Cash flow Rheinmetall AG

Equities

RHM

DE0007030009

Aerospace & Defense

Market Closed - Xetra Other stock markets 02:15:50 2025-12-04 pm EST			After hours 02:48:46 pm
1,536.50 ^EUR	+0.46%		1,535.25	-0.08%

05:26am	Iveco's defence business sees order boost in short term from EU's SAFE plan	RE
Dec. 03	RHEINMETALL AG : Gets a Buy rating from UBS	ZD

4019ac29934c1.DEnF2jsPjHeQ8WmhPWdBQVwaB0pKgITCldoHG1s3rH8.ZHiS7wJp9R_xpBHnCR0XFwhJSikY4e2IzaByVDF9gSxOf6-FbULpQfiaCg

Published financial data: RHEINMETALL AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	5.88B	5.66B	6.41B	7.18B	9.75B
Other Revenues, Total	73M	-	-	-	-
Total Revenues	5.95B	5.66B	6.41B	7.18B	9.75B
Cost of Goods Sold, Total	3.02B	2.71B	3.03B	3.24B	4.69B
Gross Profit	2.92B	2.95B	3.38B	3.94B	5.06B
Selling General & Admin Expenses, Total	1.72B	1.64B	1.84B	2.06B	2.38B
Depreciation & Amortization - (IS)	271M	236M	249M	308M	386M
Other Operating Expenses	550M	444M	560M	727M	870M
Other Operating Expenses, Total	2.54B	2.32B	2.64B	3.09B	3.64B
Operating Income	381M	625M	735M	846M	1.42B
Interest Expense, Total	-42M	-31M	-32M	-111M	-135M
Interest And Investment Income	9M	4M	12M	29M	19M
Net Interest Expenses	-33M	-27M	-20M	-82M	-116M
Income (Loss) On Equity Invest.	20M	11M	32M	57M	-37M
Other Non Operating Income (Expenses)	-27M	-14M	-45M	-4M	1M
EBT, Excl. Unusual Items	341M	595M	702M	817M	1.27B
Merger & Related Restructuring Charges	-	-	-	-2M	-
Impairment of Goodwill	-88M	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	3M	-	-4M
Gain (Loss) On Sale Of Assets	1M	2M	5M	-	-19M
Asset Writedown	-198M	-15M	-	-	-17M
EBT, Incl. Unusual Items	56M	582M	710M	815M	1.23B
Income Tax Expense	56M	150M	183M	185M	333M
Earnings From Continuing Operations	0	432M	527M	630M	895M
Earnings Of Discontinued Operations	-	-100M	8M	-44M	-87M
Net Income to Company	0	332M	535M	586M	808M
Minority Interest	-27M	-41M	-66M	-51M	-91M
Net Income - (IS)	-27M	291M	469M	535M	717M
Net Income to Common Incl Extra Items	-27M	291M	469M	535M	717M
Net Income to Common Excl. Extra Items	-27M	391M	461M	579M	804M
Per Share Items
Net EPS - Basic	-0.63	6.72	10.82	12.32	16.51
Basic EPS - Continuing Operations	-0.63	9.03	10.63	13.34	18.51
Basic Weighted Average Shares Outstanding	43.17M	43.28M	43.36M	43.41M	43.43M
Net EPS - Diluted	-0.63	6.72	10.82	12.06	15.97
Diluted EPS - Continuing Operations	-0.63	9.03	10.63	13.01	17.83
Diluted Weighted Average Shares Outstanding	43.17M	43.28M	43.36M	46.34M	46.66M
Normalized Basic EPS	4.31	7.64	8.6	10.59	16.15
Normalized Diluted EPS	4.31	7.64	8.6	9.92	15.03
Dividend Per Share	2	3.3	4.3	5.7	8.1
Payout Ratio	-385.19	29.9	30.49	34.95	34.59
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	614M	826M	921M	1.08B	1.75B
