# Dassault Aviation (AM.PA)

Canonical: https://gigainvestors.com/s/AM.PA

Analysis as of: 2026-10-16T07:34:31.326Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 298.00 per share; close as of 2026-10-15.

Estimated value: low EUR 247.51 per share, central EUR 279.42 per share, high EUR 304.65 per share. Buy at or below the central value EUR 279.42 per share. Valuation as of 2026-10-16T07:34:31.326Z; scenarios are not confidence intervals.

Expected annual return: 9.2% at the stated quote. About 9.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.05×

- FY2021: 0.07×

- FY2022: 0.08×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 16.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 16.2 pp

- Typical gross margin (annual median): 24.0%

- Recent gross margin (lower of latest and 3-year median): 7.7%

- Years with nonpositive capital: 6

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 21.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.5%

- FY2017: 9.3%

- FY2018: 6.6%

- FY2019: 10.4%

- FY2020: 17.4%

- FY2021: 78.3%

- FY2022: 7.2%

- FY2023: 4.9%

- FY2024: 6.7%

- FY2025: 7.0%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.6B

- Net income, five-year total: EUR 3.9B

- Return on incremental invested capital: 1.0%

- Working capital / revenue, annual change: 10.1 pp

- Working capital / revenue, change between three-year averages: 65.1 pp

- Working capital / revenue, final three-year average: 150.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.96×

- FY2022: 0.96×

- FY2023: 0.70×

- FY2024: 0.96×

- FY2025: 0.97×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.5% vs 6.7%

- Per-share earnings: 4.60 to 11.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.8%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR 13B

- Cumulative retained earnings: EUR 4.5B

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: EUR 7.21

- Per-share value, starting three-year median: EUR 4.60

- Per-share value, ending three-year median: EUR 11.81

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 2.5%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 248M

- Cumulative net income, 10 years: EUR 6.5B

- ROIC, first three-year median: 7.5%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.60

- FY2017: EUR 7.60

- FY2018: EUR 6.89

- FY2019: EUR 8.57

- FY2020: EUR 3.64

- FY2021: EUR 7.28

- FY2022: EUR 8.62

- FY2023: EUR 8.72

- FY2024: EUR 11.81

- FY2025: EUR 12.53

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -5.8%

- FY2018: -4.0%

- FY2019: 5.1%

- FY2020: 6.3%

- FY2021: -6.5%

- FY2022: -19.5%

- FY2023: 5.8%

- FY2024: -3.3%

- FY2025: -2.6%

## Holders

## Price story

Price needs cash profits to grow 5% a year for ten years · "Dassault Aviation H1 earnings rise on Rafale exports" (finance.yahoo.com, Jul 2025) · sales +19%

Story as of 2026-10-16T10:00:00.963Z; price observation 2026-10-15.

Price needs cash profits to grow 5% a year for ten years

- 2026-07-25: Dassault Aviation (ENXTPA:AM) Advances India Rafale Deal And Tests AI Warfare System ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/dassault-aviation-enxtpa-am-advances-190928472.html))

### Sales · FY2024–2025

sales +19%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.7B 

- FY2017: EUR 4.9B 

- FY2018: EUR 5.1B 

- FY2019: EUR 7.4B 

- FY2020: EUR 5.5B 

- FY2021: EUR 7.2B 

- FY2022: EUR 6.9B 

- FY2023: EUR 4.8B 

- FY2024: EUR 6.2B 

- FY2025: EUR 7.4B 

### Gross margin · FY2025

gross margin 7.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 44.1% 

- FY2017: 35.3% 

- FY2018: 34.8% 

- FY2019: 12.5% 

- FY2020: 2.3% 

- FY2021: 13.2% 

- FY2022: 8.6% 

- FY2023: 37.6% 

- FY2024: 37.8% 

- FY2025: 7.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are EUR 7.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2025: revenue 7425969000; grossProfit 574444000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AM.PA: Dassault Aviation société anonyme, an aerospace company, engages in designing and building military aircraft, business jets, and space systems in France, the United States, and internationally. The company offers Rafale, a twin-jet fighter aircraft able to operate from both an aircraft carrier and a shore base; nEUROn, an unmanned combat air vehicle technology demonstrator; and Multi-Role Falcons, designed to perform various government and military missions. It also provides falcon family products, including Falcon 10X, Falcon 8X, Falcon 6X, Falcon 900LX, and Falcon 2000XLS. In addition, the company offers space products, including Véhicule Orbital Réutilisable de Transport et d'Exploration (VORTEX), designed to operate in space and return to Earth like an aircraft; and Intermediate eXperimental Vehicle (IXV). Further, it provides repair and maintenance of landing gear and flight controls; overhaul and repair of civil aeronautical equipment for french equipment manufacturers; aviation services and maintenance; falcon training; military aircraft mechanics training; insurance and reinsurance brokerage; training of fighter pilot; and military aircraft support services. Additionally, the company is involved in the design, production, and distribution of simulation tools; assembles and produces military and civil aerostructure parts and subassemblies; operates in defense and security markets; and production of composite aviation parts. The company was founded in 1916 and is headquartered in Saint-Cloud, France. Dassault Aviation société anonyme operates as a subsidiary of Groupe Industriel Marcel Dassault S.A.

