LEONARDO SPA (LDO.MI) Fundamental Analysis & Valuation

BIT:LDO • IT0003856405

60.4 EUR
+2.46 (+4.25%)
Last: Mar 4, 2026, 05:36 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This LDO.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to LDO. LDO was compared to 49 industry peers in the Aerospace & Defense industry. There are concerns on the financial health of LDO while its profitability can be described as average. LDO is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. LDO.MI Profitability Analysis

1.1 Basic Checks

  • In the past year LDO was profitable.
  • In the past year LDO had a positive cash flow from operations.
  • In the past 5 years LDO has always been profitable.
  • In the past 5 years LDO always reported a positive cash flow from operatings.
LDO.MI Yearly Net Income VS EBIT VS OCF VS FCFLDO.MI 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 0 500M 1B 1.5B

1.2 Ratios

  • LDO has a better Return On Assets (4.83%) than 63.27% of its industry peers.
  • LDO's Return On Equity of 17.55% is in line compared to the rest of the industry. LDO outperforms 59.18% of its industry peers.
  • LDO has a better Return On Invested Capital (10.44%) than 69.39% of its industry peers.
  • LDO had an Average Return On Invested Capital over the past 3 years of 6.61%. This is below the industry average of 9.91%.
  • The last Return On Invested Capital (10.44%) for LDO is above the 3 year average (6.61%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 4.83%
ROE 17.55%
ROIC 10.44%
ROA(3y)2.86%
ROA(5y)2.31%
ROE(3y)11.1%
ROE(5y)9.4%
ROIC(3y)6.61%
ROIC(5y)6.35%
LDO.MI Yearly ROA, ROE, ROICLDO.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

  • LDO has a Profit Margin (5.86%) which is comparable to the rest of the industry.
  • LDO's Profit Margin has been stable in the last couple of years.
  • LDO has a Operating Margin (7.54%) which is comparable to the rest of the industry.
  • In the last couple of years the Operating Margin of LDO has remained more or less at the same level.
  • LDO has a Gross Margin (30.33%) which is in line with its industry peers.
  • LDO's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 7.54%
PM (TTM) 5.86%
GM 30.33%
OM growth 3Y4.63%
OM growth 5Y-1.19%
PM growth 3Y13.4%
PM growth 5Y0.3%
GM growth 3Y1.05%
GM growth 5Y-0.43%
LDO.MI Yearly Profit, Operating, Gross MarginsLDO.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

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2

2. LDO.MI Health Analysis

2.1 Basic Checks

  • LDO has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • LDO has about the same amout of shares outstanding than it did 1 year ago.
  • LDO has more shares outstanding than it did 5 years ago.
  • LDO has a better debt/assets ratio than last year.
LDO.MI Yearly Shares OutstandingLDO.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M 500M
LDO.MI Yearly Total Debt VS Total AssetsLDO.MI 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

  • An Altman-Z score of 2.15 indicates that LDO is not a great score, but indicates only limited risk for bankruptcy at the moment.
  • LDO's Altman-Z score of 2.15 is on the low side compared to the rest of the industry. LDO is outperformed by 65.31% of its industry peers.
  • LDO has a debt to FCF ratio of 6.67. This is a slightly negative value and a sign of low solvency as LDO would need 6.67 years to pay back of all of its debts.
  • LDO has a worse Debt to FCF ratio (6.67) than 61.22% of its industry peers.
  • A Debt/Equity ratio of 0.39 indicates that LDO is not too dependend on debt financing.
  • LDO has a Debt to Equity ratio of 0.39. This is in the better half of the industry: LDO outperforms 63.27% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF 6.67
Altman-Z 2.15
ROIC/WACC1.17
WACC8.94%
LDO.MI Yearly LT Debt VS Equity VS FCFLDO.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B 4B 6B 8B

2.3 Liquidity

  • A Current Ratio of 0.97 indicates that LDO may have some problems paying its short term obligations.
  • The Current ratio of LDO (0.97) is worse than 75.51% of its industry peers.
  • LDO has a Quick Ratio of 0.97. This is a bad value and indicates that LDO is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.59, LDO is not doing good in the industry: 75.51% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.97
Quick Ratio 0.59
LDO.MI Yearly Current Assets VS Current LiabilitesLDO.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

