Cash flow Rheinmetall AG

Equities

RHM

DE0007030009

Aerospace & Defense

Market Closed - Xetra Other stock markets 16:38:54 22/04/2026 BST			After hours 20:59:56
1,422.80 ^EUR	-0.57%		1,427.40	+0.32%

02:35pm	Rheinmetall to supply Bundeswehr with kamikaze drones	DP
12:36pm	Rheinmetall wins multibillion contract to supply German army with FV-014 loitering munition	RE

0.QAbQtFd5KWVUUfKiWxWfljdIF_LhWnxCWbEHQKZ2QaE.DTan8iU4bAojDpnuEFDS-XExeMTUIwwXYNA0cvwcdOYVU6jGPjV_XGQwpw

Published financial data: RHEINMETALL AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	5.66B	6.41B	7.18B	9.75B	9.94B
Other Revenues, Total	-	-	-	-	-
Total Revenues	5.66B	6.41B	7.18B	9.75B	9.94B
Cost of Goods Sold, Total	2.71B	3.03B	3.24B	4.69B	4.73B
Gross Profit	2.95B	3.38B	3.94B	5.06B	5.2B
Selling General & Admin Expenses, Total	1.64B	1.84B	2.06B	2.38B	2.32B
Depreciation & Amortization - (IS)	236M	249M	308M	386M	389M
Other Operating Expenses	444M	560M	727M	870M	821M
Other Operating Expenses, Total	2.32B	2.64B	3.09B	3.64B	3.53B
Operating Income	625M	735M	846M	1.42B	1.67B
Interest Expense, Total	-31M	-32M	-111M	-135M	-116M
Interest And Investment Income	4M	12M	29M	19M	4M
Net Interest Expenses	-27M	-20M	-82M	-116M	-112M
Income (Loss) On Equity Invest.	11M	32M	57M	-37M	47M
Other Non Operating Income (Expenses)	-14M	-45M	-4M	1M	-23M
EBT, Excl. Unusual Items	595M	702M	817M	1.27B	1.58B
Merger & Related Restructuring Charges	-	-	-2M	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	3M	-	-4M	15M
Gain (Loss) On Sale Of Assets	2M	5M	-	-19M	-8M
Asset Writedown	-15M	-	-	-17M	-17M
EBT, Incl. Unusual Items	582M	710M	815M	1.23B	1.57B
Income Tax Expense	150M	183M	185M	333M	396M
Earnings From Continuing Operations	432M	527M	630M	895M	1.18B
Earnings Of Discontinued Operations	-100M	8M	-44M	-87M	-332M
Net Income to Company	332M	535M	586M	808M	844M
Minority Interest	-41M	-66M	-51M	-91M	-148M
Net Income - (IS)	291M	469M	535M	717M	696M
Net Income to Common Incl Extra Items	291M	469M	535M	717M	696M
Net Income to Common Excl. Extra Items	391M	461M	579M	804M	1.03B
Per Share Items
Net EPS - Basic	6.72	10.82	12.32	16.51	15.38
Basic EPS - Continuing Operations	9.03	10.63	13.34	18.51	22.72
Basic Weighted Average Shares Outstanding	43.28M	43.36M	43.41M	43.43M	45.24M
Net EPS - Diluted	6.72	10.82	12.06	15.97	15.17
Diluted EPS - Continuing Operations	9.03	10.63	13.01	17.83	22.29
Diluted Weighted Average Shares Outstanding	43.28M	43.36M	46.34M	46.66M	46.66M
Normalized Basic EPS	7.64	8.6	10.59	16.15	18.58
Normalized Diluted EPS	7.64	8.6	9.92	15.03	18.02
Dividend Per Share	3.3	4.3	5.7	8.1	11.5
Payout Ratio	29.9	30.49	34.95	34.59	53.02
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	826M	921M	1.08B	1.75B	2.02B
