Hensoldt stock holds firm as backlog hits 10.36 billion
Published on 08/21/2026 at 15:28 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Hensoldt AG (DE000HAG0005) is trading against a record €10.36 billion backlog, first-half 2026 revenue of over €1.1 billion, and a stock price of €90.10 as of August 20, 2026. The latest trading snapshot also shows a year-to-date gain of 24.71 percent, while the market still questions whether the share price can hold above the recent resistance zone.
The company said its order backlog climbed 47 percent year-over-year in the first half of 2026, while order intake doubled to €2.8 billion. Adjusted EBITDA rose 29 percent to €137 million and the margin widened to 11.8 percent, giving investors a fresher view of execution than the chart alone.
Orders are doing the heavy lifting
That backlog now matters as much as the headline revenue growth. Hensoldt's management also reaffirmed its 2026 targets about two weeks ago, including revenue of €2.75 billion and an adjusted EBITDA margin of 18.5 percent to 19.0 percent, which frames the next several quarters as a delivery test.
The same mid-year figures show why the market has kept a close eye on the name: a 24 percent revenue increase, a 29 percent EBITDA increase, and a 47 percent backlog jump can support the case for further scale if production converts into shipments on time.
Analysts stay constructive
MarketScreener's consensus page shows 15 analysts on coverage, an average target price of €92.63, and a mean rating of OUTPERFORM. The same snapshot places the last close at €89.98, leaving the stock only €2.65 below the average target and putting the 105-euro high target within reach if execution stays on track.
That spread is modest, not dramatic, which helps explain the market's tone. The stock has already added 24.71 percent this year, so the debate has shifted from valuation alone to whether the backlog, guidance, and order intake can keep compounding fast enough to justify the rerating.
Radar production scale-up
Hensoldt is scaling production capacity for roughly 1,000 radar systems a year from 2027, a concrete sign that management sees demand as durable rather than fleeting. The company is leaning on air defense and drone-defense radar systems to turn the order book into higher delivery volume.
That product mix matters because it links the backlog to an industrial ramp, not just to paper demand. If the conversion rate improves, the €2.8 billion in first-half order intake may matter more than the short-term share price pattern.
Stock at a glance
Hensoldt shares sit in a narrow trading band even after the 2026 advance, with the latest market snapshot showing €90.10 and a 24.71 percent year-to-date gain. For investors, the cleanest takeaway is that the business is growing faster than the share price has fully discounted, but the gap has already narrowed.
More on Hensoldt stock
Hensoldt's defense electronics portfolio centers on radar, sensors, and command-and-control systems for air defense, airborne surveillance, and battlefield networking.
Investor relations
Company: Hensoldt AG
ISIN: DE000HAG0005
Ticker: HAG.F
Exchange: Frankfurt
Price (as of August 20, 2026, 11:30 a.m. ET): EUR 90.10
Market cap: EUR 10.36 billion
Sector / Industry: Aerospace & Defense / Defense Electronics
Index membership: MDAX
Summary: Hensoldt's first-half 2026 revenue rose 24 percent to over €1.1 billion, adjusted EBITDA increased 29 percent to €137 million, and order intake doubled to €2.8 billion. The order backlog reached a record €10.36 billion, while analysts tracked by MarketScreener show a 92.63-euro average target and 15 analysts on coverage. The latest market snapshot shows the stock at €90.10 as of August 20, 2026, with a year-to-date gain of 24.71 percent.