EBITA	424M	664M	757M	906M	1.56B
EBIT	381M	625M	735M	846M	1.42B
EBITDAR	-	-	-	1.09B	1.76B
Effective Tax Rate - (Ratio)	100	25.77	25.77	22.7	27.12
Total Current Taxes	77M	108M	121M	223M	319M
Total Deferred Taxes	-27M	48M	63M	-35M	20M
Normalized Net Income	186M	331M	373M	460M	702M
Interest on Long-Term Debt	7M	6M	7M	10M	12M
Non-Cash Pension Expense	11M	5M	6M	10M	14M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	325M	414M	433M	447M	330M
Net Rental Expense, Total	-	-	-	9M	10M
Imputed Operating Lease Interest Expense	-	-	-	5.54M	4.98M
Imputed Operating Lease Depreciation	-	-	-	3.46M	5.02M
Maintenance & Repair Expenses, Total	94M	82M	-	-	-
Stock-Based Comp., SG&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	16M	16M	13M	13M	13M
Total Stock-Based Compensation	16M	16M	13M	13M	13M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.03B	1.04B	545M	850M	1.18B
Short Term Investments	17M	17M	21M	65M	69M
Trading Asset Securities, Total	-	162M	132M	-	-
Total Cash And Short Term Investments	1.04B	1.22B	698M	915M	1.25B
Accounts Receivable, Total	1.53B	1.6B	1.92B	2.55B	2.66B
Other Receivables	106M	86M	137M	97M	184M
Notes Receivable	-	-	-	-	-
Total Receivables	1.64B	1.69B	2.06B	2.65B	2.85B
Inventory	1.57B	1.65B	1.98B	3.24B	3.99B
Prepaid Expenses	27M	-	38M	48M	54M
Other Current Assets, Total	55M	426M	434M	238M	87M
Total Current Assets	4.34B	4.98B	5.21B	7.09B	8.23B
Gross Property Plant And Equipment	4.47B	3.9B	4.13B	4.66B	5.17B
Accumulated Depreciation	-3.28B	-2.76B	-2.94B	-3.24B	-3.51B
Net Property Plant And Equipment	1.19B	1.14B	1.19B	1.42B	1.66B
Long-term Investments	294M	233M	440M	407M	415M
Goodwill	476M	481M	483M	1.12B	1.43B
Other Intangibles, Total	93M	87M	85M	657M	990M
Accounts Receivable Long-Term	14M	13M	12M	12M	11M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	249M	147M	98M	164M	172M
Deferred Charges Long-Term	251M	317M	352M	429M	569M
Other Long-Term Assets, Total	357M	339M	224M	400M	869M
Total Assets	7.27B	7.73B	8.09B	11.71B	14.34B
Liabilities
Accounts Payable, Total	700M	809M	931M	1.22B	1.15B
Accrued Expenses, Total	266M	248M	317M	353M	349M
Short-term Borrowings	-	-	128M	215M	217M
Current Portion of Long-Term Debt	108M	176M	287M	149M	282M
Current Portion of Leases	42M	39M	39M	46M	53M
Current Income Taxes Payable	76M	87M	67M	108M	118M
Unearned Revenue Current, Total	968M	1.11B	1.12B	2.59B	3.87B
Other Current Liabilities	728M	871M	776M	772M	746M
Total Current Liabilities	2.89B	3.34B	3.66B	5.46B	6.78B
Long-Term Debt	666M	525M	345M	1.28B	1.6B
Long-Term Leases	207M	181M	172M	226M	274M
Pension & Other Post Retirement Benefits	1.18B	773M	484M	562M	527M
Deferred Tax Liability Non Current	4M	38M	78M	260M	356M
Other Non Current Liabilities	272M	255M	262M	280M	344M
