# Hensoldt AG (HAG.XETRA)

Canonical: https://gigainvestors.com/s/HAG.XETRA

Analysis as of: 2026-10-16T07:35:49.027Z. Financial observations: FY2018–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 82.92 per share; close as of 2026-10-15.

Estimated value: low EUR 10.49 per share, central EUR 11.30 per share, high EUR 12.37 per share. Buy at or below the central value EUR 11.30 per share. Valuation as of 2026-10-16T07:35:49.027Z; scenarios are not confidence intervals.

Expected annual return: 3.6% at the stated quote. About 3.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.02×

- FY2019: 0.11×

- FY2020: 0.05×

- FY2021: 0.08×

- FY2022: 0.10×

- FY2023: 0.09×

- FY2024: 0.08×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 36.4%

- ROIC, second-lowest year: 18.3%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 22.5%

- Recent gross margin (lower of latest and 3-year median): 21.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 9.5%

- FY2019: 18.3%

- FY2020: 31.3%

- FY2021: 54.5%

- FY2022: 41.4%

- FY2023: 50.8%

- FY2024: 41.7%

- FY2025: 24.0%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.46×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 179M

- Net income, five-year total: EUR 392M

- Return on incremental invested capital: 26.0%

- Working capital / revenue, annual change: -3.1 pp

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

- FY2021: 0.89×

- FY2022: 0.70×

- FY2023: 0.33×

- FY2024: 0.48×

- FY2025: -0.01×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.3% vs 41.7%

- Per-share earnings: -0.58 to 0.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 2.3%

- Per-share value change: EUR 1.35

- Per-share value, starting three-year median: EUR -0.58

- Per-share value, ending three-year median: EUR 0.77

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 18.3%

- ROIC, last three-year median: 41.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR -0.58

- FY2019: EUR 0.08

- FY2020: EUR -0.63

- FY2021: EUR 0.59

- FY2022: EUR 0.74

- FY2023: EUR 0.51

- FY2024: EUR 0.94

- FY2025: EUR 0.77

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.84×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -5.7%

- FY2019: -3.1%

- FY2020: -8.9%

- FY2021: -8.0%

- FY2022: -5.6%

- FY2023: -5.5%

- FY2024: -4.3%

- FY2025: -6.7%

## Holders

## Price story

Down 25% since Sep 2025 · "Hensoldt AG FY25 net profit drops 18% as tax bill triples despite record orders" (finance.yahoo.com, Mar 2026) · sales +9.5%

Story as of 2026-10-16T10:00:06.132Z; price observation 2026-10-15.

Price needs cash profits to grow 33.2% a year for ten years

- 2026-03-26: Hensoldt AG FY25 net profit drops 18% as tax bill triples despite record orders ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hensoldt-ag-fy25-net-profit-085921571.html))

### Sales · FY2024–2025

sales +9.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: EUR 1.1B 

- FY2019: EUR 1.1B 

- FY2020: EUR 1.2B 

- FY2021: EUR 1.5B 

- FY2022: EUR 1.7B 

- FY2023: EUR 1.8B 

- FY2024: EUR 2.2B 

- FY2025: EUR 2.5B 

### Gross margin · FY2025

gross margin 21.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 18.9% 

- FY2019: 22.9% 

- FY2020: 22.4% 

- FY2021: 22.4% 

- FY2022: 23.1% 

- FY2023: 22.5% 

- FY2024: 22.7% 

- FY2025: 21.4% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are EUR 2.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2025: revenue 2455000000; grossProfit 525000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAG.XETRA: Hensoldt AG, together with its subsidiaries, provides sensor solutions for defense and security applications worldwide. It operates through Sensors and Optronics segments. It offers mobile and stationary radar, and identification friend or foe systems used for surveillance, reconnaissance, civil air traffic control, and air defense; systems for secure data connections for air, sea and land platforms; electronic systems for the acquisition and evaluation of radar and radio signals and jammers; defensive cyber solutions; and situational awareness systems, mission computers, and flight data recorders. The company also provides electronic self-protection systems that integrate missile, laser and radar warning sensors; customer support and service activities; simulation solutions, training courses and special services, and components and solutions for space-based sensors; and solutions and services for secure digitalization and networking in military and civil dimensions. In addition, it offers telescopic sights, visors, laser rangefinders, night vision devices and thermal imaging cameras; devices for surveillance and target acquisition for armored vehicles; submarine periscopes, optronic mast systems, and other electro-optical systems for use at sea; and mobile and stationary surveillance solutions; and special equipment for industrial and space applications. Further, the company provides friend-or-foe detection systems, radar for ship and land applications, cryptographic devices, and tactical point-to-point communication systems; delivery, installation and maintenance of air traffic control radar, weather radar, navigation, voice communications, and runway lighting systems for military and civil airports; and software solutions for military and non-military use. Hensoldt AG was incorporated in 2020 and is headquartered in Taufkirchen, Germany.

