THALES SA (HO.PA) Stock Fundamental Analysis

Europe • Euronext Paris • EPA:HO • FR0000121329

248.7 EUR
-4.4 (-1.74%)
Last: Feb 5, 2026, 07:00 PM
Fundamental Rating

5

HO gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 53 industry peers in the Aerospace & Defense industry. While HO is still in line with the averages on profitability rating, there are concerns on its financial health. HO has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • In the past year HO was profitable.
  • In the past year HO had a positive cash flow from operations.
  • Each year in the past 5 years HO has been profitable.
  • Each year in the past 5 years HO had a positive operating cash flow.
HO.PA Yearly Net Income VS EBIT VS OCF VS FCFHO.PA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

1.2 Ratios

  • HO has a Return On Assets of 2.74%. This is comparable to the rest of the industry: HO outperforms 45.28% of its industry peers.
  • HO has a Return On Equity (14.93%) which is in line with its industry peers.
  • Looking at the Return On Invested Capital, with a value of 11.65%, HO is in the better half of the industry, outperforming 75.47% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for HO is in line with the industry average of 9.60%.
  • The 3 year average ROIC (8.24%) for HO is below the current ROIC(11.65%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.74%
ROE 14.93%
ROIC 11.65%
ROA(3y)3.15%
ROA(5y)2.86%
ROE(3y)16.5%
ROE(5y)15.14%
ROIC(3y)8.24%
ROIC(5y)7.14%
HO.PA Yearly ROA, ROE, ROICHO.PA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

  • HO has a Profit Margin (4.99%) which is in line with its industry peers.
  • HO's Profit Margin has improved in the last couple of years.
  • The Operating Margin of HO (9.24%) is better than 60.38% of its industry peers.
  • In the last couple of years the Operating Margin of HO has grown nicely.
  • HO has a Gross Margin (26.11%) which is in line with its industry peers.
  • In the last couple of years the Gross Margin of HO has remained more or less at the same level.
Industry RankSector Rank
OM 9.24%
PM (TTM) 4.99%
GM 26.11%
OM growth 3Y5%
OM growth 5Y2.94%
PM growth 3Y0.86%
PM growth 5Y2.5%
GM growth 3Y1.59%
GM growth 5Y1.22%
HO.PA Yearly Profit, Operating, Gross MarginsHO.PA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), HO is creating some value.
  • The number of shares outstanding for HO has been reduced compared to 1 year ago.
  • Compared to 5 years ago, HO has less shares outstanding
  • HO has a better debt/assets ratio than last year.
HO.PA Yearly Shares OutstandingHO.PA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
HO.PA Yearly Total Debt VS Total AssetsHO.PA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • HO has an Altman-Z score of 1.71. This is a bad value and indicates that HO is not financially healthy and even has some risk of bankruptcy.
  • With a Altman-Z score value of 1.71, HO is not doing good in the industry: 77.36% of the companies in the same industry are doing better.
  • HO has a debt to FCF ratio of 3.07. This is a good value and a sign of high solvency as HO would need 3.07 years to pay back of all of its debts.
  • The Debt to FCF ratio of HO (3.07) is better than 77.36% of its industry peers.
  • A Debt/Equity ratio of 0.56 indicates that HO is somewhat dependend on debt financing.
  • HO has a Debt to Equity ratio (0.56) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Altman-Z 1.71
ROIC/WACC1.28
WACC9.1%
HO.PA Yearly LT Debt VS Equity VS FCFHO.PA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.3 Liquidity

  • HO has a Current Ratio of 0.82. This is a bad value and indicates that HO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • HO's Current ratio of 0.82 is on the low side compared to the rest of the industry. HO is outperformed by 92.45% of its industry peers.
  • A Quick Ratio of 0.61 indicates that HO may have some problems paying its short term obligations.
  • The Quick ratio of HO (0.61) is worse than 71.70% of its industry peers.
Industry RankSector Rank
Current Ratio 0.82
Quick Ratio 0.61
HO.PA Yearly Current Assets VS Current LiabilitesHO.PA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • The earnings per share for HO have decreased strongly by -22.91% in the last year.
  • Measured over the past 5 years, HO shows a small growth in Earnings Per Share. The EPS has been growing by 5.55% on average per year.
  • HO shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.16%.
  • The Revenue has been growing slightly by 2.26% on average over the past years.
EPS 1Y (TTM)-22.91%
EPS 3Y10.55%
EPS 5Y5.55%
EPS Q2Q%-34.49%
Revenue 1Y (TTM)11.16%
Revenue growth 3Y8.32%
Revenue growth 5Y2.26%
Sales Q2Q%8.14%

3.2 Future

  • The Earnings Per Share is expected to grow by 12.61% on average over the next years. This is quite good.
  • Based on estimates for the next years, HO will show a quite strong growth in Revenue. The Revenue will grow by 8.07% on average per year.
EPS Next Y10.64%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
EPS Next 5Y12.61%
Revenue Next Year9.05%
Revenue Next 2Y8.19%
Revenue Next 3Y8.1%
Revenue Next 5Y8.07%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
HO.PA Yearly Revenue VS EstimatesHO.PA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
HO.PA Yearly EPS VS EstimatesHO.PA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