Total Liabilities	5.21B	5.11B	5.01B	8.06B	9.88B
Common Stock, Total	112M	112M	112M	112M	112M
Additional Paid In Capital	-	-	-	-	-
Retained Earnings	1.85B	2.05B	2.36B	2.72B	3.2B
Treasury Stock	-13M	-9M	-6M	-5M	-4M
Comprehensive Income and Other	-62M	266M	350M	491M	739M
Total Common Equity	1.89B	2.42B	2.81B	3.32B	4.05B
Minority Interest	165M	203M	271M	327M	414M
Total Equity	2.05B	2.62B	3.08B	3.64B	4.46B
Total Liabilities And Equity	7.27B	7.73B	8.09B	11.71B	14.34B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	43.2M	43.3M	43.38M	43.42M	43.44M
ECS Total Common Shares Outstanding	43.2M	43.3M	43.38M	43.42M	43.44M
Book Value / Share	43.71	55.84	64.82	76.37	93.24
Tangible Book Value	1.32B	1.85B	2.24B	1.53B	1.63B
Tangible Book Value Per Share	30.53	42.72	51.73	35.33	37.62
Total Debt	1.02B	921M	971M	1.91B	2.42B
Net Debt	-21M	-297M	273M	998M	1.17B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.18B	671M	187M	292M	217M
Debt Equivalent Oper. Leases	-	-	-	72M	80M
Minority Interest, Total (Incl. Fin. Div)	165M	203M	271M	327M	414M
Equity Method Investments, Total	288M	201M	408M	373M	346M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	512M	597M	820M	1.24B	1.66B
Inventories - Work In Process, Total	713M	688M	814M	1.25B	1.49B
Inventories - Finished Goods, Total	247M	295M	245M	455M	384M
Inventories - Others	101M	71M	97M	294M	462M
Land - (BS)	1.09B	1.08B	1.15B	1.27B	1.3B
Machinery, Total	3.03B	2.46B	2.61B	2.91B	3.29B
Full Time Employees	21.97K	20.18K	21.79K	24.75K	28.54K
Part Time Employees	1.1K	-	-	-	-
Order Backlog	13.37B	15.73B	16.94B	21.98B	30.73B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-27M	291M	469M	535M	717M
Depreciation & Amortization - CF	229M	200M	204M	220M	241M
Amortization of Goodwill and Intangible Assets - (CF)	43M	39M	22M	60M	145M
Depreciation & Amortization, Total	272M	239M	226M	280M	386M
Amortization of Deferred Charges, Total - (CF)	-	-	23M	28M	-
(Gain) Loss From Sale Of Asset	-6M	-	-5M	-59M	103M
Asset Writedown & Restructuring Costs	285M	15M	-	-	17M
(Income) Loss On Equity Investments - (CF)	11M	15M	-15M	-4M	15M
Net Cash From Discontinued Operations	-	91M	12M	63M	-
Other Operating Activities, Total	-19M	22M	37M	49M	42M
Change In Accounts Receivable	-28M	63M	-39M	39M	-102M
Change In Inventories	-	-	-	-	-
Change in Other Net Operating Assets	-35M	-46M	-534M	-188M	542M
Cash from Operations	453M	690M	174M	743M	1.72B
Capital Expenditure	-237M	-271M	-349M	-398M	-732M
Sale of Property, Plant, and Equipment	20M	3M	19M	2M	10M
Cash Acquisitions	-3M	-35M	-205M	-1.06B	-508M
Divestitures	1M	1M	2M	155M	24M
Investment in Marketable and Equity Securities, Total	21M	-160M	-	130M	-
Other Investing Activities, Total	10M	-	-1M	-	34M
