# TKMS AG & Co KGaA (TKMS.XETRA)

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

Analysis as of: 2026-10-16T07:37:14.923Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 80.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Operating margin variation: 0.77×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.00×

- FY2020: 0.01×

- FY2021: 0.01×

- FY2022: 0.01×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: unclear

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

- Years with nonpositive capital: 1

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 2.4%

- FY2023: 6.5%

- FY2024: 11.8%

- FY2025: 6.8%

### economics: unclear

- Cash conversion uses consolidated totals: No

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

- FY2022: -2.99×

- FY2023: 1.00×

- FY2024: 0.96×

- FY2025: 0.97×

### management: unclear

- buybacks unrelated to price (informational)

- Management verdict uses per-share economic progress: Yes

- Buyback history: 0 years

- ROIC, last three-year median: 6.8%

Chart: Earnings per share; fiscal year observations.

- FY2022: EUR 0.17

- FY2023: EUR 0.90

- FY2024: EUR 1.33

- FY2025: EUR 2.10

### accounting: pass

- Sloan accruals: -15.6%

- Receivables to sales index (DSRI): 0.78×

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.23×

Chart: Sloan accruals; fiscal year observations.

- FY2022: -8.4%

- FY2023: -5.0%

- FY2024: -7.6%

- FY2025: -15.6%

## Holders

## Price story

Down 2% since Oct 2025 · sales +9.3%

Story as of 2026-10-16T10:00:08.888Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: EUR 1.8B 

- FY2020: EUR 1.8B 

- FY2021: EUR 2.0B 

- FY2022: EUR 1.7B 

- FY2023: EUR 1.9B 

- FY2024: EUR 2.0B 

- FY2025: EUR 2.2B 

### Gross margin · FY2025

gross margin 17.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2022: 14.1% 

- FY2023: 15.8% 

- FY2024: 15.8% 

- FY2025: 17.6% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are EUR 2.2 billion.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2025-12-31 (filed 2026-10-16T07:37:14.923Z); FY2025: revenue 2171372338; grossProfit 383109588; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TKMS.XETRA: TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally. It operates through three segments: Submarines, Surface Vessels, and Atlas Electronics. The company designs, procures, and manufactures non-nuclear and conventional submarines, corvettes, frigates, and support ships, as well as unmanned, surface, special offshore patrol, and research vessels. It also offers compact sonar underwater and integrated sensor underwater system; hull-mounted minehunting sonar, integrated mine counter measures system, hybrid autonomous underwater vehicle system, and identification and disposal system; modular ASW combat suite, anti-torpedo torpedo, variable depth and passive towed array sonars, and active hull-mounted sonar system; heavyweight torpedo; and communication systems. In addition, the company provides various services, including trainer system, virtual ship and flight deck officer simulator, virtual ship training and information system, remote maintenance system, integrated logistic support, and in-service support, as well as artificial intelligence and data analysis. It serves the navies of North Atlantic Treaty Organization, non-NATO allies, and strategic partner nations. The company was founded in 2005 and is headquartered in Kiel, Germany. TKMS AG & Co KGaA operates as a subsidiary of thyssenkrupp AG.

### Why customers stay

Margins ranged from 15.8% to 17.6% during 2023–25; it earns 6.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2023-12-31 (filed 2026-10-16T07:37:14.923Z); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2024-12-31 (filed 2026-10-16T07:37:14.923Z); FY2024: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2025-12-31 (filed 2026-10-16T07:37:14.923Z); FY2025: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:14.923Z); 7-year return on capital observations [[2022,0.02368449651825341],[2023,0.06543188085930346],[2024,0.117566081654004],[2025,0.0675442787298465]]; median 0.06648807979457498. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 40.5% of cash earnings on expansion; paid no dividends in 4 years.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2023-12-31 (filed 2026-10-16T07:37:14.923Z); FY2023: growth capex 46118369; upkeep 63138408; owner earnings 56968218. Growth capex / owner earnings = 0.809545578553993.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2024-12-31 (filed 2026-10-16T07:37:14.923Z); FY2024: growth capex 8075795.306519255; upkeep 75606247.69348074; owner earnings 81172396.30651926. Growth capex / owner earnings = 0.09948942835226682.

- Source: https://eodhd.com/api/fundamentals/TKMS.XETRA.json#2025-12-31 (filed 2026-10-16T07:37:14.923Z); FY2025: growth capex 41201415.27029018; upkeep 79813769.72970982; owner earnings 101783508.27029018. Growth capex / owner earnings = 0.404794607402195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:14.923Z); Dividend observations: [[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 51% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TKMS.XETRA SharesStats.PercentInsiders = 51 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:14.923Z); Closing price 80.5 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 43.42744676; price multiple 1.8536664254032695. FY2025 cash earnings/share 2.035670165405804. Closing-price date 2026-10-15.

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

- 2025-10: EUR 81.75 per share

- 2025-11: EUR 65.55 per share

- 2025-12: EUR 66.10 per share

- 2026-01: EUR 98.85 per share

- 2026-02: EUR 95.95 per share

- 2026-03: EUR 78.60 per share

- 2026-04: EUR 86.90 per share

- 2026-05: EUR 84.30 per share

- 2026-06: EUR 74.60 per share

- 2026-07: EUR 81.90 per share

- 2026-08: EUR 87.90 per share

- 2026-09: EUR 81.90 per share

- 2026-10: EUR 76.90 per share

## Annual estimated value (EUR 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

## 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.