EBITA	664M	757M	906M	1.56B	1.84B
EBIT	625M	735M	846M	1.42B	1.67B
EBITDAR	-	-	1.09B	1.76B	2.03B
Effective Tax Rate - (Ratio)	25.77	25.77	22.7	27.12	25.19
Total Current Taxes	108M	121M	223M	319M	442M
Total Deferred Taxes	48M	63M	-35M	20M	-57M
Normalized Net Income	331M	373M	460M	702M	841M
Interest on Long-Term Debt	6M	7M	10M	12M	14M
Non-Cash Pension Expense	5M	6M	10M	14M	5M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	414M	433M	447M	330M	505M
Net Rental Expense, Total	-	-	9M	10M	10M
Imputed Operating Lease Interest Expense	-	-	5.54M	4.98M	5.01M
Imputed Operating Lease Depreciation	-	-	3.46M	5.02M	4.99M
Maintenance & Repair Expenses, Total	82M	-	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	16M	13M	13M	13M	8.14M
Total Stock-Based Compensation	16M	13M	13M	13M	8.14M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.04B	545M	850M	1.18B	1.65B
Short Term Investments	17M	21M	65M	69M	41M
Trading Asset Securities, Total	162M	132M	-	-	-
Total Cash And Short Term Investments	1.22B	698M	915M	1.25B	1.69B
Accounts Receivable, Total	1.6B	1.92B	2.55B	2.66B	2.86B
Other Receivables	86M	137M	97M	184M	194M
Total Receivables	1.69B	2.06B	2.65B	2.85B	3.06B
Inventory	1.65B	1.98B	3.24B	3.99B	4.72B
Prepaid Expenses	-	38M	48M	54M	63M
Other Current Assets, Total	426M	434M	238M	87M	1.37B
Total Current Assets	4.98B	5.21B	7.09B	8.23B	10.9B
Gross Property Plant And Equipment	3.9B	4.13B	4.66B	5.17B	4.05B
Accumulated Depreciation	-2.76B	-2.94B	-3.24B	-3.51B	-2.11B
Net Property Plant And Equipment	1.14B	1.19B	1.42B	1.66B	1.94B
Long-term Investments	233M	440M	407M	415M	258M
Goodwill	481M	483M	1.12B	1.43B	1.35B
Other Intangibles, Total	87M	85M	657M	990M	882M
Accounts Receivable Long-Term	13M	12M	12M	11M	-
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	147M	98M	164M	172M	165M
Deferred Charges Long-Term	317M	352M	429M	569M	560M
Other Long-Term Assets, Total	339M	224M	400M	869M	717M
Total Assets	7.73B	8.09B	11.71B	14.34B	16.77B
Liabilities
Accounts Payable, Total	809M	931M	1.22B	1.15B	1.19B
Accrued Expenses, Total	248M	317M	353M	349M	416M
Short-term Borrowings	-	128M	215M	217M	-
Current Portion of Long-Term Debt	176M	287M	149M	282M	73M
Current Portion of Leases	39M	39M	46M	53M	53M
Current Income Taxes Payable	87M	67M	108M	118M	200M
Unearned Revenue Current, Total	1.11B	1.12B	2.59B	3.87B	5.64B
Other Current Liabilities	871M	776M	772M	746M	1.5B
Total Current Liabilities	3.34B	3.66B	5.46B	6.78B	9.07B
Long-Term Debt	525M	345M	1.28B	1.6B	902M
Long-Term Leases	181M	172M	226M	274M	253M
Pension & Other Post Retirement Benefits	773M	484M	562M	527M	278M
Deferred Tax Liability Non Current	38M	78M	260M	356M	363M
Other Non Current Liabilities	255M	262M	280M	344M	290M
