Thales SA THLLY

IndustrialsAerospace & DefenseFrance

Last close 51.95 USD on Nov 2, 2026, −2.5% year to date

Quant rating

Quant rating D Rank 398 of 418 in Industrials

Growth D 341 of 418
Valuation D 401 of 418
Quality D 392 of 418
Revisions D 343 of 418
Momentum C 173 of 418

Historical valuation

Valuation history unavailable.

Key data

Market cap: 53.3B
Enterprise value: 53.3B
52-week range: 48.12 – 64.14
3-year range: 28.16 – 64.14
Dividend yield: 1.73%
Beta (5 years): 0.00
Shares outstanding: 206M
Next earnings: –

About the company

Thales SA is a France-based technology company. The Company provides a range of solutions divided into three segments: Aerospace systems, Defense and security systems, Digital identification and security solutions. The aerospace systems segment provides avionics equipment such as cockpit, cabin multimedia, and simulation equipment and space systems include satellites and payload technologies, among others. Its Defense and security systems segment includes control and monitoring, communication, protection, cybersecurity, and related technologies, radars and optronics. The company’s Cyber and Digital segment offers cybersecurity solutions such as data security, application security as well as digital identity and biometrics solutions to banks, mobile network operators and governments.

Growth and profitability

Growth and profitability by fiscal year
	1995	1994	1993	1992	1991	5Y avg
Revenue (mil)	7,236	6,819	5,795	6,190	6,787	–
Revenue growth	6.1%	17.7%	−6.4%	−8.8%	−7.1%	−0.2%
EPS (basic, normalized)	–	–	0.35	–	0.30	–
EPS growth	–	–	–	–	–	–
Gross margin	25.8%	26.9%	28.6%	28.0%	28.1%	27.5%
Net margin	4.7%	−2.8%	−8.3%	3.2%	5.0%	0.4%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
1995 actual	7,236	+6.1%	7.4x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
1996	–	–	–	–	–	–	–	–
1997	–	–	–	–	–	–	–	–
1998	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
THLLY Thales SA	53.3B	–	4.7%	–	–	–	–	–
EADSY Airbus SE	173.3B	–	–	–	26.8x	23.5x	–	–
BA Boeing Co	139.0B	4.05x	2.1%	21.22x	−86.6x	211.9x	50.2x	29.3x
SAF Safran SA	134.5B	–	23.0%	8.23x	27.9x	23.1x	14.8x	13.2x
LMT Lockheed Martin Corporation	148.6B	1.54x	6.7%	14.70x	21.0x	19.3x	14.5x	13.4x
GD General Dynamics Corp	100.9B	0.42x	8.0%	3.70x	21.7x	19.9x	15.1x	13.9x
Mean		2.00x	8.9%	11.96x	2.1x	59.6x	23.6x	17.4x
Median		1.54x	6.7%	11.47x	21.7x	23.1x	14.9x	13.6x

Technical analysis

1M+3.5%
3M−8.4%
1Y−7.0%
3Y+88.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Thales SA, fiscal years, most recent first
	1995	1994	1993	1992	1991	1990
Total revenue	7,236	6,819	5,795	6,190	6,787	7,302
Cost of revenue	5,368	4,984	4,139	4,456	4,882	5,350
Gross profit	1,868	1,835	1,656	1,733	1,905	1,952
Selling, general & administrative expenses	1,004	989	847	855	936	925
Research & development	465	439	434	503	565	633
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	400	407	375	375	404	394
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−27.5	−522	−841	−108	105	84.8
Net income before taxes	372	−115	−466	267	508	478
Provision for taxes	33.4	65.4	13.0	67.1	115	141
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	0	−8.8	0	0	−56.5	75.5
Net income before extraordinary items	339	−189	−479	199	337	413
Extraordinary items	0	0	0	0	59.4	87.2
Net income	339	−189	−479	199	396	501
EBIT, normalized	400	407	375	375	404	394
EBITDA, normalized	673	665	612	616	695	716
Basic EPS, normalized	–	–	0.35	–	0.30	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Thales SA, fiscal years, most recent first
	1995	1994	1993	1992	1991	1990
Assets
Cash & short-term investments	1,118	613	626	944	1,234	1,575
Receivables	3,081	2,544	2,317	2,343	2,634	2,463
Total inventory	3,304	3,148	2,945	3,095	3,348	3,124
Prepaid expenses	1,012	857	705	706	597	566
Other current assets	322	298	375	457	563	435
Total current assets	8,838	7,461	6,968	7,546	8,377	8,163
Property, plant & equipment	1,305	1,271	1,153	1,065	1,133	1,232
Goodwill	–	–	–	–	–	–
Intangibles	981	911	864	1,175	1,315	1,245
Long-term investments	749	1,392	1,269	2,813	3,090	3,067
Note receivable	–	–	–	–	–	–
Other long-term assets	396	370	398	285	173	247
Total assets	12,269	11,404	10,652	12,883	14,088	13,954
Liabilities
Accounts payable	1,177	1,095	977	938	1,025	993
Payable/accrued	–	–	–	–	–	–
Accrued expenses	2,117	2,116	2,045	2,382	2,946	3,190
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	4,846	4,638	4,188	4,492	4,674	4,433
Total current liabilities	8,141	7,849	7,211	7,812	8,645	8,615
Long-term debt	1,370	905	1,109	975	1,054	1,066
Minority interest	109	85.5	67.3	610	670	647
Other liabilities	101	80.4	38.9	23.3	218	217
Total liabilities	9,720	8,920	8,426	9,420	10,587	10,546
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	476	431	376	403	429	439
Additional paid-in capital	2,234	2,189	1,973	3,214	3,195	3,093
Retained earnings (accumulated deficit)	–	–	–	–	–	–
Treasury stock	−15.3	−14.6	−17.2	−42.2	−62.1	−67.8
Other equity	−145	−121	−106	−112	−60.8	−55.0
Total equity	2,549	2,484	2,226	3,462	3,501	3,408
Total liabilities & shareholders' equity	12,269	11,404	10,652	12,883	14,088	13,954

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Thales SA, fiscal years, most recent first
	1995	1994	1993	1992	1991	1990
Operating activities
Net income	−145	−168	−477	199	453	429
Depreciation, depletion & amortization	273	258	236	241	291	322
Deferred taxes	–	–	–	–	–	–
Non-cash items	342	325	696	160	76.4	−148
Changes in working capital	−663	−109	−126	−132	−622	19.7
Cash from operations	−193	306	330	469	198	624
Investing activities
Capital expenditures	−259	−285	−261	−252	−288	−353
Other investing cash flows	35.3	159	−113	142	−488	−683
Cash from investing	−223	−126	−374	−110	−776	−1,037
Financing activities
Financing cash flow items	−4.5	4.5	−82.8	−136	−153	−168
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	307	−142	37.7	−209	1.4	361
Cash from financing	302	−137	−45.1	−345	−152	193
Foreign exchange effects	−2.0	9.4	33.6	0.5	−2.1	41.6
Net change in cash	−116	51.5	−55.8	15.0	−732	−178
Free cash flow	−451	20.4	69.0	217	−90.1	270

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.