HO Stock Analysis: Thales S.A. | PA
Aerospace & Defense | PA, France | Market Cap: 48.454m EUR | 12M Return: -5.3% | FR0000121329 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 49.8M
Warnings
Tailwinds
No distinct edge detected
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.
Thales S.A. (PA: HO) is a French-headquartered industrial group operating across three core markets: defence and security, aerospace and space, and digital identity and security. The company is one of Europes largest pure-play aerospace and defence contractors, supplying militaries, governments, and commercial customers in more than 100 countries.
In defence, Thales provides integrated systems spanning air defence, naval combat, land forces, electronic warfare, cyber defence, and unmanned systems (air, maritime, and ground). Its aerospace offerings include avionics, flight decks, air traffic management, in-flight connectivity, and support services for civil aviation. The digital identity and security segment covers banking and payment solutions, biometric and identity management, data protection, and IoT security - a business line largely built around the 2019 acquisition of Gemalto.
Thales also designs, operates, and delivers satellite-based systems and payloads, and provides ground-based space infrastructure. The company was founded in 1893 as Thomson-CSF, adopted the Thales name in 2000, and is headquartered in Meudon, France. As a large-cap Industrials constituent, it benefits from long-cycle government defence procurement and rising European defence spending, alongside growing commercial demand for cybersecurity and digital identity solutions.
- European defence spending accelerates amid Ukraine conflict
- Digital Identity and Security divestiture unlocks shareholder value
- Avionics and air traffic management revenue tracks commercial aviation recovery
| Net Income: 1.50b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 3.40 > 1.0 |
| NWC/Revenue: -19.85% < 20% (prev -21.12%; Δ 1.27% < -1%) |
| CFO/TA 0.12 > 3% & CFO 4.69b > Net Income 1.50b |
| Net Debt (2.16b) to EBITDA (3.51b): 0.61 < 3 |
| Current Ratio: 0.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (206.0m) vs 12m ago -0.18% < -2% |
| Gross Margin: 26.86% > 18% (prev 26.11%; Δ 0.75% > 0.5%) |
| Asset Turnover: 57.85% > 50% (prev 54.90%; Δ 2.95% > 0%) |
| Interest Coverage Ratio: 10.79 > 6 (EBIT TTM 2.42b / Interest Expense TTM 224.1m) |
| A: -0.11 (Total Current Assets 21.9b - Total Current Liabilities 26.4b) / Total Assets 40.0b |
| B: 0.12 (Retained Earnings 4.88b / Total Assets 40.0b) |
| C: 0.06 (EBIT TTM 2.42b / Avg Total Assets 39.4b) |
| D: 0.25 (Book Value of Equity 8.01b / Total Liabilities 32.0b) |
| Altman-Z'' = 0.33 = B |
| DSRI: 0.91 (Receivables 10.2b/10.5b, Revenue 22.8b/21.3b) |
| GMI: 0.97 (GM 26.11% / 26.86%) |
| AQI: 0.97 (AQ_t 0.35 / AQ_t-1 0.36) |
| SGI: 1.07 (Revenue 22.8b / 21.3b) |
| TATA: -0.08 (NI 1.50b - CFO 4.69b) / TA 40.0b) |
| Beneish M = -3.10 (Cap -4..+1) = AA |
As of November 03, 2026, the stock is trading at EUR 232.00 with a total of 227,226 shares traded. Over the past week, the price has changed by -0.39%, over one month by +4.18%, over three months by -8.59% and over the past year by -5.34%.
Current recommended Stop Loss: 220.80 (which is 4.8% or 2.1 ATR below the current price).
Thales S.A. has no consensus analysts rating.
P/E Trailing = 32.4656
P/E Forward = 18.018
P/S = 2.1233
P/B = 6.1208
P/EG = 1.6349
Revenue TTM = 22.8b EUR
EBIT TTM = 2.42b EUR
EBITDA TTM = 3.51b EUR
Long Term Debt = 3.56b EUR (estimated: total debt 5.58b - short term 2.02b)
Short Term Debt = 2.02b EUR (from shortTermDebt, last quarter)
Debt = 7.21b EUR (from shortLongTermDebtTotal, last quarter) + Leases 1.64b
Net Debt = 2.16b EUR (calculated: Debt 7.21b - CCE 5.06b)
Enterprise Value = 50.6b EUR (48.5b + Debt 7.21b - CCE 5.06b)
Interest Coverage Ratio = 10.79 (Ebit TTM 2.42b / Interest Expense TTM 224.1m)
EV/FCF = 12.75x (Enterprise Value 50.6b / FCF TTM 3.97b)
FCF Yield = 7.84% (FCF TTM 3.97b / Enterprise Value 50.6b)
FCF Margin = 17.40% (FCF TTM 3.97b / Revenue TTM 22.8b)
Net Margin = 6.55% (Net Income TTM 1.50b / Revenue TTM 22.8b)
Gross Margin = 26.86% ((Revenue TTM 22.8b - Cost of Revenue TTM 16.7b) / Revenue TTM)
Gross Margin QoQ = 27.27% (prev 26.49%)
Tobins Q-Ratio = 1.27 (Enterprise Value 50.6b / Total Assets 40.0b)
Interest Expense / Debt = 3.11% (Interest Expense 224.1m / Debt 7.21b)
Taxrate = 18.12% (325.2m / 1.79b)
NOPAT = 1.98b (EBIT 2.42b * (1 - 18.12%))
Current Ratio = 0.83 (Total Current Assets 21.9b / Total Current Liabilities 26.4b)
Debt / Equity = 0.90 (Debt 7.21b / totalStockholderEquity, last quarter 8.01b)
Debt / EBITDA = 0.61 (Net Debt 2.16b / EBITDA 3.51b)
Debt / FCF = 0.54 (Net Debt 2.16b / FCF TTM 3.97b)
Total Stockholder Equity = 7.66b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.79% (Net Income 1.50b / Total Assets 40.0b)
RoE = 19.53% (Net Income TTM 1.50b / Total Stockholder Equity 7.66b)
RoCE = 21.56% (EBIT 2.42b / Capital Employed (Equity 7.66b + L.T.Debt 3.56b))
RoIC = 13.72% (NOPAT 1.98b / Invested Capital 14.4b)
WACC = 4.46% (E(48.5b)/V(55.7b) * Re(4.75%) + D(7.21b)/V(55.7b) * Rd(3.11%) * (1-Tc(0.18)))
Discount Rate = 4.75% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -89.50 | Cagr: -1.21%
[DCF] Terminal Value 77.97% ; FCFF base≈3.40b ; Y1≈3.89b ; Y5≈5.73b
[DCF] Fair Price = 408.9 (EV 86.2b - Net Debt 2.16b = Equity 84.1b / Shares 205.6m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -15.18 | EPS CAGR: -0.86% | SUE: N/A | # QB: 0
Revenue Correlation: 99.10 | Revenue CAGR: 9.15% | SUE: 1.19 | # QB: 1
EPS current Quarter (2026-03-31): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS next Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=10.84 | Chg30d=+0.09% | Revisions=-10% | GrowthEPS=+11.1% | GrowthRev=+7.9%
EPS next Year (2027-12-31): EPS=12.40 | Chg30d=+0.09% | Revisions=-18% | GrowthEPS=+14.4% | GrowthRev=+9.1%
[Analyst] Revisions Ratio: -17% (up=6, down=9)