Total Liabilities	5.11B	5.01B	8.06B	9.88B	11.16B
Common Stock, Total	112M	112M	112M	112M	118M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	2.05B	2.36B	2.72B	3.2B	3.52B
Treasury Stock	-9M	-6M	-5M	-4M	-4M
Comprehensive Income and Other	266M	350M	491M	739M	1.38B
Total Common Equity	2.42B	2.81B	3.32B	4.05B	5.01B
Minority Interest	203M	271M	327M	414M	604M
Total Equity	2.62B	3.08B	3.64B	4.46B	5.62B
Total Liabilities And Equity	7.73B	8.09B	11.71B	14.34B	16.77B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	43.3M	43.38M	43.42M	43.44M	46.4M
ECS Total Common Shares Outstanding	43.3M	43.38M	43.42M	43.44M	46.4M
Book Value / Share	55.84	64.82	76.37	93.24	108.01
Tangible Book Value	1.85B	2.24B	1.53B	1.63B	2.78B
Tangible Book Value Per Share	42.72	51.73	35.33	37.62	59.81
Total Debt	921M	971M	1.91B	2.42B	1.28B
Net Debt	-297M	273M	998M	1.17B	-410M
Debt Equivalent of Unfunded Proj. Benefit Obligation	671M	187M	292M	217M	-67M
Debt Equivalent Oper. Leases	-	-	72M	80M	80M
Minority Interest, Total (Incl. Fin. Div)	203M	271M	327M	414M	604M
Equity Method Investments, Total	201M	408M	373M	346M	213M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	597M	820M	1.24B	1.66B	2.07B
Inventories - Work In Process, Total	688M	814M	1.25B	1.49B	1.84B
Inventories - Finished Goods, Total	295M	245M	455M	384M	229M
Inventories - Others	71M	97M	294M	462M	584M
Land - (BS)	1.08B	1.15B	1.27B	1.3B	1.42B
Machinery, Total	2.46B	2.61B	2.91B	3.29B	2.06B
Full Time Employees	20.18K	21.79K	24.75K	28.67K	31.92K
Part Time Employees	-	-	-	-	-
Order Backlog	15.73B	16.94B	21.98B	30.73B	40.85B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	291M	469M	535M	717M	696M
Depreciation & Amortization - CF	200M	204M	220M	241M	233M
Amortization of Goodwill and Intangible Assets - (CF)	39M	22M	60M	145M	168M
Depreciation & Amortization, Total	239M	226M	280M	386M	401M
Amortization of Deferred Charges, Total - (CF)	-	23M	28M	-	-
(Gain) Loss From Sale Of Asset	-	-5M	-59M	103M	-24M
Asset Writedown & Restructuring Costs	15M	-	-	17M	17M
(Income) Loss On Equity Investments - (CF)	15M	-15M	-4M	15M	-9M
Net Cash From Discontinued Operations	91M	12M	63M	-	459M
Other Operating Activities, Total	22M	37M	49M	42M	38M
Change In Accounts Receivable	63M	-39M	39M	-102M	93M
Change In Inventories	-	-	-	-	-
Change in Other Net Operating Assets	-46M	-534M	-188M	542M	616M
Cash from Operations	690M	174M	743M	1.72B	2.29B
Capital Expenditure	-271M	-349M	-398M	-732M	-872M
Sale of Property, Plant, and Equipment	3M	19M	2M	10M	10M
Cash Acquisitions	-35M	-205M	-1.06B	-508M	-54M
Divestitures	1M	2M	155M	24M	74M
Investment in Marketable and Equity Securities, Total	-160M	-	130M	-	-
Other Investing Activities, Total	-	-1M	-	34M	-1M
