LDO Stock Analysis: Leonardo S.p.A. | MI
Aerospace & Defense | MI, Italy | Market Cap: 30.309m EUR | 12M Return: 12.5% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 141M
EPS Trend: 70.3%
Qual. Beats: 0
Rev. Trend: 96.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Leonardo S.p.A. (LDO) is an Italian industrial and technology company headquartered in Rome, founded in 1948 and formerly known as Leonardo-Finmeccanica before rebranding in January 2017. It operates across helicopters, defense electronics and security, cyber security, aircraft, aerostructures, and space, with operations in Italy, the United Kingdom, the rest of Europe, the United States, and other international markets. Its product portfolio spans military and commercial helicopters, trainers, fighters, transport and surveillance aircraft, radar and sensor systems, electronic warfare and avionics, munitions, cyber and digital solutions, satellite communications, space probes and components, structural aerostructures for manned and uncrewed aircraft, and heavy-duty vehicles for the mining and construction industry. The company is classified within the GICS Aerospace & Defense sub-industry and is one of the largest defense and aerospace groups in Europe, serving both government defense customers and commercial aerospace clients. As a tier-one supplier in a sector marked by long government procurement cycles, high certification barriers, and significant R&D intensity, Leonardos revenue is closely tied to defense budgets and multi-year program awards.
- European NATO defense budgets accelerate multi-year spending cycle
- Helicopters order backlog expands on military modernization demand
- GCAP combat air program advances with UK Japan partners
| Net Income: 1.55b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 0.38 > 1.0 |
| NWC/Revenue: -1.76% < 20% (prev -3.36%; Δ 1.61% < -1%) |
| CFO/TA 0.04 > 3% & CFO 1.48b > Net Income 1.55b |
| Net Debt (-888.0m) to EBITDA (2.79b): -0.32 < 3 |
| Current Ratio: 0.97 > 1.5 & < 3 |
| Outstanding Shares: last quarter (577.0m) vs 12m ago 0.10% < -2% |
| Gross Margin: 30.84% > 18% (prev 23.99%; Δ 6.85% > 0.5%) |
| Asset Turnover: 83.53% > 50% (prev 66.37%; Δ 17.16% > 0%) |
| Interest Coverage Ratio: 40.17 > 6 (EBIT TTM 2.13b / Interest Expense TTM 53.0m) |
| A: -0.01 (Total Current Assets 19.1b - Total Current Liabilities 19.6b) / Total Assets 34.5b |
| B: 0.20 (Retained Earnings 7.07b / Total Assets 34.5b) |
| C: 0.06 (EBIT TTM 2.13b / Avg Total Assets 34.1b) |
| D: 0.39 (Book Value of Equity 9.77b / Total Liabilities 24.9b) |
| Altman-Z'' = 1.40 = BB |
| DSRI: 0.94 (Receivables 4.40b/3.66b, Revenue 28.5b/22.3b) |
| GMI: 0.78 (GM 23.99% / 30.84%) |
| AQI: 0.93 (AQ_t 0.34 / AQ_t-1 0.37) |
| SGI: 1.27 (Revenue 28.5b / 22.3b) |
| TATA: 0.00 (NI 1.55b - CFO 1.48b) / TA 34.5b) |
| Beneish M = -3.12 (Cap -4..+1) = AA |
As of July 10, 2026, the stock is trading at EUR 52.19 with a total of 2,009,699 shares traded. Over the past week, the price has changed by +0.48%, over one month by +1.52%, over three months by -11.13% and over the past year by +12.51%.
Current recommended Stop Loss: 49.60 (which is 5% or 1.2 ATR below the current price).
Leonardo S.p.A. has no consensus analysts rating.
P/E Trailing = 23.4509
P/E Forward = 18.622
P/S = 1.5314
P/B = 3.102
P/EG = 1.3082
Revenue TTM = 28.5b EUR
EBIT TTM = 2.13b EUR
EBITDA TTM = 2.79b EUR
Long Term Debt = 1.62b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 2.50b EUR (from shortLongTermDebt, last fiscal year)
Debt = 605.0m EUR (Leases only: 605.0m)
Net Debt = -888.0m EUR (calculated: Debt 605.0m - CCE 1.49b)
Enterprise Value = 29.4b EUR (30.3b + Debt 605.0m - CCE 1.49b)
Interest Coverage Ratio = 40.17 (Ebit TTM 2.13b / Interest Expense TTM 53.0m)
EV/FCF = 32.58x (Enterprise Value 29.4b / FCF TTM 903.0m)
FCF Yield = 3.07% (FCF TTM 903.0m / Enterprise Value 29.4b)
FCF Margin = 3.17% (FCF TTM 903.0m / Revenue TTM 28.5b)
Net Margin = 5.44% (Net Income TTM 1.55b / Revenue TTM 28.5b)
Gross Margin = 30.84% ((Revenue TTM 28.5b - Cost of Revenue TTM 19.7b) / Revenue TTM)
Gross Margin QoQ = 9.80% (prev 43.76%)
Tobins Q-Ratio = 0.85 (Enterprise Value 29.4b / Total Assets 34.5b)
Interest Expense / Debt = 8.76% (Interest Expense 53.0m / Debt 605.0m)
Taxrate = 20.31% (436.0m / 2.15b)
NOPAT = 1.70b (EBIT 2.13b * (1 - 20.31%))
Current Ratio = 0.97 (Total Current Assets 19.1b / Total Current Liabilities 19.6b)
Debt / Equity = 0.06 (Debt 605.0m / totalStockholderEquity, last quarter 9.77b)
Debt / EBITDA = -0.32 (Net Debt -888.0m / EBITDA 2.79b)
Debt / FCF = -0.98 (Net Debt -888.0m / FCF TTM 903.0m)
Total Stockholder Equity = 9.41b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.54% (Net Income 1.55b / Total Assets 34.5b)
RoE = 16.45% (Net Income TTM 1.55b / Total Stockholder Equity 9.41b)
RoCE = 19.30% (EBIT 2.13b / Capital Employed (Equity 9.41b + L.T.Debt 1.62b))
RoIC = 12.56% (NOPAT 1.70b / Invested Capital 13.5b)
WACC = 6.39% (E(30.3b)/V(30.9b) * Re(6.38%) + D(605.0m)/V(30.9b) * Rd(8.76%) * (1-Tc(0.20)))
Discount Rate = 6.38% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 52.60 | Cagr: 0.01%
[DCF] Terminal Value 77.97% ; FCFF base≈843.4m ; Y1≈966.8m ; Y5≈1.42b
[DCF] Fair Price = 38.65 (EV 21.4b - Net Debt -888.0m = Equity 22.3b / Shares 577.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 70.30 | EPS CAGR: 23.93% | SUE: 0.25 | # QB: 0
Revenue Correlation: 96.16 | Revenue CAGR: 20.69% | SUE: -0.05 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.37 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=2.37 | Chg30d=+2.87% | Revisions=+50% | GrowthEPS=+25.2% | GrowthRev=+14.1%
EPS next Year (2027-12-31): EPS=2.83 | Chg30d=+1.01% | Revisions=+40% | GrowthEPS=+19.1% | GrowthRev=+10.8%
[Analyst] Revisions Ratio: +62% (up=5, down=0)