Cash from Investing	-188M	-462M	-534M	-1.18B	-1.17B
Long-Term Debt Issued, Total	444M	122M	249M	1.17B	793M
Total Debt Issued	444M	122M	249M	1.17B	793M
Long-Term Debt Repaid, Total	-487M	-231M	-232M	-357M	-773M
Total Debt Repaid	-487M	-231M	-232M	-357M	-773M
Issuance of Common Stock	-	-	-	113M	-
Common Dividends Paid	-104M	-87M	-143M	-187M	-248M
Common & Preferred Stock Dividends Paid	-104M	-87M	-143M	-187M	-248M
Other Financing Activities, Total	-1M	-6M	-5M	11M	-6M
Cash from Financing	-148M	-202M	-131M	746M	-234M
Foreign Exchange Rate Adjustments	-10M	4M	1M	-9M	-2M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1M
Net Change in Cash	107M	30M	-490M	305M	311M
Supplemental Items
Cash Interest Paid	25M	23M	22M	-	-
Cash Income Tax Paid (Refund)	85M	72M	154M	157M	351M
Levered Free Cash Flow	300M	275M	-307M	525M	850M
Unlevered Free Cash Flow	326M	295M	-287M	595M	934M
Change In Net Working Capital	-37M	80M	659M	-143M	-380M
Net Debt Issued / Repaid	-43M	-109M	17M	809M	20M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.24	5.21	5.81	5.34	6.81
Return on Total Capital	7.51	11.8	12.1	11	14.26
Return On Equity %	0	18.49	18.48	18.71	22.08
Return on Common Equity	-1.35	18.16	17.63	18.88	21.83
Margin Analysis
Gross Profit Margin %	49.18	52.1	52.73	54.86	51.88
SG&A Margin	28.97	29.04	28.64	28.65	24.44
EBITDA Margin %	10.32	14.6	14.37	15.04	17.99
EBITA Margin %	7.13	11.74	11.81	12.63	16.05
EBIT Margin %	6.41	11.05	11.47	11.79	14.56
Income From Continuing Operations Margin %	0	7.64	8.22	8.78	9.18
Net Income Margin %	-0.45	5.14	7.32	7.46	7.35
Net Avail. For Common Margin %	-0.45	6.91	7.19	8.07	8.25
Normalized Net Income Margin	3.13	5.85	5.82	6.4	7.19
Levered Free Cash Flow Margin	5.04	4.86	-4.78	7.32	8.72
Unlevered Free Cash Flow Margin	5.48	5.21	-4.47	8.29	9.58
Asset Turnover
Asset Turnover	0.81	0.75	0.81	0.72	0.75
Fixed Assets Turnover	4.64	4.86	5.52	5.5	6.33
Receivables Turnover (Average Receivables)	3.8	3.61	3.64	3.21	3.74
Inventory Turnover (Average Inventory)	1.99	1.68	1.67	1.24	1.3
Short Term Liquidity
Current Ratio	1.5	1.49	1.42	1.3	1.21
Quick Ratio	0.93	0.87	0.75	0.65	0.6
Operating Cash Flow to Current Liabilities	0.16	0.21	0.05	0.14	0.25
Days Sales Outstanding (Average Receivables)	96.37	101.15	100.33	113.76	97.85
Days Outstanding Inventory (Average Inventory)	183.79	217.11	218.46	294.12	282.11
Average Days Payable Outstanding	81.48	98.78	94.65	87.18	79.87
Cash Conversion Cycle (Average Days)	198.68	219.49	224.14	320.7	300.09
Long Term Solvency
Total Debt/Equity	49.83	35.14	31.5	52.51	54.28
Total Debt / Total Capital	33.26	26	23.95	34.43	35.18
LT Debt/Equity	42.52	26.94	16.77	41.26	41.91
Long-Term Debt / Total Capital	28.38	19.93	12.75	27.05	27.17
