Rheinmetall stock holds firm as defense orders and sales grow

Rheinmetall stock stays anchored by higher sales, stronger profits, and a defense demand backdrop that still supports the group’s order book.

Rheinmetall stock remains tied to a defense business that reported EUR 7.2 billion in sales in fiscal 2025, up 36% from EUR 5.3 billion in 2024, while operating profit rose to EUR 1.0 billion from EUR 918 million. The company also said its order backlog reached EUR 48.6 billion at year-end 2025, giving investors a dated reference point for the scale of future work.

Sales up 36%

The sales comparison is the clearest hard number in the latest available reporting: EUR 7.2 billion in fiscal 2025 versus EUR 5.3 billion in fiscal 2024. That increase came alongside a higher operating margin, which improved to 13.9% from 13.8% over the same period.

Operating profit of EUR 1.0 billion also exceeded the EUR 918 million reported for fiscal 2024. For a defense contractor with large, multi-year programs, that combination of higher revenue and a stable margin is the central operating signal.

Backlog at EUR 48.6 billion

The backlog figure matters because it frames how much of Rheinmetall stock’s valuation depends on execution rather than one-off orders. A EUR 48.6 billion order book at 31 December 2025 implies a large base of contracted or near-contracted demand entering 2026.

That scale is also useful for comparison with annual sales of EUR 7.2 billion in 2025. The backlog was more than six times last year’s revenue, which is a concrete way to see the business runway.

Defense demand stays central

Rheinmetall’s 2025 figures point to a company where the main debate is not whether demand exists, but how quickly it converts into deliveries, revenue, and cash flow. The 36% sales increase, EUR 1.0 billion operating profit, and EUR 48.6 billion backlog form the core of that debate.

For investors, the most useful comparison is structural: a backlog far larger than annual sales can cushion volatility, but it also raises expectations for execution across 2026 and beyond. That is why margin and delivery cadence now matter as much as order headlines.

Armor and ammunition

The representative product logic is straightforward for Rheinmetall stock: armored vehicles, ammunition, and related defense systems are the industrial drivers behind the reported backlog and revenue mix. Those are the categories that usually turn contract wins into the revenue and profit figures cited in the annual report.

In that context, the 2025 numbers are more informative than any broad company description. They show a business with 36% annual sales growth, a 13.9% operating margin, and a EUR 48.6 billion backlog that stretches well beyond one fiscal year.

Market level and valuation

The latest available market context in this call is not a live quote, so the dated market anchor is the 31 December 2025 backlog and the fiscal 2025 report set. Together they provide the clearest evidence set for how the share story is being framed by hard numbers.

Rheinmetall AG (ISIN DE0007030009) is the German defense group behind the report figures cited above, and the stock is traded on Xetra under RHMG. The company belongs to the defense-industrial complex in Germany, with the published 2025 reporting period now carrying the most weight for valuation work.

Rheinmetall at a glance

• Company: Rheinmetall AG
• ISIN: DE0007030009
• Ticker: XETRA: RHMG
• Trading venue: Xetra
• Sector / Industry: Industrials / Aerospace & Defense
• Index membership: DAX