Cash from Investing	-462M	-534M	-1.18B	-1.17B	-843M
Long-Term Debt Issued, Total	122M	249M	1.17B	793M	71M
Total Debt Issued	122M	249M	1.17B	793M	71M
Long-Term Debt Repaid, Total	-231M	-232M	-357M	-773M	-585M
Total Debt Repaid	-231M	-232M	-357M	-773M	-585M
Issuance of Common Stock	-	-	113M	-	-
Common Dividends Paid	-87M	-143M	-187M	-248M	-369M
Common & Preferred Stock Dividends Paid	-87M	-143M	-187M	-248M	-369M
Other Financing Activities, Total	-6M	-5M	11M	-6M	22M
Cash from Financing	-202M	-131M	746M	-234M	-861M
Foreign Exchange Rate Adjustments	4M	1M	-9M	-2M	-10M
Miscellaneous Cash Flow Adjustments	-	-	-	-1M	1M
Net Change in Cash	30M	-490M	305M	311M	574M
Supplemental Items
Cash Interest Paid	23M	22M	-	-	-
Cash Income Tax Paid (Refund)	72M	154M	157M	351M	355M
Levered Free Cash Flow	275M	-307M	525M	850M	979M
Unlevered Free Cash Flow	295M	-287M	595M	934M	1.05B
Change In Net Working Capital	80M	659M	-143M	-380M	-471M
Net Debt Issued / Repaid	-109M	17M	809M	20M	-514M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.21	5.81	5.34	6.81	6.71
Return on Total Capital	11.8	12.1	11	14.26	15.15
Return On Equity %	18.49	18.48	18.71	22.08	23.34
Return on Common Equity	18.16	17.63	18.88	21.83	22.69
Margin Analysis
Gross Profit Margin %	52.1	52.73	54.86	51.88	52.38
SG&A Margin	29.04	28.64	28.65	24.44	23.39
EBITDA Margin %	14.6	14.37	15.04	17.99	20.33
EBITA Margin %	11.74	11.81	12.63	16.05	18.5
EBIT Margin %	11.05	11.47	11.79	14.56	16.81
Income From Continuing Operations Margin %	7.64	8.22	8.78	9.18	11.84
Net Income Margin %	5.14	7.32	7.46	7.35	7.01
Net Avail. For Common Margin %	6.91	7.19	8.07	8.25	10.35
Normalized Net Income Margin	5.85	5.82	6.4	7.19	8.46
Levered Free Cash Flow Margin	4.86	-4.78	7.32	8.72	9.86
Unlevered Free Cash Flow Margin	5.21	-4.47	8.29	9.58	10.59
Asset Turnover
Asset Turnover	0.75	0.81	0.72	0.75	0.64
Fixed Assets Turnover	4.86	5.52	5.5	6.33	5.53
Receivables Turnover (Average Receivables)	3.61	3.64	3.21	3.74	3.6
Inventory Turnover (Average Inventory)	1.68	1.67	1.24	1.3	1.09
Short Term Liquidity
Current Ratio	1.49	1.42	1.3	1.21	1.2
Quick Ratio	0.87	0.75	0.65	0.6	0.52
Operating Cash Flow to Current Liabilities	0.21	0.05	0.14	0.25	0.25
Days Sales Outstanding (Average Receivables)	101.15	100.33	113.76	97.85	101.31
Days Outstanding Inventory (Average Inventory)	217.11	218.46	294.12	282.11	335.99
Average Days Payable Outstanding	98.78	94.65	87.18	79.87	78.07
Cash Conversion Cycle (Average Days)	219.49	224.14	320.7	300.09	359.23
Long Term Solvency
Total Debt/Equity	35.14	31.5	52.51	54.28	22.81
Total Debt / Total Capital	26	23.95	34.43	35.18	18.58
LT Debt/Equity	26.94	16.77	41.26	41.91	20.57
Long-Term Debt / Total Capital	19.93	12.75	27.05	27.17	16.75
