LDO Stock Analysis: Leonardo S.p.A. | MI
Aerospace & Defense | MI, Italy | Market Cap: 29.549m EUR | 12M Return: 1.2% | IT0003856405 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 73.3M
EPS Trend: 66.1%
Qual. Beats: 0
Rev. Trend: 99.2%
Qual. Beats: 1
Warnings
Tailwinds
Seasonality 11.7 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. is an Italian-headquartered industrial and technological group operating across helicopters, defense electronics and security, cyber security, aircraft, aerostructures, and space. Its helicopter portfolio spans battlefield/recovery, combat, maritime, training, VIP/executive transport, medical/rescue, energy, and utility use cases, supported by a global aftermarket and training services. The company is a key player in Europes consolidated aerospace and defense supply chain, where it often serves both domestic armed forces and international export customers.
In defense electronics, Leonardo supplies radars, sensors, optronics, electronic warfare, avionics, command and control, and air traffic management systems, alongside defense products such as turrets, cannons, munitions, and torpedoes. Its cyber and digital segment covers resilience, critical communications, and global monitoring solutions, areas that have become a growing share of revenue across the defense primes as militaries prioritize information and network warfare.
The space business provides geoinformation, satellite communications, ground systems, navigation, and satellite operations, as well as interplanetary probes, orbiting modules, and a range of space components including robotics, electro-optics, laser transmitters, atomic clocks, and orbital micro propulsion. Through its aerostructures activities, Leonardo manufactures major composite and metallic assemblies for commercial and military aircraft, helicopters, and uncrewed platforms, competing in a tier-1 supplier market alongside other European structural specialists.
In addition to its core aerospace and defense segments, Leonardo designs and produces heavy-duty quarry and construction vehicles for the mining and construction industry, a non-core but established business that diversifies revenue beyond government and defense customers. The company was founded in 1948, is headquartered in Rome, and was rebranded from Finmeccanica to Leonardo in January 2017.
- European defense spending boost lifts order intake
- Helicopters segment orders drive revenue growth
- Aerostructures revenue tied to Boeing production rates
| Net Income: 1.45b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 1.37 > 1.0 |
| NWC/Revenue: -7.53% < 20% (prev -1.82%; Δ -5.72% < -1%) |
| CFO/TA 0.06 > 3% & CFO 2.28b > Net Income 1.45b |
| Net Debt (4.15b) to EBITDA (2.63b): 1.58 < 3 |
| Current Ratio: 0.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (577.1m) vs 12m ago 0.11% < -2% |
| Gross Margin: 9.33% > 18% (prev 8.32%; Δ 1.01% > 0.5%) |
| Asset Turnover: 84.75% > 50% (prev 82.42%; Δ 2.33% > 0%) |
| Interest Coverage Ratio: 9.75 > 6 (EBIT TTM 1.97b / Interest Expense TTM 202.0m) |
| A: -0.06 (Total Current Assets 19.9b - Total Current Liabilities 22.1b) / Total Assets 37.1b |
| B: 0.20 (Retained Earnings 7.42b / Total Assets 37.1b) |
| C: 0.06 (EBIT TTM 1.97b / Avg Total Assets 34.9b) |
| D: 0.37 (Book Value of Equity 9.67b / Total Liabilities 26.2b) |
| Altman-Z'' = 1.03 = BB |
| DSRI: 1.12 (Receivables 9.81b/8.02b, Revenue 29.6b/26.9b) |
| GMI: 0.89 (GM 8.32% / 9.33%) |
| AQI: 1.02 (AQ_t 0.36 / AQ_t-1 0.35) |
| SGI: 1.10 (Revenue 29.6b / 26.9b) |
| TATA: -0.02 (NI 1.45b - CFO 2.28b) / TA 37.1b) |
| Beneish M = -2.95 (Cap -4..+1) = A |
As of November 03, 2026, the stock is trading at EUR 52.05 with a total of 1,793,287 shares traded. Over the past week, the price has changed by +5.44%, over one month by +9.83%, over three months by -4.86% and over the past year by +1.15%.
