Business overview
Rheinmetall is the German champion of land-based defense: large-caliber ammunition (120mm, 155mm), armored vehicles (Leopard 2, Puma, Lynx, KF51 Panther), artillery systems, and propellants/explosives via its subsidiary Nitrochemie.
Watch: Dropped -51% following the cancellation of the German F126 naval program (June 2026) – a realized political risk, not merely a technical one. Strong dependence on national political decisions.
Valuation
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Update log
| Date | News | Impact |
|---|---|---|
| 9/3/2026 | Yahoo Finance | |
| 9/1/2026 | Defense News | |
| 8/27/2026 | Yahoo Finance | |
| 8/14/2026 | Naval News | |
| 8/14/2026 | The War Zone | |
| 8/13/2026 | RNMBY- A Wide Mote Defense Stock to Target Yahoo Finance | Yahoo Finance |
| 8/12/2026 | Naval News | |
| 8/7/2026 | Yahoo Finance | |
| 8/7/2026 | Defense News | |
| 8/7/2026 | Rating revision: Rating 2 → Rating 3 AI review | The rating is downgraded to 3 due to the materialized political risk involving the cancellation of the F126 frigate program. The subsequent reduction in the 2026 sales outlook underscores a heightened vulnerability to German government procurement decisions, which undermines the previous stability associated with a rating of 2. Investors should exercise caution as the reliance on national defense budget volatility remains a significant structural concern. |
| 8/6/2026 | Rheinmetall has reduced its sales outlook for 2026 after the German Defence Ministry canceled the F126 frigate program. | |
| 8/6/2026 | Rheinmetall has lowered its 2026 sales forecast following the German government's decision to cancel a frigate program. | |
| 8/6/2026 | Yahoo Finance | |
| 8/6/2026 | Yahoo Finance | |
| 8/6/2026 | Yahoo Finance | |
| 8/6/2026 | Breaking Defense | |
| 8/6/2026 | Defense News | |
| 8/6/2026 | Rheinmetall Q2 Earnings Call Highlights Yahoo Finance | Yahoo Finance |
| 8/6/2026 | Yahoo Finance | |
| 8/5/2026 | Yahoo Finance | |
| 8/3/2026 | Breaking Defense | |
| 8/3/2026 | The War Zone | |
| 8/3/2026 | Naval News | |
| 7/30/2026 | Naval News | |
| 7/29/2026 | German defense company Rheinmetall reported that its preliminary results for the second quarter significantly exceeded market expectations, driven by strong demand across all business segments. | |
| 7/29/2026 | Rating revision: Rating 3 → Rating 2 AI review | While the F126 naval program cancellation created significant volatility, the company's financial performance indicates robust operational resilience. The record quarterly profits and doubled core earnings justify an upgrade in rating to reflect superior execution in the current high-demand environment. Moving from a rating of 3 to 2 balances the strong fundamental performance against lingering sensitivity to national political procurement shifts. |
| 7/29/2026 | Yahoo Finance | |
| 7/27/2026 | Seeking Alpha | |
| 7/27/2026 | TradingView | |
| 7/27/2026 | Bloomberg.com | |
| 7/27/2026 | Rating revision: Rating 2 → Rating 3 AI review | The imposition of Chinese export controls introduces significant supply chain risks and geopolitical friction for Rheinmetall, which relies on global raw material access. Given the recent historical volatility following the F126 program cancellation, this additional political headwind warrants a more cautious, speculative tier assessment. The company's heavy reliance on government alignment now faces international escalations beyond European borders. |
| 7/27/2026 | Yahoo Finance | |
| 7/23/2026 | ASDNews | |
| 7/23/2026 | XTB.com | |
| 7/23/2026 | Rating revision: Rating 3 → Rating 2 AI review | Despite political tensions related to demonstrations, the strategic partnership with Lockheed Martin for the local production of ATACMS missiles in Germany structurally strengthens Rheinmetall's order book and its pivotal role in NATO. This technological and industrial integration reduces exclusive dependence on national German budgets alone, justifying an upward revision of the tier. Political risk remains, but the robustness of the industrial model is confirmed by these major new contracts. |
| 7/22/2026 | Reuters | |
| 7/22/2026 | Following the cancellation of the frigate project, Rheinmetall is considering abandoning the acquisition of a shipyard. | |
| 7/22/2026 | The Rheinmetall CEO is currently evaluating strategic outlooks for the GNYK shipyard following the withdrawal of TKMS. | |
| 7/22/2026 | Rheinmetall plans to expand its powder production site in Aschau, requiring the recruitment of 600 additional employees. | |
| 7/22/2026 | Rheinmetall is intensifying its powder manufacturing operations while showing caution regarding its overall strategic direction. | |
| 7/22/2026 | Following the withdrawal of TKMS, the CEO of Rheinmetall is examining available options regarding the GNYK shipyard file. | |
| 7/20/2026 | Rheinmetall has secured a new contract worth 100 million euros from the German army (Bundeswehr). | |
| 7/20/2026 | Price ~985 EUR, drop of -51% from the peak (2008 EUR). 17 buy ratings, 0 sell ratings, average target 1697.85 EUR. | Severe fall but very favorable analyst consensus - handle with caution |
| 7/19/2026 | Acquisition of Expal Systems (Spain). $50 billion in new NATO contracts. | Confirms upstream vertical integration in explosives |
| 7/15/2026 | Rheinmetall | |
| 7/13/2026 | Yahoo Finance | |
| 7/9/2026 | GlobeNewswire | |
| 7/9/2026 | Rheinmetall | |
| 7/9/2026 | GlobeNewswire | |
| 7/7/2026 | Yahoo Finance | |
| 7/7/2026 | Yahoo Finance | |
| 7/7/2026 | Yahoo Finance | |
| 6/24/2026 | Rheinmetall shares fell 15% following the loss of a frigate-related contract, a decline considered exaggerated by Morningstar. | |
| 6/24/2026 | Germany cancels F126 frigate program (~€12B pipeline). Stock -19% in one session. | Real blow to part of the thesis - actualized political risk |
| 5/12/2026 | BFM | |
| 4/8/2026 | GlobeNewswire | |
| 6/11/2025 | M1110 40MM DAY/NIGHT PRACTICE CARTRIDGE | |
| 7/19/2024 | 40MM DAY/NIGHT LOW VELOCITY CARTRIDGE | |
| 6/26/2023 | PHASE 3 AND 4 DEVELOPMENT WITH 7 PROTOTYPE DELIVERABLES OF THE OPTIONALLY MANNED FIGHTING VEHICLE. | |
| 9/29/2021 | 20MM SEARANGER GUN SYSTEMS (QTY: 12), SPARES, TRAINING, HAT TEST | |
| 6/30/2006 | ||
| 2026-05 | Inauguration of the 155mm ammunition plant in Unterluess | Announced capacity of 700,000 shells/year by 2027; secures European market share against Nammo and Nexter. |