Total Liabilities / Total Assets	66.11	61.89	68.88	68.88	66.52
EBIT / Interest Expense	20.16	22.97	7.62	10.52	14.4
EBITDA / Interest Expense	27.87	30.03	10.14	13.38	17.85
(EBITDA - Capex) / Interest Expense	19.13	19.12	6.56	7.96	10.34
Total Debt / EBITDA	1.07	1.01	1.7	1.34	0.62
Net Debt / EBITDA	-0.34	0.28	0.89	0.65	-0.2
Total Debt / (EBITDA - Capex)	1.55	1.59	2.63	2.26	1.07
Net Debt / (EBITDA - Capex)	-0.5	0.45	1.37	1.09	-0.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.68	13.29	11.95	35.88	28.78
Gross Profit, 1 Yr. Growth %	10.12	11.55	16.48	28.5	25.28
EBITDA, 1 Yr. Growth %	24.59	14.84	17.03	57.59	28.42
EBITA, 1 Yr. Growth %	40.98	18.28	19.52	65.78	25.72
EBIT, 1 Yr. Growth %	45.69	17.6	14.95	65.5	25.56
Earnings From Cont. Operations, 1 Yr. Growth %	52.65	21.99	17.98	42.06	40
Net Income, 1 Yr. Growth %	-1.18K	61.17	12.87	34.02	-2.93
Normalized Net Income, 1 Yr. Growth %	49.21	12.66	21.67	50.17	29.57
Diluted EPS Before Extra, 1 Yr. Growth %	52.35	17.69	20.56	37.03	34.19
Accounts Receivable, 1 Yr. Growth %	4.3	20.11	32.61	4.47	8.03
Inventory, 1 Yr. Growth %	4.96	19.68	64.17	22.97	18.35
Net Property, Plant and Equip., 1 Yr. Growth %	-4.94	4.76	19.51	16.89	16.5
Total Assets, 1 Yr. Growth %	6.43	4.59	44.6	22.52	16.93
Tangible Book Value, 1 Yr. Growth %	40.26	21.3	-31.85	6.59	69.83
Common Equity, 1 Yr. Growth %	28.07	16.29	17.63	22.14	23.73
Cash From Operations, 1 Yr. Growth %	52.32	-74.78	327.01	131.49	32.97
Capital Expenditures, 1 Yr. Growth %	14.35	28.78	14.04	83.92	19.13
Levered Free Cash Flow, 1 Yr. Growth %	-16.37	-211.4	-287.63	61.35	37.71
Unlevered Free Cash Flow, 1 Yr. Growth %	-16.8	-197.28	-328.75	56.73	34.22
Dividend Per Share, 1 Yr. Growth %	65	30.3	32.56	42.11	41.98
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-5.5	8.9	12.62	23.34	17.66
Gross Profit, 2 Yr. CAGR %	-1.28	12.37	13.99	22.34	14.97
EBITDA, 2 Yr. CAGR %	7.33	17.86	15.99	37.93	34.72
EBITA, 2 Yr. CAGR %	13.11	26.78	18.98	43.69	39.54
EBIT, 2 Yr. CAGR %	12.48	30.89	16.34	38.9	39.51
Earnings From Cont. Operations, 2 Yr. CAGR %	10.47	36.46	20.76	29.46	36.63
Net Income, 2 Yr. CAGR %	-6.8	316.78	35.59	22.99	14.06
Normalized Net Income, 2 Yr. CAGR %	8.88	29.65	17.86	36.27	34.16
Diluted EPS Before Extra, 2 Yr. CAGR %	7.76	33.9	20.02	28.53	30.88
Accounts Receivable, 2 Yr. CAGR %	1.31	11.93	26.2	17.7	5.98
Inventory, 2 Yr. CAGR %	6.23	12.08	40.17	42.08	20.64
Net Property, Plant and Equip., 2 Yr. CAGR %	-8.98	-0.21	11.89	18.19	16.69
Total Assets, 2 Yr. CAGR %	2.13	5.5	23.03	33.11	19.69
Tangible Book Value, 2 Yr. CAGR %	13.03	30.43	-8.94	-14.8	34.54
Common Equity, 2 Yr. CAGR %	6.67	22.04	17.11	19.86	22.93
Cash From Operations, 2 Yr. CAGR %	7.06	-38.02	3.77	214.41	75.44