### Why customers stay

Margins ranged from 21.4% to 22.7% during 2023–25; it earns 36.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2023: grossProfit / revenue = 22.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2024: grossProfit / revenue = 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); 8-year return on capital observations [[2018,0.09537070844432853],[2019,0.1832233969284076],[2020,0.3134920634920635],[2021,0.5448834862159482],[2022,0.4142857142857143],[2023,0.5077114427860696],[2024,0.4171498518232187],[2025,0.24024649092776448]]; median 0.36388888888888893. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 23% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); Gross margin observations: [[2021,0.223699382757919],[2022,0.2306791569086651],[2023,0.22523010286951814]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 5 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2018: growth capex 0; upkeep 60084000; owner earnings 3765000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2019: growth capex 0; upkeep 80500000; owner earnings 25200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2021: growth capex 0; upkeep 102000000; owner earnings 55880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2022: growth capex 0; upkeep 95000000; owner earnings 54400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2023: growth capex 0; upkeep 114000000; owner earnings 17800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); FY2024: growth capex 37000000; upkeep 162000000; owner earnings 51800000. Growth capex / owner earnings = 0.7142857142857143.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); Dividend observations: [[2018,0],[2019,0],[2020,0],[2021,13700000],[2022,26000000],[2023,32000000],[2024,46000000],[2025,58000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HAG.XETRA SharesStats.PercentInsiders = 47.92 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 33.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:49.027Z); Ten-year compound average after fade. Initial solved rate 0.4764297326881314. Price 82.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2020-09: EUR 11.60 per share

- 2020-10: EUR 9.90 per share

- 2020-11: EUR 12.41 per share

- 2020-12: EUR 13.95 per share

- 2021-01: EUR 14.26 per share

- 2021-02: EUR 13.97 per share

- 2021-03: EUR 13.10 per share

- 2021-04: EUR 14.38 per share

- 2021-05: EUR 13.80 per share

- 2021-06: EUR 15.20 per share

- 2021-07: EUR 14.70 per share

- 2021-08: EUR 14.36 per share

- 2021-09: EUR 13.66 per share

- 2021-10: EUR 13.98 per share

- 2021-11: EUR 12.64 per share

- 2021-12: EUR 12.52 per share

- 2022-01: EUR 12.06 per share

- 2022-02: EUR 21.10 per share

- 2022-03: EUR 26.50 per share

- 2022-04: EUR 26.55 per share

- 2022-05: EUR 22.70 per share

- 2022-06: EUR 24.10 per share

- 2022-07: EUR 25.00 per share

- 2022-08: EUR 22.20 per share

- 2022-09: EUR 20.55 per share

- 2022-10: EUR 23.80 per share

- 2022-11: EUR 22.10 per share

- 2022-12: EUR 22.10 per share

- 2023-01: EUR 26.60 per share

- 2023-02: EUR 30.80 per share

- 2023-03: EUR 33.20 per share

- 2023-04: EUR 34.00 per share

- 2023-05: EUR 29.80 per share

- 2023-06: EUR 30.08 per share

- 2023-07: EUR 30.92 per share

- 2023-08: EUR 29.96 per share

- 2023-09: EUR 27.94 per share

- 2023-10: EUR 27.90 per share

- 2023-11: EUR 24.12 per share

- 2023-12: EUR 24.40 per share

- 2024-01: EUR 27.90 per share

- 2024-02: EUR 33.70 per share

- 2024-03: EUR 43.44 per share

- 2024-04: EUR 36.86 per share

- 2024-05: EUR 37.36 per share

- 2024-06: EUR 34.34 per share

- 2024-07: EUR 34.24 per share

- 2024-08: EUR 33.88 per share

- 2024-09: EUR 29.46 per share

- 2024-10: EUR 31.24 per share

- 2024-11: EUR 36.80 per share

- 2024-12: EUR 34.50 per share

- 2025-01: EUR 38.78 per share

- 2025-02: EUR 52.35 per share

- 2025-03: EUR 61.75 per share

- 2025-04: EUR 68.20 per share

- 2025-05: EUR 92.00 per share

- 2025-06: EUR 97.40 per share

- 2025-07: EUR 96.10 per share

- 2025-08: EUR 88.65 per share

- 2025-09: EUR 110.30 per share

- 2025-10: EUR 92.20 per share

- 2025-11: EUR 68.35 per share

- 2025-12: EUR 73.40 per share

- 2026-01: EUR 83.65 per share

- 2026-02: EUR 74.40 per share

- 2026-03: EUR 75.60 per share

- 2026-04: EUR 77.12 per share

- 2026-05: EUR 88.42 per share

- 2026-06: EUR 67.76 per share

- 2026-07: EUR 79.76 per share

- 2026-08: EUR 85.70 per share

- 2026-09: EUR 76.24 per share

- 2026-10: EUR 79.18 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 8.10 per share, central EUR 8.65 per share, high EUR 9.39 per share

- FY2023: low EUR 11.54 per share, central EUR 12.14 per share, high EUR 12.93 per share

- FY2024: low EUR 10.87 per share, central EUR 11.54 per share, high EUR 12.44 per share

- FY2025: low EUR 13.02 per share, central EUR 13.76 per share, high EUR 14.75 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 2026-10-15T06:41:34.504Z 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.

## Reported holder observations