### Why customers stay

Margins ranged from 7.7% to 37.8% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2023: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2024: grossProfit / revenue = 37.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2025: grossProfit / revenue = 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); 10-year return on capital observations [[2016,0.07459277607165109],[2017,0.09261475357932397],[2018,0.0661081632422261],[2019,0.10350859710539514],[2020,0.1735167051183446],[2021,0.7828558391497797],[2022,0.07189092389262926],[2023,0.04876405546523432],[2024,0.06678427317923559],[2025,0.07017051105251108]]; median 0.07324184998214017. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 183.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2016: growth capex 0; upkeep 107556000; owner earnings 355975000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2017: growth capex 0; upkeep 76087000; owner earnings 641223000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2018: growth capex 24054462.911055088; upkeep 116151537.08894491; owner earnings 538800462.9110551. Growth capex / owner earnings = 0.04464447335678327.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2019: growth capex 74211000; upkeep 142495000; owner earnings 677167200. Growth capex / owner earnings = 0.10959036409324019.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2021: growth capex 20946000; upkeep 151835000; owner earnings 579796000. Growth capex / owner earnings = 0.036126499665399554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2022: growth capex 0; upkeep 175021000; owner earnings 688593000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2023: growth capex 0; upkeep 345558000; owner earnings 485373800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2024: growth capex 111791000; upkeep 234094000; owner earnings 886625000. Growth capex / owner earnings = 0.12608600028196815.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2025: growth capex 0; upkeep 194738000; owner earnings 952790200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); Dividend observations: [[2016,105422000],[2017,99367000],[2018,126604000],[2019,176238000],[2020,102308000],[2021,102308000],[2022,207184000],[2023,245585000],[2024,264729000],[2025,369207000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); FY2025: cash repurchases 183573000 EUR.

### Are managers owners

Insiders own 78.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AM.PA SharesStats.PercentInsiders = 78.335 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5% yearly over ten years; actual growth was 24.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:31.326Z); Ten-year compound average after fade. Initial solved rate 0.05931142195381367. Price 298; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4109468519428419 → FY2025 12.21948879740423. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 103.05 per share