Capital Expenditures, 2 Yr. CAGR %	-3	21.35	21.19	44.82	48.02
Levered Free Cash Flow, 2 Yr. CAGR %	15.87	-3.48	38.16	74.25	36.34
Unlevered Free Cash Flow, 2 Yr. CAGR %	12.27	-10.03	42.08	89.58	32.82
Dividend Per Share, 2 Yr. CAGR %	17.26	46.63	31.43	37.25	42.04
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.11	0.39	9.91	19.89	15.73
Gross Profit, 3 Yr. CAGR %	-0.05	3.77	13.72	18.63	15.47
EBITDA, 3 Yr. CAGR %	4.93	8.7	17.63	29.8	29.88
EBITA, 3 Yr. CAGR %	8.08	13.41	24.37	34.72	34.35
EBIT, 3 Yr. CAGR %	7.58	14.16	25.4	31.46	31.41
Earnings From Cont. Operations, 3 Yr. CAGR %	6.86	14.18	30.57	27.48	30.1
Net Income, 3 Yr. CAGR %	-1.55	11.87	170.6	35.06	13.66
Normalized Net Income, 3 Yr. CAGR %	8.58	10.12	27.5	28.47	30.56
Diluted EPS Before Extra, 3 Yr. CAGR %	8.36	10.97	29.95	25.44	27.34
Accounts Receivable, 3 Yr. CAGR %	1.68	7.22	18.43	18.5	14.2
Inventory, 3 Yr. CAGR %	9.46	10.54	27.29	34.19	33.68
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.7	-4.61	5.97	13.53	17.62
Total Assets, 3 Yr. CAGR %	4.59	2.94	17.23	22.86	27.48
Tangible Book Value, 3 Yr. CAGR %	10.13	15.72	5.16	-4.05	7.22
Common Equity, 3 Yr. CAGR %	6.14	9.79	20.65	18.76	21.14
Cash From Operations, 3 Yr. CAGR %	41.8	-33.88	17.93	35.59	136
Capital Expenditures, 3 Yr. CAGR %	-0.73	6.61	18.86	39.27	35.69
Levered Free Cash Flow, 3 Yr. CAGR %	68.66	14.36	16.87	45.63	51.8
Unlevered Free Cash Flow, 3 Yr. CAGR %	53.32	7.03	18.87	46.93	59.34
Dividend Per Share, 3 Yr. CAGR %	16.26	21.46	41.78	34.89	38.81
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.2	1.69	2.9	9.01	12.95
Gross Profit, 5 Yr. CAGR %	3.33	4.97	5.93	10.83	14.22
EBITDA, 5 Yr. CAGR %	8.71	9.54	8.58	19.59	24.96
EBITA, 5 Yr. CAGR %	11.93	13.21	11.49	24.7	31.3
EBIT, 5 Yr. CAGR %	12.17	13.87	11	23.51	31.24
Earnings From Cont. Operations, 5 Yr. CAGR %	14.98	15.9	12.22	20.38	32.96
Net Income, 5 Yr. CAGR %	7.79	15.93	11.9	16.44	91.54
Normalized Net Income, 5 Yr. CAGR %	13.26	14.19	12.2	20.24	30.55
Diluted EPS Before Extra, 5 Yr. CAGR %	13.99	15.23	12.88	18.04	30.32
Accounts Receivable, 5 Yr. CAGR %	4.16	9.95	10.86	11.3	13.29
Inventory, 5 Yr. CAGR %	8.5	10.97	20.84	22.21	24.58
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.02	-1.07	2.26	3.93	10.14
Total Assets, 5 Yr. CAGR %	4.69	5.03	11.61	14.11	18.21
Tangible Book Value, 5 Yr. CAGR %	12.6	15.45	2.06	2.45	16.04
Common Equity, 5 Yr. CAGR %	7.48	10.05	10.4	13.77	21.56
Cash From Operations, 5 Yr. CAGR %	9.22	-20.44	25.15	23.36	38.24
Capital Expenditures, 5 Yr. CAGR %	-0.86	5.27	7.52	20.51	29.76
Levered Free Cash Flow, 5 Yr. CAGR %	29.31	-0.41	55.72	32.91	24.37
Unlevered Free Cash Flow, 5 Yr. CAGR %	21.13	-3.53	48.72	31.94	24.33
Dividend Per Share, 5 Yr. CAGR %	17.88	20.39	22.1	27.54	41.88