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Last updated: April 2026

HO FINANCIAL STATEMENTS

Thales S.A. — balance sheet, income statement and cash flow trends

HOThales S.A.

🇫🇷 France · PA · Industrials · Aerospace & Defense

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
010 B20 B202020212022202320242025

Profit Funnel

Q2 2025 · TTM
Revenue22.1 B €Gross Profit5.9 B € · 26%Operating Income2.2 B € · 10%Pre-tax Income2 B € · 9%Net Income1.7 B € · 8%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue22.1 B €+20.1%
Gross Profit5.9 B €+22.8%
Operating Income2.2 B €+35.2%
EBITDA3.2 B €+41.5%
Net Income1.7 B €+63.5%

Peer Comparison· Aerospace & Defense

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
HO7.6%26.4%14.3%7.6%
LHX5.8%25.3%17.1%7.7%
RHM-8.7%45.9%22.7%7.6%
RKLB45.8%36.6%-22.4%-26.9%
HEI18.8%40.1%27.9%16.1%
AXON34.0%59.3%12.9%6.9%
Industry median12.2%24.2%13.1%6.6%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
HO7.6%26.4%14.3%7.6%
SAF12.9%14.3%18.0%23.0%
AIR3.7%14.7%13.6%6.9%
Industry median12.2%24.2%13.1%6.6%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
020 B40 B202020212022202320242025

Capital Structure

Q2 2025
Total Assets39.2 B
  • Equity8 B €20%
  • Current Liabilities25.2 B €64%
  • Long-term Liabilities5.9 B €15%

Key Figures

YoY change
Total Assets39.2 B €+1.0%
Total Liabilities31.2 B €-2.0%
Total Equity8 B €+16.7%
Cash & ST Investments4.5 B €+10.1%
Total Debt6.1 B €-27.3%
Net Debt1.7 B €-62.2%

Peer Comparison· Aerospace & Defense

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
HO0.8476.9%0.5220.4%
LHX1.0357.7%2.8047.6%
RHM1.0540.4%0.3827.2%
RKLB4.476.1%8.1980.3%
HEI2.9254.2%1.7449.7%
AXON2.2751.7%2.8750.0%
Industry median1.7548.4%0.8844.2%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
HO0.8476.9%0.5220.4%
SAF0.9035.9%-0.2624.0%
AIR1.1355.8%-0.0318.8%
Industry median1.7548.4%0.8844.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
01 B2 B3 B202020212022202320242025

Cash Flow Bridge

Q2 2025 · TTM
01 B2 B3 B3.3 B €Operating-909.8 M €Investing-2.7 B €Financing-244.1 M €Net Change

Key Figures

YoY change
Operating Cash Flow3.3 B €+108.1%
Capital Expenditures719.9 M €+15.1%
Free Cash Flow2.6 B €+168.0%
Dividends Paid-780.7 M €-223.2%

Peer Comparison· Aerospace & Defense

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
HO15.0%11.8%3.3%198.4%
LHX13.6%11.5%2.1%176.3%
RHM17.9%8.8%9.1%236.8%
RKLB-23.8%-46.5%22.8%88.5%
HEI20.3%18.9%1.4%126.3%
AXON5.2%0.7%4.5%74.7%
Industry median11.1%5.8%3.8%110.3%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
HO15.0%11.8%3.3%198.4%
SAF18.3%14.4%4.0%79.7%
AIR8.1%2.7%5.5%117.8%
Industry median11.1%5.8%3.8%110.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.