LDO Stock Analysis: Leonardo S.p.A. | MI
Aerospace & Defense | MI, Italy | Market Cap: 32.450m EUR | 12M Return: 14.4% | IT0003856405 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 115M
EPS Trend: 66.1%
Qual. Beats: 0
Rev. Trend: 92.3%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.6 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: 1.29b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 1.04 > 1.0 |
| NWC/Revenue: -8.83% < 20% (prev -1.82%; Δ -7.01% < -1%) |
| CFO/TA 0.06 > 3% & CFO 2.38b > Net Income 1.29b |
| Net Debt (-362.0m) to EBITDA (2.48b): -0.15 < 3 |
| Current Ratio: 0.90 > 1.5 & < 3 |
| Outstanding Shares: last quarter (577.8m) vs 12m ago 0.23% < -2% |
| Gross Margin: 24.63% > 18% (prev 30.33%; Δ -5.70% > 0.5%) |
| Asset Turnover: 72.00% > 50% (prev 82.42%; Δ -10.42% > 0%) |
| Interest Coverage Ratio: 34.34 > 6 (EBIT TTM 1.82b / Interest Expense TTM 53.0m) |
| A: -0.06 (Total Current Assets 19.9b - Total Current Liabilities 22.1b) / Total Assets 37.1b |
| B: 0.19 (Retained Earnings 7.07b / Total Assets 37.1b) |
| C: 0.05 (EBIT TTM 1.82b / Avg Total Assets 34.9b) |
| D: 0.37 (Book Value of Equity 9.67b / Total Liabilities 26.2b) |
| Altman-Z'' = 0.97 = BB |
| DSRI: 0.73 (Receivables 4.64b/6.79b, Revenue 25.1b/26.9b) |
| GMI: 1.23 (GM 30.33% / 24.63%) |
| AQI: 1.02 (AQ_t 0.36 / AQ_t-1 0.35) |
| SGI: 0.93 (Revenue 25.1b / 26.9b) |
| TATA: -0.03 (NI 1.29b - CFO 2.38b) / TA 37.1b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of August 26, 2026, the stock is trading at EUR 54.77 with a total of 1,521,817 shares traded. Over the past week, the price has changed by -8.27%, over one month by +4.80%, over three months by +6.56% and over the past year by +14.41%.
Current recommended Stop Loss: 52.70 (which is 3.8% or 1.4 ATR below the current price).
Leonardo S.p.A. has no consensus analysts rating.
P/E Trailing = 28.2663
P/E Forward = 22.5225
P/S = 1.5762
P/B = 3.3557
P/EG = 1.3082
Revenue TTM = 25.1b EUR
EBIT TTM = 1.82b EUR
EBITDA TTM = 2.48b EUR
Long Term Debt = 1.20b EUR (from longTermDebt, last quarter)
Short Term Debt = 2.69b EUR (from shortLongTermDebt, last quarter)
Debt = 624.0m EUR (Leases only: 624.0m)
Net Debt = -362.0m EUR (calculated: Debt 624.0m - CCE 986.0m)
Enterprise Value = 32.1b EUR (32.4b + Debt 624.0m - CCE 986.0m)
Interest Coverage Ratio = 34.34 (Ebit TTM 1.82b / Interest Expense TTM 53.0m)
EV/FCF = 29.01x (Enterprise Value 32.1b / FCF TTM 1.11b)
FCF Yield = 3.45% (FCF TTM 1.11b / Enterprise Value 32.1b)
FCF Margin = 4.40% (FCF TTM 1.11b / Revenue TTM 25.1b)
Net Margin = 5.13% (Net Income TTM 1.29b / Revenue TTM 25.1b)
Gross Margin = 24.63% ((Revenue TTM 25.1b - Cost of Revenue TTM 18.9b) / Revenue TTM)
Gross Margin QoQ = 11.20% (prev 9.80%)
Tobins Q-Ratio = 0.87 (Enterprise Value 32.1b / Total Assets 37.1b)
Interest Expense / Debt = 8.49% (Interest Expense 53.0m / Debt 624.0m)
Taxrate = 23.39% (440.0m / 1.88b)
NOPAT = 1.39b (EBIT 1.82b * (1 - 23.39%))
Current Ratio = 0.90 (Total Current Assets 19.9b / Total Current Liabilities 22.1b)
Debt / Equity = 0.06 (Debt 624.0m / totalStockholderEquity, last quarter 9.67b)
Debt / EBITDA = -0.15 (Net Debt -362.0m / EBITDA 2.48b)
Debt / FCF = -0.33 (Net Debt -362.0m / FCF TTM 1.11b)
Total Stockholder Equity = 9.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.70% (Net Income 1.29b / Total Assets 37.1b)
RoE = 13.57% (Net Income TTM 1.29b / Total Stockholder Equity 9.50b)
RoCE = 17.00% (EBIT 1.82b / Capital Employed (Equity 9.50b + L.T.Debt 1.20b))
RoIC = 9.98% (NOPAT 1.39b / Invested Capital 14.0b)
WACC = 6.22% (E(32.4b)/V(33.1b) * Re(6.21%) + D(624.0m)/V(33.1b) * Rd(8.49%) * (1-Tc(0.23)))
Discount Rate = 6.21% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 59.56 | Cagr: 0.01%
[DCF] Terminal Value 77.97% ; FCFF base≈918.4m ; Y1≈1.05b ; Y5≈1.55b
[DCF] Fair Price = 41.05 (EV 23.3b - Net Debt -362.0m = Equity 23.7b / Shares 576.9m; 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: 92.27 | Revenue CAGR: 18.85% | SUE: 0.05 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.43 | Chg30d=N/A | Revisions=+0% | Analysts=1
EPS current Year (2026-12-31): EPS=2.38 | Chg30d=+1.66% | Revisions=+67% | GrowthEPS=+25.6% | GrowthRev=+14.5%
EPS next Year (2027-12-31): EPS=2.85 | Chg30d=+1.68% | Revisions=+50% | GrowthEPS=+19.9% | GrowthRev=+10.8%
[Analyst] Revisions Ratio: +69% (up=12, down=1)