Stock · HO.PA · Industrials
France · Large Cap · Revenue 12 mo. €22.8B
Price as of 11/06/2026
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide.
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surveillance systems, airborne optronics, and airspace protection solutions; collaborative combat, intelligence, connectivity and cloud, country and force protection, military vehicle, collaborative artillery, and augmented soldier solutions; robotics and drones; above-water combat, unmanned maritime, and underwater warfare systems; naval support and services; and joint systems. It also provides mission-critical and radio communications; cyber defence and electronic warfare solutions; protection systems; unmanned aerial vehicle systems; digital transformation services; and Geonav IoT for real-time indoor/outdoor precise navigations. In addition, it offers digital identity and security solutions comprising banking and payment, data protection, digital identity, identity and access management, biometric, mobile, software monetization, secure IoT solutions, and IoT connecting and security solutions. Further, it provides air traffic management solutions; flight decks and avionics equipment and functions; in-flight entertainment, connectivity, and services; drone and navigation solutions; support and services for civil aviation; connectivity solutions; antennas; and solutions for internal and external aircraft lighting. It offers lasers; microwave and imaging sub-systems; microelectronic solutions; mobile satellite, environmental testing and evaluation laboratory, and training and simulation services; cryogenic technology and coolers; silicon security solutions; and designs, operates, and delivers satellite-based technologies. The company was formerly known as Thomson-CSF and changed its name to Thales S.A. in 2000. Thales S.A. was founded in 1893 and is based in Meudon, France.
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Summary
53.2 of 100
Mean of the six area values. Each area value is the mean of the stock's ranks among the companies in its sector. 50 is the middle of the sector, not a share of companies beaten.
Analysis
What the price requires
If free cash flow stays at €2.6B (2025), it supports €29.3B. The remaining €16.9B of the market value assume it grows 6.4% a year for 10 years and not at all afterwards.
Required FCF growth per year
6.4%
no growth afterwards
with respect to the priced-in expectation
with respect to the priced-in expectation
Since the last quarter
Q1 → Q3 2026
4 more unchanged: Revenue, 12 mo., Gross margin, EBIT margin, Shares outstanding
Derivation
Each area value is the average of its metrics' ranks within the sector (0 to 100, 50 is the middle). For metrics where lower is better, the rank is mirrored. The overall value is the average of the area values.
Price as of 11/06/2026.
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Return on equity | 21.01% | 13.10% | Rank 76 |
| Return on capital (Greenblatt) | 56.90% | 19.33% | Rank 85 |
| EBIT margin | 10.02% | 11.28% | Rank 42 |
| FCF margin | 11.90% | 8.50% | Rank 70 |
| Gross margin | 26.44% | 28.98% | Rank 45 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Revenue growth, 1 year | 7.58% | 5.15% | Rank 63 |
| Earnings growth, 3 years per year | 15.51% | 8.01% | Rank 67 |
| Earnings growth, 5 years per year | 29.07% | 12.89% | Rank 85 |
| Sustainable growth (ROE × retained earnings) | 3.10% | 4.02% | Rank 38 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Earnings yield | 3.67% | 4.42% | Rank 38 |
| FCF yield | 5.71% | 3.98% | Rank 73 |
| EV/saleslower is better | 2.16 | 2.08 | Rank 48 |
| EV/EBITlower is better | 21.55 | 19.47 | Rank 42 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Share price, 1 year | −16.65% | −0.01% | Rank 21 |
| Share price, 6 months | −2.24% | −1.43% | Rank 48 |
| Share price, 3 months | −11.15% | 0.53% | Rank 25 |
| Distance from 52-week high | −18.46% | −16.36% | Rank 45 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Accruals (Sloan)lower is better | −1.86% | 1.39% | Rank 79 |
| Change in share countlower is better | −0.07% | −0.44% | Rank 40 |
| Dividend streak in years | 5 | 5 | Rank 59 |
| Price reaction to results, market-adjusted | 1.86% | 0.27% | Rank 65 |
| Metric | Stock | Sector median | Position in sector |
|---|---|---|---|
| Equity ratio | 20.35% | 39.65% | Rank 13 |
| Net debt/EBITDAlower is better | 0.50 | 1.38 | Rank 68 |
| Debt to equitylower is better | 0.77 | 0.61 | Rank 42 |
| Volatility, 1 yearlower is better | 29.57% | 32.95% | Rank 63 |
Ten years in figures
| Year | Revenue, €B | EBIT margin | FCF | Shares | Net debt |
|---|---|---|---|---|---|
| 2016 | 14.9 | 7.4% | €957.1M | 213M | −€2.1B |
| 2017 | 15.8 | 8.0% | €1.6B | 213M | −€2.6B |
| 2018 | 15.9 | 8.9% | €880.9M | 213M | −€2.9B |
| 2019 | 18.4 | 7.0% | €1.3B | 213M | €3.3B |
| 2020 | 17.0 | 4.8% | €950.2M | 213M | €2.6B |
| 2021 | 16.2 | 7.1% | €2.3B | 213M | €872.0M |
| 2022 | 17.6 | 7.7% | €2.6B | 212M | €371.8M |
| 2023 | 18.4 | 8.6% | €970.8M | 209M | €4.5B |
| 2024 | 20.6 | 8.3% | €2.0B | 206M | €3.1B |
| 2025 | 22.1 | 10.0% | €2.6B | 206M | €1.7B |
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Detail data
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Selected fundamental metrics for Thales S.A.
| Metric | Stock | Sector |
|---|---|---|
| P/E ratio | 27.3 | 22.5 |
| P/B ratio | 5.7 | 2.9 |
| Return on equity (ROE) | 21.0% | 13.1% |
| Equity ratio | 20.4% | 39.7% |
| Debt-to-equity (D/E) | 0.77 | 0.61 |
| Dividend yield | 1.8% | 2.0% |
How comparable stocks in the same sector score in the StockScorer model.
| Symbol | Company | Rating |
|---|---|---|
| HO.PA | Thales S.A.this page | |
| AM.PA | Dassault Aviation SA | locked |
| SAF.PA | Safran SA | locked |
| HONA | Honeywell Aerospace Inc | locked |
| LHX | L3Harris Technologies Inc | locked |
| HEI | Heico Corporation | locked |
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