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6

3. LDO.MI Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 24.53% over the past year.
  • LDO shows a decrease in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -4.48% yearly.
  • The Revenue has grown by 13.44% in the past year. This is quite good.
  • The Revenue has been growing slightly by 5.20% on average over the past years.
EPS 1Y (TTM)24.53%
EPS 3Y9.76%
EPS 5Y-4.48%
EPS Q2Q%24.06%
Revenue 1Y (TTM)13.44%
Revenue growth 3Y7.91%
Revenue growth 5Y5.2%
Sales Q2Q%10.61%

3.2 Future

  • Based on estimates for the next years, LDO will show a very strong growth in Earnings Per Share. The EPS will grow by 24.20% on average per year.
  • Based on estimates for the next years, LDO will show a quite strong growth in Revenue. The Revenue will grow by 8.65% on average per year.
EPS Next Y45.75%
EPS Next 2Y31.73%
EPS Next 3Y26.89%
EPS Next 5Y24.2%
Revenue Next Year10.62%
Revenue Next 2Y9.6%
Revenue Next 3Y8.83%
Revenue Next 5Y8.65%

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.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
LDO.MI Yearly Revenue VS EstimatesLDO.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5B 10B 15B 20B 25B
LDO.MI Yearly EPS VS EstimatesLDO.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 1 2 3

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5

4. LDO.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 39.74 indicates a quite expensive valuation of LDO.
  • Based on the Price/Earnings ratio, LDO is valued a bit cheaper than the industry average as 63.27% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 26.83. LDO is valued slightly more expensive when compared to this.
  • The Price/Forward Earnings ratio is 26.86, which means the current valuation is very expensive for LDO.
  • LDO's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. LDO is cheaper than 65.31% of the companies in the same industry.
  • LDO is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 24.95, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 39.74
Fwd PE 26.86
LDO.MI Price Earnings VS Forward Price EarningsLDO.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, LDO is valued cheaply inside the industry as 91.84% of the companies are valued more expensively.
  • LDO's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 54.82
EV/EBITDA 12.24
LDO.MI Per share dataLDO.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • LDO has a very decent profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as LDO's earnings are expected to grow with 26.89% in the coming years.
PEG (NY)0.87
PEG (5Y)N/A
EPS Next 2Y31.73%
EPS Next 3Y26.89%

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5

5. LDO.MI Dividend Analysis

5.1 Amount

  • LDO has a yearly dividend return of 0.92%, which is pretty low.
  • LDO's Dividend Yield is a higher than the industry average which is at 0.77.
  • Compared to an average S&P500 Dividend Yield of 1.82, LDO's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.92%

5.2 History

  • The dividend of LDO is nicely growing with an annual growth rate of 16.88%!
Dividend Growth(5Y)16.88%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • LDO pays out 20.84% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of LDO is growing, but earnings are growing more, so the dividend growth is sustainable.
DP20.84%
EPS Next 2Y31.73%
EPS Next 3Y26.89%
LDO.MI Yearly Income VS Free CF VS DividendLDO.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M 400M 600M 800M 1B
LDO.MI Dividend Payout.LDO.MI Dividend Payout, showing the Payout Ratio.LDO.MI Dividend Payout.PayoutRetained Earnings

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LDO.MI Fundamentals: All Metrics, Ratios and Statistics

LEONARDO SPA

BIT:LDO (3/4/2026, 5:36:15 PM)