Total Liabilities / Total Assets	71.75	66.11	61.89	68.88	68.88
EBIT / Interest Expense	9.07	20.16	22.97	7.62	10.52
EBITDA / Interest Expense	15.55	27.87	30.03	10.14	13.38
(EBITDA - Capex) / Interest Expense	9.9	19.13	19.12	6.56	7.96
Total Debt / EBITDA	1.57	1.07	1.01	1.7	1.34
Net Debt / EBITDA	-0.03	-0.34	0.28	0.89	0.65
Total Debt / (EBITDA - Capex)	2.46	1.55	1.59	2.63	2.26
Net Debt / (EBITDA - Capex)	-0.05	-0.5	0.45	1.37	1.09
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-6.12	4.68	13.29	11.95	35.88
Gross Profit, 1 Yr. Growth %	-3.31	10.12	11.55	16.48	28.5
EBITDA, 1 Yr. Growth %	-14.37	24.59	14.84	17.03	57.59
EBITA, 1 Yr. Growth %	-18.3	40.98	18.28	19.52	65.78
EBIT, 1 Yr. Growth %	-22.87	45.69	17.6	14.95	65.5
Earnings From Cont. Operations, 1 Yr. Growth %	-100	52.65	21.99	17.98	42.06
Net Income, 1 Yr. Growth %	-108.06	-1.18K	61.17	12.87	34.02
Normalized Net Income, 1 Yr. Growth %	-33.32	49.21	12.66	21.67	50.17
Diluted EPS Before Extra, 1 Yr. Growth %	-108.04	52.35	17.69	20.56	37.03
Accounts Receivable, 1 Yr. Growth %	-1.67	4.3	20.11	32.61	4.47
Inventory, 1 Yr. Growth %	7.52	4.96	19.68	64.17	22.97
Net Property, Plant and Equip., 1 Yr. Growth %	-12.85	-4.94	4.76	19.51	16.89
Total Assets, 1 Yr. Growth %	-2	6.43	4.59	44.6	22.52
Tangible Book Value, 1 Yr. Growth %	-8.91	40.26	21.3	-31.85	6.59
Common Equity, 1 Yr. Growth %	-11.15	28.07	16.29	17.63	22.14
Cash From Operations, 1 Yr. Growth %	-24.75	52.32	-74.78	327.01	131.49
Capital Expenditures, 1 Yr. Growth %	-17.71	14.35	28.78	14.04	83.92
Levered Free Cash Flow, 1 Yr. Growth %	46.28	-16.37	-211.4	-287.63	61.35
Unlevered Free Cash Flow, 1 Yr. Growth %	39.52	-16.8	-197.28	-328.75	56.73
Dividend Per Share, 1 Yr. Growth %	-16.67	65	30.3	32.56	42.11
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.21	-5.5	8.9	12.62	23.34
Gross Profit, 2 Yr. CAGR %	-0.46	-1.28	12.37	13.99	22.34
EBITDA, 2 Yr. CAGR %	-7.33	7.33	17.86	15.99	37.93
EBITA, 2 Yr. CAGR %	-10.22	13.11	26.78	18.98	43.69
EBIT, 2 Yr. CAGR %	-12.88	12.48	30.89	16.34	38.9
Earnings From Cont. Operations, 2 Yr. CAGR %	-	10.47	36.46	20.76	29.46
Net Income, 2 Yr. CAGR %	-70.25	-6.8	316.78	35.59	22.99
Normalized Net Income, 2 Yr. CAGR %	-15.15	8.88	29.65	17.86	36.27
Diluted EPS Before Extra, 2 Yr. CAGR %	-70.32	7.76	33.9	20.02	28.53
Accounts Receivable, 2 Yr. CAGR %	0.36	1.31	11.93	26.2	17.7
Inventory, 2 Yr. CAGR %	11.78	6.23	12.08	40.17	42.08
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.08	-8.98	-0.21	11.89	18.19
Total Assets, 2 Yr. CAGR %	3.69	2.13	5.5	23.03	33.11
Tangible Book Value, 2 Yr. CAGR %	-2.41	13.03	30.43	-8.94	-14.8
Common Equity, 2 Yr. CAGR %	-3.37	6.67	22.04	17.11	19.86
Cash From Operations, 2 Yr. CAGR %	36.82	7.06	-38.02	3.77	214.41
