TKMS AG & TKMS.DE
GermanyIndustrials · Aerospace & DefenseXetra · EUR
108.12 EUR (+44.7%)
8 analysts
Trading 2120.00 €Open account ↗
XTB0.00 €affiliateOpen account ↗
eToro0.86 €Open account ↗XTB0.00 €★ featured · affiliateOpen account ↗Trading 2120.00 €Open account ↗eToro0.86 €Open account ↗XTB0.00 €★ featured · affiliateOpen account ↗200.00 € order · cheapest cheapest available in your country iCompare all 22 brokers →What does it do?
TKMS AG & Co. KGaA is a German industrial group dedicated to the design and construction of warships and submarines, with a business model based on long-term government defense contracts.
Listed on Xetra · Symbol TKMS.DE · ETR: TKMS · Currency EUR
Key points
from its scores- ✓Very solid balance sheet7.4
- ✕Little or no dividend1.5
- ✕Demanding valuation2.7
- ✕Little competitive advantage3.7
AI analysis
bottom line, main risk, context and newsHold only if seeking long-term exposure to European defense spending; the current profitability and cash profile do not justify entry at these valuation levels.
TKMS shows exceptional revenue growth (36.70%) and a very solid net cash position (Net Debt/EBITDA of -6.23), but its profitability is weak (ROE 6.47%, operating margin 6.65%) and free cash flow conversion is deeply negative (-38.75%), reflecting a high-investment phase. Valuation is demanding (P/E 58.82) and the dividend is nil, making it attractive only for long-term investors with high risk tolerance.
The main risk is dependence on a limited number of government defense contracts, whose award, timing, and profitability can be affected by changes in military spending policy and by delays or cost overruns in complex programs.
Context and risks
TKMS operates in the German defense sector, a business highly dependent on military spending policy and government contracts. Although Germany is a consolidated democracy, exposure to public spending cycles and reviews of armament programs introduces a regulatory and business model risk not captured by financial metrics.
Is TKMS AG & stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 81% above the Industrials median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 58.8 | 25.4 | +131% |
| EV / EBITDA | 19.0 | 14.5 | +31% |
| Price / book | 4.7 | 4.1 | +15% |
| Price / sales | 1.9 | 2.1 | −7% |
Sector: median of the 388 Industrials companies analysed. In bold, the multiples used for the comparison.
Valuation score: 2.7 out of 10 (median for Industrials: 5.0).
Average analyst target: 108.12 EUR, +44.7% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 3.7 (sector 5.8), Growth 6.1 (sector 6.6).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Industrials medianValuation
- P/E
- 58.8
- Forward P/E
- 27.2
- EV / EBITDA
- 19.0
- Price / book
- 4.7
- Price / sales
- 1.9
- Market cap
- 4.7B EUR
- Enterprise value
- 3.6B EUR
Profitability
- ROE
- 6.5%
- ROA
- 1.2%
- ROIC (approx.)
- 15.6%
- Gross margin
- 17.9%
- Operating margin
- 6.6%
- Net margin
- 3.3%
- Free cash flow
- −73.5M EUR
- FCF yield
- −1.5%
- Cash conversion
- −39%
Solvency
- Total debt
- 37.0M EUR
- Net debt
- −1.2B EUR
- Cash
- 1.2B EUR
- EBITDA
- 189.5M EUR
- Net debt / EBITDA
- −6.23
- Debt / equity
- 3.59
- Current ratio
- 0.88
- Quick ratio
- 0.51
Growth
- Revenue growth
- +36.7%
- Earnings growth
- −13.3%
- EPS (TTM)
- 1.27 EUR
- EPS (forward)
- 2.75 EUR
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Analyst consensus
- Buy (8)
- Target price
- 108.12 EUR
- 52-week range
- 57.00 – 108.80
Recent news
All TKMS.DE news →Compare it with its sector
All 388 in Industrials →Frequently asked questions about TKMS AG &
Is TKMS AG & stock cheap or expensive?
On P/E and EV / EBITDA, it trades 81% above the Industrials median on average. Valuation score: 2.7 out of 10 (median for Industrials: 5.0). Average analyst target: 108.12 EUR, +44.7% versus the price. This is not investment advice.
What score does TKMS AG & get on MeridIAn Screener?
It scores 4.4 out of 10, rank 1,910 of 2,130 (better than 10% of the companies analysed). Its strongest category is Financial health (7.4) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is TKMS AG &'s P/E ratio?
Its P/E is 58.8: the share price equals 58.8 times earnings per share over the last 12 months. The Industrials median is 25.4. Based on the earnings analysts expect, the forward P/E is 27.2.
How much is TKMS AG & worth on the stock market?
Its market capitalisation is 4.7B EUR and its enterprise value, debt included, is 3.6B EUR.
How much debt does TKMS AG & have?
It has more cash than debt: net cash of 1.2B EUR.
Does TKMS AG & pay a dividend?
It pays no dividend, or almost none.
How has TKMS AG & stock performed over the last year?
It has fallen 1.3% over the last year, excluding dividends. Over the last 52 weeks it has traded between 57.00 and 108.80 EUR. Past performance does not guarantee future results.
What do analysts think of TKMS AG &?
8 analysts cover it; their average recommendation is “Buy” and their average target is 108.12 EUR (+44.7% versus the price). It is an estimate, not market data.