THALES SA (HO.PA) Stock Fundamental Analysis

Europe • Euronext Paris • EPA:HO • FR0000121329

247.1 EUR
-1.6 (-0.64%)
Last: Feb 6, 2026, 07:00 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to HO. HO was compared to 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

  • HO had positive earnings in the past year.
  • HO had a positive operating cash flow in the past year.
  • In the past 5 years HO has always 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

  • With a Return On Assets value of 2.74%, HO perfoms like the industry average, outperforming 43.40% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 14.93%, HO is in line with its industry, outperforming 50.94% of the companies in the same industry.
  • With a decent Return On Invested Capital value of 11.65%, HO is doing good in the industry, outperforming 73.58% of the companies in the same industry.
  • HO had an Average Return On Invested Capital over the past 3 years of 8.24%. This 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's Profit Margin of 4.99% is in line compared to the rest of the industry. HO outperforms 45.28% of its industry peers.
  • HO's Profit Margin has improved in the last couple of years.
  • HO's Operating Margin of 9.24% is in line compared to the rest of the industry. HO outperforms 58.49% of its industry peers.
  • HO's Operating Margin has improved in the last couple of years.
  • HO's Gross Margin of 26.11% is in line compared to the rest of the industry. HO outperforms 45.28% of 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

More info and screens

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.
  • HO has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for HO has been reduced compared to 5 years ago.
  • Compared to 1 year ago, HO has an improved debt to assets ratio.
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 1.69. This is a bad value and indicates that HO is not financially healthy and even has some risk of bankruptcy.
  • HO has a worse Altman-Z score (1.69) than 77.36% of its industry peers.
  • 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.
  • HO's Debt to FCF ratio of 3.07 is fine compared to the rest of the industry. HO outperforms 75.47% of its industry peers.
  • HO has a Debt/Equity ratio of 0.56. This is a neutral value indicating HO is somewhat dependend on debt financing.
  • HO's Debt to Equity ratio of 0.56 is in line compared to the rest of the industry. HO outperforms 43.40% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Altman-Z 1.69
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.
  • Looking at the Current ratio, with a value of 0.82, HO is doing worse than 94.34% of the companies in the same industry.
  • HO has a Quick 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.
  • Looking at the Quick ratio, with a value of 0.61, HO is doing worse than 73.58% of the companies in the same industry.
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.
  • 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.
  • 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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Find the best growth stocksShow best growing peers

4

4. Valuation

4.1 Price/Earnings Ratio

  • HO is valuated quite expensively with a Price/Earnings ratio of 47.79.
  • The rest of the industry has a similar Price/Earnings ratio as HO.
  • HO is valuated expensively when we compare the Price/Earnings ratio to 27.92, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 21.79, HO is valued on the expensive side.
  • 77.36% of the companies in the same industry are more expensive than HO, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of HO to the average of the S&P500 Index (27.78), we can say HO is valued slightly cheaper.
Industry RankSector Rank
PE 47.79
Fwd PE 21.79
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

  • HO's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. HO is cheaper than 67.92% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of HO indicates a rather cheap valuation: HO is cheaper than 90.57% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 21.37
EV/EBITDA 17.54
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)4.49
PEG (5Y)8.62
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 86.79% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.83, 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.
  • The dividend of HO is growing, but earnings are growing more, so the dividend growth is 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 (2/6/2026, 7:00:00 PM)

247.1

-1.6 (-0.64%)

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 Cap50.89B
Revenue(TTM)21.35B
Net Income(TTM)1.07B
Analysts75.56
Price Target283.98 (14.93%)
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 47.79
Fwd PE 21.79
P/S 2.38
P/FCF 21.37
P/OCF 16.71
P/B 7.13
P/tB N/A
EV/EBITDA 17.54
EPS(TTM)5.17
EY2.09%
EPS(NY)11.34
Fwd EY4.59%
FCF(TTM)11.57
FCFY4.68%
OCF(TTM)14.79
OCFY5.98%
SpS103.67
BVpS34.66
TBVpS-17.3
PEG (NY)4.49
PEG (5Y)8.62
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 1.69
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 47.79 and the Price/Book (PB) ratio is 7.13.


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%.