19.50M	-23.25M	1.87M	-16.28M
Financing Cash Flow	-29.31M	-169.84M	116.69M	23.10M	18.81M	-20.20M

OHB SE Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 130.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:OHB, the sentiment is Positive. The current price of 130 is below the 20-day moving average (MA) of 256.90, below the 50-day MA of 192.96, and above the 200-day MA of 113.10, indicating a neutral trend. The MACD of 8.52 indicates Positive momentum. The RSI at 49.00 is Neutral, neither overbought nor oversold. The STOCH value of 14.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:OHB.

OHB SE Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JEN	76 Outperform	€1.60B	22.09	7.17%	1.97%	-5.27%	-13.70%
MTX	76 Outperform	€19.96B	19.63	24.74%	0.62%	45.24%	―
HAG	68 Neutral	€9.18B	74.05	15.96%	0.68%	14.89%	619.09%
GIL	68 Neutral	€3.79B	30.13	8.88%	2.19%	-13.98%	45.95%
RHM	63 Neutral	€79.26B	90.79	21.48%	0.53%	24.61%	45.20%
OHB	63 Neutral	€4.22B	688.90	1.49%	0.51%	10.80%	-91.79%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%