Rheinmetall reported full-year 2025 revenue of 9.94 billion euros, up 29% year over year, with an operating result of 1.84 billion euros, up 33%. The order backlog reached a record 63.8 billion euros, a 36% jump from the prior year.
For 2026, the company guided for sales of 14 billion to 14.5 billion euros, representing growth of 40% to 45%, with an operating margin target of approximately 19%. The company expects its order backlog to more than double to 135 billion euros by year end. Lockheed's record backlog of $194 billion gets celebrated in every earnings recap.
Rheinmetall's backlog is growing faster from a smaller base, with a cleaner balance sheet and no fixed-price contract exposure on classified programs.
What are your thoughts on the recent decline given the strong numbers? Has it just ran up too far, too fast in the last year before it's decline? How do you think it compares to American Defense companies?
Thanks