60.4

+2.46 (+4.25%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)02-25
Earnings (Next)05-06
Inst Owners26.21%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap34.92B
Revenue(TTM)27.38B
Net Income(TTM)1.58B
Analysts75.65
Price Target61.11 (1.18%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.92%
Yearly Dividend0.31
Dividend Growth(5Y)16.88%
DP20.84%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)21.96%
Min EPS beat(2)17.25%
Max EPS beat(2)26.68%
EPS beat(4)4
Avg EPS beat(4)134.51%
Min EPS beat(4)1.01%
Max EPS beat(4)493.08%
EPS beat(8)5
Avg EPS beat(8)66.23%
EPS beat(12)7
Avg EPS beat(12)89.02%
EPS beat(16)10
Avg EPS beat(16)75.47%
Revenue beat(2)1
Avg Revenue beat(2)-6.11%
Min Revenue beat(2)-15.16%
Max Revenue beat(2)2.94%
Revenue beat(4)3
Avg Revenue beat(4)-1.19%
Min Revenue beat(4)-15.16%
Max Revenue beat(4)7.38%
Revenue beat(8)5
Avg Revenue beat(8)0.77%
Revenue beat(12)8
Avg Revenue beat(12)22.47%
Revenue beat(16)11
Avg Revenue beat(16)25.93%
PT rev (1m)3.93%
PT rev (3m)7%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0%
EPS NY rev (3m)4.17%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.21%
Revenue NY rev (3m)1.6%
Valuation
Industry RankSector Rank
PE 39.74
Fwd PE 26.86
P/S 1.3
P/FCF 54.82
P/OCF 22.36
P/B 3.88
P/tB 70.69
EV/EBITDA 12.24
EPS(TTM)1.52
EY2.52%
EPS(NY)2.25
Fwd EY3.72%
FCF(TTM)1.1
FCFY1.82%
OCF(TTM)2.7
OCFY4.47%
SpS46.61
BVpS15.57
TBVpS0.85
PEG (NY)0.87
PEG (5Y)N/A
Graham Number23.07
Profitability
Industry RankSector Rank
ROA 4.83%
ROE 17.55%
ROCE 14.06%
ROIC 10.44%
ROICexc 11.77%
ROICexgc 29.39%
OM 7.54%
PM (TTM) 5.86%
GM 30.33%
FCFM 2.36%
ROA(3y)2.86%
ROA(5y)2.31%
ROE(3y)11.1%
ROE(5y)9.4%
ROIC(3y)6.61%
ROIC(5y)6.35%
ROICexc(3y)7.82%
ROICexc(5y)7.66%
ROICexgc(3y)23.66%
ROICexgc(5y)24.69%
ROCE(3y)8.05%
ROCE(5y)7.73%
ROICexgc growth 3Y7.63%
ROICexgc growth 5Y-1.46%
ROICexc growth 3Y6%
ROICexc growth 5Y-1.29%
OM growth 3Y4.63%
OM growth 5Y-1.19%
PM growth 3Y13.4%
PM growth 5Y0.3%
GM growth 3Y1.05%
GM growth 5Y-0.43%
F-Score7
Asset Turnover0.82
Health
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF 6.67
Debt/EBITDA 1.25
Cap/Depr 119.05%
Cap/Sales 3.43%
Interest Coverage 11.88
Cash Conversion 55.61%
Profit Quality 40.34%
Current Ratio 0.97
Quick Ratio 0.59
Altman-Z 2.15
F-Score7
WACC8.94%
ROIC/WACC1.17
Cap/Depr(3y)119.32%
Cap/Depr(5y)102.84%
Cap/Sales(3y)5.11%
Cap/Sales(5y)4.4%
Profit Quality(3y)54.54%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)24.53%
EPS 3Y9.76%
EPS 5Y-4.48%
EPS Q2Q%24.06%
EPS Next Y45.75%
EPS Next 2Y31.73%
EPS Next 3Y26.89%
EPS Next 5Y24.2%
Revenue 1Y (TTM)13.44%
Revenue growth 3Y7.91%
Revenue growth 5Y5.2%
Sales Q2Q%10.61%
Revenue Next Year10.62%
Revenue Next 2Y9.6%
Revenue Next 3Y8.83%
Revenue Next 5Y8.65%
EBIT growth 1Y42.8%
EBIT growth 3Y12.91%
EBIT growth 5Y3.95%
EBIT Next Year77.24%
EBIT Next 3Y30.99%
EBIT Next 5Y26.34%
FCF growth 1Y-15.63%
FCF growth 3Y71.98%
FCF growth 5Y70.37%
OCF growth 1Y1.1%
OCF growth 3Y27.59%
OCF growth 5Y19.25%

LEONARDO SPA / LDO.MI FAQ

What is the fundamental rating for LDO stock?

ChartMill assigns a fundamental rating of 5 / 10 to LDO.MI.


What is the valuation status for LDO stock?

ChartMill assigns a valuation rating of 5 / 10 to LEONARDO SPA (LDO.MI). This can be considered as Fairly Valued.


Can you provide the profitability details for LEONARDO SPA?

LEONARDO SPA (LDO.MI) has a profitability rating of 6 / 10.


How financially healthy is LEONARDO SPA?

The financial health rating of LEONARDO SPA (LDO.MI) is 2 / 10.


How sustainable is the dividend of LEONARDO SPA (LDO.MI) stock?

The dividend rating of LEONARDO SPA (LDO.MI) is 5 / 10 and the dividend payout ratio is 20.84%.