Capital Expenditures, 2 Yr. CAGR %	-7.5	-3	21.35	21.19	44.82
Levered Free Cash Flow, 2 Yr. CAGR %	128.62	15.87	-3.48	38.16	74.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	99.73	12.27	-10.03	42.08	89.58
Dividend Per Share, 2 Yr. CAGR %	-2.41	17.26	46.63	31.43	37.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.29	-3.11	0.39	9.91	19.89
Gross Profit, 3 Yr. CAGR %	3.32	-0.05	3.77	13.72	18.63
EBITDA, 3 Yr. CAGR %	1.68	4.93	8.7	17.63	29.8
EBITA, 3 Yr. CAGR %	1.37	8.08	13.41	24.37	34.72
EBIT, 3 Yr. CAGR %	-0.26	7.58	14.16	25.4	31.46
Earnings From Cont. Operations, 3 Yr. CAGR %	-	6.86	14.18	30.57	27.48
Net Income, 3 Yr. CAGR %	-50.6	-1.55	11.87	170.6	35.06
Normalized Net Income, 3 Yr. CAGR %	-1.03	8.58	10.12	27.5	28.47
Diluted EPS Before Extra, 3 Yr. CAGR %	-50.74	8.36	10.97	29.95	25.44
Accounts Receivable, 3 Yr. CAGR %	8.62	1.68	7.22	18.43	18.5
Inventory, 3 Yr. CAGR %	10.24	9.46	10.54	27.29	34.19
Net Property, Plant and Equip., 3 Yr. CAGR %	-1.65	-3.7	-4.61	5.97	13.53
Total Assets, 3 Yr. CAGR %	4.71	4.59	2.94	17.23	22.86
Tangible Book Value, 3 Yr. CAGR %	6.43	10.13	15.72	5.16	-4.05
Common Equity, 3 Yr. CAGR %	2.72	6.14	9.79	20.65	18.76
Cash From Operations, 3 Yr. CAGR %	-6.03	41.8	-33.88	17.93	35.59
Capital Expenditures, 3 Yr. CAGR %	-4.25	-0.73	6.61	18.86	39.27
Levered Free Cash Flow, 3 Yr. CAGR %	-1.42	68.66	14.36	16.87	45.63
Unlevered Free Cash Flow, 3 Yr. CAGR %	-1.67	53.32	7.03	18.87	46.93
Dividend Per Share, 3 Yr. CAGR %	5.57	16.26	21.46	41.78	34.89
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.79	0.2	1.69	2.9	9.01
Gross Profit, 5 Yr. CAGR %	4.83	3.33	4.97	5.93	10.83
EBITDA, 5 Yr. CAGR %	6.46	8.71	9.54	8.58	19.59
EBITA, 5 Yr. CAGR %	7.09	11.93	13.21	11.49	24.7
EBIT, 5 Yr. CAGR %	6.82	12.17	13.87	11	23.51
Earnings From Cont. Operations, 5 Yr. CAGR %	-	14.98	15.9	12.22	20.38
Net Income, 5 Yr. CAGR %	-29.13	7.79	15.93	11.9	16.44
Normalized Net Income, 5 Yr. CAGR %	7.69	13.26	14.19	12.2	20.24
Diluted EPS Before Extra, 5 Yr. CAGR %	-30.56	13.99	15.23	12.88	18.04
Accounts Receivable, 5 Yr. CAGR %	6.36	4.16	9.95	10.86	11.3
Inventory, 5 Yr. CAGR %	8.92	8.5	10.97	20.84	22.21
Net Property, Plant and Equip., 5 Yr. CAGR %	0.67	-1.02	-1.07	2.26	3.93
Total Assets, 5 Yr. CAGR %	4.87	4.69	5.03	11.61	14.11
Tangible Book Value, 5 Yr. CAGR %	10.11	12.6	15.45	2.06	2.45
Common Equity, 5 Yr. CAGR %	4.82	7.48	10.05	10.4	13.77
Cash From Operations, 5 Yr. CAGR %	5.97	9.22	-20.44	25.15	23.36
Capital Expenditures, 5 Yr. CAGR %	-5.23	-0.86	5.27	7.52	20.51
Levered Free Cash Flow, 5 Yr. CAGR %	153.31	29.31	-0.41	55.72	32.91
Unlevered Free Cash Flow, 5 Yr. CAGR %	51.96	21.13	-3.53	48.72	31.94
Dividend Per Share, 5 Yr. CAGR %	12.7	17.88	20.39	22.1	27.54