Rheinmetall AG (RHM.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-121.1%

-€208.28

vs €988.10 price

Levered DCF

€803.15

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.92

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	101.5×	37.23×	23.23×	17.02×	12.36×	3,731.9×	13.16×	11.28×
P/B	14.09×	6.1×	3.92×	2.87×	1.49×	1.98×	2.07×	1.7×
P/S	7.11×	2.53×	1.81×	1.26×	0.64×	0.64×	0.7×	0.56×
EV / EBITDA	32.09×	14.7×	11.39×	8.85×	4.09×	5.8×	5.85×	4.69×
Gross margin	52.4%	51.9%	54.9%	52.7%	53.6%	50.1%	48.7%	48.5%
Operating margin	17.1%	14.4%	11.9%	11.8%	10.9%	5.0%	8.3%	8.2%
Net margin	7.0%	7.4%	7.5%	7.4%	5.1%	0.0%	5.4%	5.0%
Current ratio	1.2×	1.21×	1.3×	1.42×	1.49×	1.5×	1.52×	1.46×
Debt / equity	0.26×	0.6×	0.58×	0.35×	0.38×	0.54×	0.47×	0.42×
Interest coverage	14.67×	10.42×	7.69×	23.56×	20.47×	7.33×	11.33×	12.87×
Dividend yield	0.5%	1.0%	1.4%	1.8%	2.4%	2.8%	2.0%	2.1%
Payout ratio	53.0%	34.6%	35.0%	30.2%	29.9%	10400.0%	26.9%	23.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	17.7%	16.1%	16.9%	12.0%	0.1%	15.8%	15.1%
Return on invested capital	15.7%	12.6%	9.6%	11.5%	9.9%	0.1%	8.1%	8.5%
Return on assets	4.1%	5.0%	4.5%	5.9%	3.8%	0.0%	4.5%	4.5%
Free cash flow yield	2.0%	4.0%	2.7%	-2.2%	11.7%	5.8%	7.1%	-1.0%
Earnings yield	1.0%	2.9%	4.1%	5.9%	8.1%	0.0%	7.6%	8.9%
Enterprise value	€70.3B	€26B	€14.1B	€8.5B	€3.5B	€3.7B	€4.5B	€3.6B
Net debt / EBITDA	-0.17×	0.7×	0.86×	0.44×	-0.14×	-0.01×	0.1×	0.17×
Cash conversion cycle (days)	340	321	358	224	218	200	181	143