The company has reduced its share count over this period, returning value to shareholders through buybacks.
Diluted shares outstanding: 1.07B (2021) → 1.03B (2025)
Thales S.A. stands as a global technology leader, delivering a wide array of advanced solutions to both civilian and military clients across critical sectors. These encompass aeronautics, space exploration, defense, overall security, ground transportation, and digital identity. Its operations are strategically divided into four key segments: Aerospace; Transport; Defence & Security; and Digital Identity & Security. Within defense and security, Thales develops sophisticated communication, command, and control (C3) systems, alongside mission support and protection technologies. It's also a provider of cutting-edge surveillance, detection, and intelligence platforms, and offers comprehensive training and simulation tools for air, land, naval, and joint military operations. For the aerospace industry, its contributions include air traffic management platforms, state-of-the-art flight decks and avionics, in-flight entertainment and connectivity services, and essential electrical systems. The company further supplies aerospace training, advanced navigation solutions, and comprehensive support for avionics equipment, including specialized vision systems. In the space domain, Thales designs, operates, and deploys satellite-based systems. These are crucial for telecommunications, navigation, earth observation, environmental monitoring, scientific research, space exploration, and the development of orbital infrastructures. Its transport offerings encompass railway signaling, communication, and supervision systems, as well as fare collection management solutions. It also delivers cybersecurity and digitalization systems for railways, alongside a range of solutions for mainline, urban, and intermodal mobility. Beyond these core areas, Thales extends its expertise to diverse industrial and scientific applications. This includes solutions involving radiology, radio frequency (RF) and microwave sources, specialized training and simulation tools, lasers, and microelectronics. These are applied across various sectors such as science, general industry, space, defense, automotive, railway, and energy conversion platforms. Notably, Thales S.A. maintains a strategic partnership with Google LLC. With roots tracing back to its founding in 1893, the company operated under the name Thomson-CSF before officially rebranding as Thales S.A. in 2000. Its global operations are directed from its headquarters in Courbevoie, France.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+8.8% YoY
YoY Growth Rate
Slow revenue growth
-26.2% YoY
YoY Growth Rate
Earnings declining
$1.3B/ year
→ Flat (+0% vs prior year)
6.0% of revenue
In line with sector average (4%)
Steady R&D investment year-over-year
Cash flow positive
$7.2B cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Thales S.A. is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.
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.
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.
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Interest coverage above 8. Profits cover interest many times over.
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P/E over 35. The market is pricing in heavy, sustained growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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