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4

4. Valuation

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 48.10, the valuation of HO can be described as expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of HO is on the same level as its industry peers.
  • HO is valuated expensively when we compare the Price/Earnings ratio to 27.67, which is the current average of the S&P500 Index.
  • A Price/Forward Earnings ratio of 21.94 indicates a rather expensive valuation of HO.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of HO indicates a somewhat cheap valuation: HO is cheaper than 79.25% of the companies listed in the same industry.
  • HO is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 27.20, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 48.1
Fwd PE 21.94
HO.PA Price Earnings VS Forward Price EarningsHO.PA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, HO is valued a bit cheaper than the industry average as 66.04% of the companies are valued more expensively.
  • 92.45% of the companies in the same industry are more expensive than HO, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 21.5
EV/EBITDA 17.83
HO.PA Per share dataHO.PA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The decent profitability rating of HO may justify a higher PE ratio.
  • HO's earnings are expected to grow with 13.18% in the coming years. This may justify a more expensive valuation.
PEG (NY)4.52
PEG (5Y)8.67
EPS Next 2Y13.45%
EPS Next 3Y13.18%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • HO has a Yearly Dividend Yield of 1.48%.
  • HO's Dividend Yield is rather good when compared to the industry average which is at 0.71. HO pays more dividend than 84.91% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, HO has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 1.48%

5.2 History

  • On average, the dividend of HO grows each year by 9.56%, which is quite nice.
Dividend Growth(5Y)9.56%
Div Incr Years3
Div Non Decr Years3
HO.PA Yearly Dividends per shareHO.PA Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

  • 71.27% of the earnings are spent on dividend by HO. This is not a sustainable payout ratio.
  • HO's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP71.27%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
HO.PA Yearly Income VS Free CF VS DividendHO.PA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
HO.PA Dividend Payout.HO.PA Dividend Payout, showing the Payout Ratio.HO.PA Dividend Payout.PayoutRetained Earnings

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THALES SA

EPA:HO (2/5/2026, 7:00:00 PM)

248.7

-4.4 (-1.74%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)10-23
Earnings (Next)02-26
Inst Owners23.34%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap51.22B
Revenue(TTM)21.35B
Net Income(TTM)1.07B
Analysts75.56
Price Target283.98 (14.19%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.48%
Yearly Dividend3.44
Dividend Growth(5Y)9.56%
DP71.27%
Div Incr Years3
Div Non Decr Years3
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.66%
PT rev (3m)-0.85%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.42%
EPS NY rev (3m)1.61%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.17%
Valuation
Industry RankSector Rank
PE 48.1
Fwd PE 21.94
P/S 2.4
P/FCF 21.5
P/OCF 16.82
P/B 7.18
P/tB N/A
EV/EBITDA 17.83
EPS(TTM)5.17
EY2.08%
EPS(NY)11.34
Fwd EY4.56%
FCF(TTM)11.57
FCFY4.65%
OCF(TTM)14.79
OCFY5.95%
SpS103.67
BVpS34.66
TBVpS-17.3
PEG (NY)4.52
PEG (5Y)8.67
Graham Number63.5
Profitability
Industry RankSector Rank
ROA 2.74%
ROE 14.93%
ROCE 14.78%
ROIC 11.65%
ROICexc 16.44%
ROICexgc N/A
OM 9.24%
PM (TTM) 4.99%
GM 26.11%
FCFM 11.16%
ROA(3y)3.15%
ROA(5y)2.86%
ROE(3y)16.5%
ROE(5y)15.14%
ROIC(3y)8.24%
ROIC(5y)7.14%
ROICexc(3y)11.9%
ROICexc(5y)10.42%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)11.53%
ROCE(5y)9.88%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y8.29%
ROICexc growth 5Y6.18%
OM growth 3Y5%
OM growth 5Y2.94%
PM growth 3Y0.86%
PM growth 5Y2.5%
GM growth 3Y1.59%
GM growth 5Y1.22%
F-Score7
Asset Turnover0.55
Health
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Debt/EBITDA 1.3
Cap/Depr 58.15%
Cap/Sales 3.11%
Interest Coverage 8.81
Cash Conversion 97.82%
Profit Quality 223.49%
Current Ratio 0.82
Quick Ratio 0.61
Altman-Z 1.71
F-Score7
WACC9.1%
ROIC/WACC1.28
Cap/Depr(3y)54.76%
Cap/Depr(5y)48.08%
Cap/Sales(3y)3.16%
Cap/Sales(5y)2.94%
Profit Quality(3y)143.57%
Profit Quality(5y)182.78%
High Growth Momentum
Growth
EPS 1Y (TTM)-22.91%
EPS 3Y10.55%
EPS 5Y5.55%
EPS Q2Q%-34.49%
EPS Next Y10.64%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
EPS Next 5Y12.61%
Revenue 1Y (TTM)11.16%
Revenue growth 3Y8.32%
Revenue growth 5Y2.26%
Sales Q2Q%8.14%
Revenue Next Year9.05%
Revenue Next 2Y8.19%
Revenue Next 3Y8.1%
Revenue Next 5Y8.07%
EBIT growth 1Y17.29%
EBIT growth 3Y13.73%
EBIT growth 5Y5.27%
EBIT Next Year51.54%
EBIT Next 3Y22%
EBIT Next 5Y15.83%
FCF growth 1Y47.72%
FCF growth 3Y-7.33%
FCF growth 5Y8.4%
OCF growth 1Y36.72%
OCF growth 3Y-3.84%
OCF growth 5Y7.31%

THALES SA / HO.PA FAQ

Can you provide the ChartMill fundamental rating for THALES SA?

ChartMill assigns a fundamental rating of 5 / 10 to HO.PA.


Can you provide the valuation status for THALES SA?

ChartMill assigns a valuation rating of 4 / 10 to THALES SA (HO.PA). This can be considered as Fairly Valued.


Can you provide the profitability details for THALES SA?

THALES SA (HO.PA) has a profitability rating of 6 / 10.


Can you provide the PE and PB ratios for HO stock?

The Price/Earnings (PE) ratio for THALES SA (HO.PA) is 48.1 and the Price/Book (PB) ratio is 7.18.


Can you provide the dividend sustainability for HO stock?

The dividend rating of THALES SA (HO.PA) is 6 / 10 and the dividend payout ratio is 71.27%.