Rheinmetall stock holds after defense demand and record backlog
Published on 07/21/2026 at 21:42 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Rheinmetall stock remains tied to a defense cycle that kept the German group on a stronger growth path in 2024, when revenue reached EUR 9.8 billion and the order backlog stood at EUR 55 billion at year-end 2024. The company (ISIN DE0007030009) also said operating profit rose to EUR 1.5 billion in 2024, giving investors a fresh reference point for 2025 trading.
EUR 9.8 billion revenue
Revenue of EUR 9.8 billion in 2024 marked a clear step up from the prior year and underlined how demand from defense customers continues to support Rheinmetall stock. The order backlog of EUR 55 billion at 31 December 2024 provided visibility beyond the year-end and remains one of the most relevant figures for the shares.
Operating profit of EUR 1.5 billion in 2024 added another layer to the picture, while the company said its defense business accounted for the main growth driver. For market participants, the key point is that the backlog was almost six times annual revenue, a ratio that points to long-dated demand rather than a single-quarter effect.
Order backlog at EUR 55 billion
The 2024 backlog of EUR 55 billion compares with EUR 9.8 billion in revenue, a simple but important contrast that shows how much business remains on the books. Rheinmetall also reported operating profit of EUR 1.5 billion in 2024, which indicates that scale was accompanied by earnings power rather than only top-line expansion.
That combination matters for Rheinmetall stock because defense spending trends are translating into booked demand and income at the same time. If the backlog converts at a steady pace, the market will keep focusing on delivery timing, margins, and the mix between vehicle, weapons, and electronics orders.
Rheinmetall order book and earnings profile
The 2024 figures show why the shares remain sensitive to order conversion, margin development, and defense budget news.
Defense demand stays central
Rheinmetall stock is closely linked to defense procurement, and the 2024 backlog gives that link a concrete size: EUR 55 billion against EUR 9.8 billion in revenue. The comparison shows why the share price can react to contract timing and budget announcements even when quarterly reporting is not the immediate trigger.
Operating profit of EUR 1.5 billion in 2024 also matters because it suggests the business was not only building volume. For investors, the next questions are how much of the backlog can be turned into sales in 2025 and how profit will track the pace of deliveries.
Vehicles and systems
Rheinmetall’s vehicle and weapons systems business remains one of the most visible parts of the group, and it is the segment most directly tied to large military contracts. The 2024 figures show that this demand base is already reflected in revenue and backlog, not just in strategic commentary.
That is why the business mix matters to Rheinmetall stock: a backlog of EUR 55 billion is valuable only if execution stays on schedule and margins stay resilient. The 2024 operating profit of EUR 1.5 billion suggests that the company entered 2025 with earnings momentum as well as order visibility.
Rheinmetall stock and valuation
As a listed defense group, Rheinmetall stock is typically priced off backlog quality, conversion speed, and earnings strength rather than only one quarter of revenue. The 2024 operating profit of EUR 1.5 billion and the EUR 55 billion backlog are the two most useful figures in that framework.
In the absence of a fresh quote in this article, the most relevant dated market context remains the companys 2024 report itself: EUR 9.8 billion revenue, EUR 1.5 billion operating profit, and EUR 55 billion backlog. Those numbers frame the shares better than any generic company description.
Rheinmetall stock facts
- Company: Rheinmetall AG
- ISIN: DE0007030009
- Ticker: XETRA: RHM
- Trading venue: Xetra
- Sector / Industry: Industrials / Aerospace and Defense
- Index membership: DAX
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