THALES SA (HO.PA) Stock Fundamental Analysis

Europe • Euronext Paris • EPA:HO • FR0000121329

252.5 EUR
-4.9 (-1.9%)
Last: Feb 10, 2026, 05:36 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Taking everything into account, HO scores 5 out of 10 in our fundamental rating. HO was compared to 54 industry peers in the Aerospace & Defense industry. There are concerns on the financial health of HO while its profitability can be described as average. HO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • HO had positive earnings in the past year.
  • HO had a positive operating cash flow in the past year.
  • Each year in the past 5 years HO has been profitable.
  • In the past 5 years HO always reported a positive cash flow from operatings.
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

  • Looking at the Return On Assets, with a value of 2.74%, HO is in line with its industry, outperforming 44.44% of the companies in the same industry.
  • HO's Return On Equity of 14.93% is in line compared to the rest of the industry. HO outperforms 55.56% of 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 75.93% 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 9.36%.
  • The last Return On Invested Capital (11.65%) for HO is above the 3 year average (8.24%), which is a sign of increasing profitability.
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.
  • HO has a Operating Margin (9.24%) which is in line with its industry peers.
  • HO's Operating Margin has improved in the last couple of years.
  • HO has a Gross Margin of 26.11%. This is comparable to the rest of the industry: HO outperforms 48.15% of its industry peers.
  • HO's Gross Margin has been stable in the last couple of years.
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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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.
  • HO has less shares outstanding than it did 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

  • Based on the Altman-Z score of 1.73, we must say that HO is in the distress zone and has some risk of bankruptcy.
  • With a Altman-Z score value of 1.73, HO is not doing good in the industry: 74.07% of the companies in the same industry are doing better.
  • The Debt to FCF ratio of HO is 3.07, which is a good value as it means it would take HO, 3.07 years of fcf income to pay off all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 3.07, HO is in the better half of the industry, outperforming 75.93% of the companies in the same industry.
  • HO has a Debt/Equity ratio of 0.56. This is a neutral value indicating HO is somewhat dependend on debt financing.
  • HO has a Debt to Equity ratio of 0.56. This is comparable to the rest of the industry: HO outperforms 42.59% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Altman-Z 1.73
ROIC/WACC1.31
WACC8.91%
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

  • A Current Ratio of 0.82 indicates that HO may have some problems paying its short term obligations.
  • HO has a Current ratio of 0.82. This is amonst the worse of the industry: HO underperforms 90.74% of its industry peers.
  • A Quick Ratio of 0.61 indicates that HO may have some problems paying its short term obligations.
  • HO's Quick ratio of 0.61 is on the low side compared to the rest of the industry. HO is outperformed by 72.22% 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.
  • The Earnings Per Share has been growing slightly by 5.55% on average over the past years.
  • Looking at the last year, HO shows a quite strong growth in Revenue. The Revenue has grown by 11.16% in the last year.
  • HO shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 2.26% yearly.
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

  • Based on estimates for the next years, HO will show a quite strong growth in Earnings Per Share. The EPS will grow by 12.61% on average per year.
  • The Revenue is expected to grow by 8.07% on average over the next years. This is quite good.
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

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • 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

  • The Price/Earnings ratio is 48.84, which means the current valuation is very expensive for HO.
  • HO's Price/Earnings is on the same level as the industry average.
  • HO's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 28.06.
  • The Price/Forward Earnings ratio is 22.27, which indicates a rather expensive current valuation of HO.
  • Based on the Price/Forward Earnings ratio, HO is valued a bit cheaper than 79.63% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 27.86. HO is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 48.84
Fwd PE 22.27
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 64.81% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, HO is valued cheaper than 90.74% of the companies in the same industry.
Industry RankSector Rank
P/FCF 21.83
EV/EBITDA 18.11
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 HO does not grow enough to justify the current Price/Earnings ratio.
  • HO has a very decent profitability rating, which 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)4.59
PEG (5Y)8.8
EPS Next 2Y13.45%
EPS Next 3Y13.18%

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

6

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 1.53%, HO has a reasonable but not impressive dividend return.
  • HO's Dividend Yield is rather good when compared to the industry average which is at 0.76. HO pays more dividend than 85.19% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.80, HO has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 1.53%

5.2 History

  • The dividend of HO is nicely growing with an annual growth rate of 9.56%!
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 (2/10/2026, 5:36:15 PM)

252.5

-4.9 (-1.9%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)10-23
Earnings (Next)03-03
Inst Owners23.34%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap52.00B
Revenue(TTM)21.35B
Net Income(TTM)1.07B
Analysts75.56
Price Target290.94 (15.22%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.53%
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)3.13%
PT rev (3m)1.58%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.42%
EPS NY rev (3m)0.34%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 48.84
Fwd PE 22.27
P/S 2.44
P/FCF 21.83
P/OCF 17.08
P/B 7.28
P/tB N/A
EV/EBITDA 18.11
EPS(TTM)5.17
EY2.05%
EPS(NY)11.34
Fwd EY4.49%
FCF(TTM)11.57
FCFY4.58%
OCF(TTM)14.79
OCFY5.86%
SpS103.67
BVpS34.66
TBVpS-17.3
PEG (NY)4.59
PEG (5Y)8.8
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 1.73
F-Score7
WACC8.91%
ROIC/WACC1.31
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 48.84 and the Price/Book (PB) ratio is 7.28.


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%.