Defense electronics and secure systems company spanning avionics, cyber, radars, communications, and critical mission technologies.
Profile & Fundamentals
Thales: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Thales Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surveillance systems, airborne optronics, and airspace protection solutions; collaborative combat, intelligence, connectivity and cloud, country and force protection, military vehicle, collaborative artillery, and augmented soldier solutions; robotics and drones; above-water combat, unmanned maritime, and underwater warfare systems; naval support and services; and joint systems. It also provides mission-critical and radio communications; cyber defence and electronic warfare solutions; protection systems; unmanned aerial vehicle systems; digital transformation services; and Geonav IoT for real-time indoor/outdoor precise navigations. In addition, it offers digital identity and security solutions comprising banking and payment, data protection, digital identity, identity and access management, biometric, mobile, software monetization, secure IoT solutions, and IoT connecting and security solutions. Further, it provides air traffic management solutions; flight decks and avionics equipment and functions; in-flight entertainment, connectivity, and services; drone and navigation solutions; support and services for civil aviation; connectivity solutions; antennas; and solutions for internal and external aircraft lighting. It offers lasers; microwave and imaging sub-systems; microelectronic solutions; mobile satellite, environmental testing and evaluation laboratory, and training and simulation services; cryogenic technology and coolers; silicon security solutions; and designs, operates, and delivers satellite-based technologies. The company was formerly known as Thomson-CSF and changed its name to Thales S.A. in 2000. Thales S.A. was founded in 1893 and is based in Meudon, France.
Company profile record
Thales S.A.
Common Stock · Industrials · Aerospace & Defense
Company
- Company / asset
- Thales S.A.
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Aerospace & Defense
- HQ
- 🇫🇷 France
- Head office
- 4 Rue De La Verrerie, Meudon, France, 92190
Leadership & scale
- Chief executive
- Mr. Patrice Caine
- CEO year born
- 1970
- Full-time employees
- 79.3K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- EUR 45.8B
- P/E
- 21.0x
- Revenue (Q2 26)
- EUR 10.9B
- Profit (Q2 26)
- EUR 485.0M
- Dividend Yield
- 1.3%
- Revenue (FY 25)
- EUR 22.1B
- Shares in public float
- 89.7M
- Insider ownership
- 56.2%
Reporting & identifiers
- Symbol
- HO.PAR
- Listing
- 🇫🇷 France | Dividend Tax: 25%
- Ticker Currency
- EUR
- Income Statement Currency
- EUR
- Balance Sheet Currency
- EUR
- Cash Flow Currency
- EUR
- EPS Currency
- EUR
- Contract Type
- SPOT
- ISIN
- FR0000121329
- Asset ID
- equity_d4d6e071-ca11-593f-b0aa-ca765fa9a008
Ownership
Shares Outstanding
Latest: 206.0M | Max: 213.5M | Min: 205.3M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
43.56%
89.7M latest reported shares
Insider Ownership
56.20%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 213,215,000 |
| 2018-01-01 | 213,460,000 |
| 2019-01-01 | 213,073,200 |
| 2020-01-01 | 212,857,400 |
| 2021-01-01 | 212,918,100 |
| 2022-01-01 | 211,702,700 |
| 2023-01-01 | 208,500,000 |
| 2024-01-01 | 205,313,200 |
| 2025-01-01 | 205,991,000 |
| 2026-01-01 | 206,008,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Thales presents an improving operational business disguised by noisy headline accounting. In 2025, revenue grew 7.6% to 22.1 billion euros, while operating income jumped over 30% to 2.22 billion euros. Although first-half 2026 statutory net income dropped to 485 million euros, this drop was caused by a specific, one-time 450-million-euro charge from Germany cancelling its F126 frigate contract, alongside temporary French tax surcharges. Beneath these one-off accounting charges, core military demand is exceptionally strong. Defense and Security order intake surged 21% to 12.5 billion euros, expanding the total order book to over 52 billion euros. This massive backlog provides more than two years of guaranteed factory work, ensuring steady underlying revenue conversion for years to come.
