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Rheinmetall AG logo

Rheinmetall AG

RNMBF
43
Aerospace & Defense · Industrials
Price
$1187.50
-12.49 (-1.04%)
Market Cap
$55.27B
Exchange
Other OTC
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Jul 26, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

29.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 43.3M (2021) → 30.6M (2025)

Rheinmetall AG is a global technology company that supplies innovative solutions to the mobility and security industries. Its operations are divided into five core divisions: Vehicle Systems, Weapon and Ammunition, Electronic Solutions, Sensors and Actuators, and Materials and Trade. The Vehicle Systems division delivers a wide array of combat, support, logistics, and specialized vehicles. This includes armored tracked vehicles, CBRN (chemical, biological, radiological, and nuclear) protection systems, advanced turret systems, and both wheeled logistics and tactical transport vehicles. Through its Weapon and Ammunition segment, Rheinmetall offers effective and precise armament, alongside robust protection systems designed for various threats. Its product range encompasses large and medium-caliber weapons and ammunition, remote weapon stations, comprehensive protection systems, and essential propellants and powders. The Electronic Solutions segment specializes in integrated system networks, including advanced sensors, networking platforms, automated and connected effectors for military personnel, and sophisticated cybersecurity defenses. This division also provides comprehensive training and simulation technologies. Their product portfolio extends to air defense systems, soldier modernization systems, command, control, and reconnaissance (C2R) systems, fire control systems, various sensors, and simulations designed for army, air force, naval, and civilian applications. The Sensors and Actuators division manufactures a diverse range of products, such as exhaust gas recirculation systems, throttle valves, control dampers, and exhaust flaps for electric motors, as well as solenoid valves, various actuators, and valve train systems. It also produces oil, water, and vacuum pumps for passenger cars, commercial vehicles, and light to heavy-duty off-road machinery, in addition to industrial solutions. Finally, the Materials and Trade segment focuses on the development and production of critical engine components, including engine blocks, structural parts, cylinder heads, plain bearings, and bushes, alongside general replacement parts. This division is also actively involved in aftermarket services. Established in 1889, the company initially operated as Rheinmetall Berlin AG before adopting its current name, Rheinmetall AG, in 1996. Its corporate headquarters are located in Düsseldorf, Germany.

Winston Score History

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Score breakdown

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Quality

Gross Margin
21.9%
Thin — 21.9% gross margin
Operating Margin
9.1%
Modest — 9.1% operating margin
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-8.6%
Shrinking sales (-8.6% YoY)
EPS YoY
+34.0%
Earnings growing fast (34.0% YoY)

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

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
237%
Turns 237% of profit into real cash
FCF Margin
8.8%
Modest free cash flow (8.8%)

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

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Stability

Debt / Equity
0.40
Conservative — low debt load (0.40)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
51.1x
Expensive — P/E 51.1

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

P/E vs Forward
+35.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (51.1 → 15.7)

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Dividends

Dividend Yield
1.11%
Small dividend — 1.11% yield

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

Dividend Growth
+207.4%
Dividend growing fast (207.4% YoY)

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