- 2016-12: EUR 106.16 per share

- 2017-01: EUR 106.74 per share

- 2017-02: EUR 106.89 per share

- 2017-03: EUR 119.19 per share

- 2017-04: EUR 125.46 per share

- 2017-05: EUR 132.76 per share

- 2017-06: EUR 122.25 per share

- 2017-07: EUR 126.64 per share

- 2017-08: EUR 128.33 per share

- 2017-09: EUR 136.85 per share

- 2017-10: EUR 133.90 per share

- 2017-11: EUR 129.17 per share

- 2017-12: EUR 129.79 per share

- 2018-01: EUR 134.70 per share

- 2018-02: EUR 142.70 per share

- 2018-03: EUR 155.10 per share

- 2018-04: EUR 165.50 per share

- 2018-05: EUR 165.80 per share

- 2018-06: EUR 163.20 per share

- 2018-07: EUR 158.00 per share

- 2018-08: EUR 160.30 per share

- 2018-09: EUR 159.40 per share

- 2018-10: EUR 146.50 per share

- 2018-11: EUR 135.00 per share

- 2018-12: EUR 121.00 per share

- 2019-01: EUR 130.10 per share

- 2019-02: EUR 148.00 per share

- 2019-03: EUR 131.50 per share

- 2019-04: EUR 134.90 per share

- 2019-05: EUR 111.70 per share

- 2019-06: EUR 126.40 per share

- 2019-07: EUR 124.00 per share

- 2019-08: EUR 129.40 per share

- 2019-09: EUR 129.80 per share

- 2019-10: EUR 124.50 per share

- 2019-11: EUR 123.50 per share

- 2019-12: EUR 117.00 per share

- 2020-01: EUR 109.80 per share

- 2020-02: EUR 93.90 per share

- 2020-03: EUR 74.90 per share

- 2020-04: EUR 74.50 per share

- 2020-05: EUR 76.70 per share

- 2020-06: EUR 82.05 per share

- 2020-07: EUR 70.50 per share

- 2020-08: EUR 76.25 per share

- 2020-09: EUR 72.50 per share

- 2020-10: EUR 71.60 per share

- 2020-11: EUR 86.50 per share

- 2020-12: EUR 89.70 per share

- 2021-01: EUR 86.25 per share

- 2021-02: EUR 89.30 per share

- 2021-03: EUR 94.90 per share

- 2021-04: EUR 90.60 per share

- 2021-05: EUR 102.70 per share

- 2021-06: EUR 99.20 per share

- 2021-07: EUR 100.40 per share

- 2021-08: EUR 95.50 per share

- 2021-09: EUR 97.40 per share

- 2021-10: EUR 90.25 per share

- 2021-11: EUR 83.60 per share

- 2021-12: EUR 95.00 per share

- 2022-01: EUR 104.70 per share

- 2022-02: EUR 134.30 per share

- 2022-03: EUR 143.70 per share

- 2022-04: EUR 160.20 per share

- 2022-05: EUR 157.70 per share

- 2022-06: EUR 148.90 per share

- 2022-07: EUR 139.50 per share

- 2022-08: EUR 137.00 per share

- 2022-09: EUR 117.00 per share

- 2022-10: EUR 150.40 per share

- 2022-11: EUR 151.20 per share

- 2022-12: EUR 158.20 per share

- 2023-01: EUR 156.70 per share

- 2023-02: EUR 162.70 per share

- 2023-03: EUR 182.60 per share

- 2023-04: EUR 177.30 per share

- 2023-05: EUR 158.20 per share

- 2023-06: EUR 183.40 per share

- 2023-07: EUR 176.70 per share

- 2023-08: EUR 181.60 per share

- 2023-09: EUR 178.40 per share

- 2023-10: EUR 187.50 per share

- 2023-11: EUR 182.40 per share

- 2023-12: EUR 179.20 per share

- 2024-01: EUR 175.50 per share

- 2024-02: EUR 182.90 per share

- 2024-03: EUR 204.00 per share

- 2024-04: EUR 201.20 per share

- 2024-05: EUR 199.00 per share

- 2024-06: EUR 169.60 per share

- 2024-07: EUR 186.10 per share

- 2024-08: EUR 194.80 per share

- 2024-09: EUR 185.00 per share

- 2024-10: EUR 185.30 per share

- 2024-11: EUR 188.40 per share

- 2024-12: EUR 197.20 per share

- 2025-01: EUR 217.80 per share

- 2025-02: EUR 246.40 per share

- 2025-03: EUR 305.00 per share

- 2025-04: EUR 317.00 per share

- 2025-05: EUR 318.80 per share

- 2025-06: EUR 300.20 per share

- 2025-07: EUR 272.40 per share

- 2025-08: EUR 270.00 per share

- 2025-09: EUR 284.60 per share

- 2025-10: EUR 278.80 per share

- 2025-11: EUR 270.60 per share

- 2025-12: EUR 273.80 per share

- 2026-01: EUR 319.80 per share

- 2026-02: EUR 338.60 per share

- 2026-03: EUR 319.20 per share

- 2026-04: EUR 296.80 per share

- 2026-05: EUR 304.80 per share

- 2026-06: EUR 287.20 per share

- 2026-07: EUR 298.20 per share

- 2026-08: EUR 283.80 per share

- 2026-09: EUR 284.00 per share

- 2026-10: EUR 283.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 61.50 per share, central EUR 68.00 per share, high EUR 76.66 per share

- FY2017: low EUR 86.40 per share, central EUR 95.04 per share, high EUR 106.56 per share

- FY2018: low EUR 139.96 per share, central EUR 150.62 per share, high EUR 163.17 per share

- FY2019: low EUR 171.93 per share, central EUR 216.37 per share, high EUR 243.80 per share

- FY2020: low EUR 111.64 per share, central EUR 121.31 per share, high EUR 134.18 per share

- FY2021: low EUR 152.92 per share, central EUR 175.51 per share, high EUR 195.07 per share

- FY2022: low EUR 198.19 per share, central EUR 209.77 per share, high EUR 225.19 per share

- FY2023: low EUR 152.13 per share, central EUR 160.49 per share, high EUR 171.62 per share

- FY2024: low EUR 193.20 per share, central EUR 205.10 per share, high EUR 220.95 per share

- FY2025: low EUR 235.91 per share, central EUR 267.44 per share, high EUR 292.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:18.537Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.