Leonardo S.p.A.

FINMY

Aerospace & Defense · Industrials

Price

$28.91

+0.77 (+2.74%)

Market Cap

$66.71B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+100.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.15B (2021) → 2.31B (2025)

Leonardo S.p.A. is an Italian aerospace and defense company that makes military aircraft, helicopters, electronics, and cybersecurity systems. Its customers are mostly governments and armed forces across Europe and beyond. Leonardo is one of the largest defense contractors in Europe and is majority-owned by the Italian government.

The company earns money through long-term government contracts for building and maintaining defense equipment, as well as through electronics and systems integration work. It operates mainly in Italy, the UK, and the US, with global sales generating roughly €15–16 billion in annual revenue. Leonardo's close ties to the Italian government provide a stable base of orders, but its relatively thin margins — around 6% operating margin — leave little room for error, and its growth will depend heavily on rising European defense budgets following increased geopolitical tensions on the continent.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

+84.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-11.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

65.1%ownership

Insiders own a meaningful stake in the company

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 85% 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.

Score breakdown

Every number that matters to educated investors.

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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

-32.3%

Weak — -32.3% return on capital

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

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Growth

Sales YoY

+42.9%

Fast-growing sales (42.9% YoY)

EPS YoY

+67.7%

Earnings growing fast (67.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

327%

Turns 327% of profit into real cash

FCF Margin

7.9%

Modest free cash flow (7.9%)

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)

18.5x

Fair value — P/E 18.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.33%

Small dividend — 1.33% yield

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

Dividend Growth

+182.2%

Dividend growing fast (182.2% YoY)

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