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Leonardo S.p.A.

FINMF
39
Aerospace & Defense · Industrials
Price
$58.90
-2.31 (-3.77%)
Market Cap
$33.98B
Exchange
Other OTC
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Jul 25, 2026 · filings through Dec 31, 2025

Leonardo S.p.A., an industrial and technological firm headquartered in Rome, Italy, was established in 1948. Operating globally with a significant presence in Italy, the United Kingdom, broader Europe, the United States, and various international markets, the company primarily specializes in aerospace, defense, and security sectors. Leonardo provides a diverse array of helicopters designed for battlefield operations, combat missions, maritime patrols, training, executive and private transport, emergency medical and rescue services, security, and utility support for the energy sector. This offering is further enhanced by comprehensive support and training provisions. Within its aeronautics division, the company manufactures advanced trainer aircraft, high-performance fighters, and versatile multi-mission transport and surveillance platforms. Its extensive defense electronics and security portfolio includes sophisticated command and control systems, radars, sensors, optronics, communication solutions, electronic warfare capabilities, avionics, and air traffic management technologies. Additionally, this segment delivers robust cybersecurity and resilience services, critical communication infrastructure, digitalization initiatives, and monitoring solutions. In the space domain, Leonardo contributes expertise in geoinformation, satellite communications, ground systems, navigation, and satellite operations. The company is also involved in developing interplanetary probes and orbiting modules, along with producing specialized components like robotics, drilling equipment, electro-optics, laser transmitters, atomic clocks, photovoltaic panels, power distribution and amplification units, attitude sensors, and orbital micropropulsion systems. Furthermore, Leonardo is a key manufacturer and assembler of major structural components made from both composite and metallic materials for commercial and military aircraft, helicopters, and unmanned aerial vehicles. The company also offers automation solutions designed to enhance efficiency in critical logistics infrastructure, such as airport baggage handling systems, mail sorting centers, and courier logistics hubs. The enterprise adopted its current name, Leonardo S.p.A., in January 2017, having previously operated as Leonardo – Finmeccanica S.p.a.

Winston Score History

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+86.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+83.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Position

Cash flow positive

$5.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Leonardo S.p.A. grew revenue 86% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 575.2M (2021) → 576.8M (2025)

Score breakdown

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Quality

Gross Margin
-41.1%
Thin — -41.1% gross margin
Operating Margin
-41.3%
Losing money on operations — -41.3%
ROCE
-32.5%
Weak — -32.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+12.2%
Fast-growing sales (12.2% YoY)
EPS YoY
-7.5%
Earnings shrinking (-7.5% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
276%
Turns 276% of profit into real cash
FCF Margin
8.6%
Modest free cash flow (8.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.41
Conservative — low debt load (0.41)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
40.1x
Pricey — P/E 40.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+21.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (40.1 → 18.2)

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Dividends

Dividend Yield
1.21%
Small dividend — 1.21% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth
+183.1%
Dividend growing fast (183.1% YoY)

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