Current recommended Stop Loss: 49.80 (which is 4.3% or 1.7 ATR below the current price).
Leonardo S.p.A. has no consensus analysts rating.
P/E Trailing = 25.615
P/E Forward = 17.5131
P/S = 1.4353
P/B = 3.0904
P/EG = 1.3082
Revenue TTM = 29.6b EUR
EBIT TTM = 1.97b EUR
EBITDA TTM = 2.63b EUR
Long Term Debt = 1.20b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.79b EUR (from shortTermDebt, last quarter)
Debt = 5.14b EUR (from shortLongTermDebtTotal, last quarter) + Leases 624.0m
Net Debt = 4.15b EUR (calculated: Debt 5.14b - CCE 986.0m)
Enterprise Value = 33.7b EUR (29.5b + Debt 5.14b - CCE 986.0m)
Interest Coverage Ratio = 9.75 (Ebit TTM 1.97b / Interest Expense TTM 202.0m)
EV/FCF = 22.10x (Enterprise Value 33.7b / FCF TTM 1.52b)
FCF Yield = 4.53% (FCF TTM 1.52b / Enterprise Value 33.7b)
FCF Margin = 5.16% (FCF TTM 1.52b / Revenue TTM 29.6b)
Net Margin = 4.91% (Net Income TTM 1.45b / Revenue TTM 29.6b)
Gross Margin = 9.33% ((Revenue TTM 29.6b - Cost of Revenue TTM 26.8b) / Revenue TTM)
Gross Margin QoQ = 7.20% (prev 9.80%)
Tobins Q-Ratio = 0.91 (Enterprise Value 33.7b / Total Assets 37.1b)
Interest Expense / Debt = 3.93% (Interest Expense 202.0m / Debt 5.14b)
Taxrate = 20.74% (440.0m / 2.12b)
NOPAT = 1.56b (EBIT 1.97b * (1 - 20.74%))
Current Ratio = 0.90 (Total Current Assets 19.9b / Total Current Liabilities 22.1b)
Debt / Equity = 0.53 (Debt 5.14b / totalStockholderEquity, last quarter 9.67b)
Debt / EBITDA = 1.58 (Net Debt 4.15b / EBITDA 2.63b)
Debt / FCF = 2.72 (Net Debt 4.15b / FCF TTM 1.52b)
Total Stockholder Equity = 9.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.16% (Net Income 1.45b / Total Assets 37.1b)
RoE = 15.27% (Net Income TTM 1.45b / Total Stockholder Equity 9.50b)
RoCE = 18.40% (EBIT 1.97b / Capital Employed (Equity 9.50b + L.T.Debt 1.20b))
RoIC = 9.31% (NOPAT 1.56b / Invested Capital 16.8b)
WACC = 5.07% (E(29.5b)/V(34.7b) * Re(5.41%) + D(5.14b)/V(34.7b) * Rd(3.93%) * (1-Tc(0.21)))
Discount Rate = 5.41% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.34 | Cagr: 0.14%
[DCF] Terminal Value 77.97% ; FCFF base≈1.27b ; Y1≈1.46b ; Y5≈2.15b
[DCF] Fair Price = 48.87 (EV 32.3b - Net Debt 4.15b = Equity 28.2b / Shares 576.8m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 66.12 | EPS CAGR: 20.15% | SUE: 0.37 | # QB: 0
Revenue Correlation: 99.21 | Revenue CAGR: 13.00% | SUE: 2.44 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.45 | Chg30d=+4.83% | Revisions=+25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.41 | Chg30d=+0.06% | Revisions=+40% | GrowthEPS=+27.1% | GrowthRev=+14.3%
EPS next Year (2027-12-31): EPS=2.89 | Chg30d=+0.21% | Revisions=+40% | GrowthEPS=+19.9% | GrowthRev=+11.2%
[Analyst] Revisions Ratio: +62% (up=5, down=0)