Hensoldt AG (HNSDF)
SurévaluéFondamental
49
Prix
$76.24
Capitalisation boursière
$8.78B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
HENSOLDT is a German defense electronics maker: it builds the radars, sensors, cameras and targeting optics that let military platforms see, track and aim, rather than making the aircraft, ships or vehicles themselves. Its equipment goes onto programs like the Eurofighter jet, the P-8 Poseidon patrol aircraft, and Leopard 2 tanks, sold mainly to European and NATO armed forces.
Comment l'entreprise gagne de l'argent
Revenue comes from long-cycle defense contracts: governments order equipment years in advance, HENSOLDT books the order as backlog and recognizes revenue as it develops, produces and delivers the systems, followed by years of maintenance and upgrade work on equipment already in the field. Growth therefore shows up first as order intake, which converts into revenue only gradually as programs move from contract to delivery.
Chiffre d'affaires par segment
Radars, air-defence and reconnaissance sensors used on aircraft, ships and ground-based systems, the core of the business.
Electro-optical sighting, targeting and vision systems mounted on land vehicles such as the Leopard 2 and Puma platforms.
Avantage concurrentiel
Coûts de changement · ÉtroitOnce HENSOLDT's radar or optronics are integrated into a platform like the Eurofighter or Leopard 2, replacing them mid-program means requalifying a new supplier through years of defense procurement and security clearance processes, which governments rarely choose to do. The trade-off is that this advantage is tied to a small number of large programs, so losing or not winning the next generation of one of them matters a great deal.
Ce qui stimule la demande
Modérément cycliqueOrders follow government defense budgets and multi-year procurement decisions rather than the broader economy, and the company itself credits Germany's elevated defense spending as the main driver of its record 2025 order intake. That makes demand more a function of political and budgetary decisions — which can also reverse or delay — than of a classic economic cycle.
Principaux risques
- Dependence on German defense spending — The company attributes its record 2025 order intake mainly to elevated German federal procurement, so a change in Germany's defense budget priorities would directly affect future orders.
- Concentration in a few large programs — Order intake growth is driven by specific platforms such as the Eurofighter, Leopard 2 and P-8 Poseidon; a shift in any partner nation's procurement plans away from these platforms would reduce expected orders.
- Export licensing dependency — International sales require export licenses from German and European authorities, whose approval decisions can delay or block contracts that are otherwise ready to proceed.
Concentration des clients
HENSOLDT does not disclose an exact percentage, but its own 2025 results credit Germany as the key driver of order intake momentum, indicating heavy reliance on a single national defense customer.
Les arguments en faveur
Buyers argue that a record order backlog built on elevated German and European defense spending gives HENSOLDT years of visible future revenue, and that its equipment being designed into flagship platforms like the Eurofighter and Leopard 2 makes it difficult for those programs to switch suppliers.
Les arguments contre
Sellers fear that growth leans heavily on the German government's current appetite for defense spending, which is a political decision that can change, that revenue is concentrated in a handful of flagship programs, and that export contracts remain subject to licensing decisions HENSOLDT does not control.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Elbit competes for the same optronics, sighting systems and electronic-warfare orders on land vehicles and aircraft, and is an aggressive bidder in the European export tenders Hensoldt targets.
Thales bids against Hensoldt for the same European air-defence radar, naval sensor, optronics and electronic-warfare programmes, with its Ground Master radars competing head-on with Hensoldt's TRML family.
Leonardo sells radars, avionics and electronic-warfare suites to the same European armed forces and airborne platforms, competing with Hensoldt even though it also holds a large stake in it.
Saab's Giraffe and Erieye radar lines and its self-protection systems chase the same ground-based air-defence and airborne surveillance budgets in Europe and in export markets.
Indra supplies radars, electronic-warfare and mission systems to European defence ministries and competes with Hensoldt for the sensor workshare on joint European programmes.
Bilan & Liquidités
Chiffre d'affaires
$2.68B
12 derniers mois (au 30/06/2026)
Résultat net
$120M
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$304M
Capitaux propres totaux
$889M
Passif total
$1.69B
Ratio de liquidité général
1.10
Couverture des intérêts
-
Dette/EBITDA
4.88
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$47.78
Prix actuel
$76.24
Marge de sécurité
-59.5%
Fourchette de juste valeur
$31.06 - $64.51
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
73.08
ROE
12.9%
Ratio P/B
9.87
P/FCF
28.88
Marge brute
21.0%
ROIC
4.3%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
4.3%
WACC
14.6%
ROIC − WACC
-10.4 pp
Le ROIC est inférieur au coût du capital — l'entreprise détruit de la valeur pour chaque dollar investi.
Critères d'analyse fondamentale
Réussi (11)
- Price CAGR 33.11%
- P/FCF 28.88
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- ROE 11.9%
- Revenue Growth 5Y 15.3%
- Analyst Consensus 50% Buy
- Earnings Surprise avg 35.3%
- Earnings Quality (OCF/NI) 6.37
Échoué (7)
- ROIC 4.3%
- Gross Margin 21.0%
- P/B Ratio 9.87
- CapEx intensity
- DCF valuation (Overvalued)
- Net Margin Trend 3.6% vs 4.8%
- Piotroski F-Score 2/9
Indisponible (9)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Score F de Piotroski
Préoccupations financières sérieuses
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Oliver Dorre | CEO & Chairman of Management Board | - |
| Mr. Christian Ladurner | CFO & Member of Management Board | 48 |
| Dr. Lars Immisch | Executive Officer | 58 |
| Nicolas Debove | Chief Operating Officer | - |
| Ms. Inka Tews | Chief Human Resources Officer, Labour Director & Member of Management Board | 54 |
| Ms. Veronika Endres | Head of Group Reporting & Investor Relations | - |
| Dr. Katja Stadelmann | General Counsel | - |
| Ms. Simona Patap | Marketing Manager | - |
| Mr. Stefan Hess | Head of Group Sales & Account Management | 57 |
| Mr. Temur Karbassioun | Head of Customer Service | - |
Risque d'audit
5
Risque du conseil
6
Risque de rémunération
6
Risque droits des actionnaires
9
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for HNSDF, sourced from Markets Gazette.