Thales presents an improving operational business disguised by noisy headline accounting. In 2025, revenue grew 7.6% to 22.1 billion euros, while operating income jumped over 30% to 2.22 billion euros. Although first-half 2026 statutory net income dropped to 485 million euros, this drop was caused by a specific, one-time 450-million-euro charge from Germany cancelling its F126 frigate contract, alongside temporary French tax surcharges. Beneath these one-off accounting charges, core military demand is exceptionally strong. Defense and Security order intake surged 21% to 12.5 billion euros, expanding the total order book to over 52 billion euros. This massive backlog provides more than two years of guaranteed factory work, ensuring steady underlying revenue conversion for years to come.
Revenue, Net Income, and Free Cash Flow
Latest: EUR 22.1B | Max: EUR 22.1B | Min: EUR 483.4M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 17x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability is expanding structurally where it matters most. Group adjusted operating margins climbed from 8.3% in 2024 to 10.0% in 2025, reaching 12.5% in early 2026. The main engine is Defense and Security, where surging production volume and pricing power pushed segment operating margins to a record 13.8%. This defense strength comfortably outweighs ongoing drag from commercial telecommunications satellites and competitive pricing in legacy payment cards. As Thales restructures its satellite manufacturing through a joint venture with Airbus and Leonardo, group operating margins are on track to stabilize sustainably between 12.8% and 13.5%.
Profitability is expanding structurally where it matters most. Group adjusted operating margins climbed from 8.3% in 2024 to 10.0% in 2025, reaching 12.5% in early 2026. The main engine is Defense and Security, where surging production volume and pricing power pushed segment operating margins to a record 13.8%. This defense strength comfortably outweighs ongoing drag from commercial telecommunications satellites and competitive pricing in legacy payment cards. As Thales restructures its satellite manufacturing through a joint venture with Airbus and Leonardo, group operating margins are on track to stabilize sustainably between 12.8% and 13.5%.
Profitability Margins
Latest: 26.4% | Max: 26.4% | Min: 2.8%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
26.4%
Gross profit / revenue
Operating Margin
10.0%
Operating income / revenue
Net Margin
7.6%
Net income / revenue
FCF Margin
11.9%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 15,777,888,000 | 1,003,184,000 | 1,014,480,581.12 |
| 2017-12-31 | 18,796,526,000 | 808,962,000 | 1,913,565,687.67 |
| 2018-12-31 | 18,074,358,000 | 1,119,252,000 | 1,004,176,881.96 |
| 2019-12-31 | 20,609,232,000 | 1,256,528,000 | 1,418,928,000 |
| 2020-12-31 | 20,726,458,000 | 589,748,000 | 1,159,244,000 |
| 2021-12-31 | 18,458,880,000 | 1,241,232,000 | 2,571,726,000 |
| 2022-12-31 | 18,798,616,000 | 1,199,042,000 | 2,739,791,197.47 |
| 2023-12-31 | 20,271,240,000 | 1,125,740,000 | 1,067,880,000 |
| 2024-12-31 | 21,399,664,000 | 1,476,280,000 | 2,095,288,000 |
| 2025-12-31 | 25,899,588,000 | 1,959,165,000 | 3,082,599,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 17.46 | Trailing four quarters |
| 2024-12-31 | 13.81 | Trailing four quarters |
| 2023-12-31 | 15.09 | Trailing four quarters |
| 2022-12-31 | 22.54 | Annual net income |
| 2021-12-31 | 14.63 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 24.25 | 7.37 | 6.36 | 6.43 |
| 2017-12-31 | 24.34 | 7.96 | 4.3 | 10.18 |
| 2018-12-31 | 25.78 | 8.85 | 6.19 | 5.56 |
| 2019-12-31 | 24.58 | 6.97 | 6.1 | 6.88 |
| 2020-12-31 | 23.16 | 4.81 | 2.85 | 5.59 |
| 2021-12-31 | 24.91 | 7.06 | 6.72 | 13.93 |
| 2022-12-31 | 25.36 | 7.65 | 6.38 | 14.57 |
| 2023-12-31 | 25.86 | 8.55 | 5.55 | 5.27 |
| 2024-12-31 | 26.12 | 8.26 | 6.9 | 9.79 |
| 2025-12-31 | 26.44 | 10.02 | 7.56 | 11.9 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-15.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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