As of March 12, 2026, the Rheinmetall AG (XETRA: RHM) share price is trading at €1,520.50, reflecting a volatile week following the release of its 2025 fiscal year results. Despite reporting record annual sales of €9.9 billion and an operating margin of 18.5%, the stock experienced a short-term decline of approximately 6.9% as investors reacted to 2026 revenue guidance of €14 billion to €14.5 billion, which fell slightly below aggressive market expectations. However, with a record order backlog of €63.8 billion and the successful acquisition of Naval Vessels Lürssen (NVL) in early 2026, the company remains the primary beneficiary of Europe’s multi-year military modernization effort.
2025 Performance and 2026 Growth Guidance
The 2025 fiscal year was a landmark period for Rheinmetall, characterized by double-digit growth and a decisive shift in corporate strategy.
2025 Financial Highlights
In results published on March 11, 2026, Rheinmetall reported consolidated group sales increased by 29% year-on-year to nearly €10 billion. Operating profit reached €1.84 billion, yielding an operating margin of 18.5%. The core of this growth was the Weapons and Ammunition division, which saw margins rise to nearly 30% due to the unprecedented demand for artillery shells and tactical systems.
2026 Strategic Outlook
For the 2026 fiscal year, management has issued guidance for revenue growth of 40% to 45%, targeting €14.0 billion to €14.5 billion. The company expects its operating margin to expand further to approximately 19%. This guidance is supported by a “fixed” order backlog that already covers 91% of the 2026 revenue target, providing high visibility for institutional investors.
The Pivot to Pure Defense and Naval Expansion
A critical driver of the Rheinmetall investment thesis in 2026 is the company’s total divestment from civilian automotive activities to focus on five core defense segments.
Acquisition of Naval Vessels Lürssen (NVL)
Completed on February 27, 2026, the acquisition of NVL establishes Rheinmetall as a major player in maritime defense. This new “Naval Systems” segment adds roughly €5–€6 billion to the existing backlog immediately. Analysts expect this division to contribute over €1.3 billion in sales during 2026, with potential for massive growth through upcoming German Navy frigate programs like the F126 and F127.
Ammunition Production Ramp-up
Rheinmetall is currently executing an aggressive capacity expansion at its Unterlüß and Spanish facilities. By late 2026, the company expects to reach an annual production rate of 140,000 artillery rounds, scaling toward a maximum capacity of 350,000 rounds by 2027. This vertical integration in the ammunition supply chain remains a unique competitive advantage in the European market.
Technical Analysis and Valuation Metrics
Despite the recent post-earnings dip, Rheinmetall continues to trade at a premium valuation reflecting its dominant market position.
Support and Resistance Levels
Technical data from March 2026 identifies a primary support level at €1,501.00. Immediate resistance is found at €1,593.79 (the 15-day moving average). While the 52-week high stands at €2,008.00, the current consolidation is viewed by some analysts as a necessary “reset” following the stock’s rapid ascent throughout 2024 and 2025.
P/E Ratio and Fair Value
The stock currently trades at a price-to-earnings (P/E) ratio of approximately 82.74. While this is high relative to historical norms, it reflects the market’s willingness to pay for projected earnings growth of 31.8% per annum. Some “Fair Value” models suggest the stock is technically overvalued in the short term, though long-term targets from major brokers still range as high as €1,800.00.
Dividend Policy and Capital Returns
Rheinmetall has significantly increased its payout to shareholders, mirroring its operational success.
2026 Dividend Payout
Following the record results of 2025, the Board has proposed a dividend of €11.50 per share, a substantial increase from the €8.10 paid in the previous year. This represents a payout ratio of approximately 45.5% of net profit.
Key Dividend Dates
Declaration Date: March 11, 2026
Ex-Dividend Date: May 13, 2026
Payment Date: May 15, 2026
Current Yield: Approximately 0.75% (based on the March 12 share price).
Practical Information and Trading
Stock Listing Details
Primary Exchange: Deutsche Börse XETRA (Germany)
Ticker Symbol: RHM
ISIN: DE0007030009
Currency: EUR
Investor Calendar 2026
| Date | Event |
| May 8, 2026 | Q1 2026 Interim Statement |
| May 12, 2026 | Annual General Meeting (AGM) |
| August 2026 | Q2 Half-Year Financial Report |
| November 2026 | Q3 2026 Interim Statement |
FAQs
What is the current Rheinmetall share price?
As of March 12, 2026, the price is approximately €1,520.50 on the XETRA exchange.
Why did Rheinmetall stock fall in March 2026?
The shares dropped roughly 6.9% after its 2026 sales guidance of €14–14.5 billion slightly missed higher analyst expectations of €15 billion.
How much is the Rheinmetall dividend in 2026?
The proposed dividend is €11.50 per share, up from €8.10 in 2025.
What is the order backlog for Rheinmetall?
The company ended 2025 with a record backlog of €63.8 billion, which is projected to potentially double by the end of 2026.
Did Rheinmetall buy Lürssen?
Yes, the acquisition of the naval shipbuilder Naval Vessels Lürssen (NVL) was completed on February 27, 2026.
Is Rheinmetall still making car parts?
No, the company is in the final stages of divesting its civilian automotive activities to focus 100% on defense.
What is the 52-week low for RHM?
The 52-week low is €933.00, recorded in early 2025.
Where is Rheinmetall headquartered?
The company is based in Düsseldorf, Germany.
What is the “Boxer Carinus” program?
It is a major near-term order opportunity with a total potential value of €38 billion extending through 2035.
Who is the CEO of Rheinmetall?
The company is led by Armin Papperger.
Can I buy Rheinmetall in the US?
Yes, it is available on the OTC market under the ticker RNMBF.
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