LEONARDO SPA (LDO.MI) Fundamental Analysis & Valuation

BIT:LDO • IT0003856405

62.46 EUR
-0.02 (-0.03%)
Last: Mar 10, 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

Overall LDO gets a fundamental rating of 5 out of 10. We evaluated LDO against 57 industry peers in the Aerospace & Defense industry. While LDO is still in line with the averages on profitability rating, there are concerns on its financial health. LDO has a correct valuation and a medium 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.
  • Each year in the past 5 years LDO has been profitable.
  • LDO had a positive operating cash flow in each of the past 5 years.
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 Return On Assets of 4.83%. This is in the better half of the industry: LDO outperforms 64.91% of its industry peers.
  • LDO has a Return On Equity of 17.55%. This is comparable to the rest of the industry: LDO outperforms 59.65% of its industry peers.
  • LDO has a better Return On Invested Capital (10.44%) than 71.93% 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 9.88%.
  • The 3 year average ROIC (6.61%) for LDO is below the current ROIC(10.44%), indicating increased profibility in the last year.
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's Profit Margin of 5.86% is in line compared to the rest of the industry. LDO outperforms 45.61% of its industry peers.
  • LDO's Profit Margin has been stable in the last couple of years.
  • Looking at the Operating Margin, with a value of 7.54%, LDO is in line with its industry, outperforming 43.86% of the companies in the same industry.
  • LDO's Operating Margin has been stable in the last couple of years.
  • The Gross Margin of LDO (30.33%) is comparable to the rest of the industry.
  • 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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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. LDO.MI Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), LDO is creating some value.
  • The number of shares outstanding for LDO remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for LDO has been increased compared to 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

  • LDO has an Altman-Z score of 2.22. This is not the best score and indicates that LDO is in the grey zone with still only limited risk for bankruptcy at the moment.
  • With a Altman-Z score value of 2.22, LDO is not doing good in the industry: 66.67% of the companies in the same industry are doing better.
  • 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.
  • The Debt to FCF ratio of LDO (6.67) is comparable to the rest of the industry.
  • LDO has a Debt/Equity ratio of 0.39. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.39, LDO is in the better half of the industry, outperforming 63.16% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.39
Debt/FCF 6.67
Altman-Z 2.22
ROIC/WACC1.18
WACC8.82%
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

  • LDO has a Current 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.
  • LDO has a worse Current ratio (0.97) than 77.19% of its industry peers.
  • A Quick Ratio of 0.59 indicates that LDO may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.59, LDO is doing worse than 73.68% of the companies in the same industry.
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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. LDO.MI Growth Analysis

3.1 Past

  • LDO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 24.53%, which is quite impressive.
  • Measured over the past years, LDO shows a decrease in Earnings Per Share. The EPS has been decreasing by -4.48% on average per year.
  • The Revenue has grown by 13.44% in the past year. This is quite good.
  • Measured over the past years, LDO shows a small growth in Revenue. The Revenue has been growing by 5.20% on average per year.
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

  • The Earnings Per Share is expected to grow by 24.81% on average over the next years. This is a very strong growth
  • The Revenue is expected to grow by 9.34% on average over the next years. This is quite good.
EPS Next Y47.03%
EPS Next 2Y32.03%
EPS Next 3Y27.23%
EPS Next 5Y24.81%
Revenue Next Year11.22%
Revenue Next 2Y9.65%
Revenue Next 3Y8.91%
Revenue Next 5Y9.34%

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 2032 10B 20B 30B
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 4

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5

4. LDO.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 41.09 indicates a quite expensive valuation of LDO.
  • Based on the Price/Earnings ratio, LDO is valued a bit cheaper than the industry average as 64.91% of the companies are valued more expensively.
  • LDO's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 26.25.
  • The Price/Forward Earnings ratio is 27.65, which means the current valuation is very expensive for LDO.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of LDO indicates a somewhat cheap valuation: LDO is cheaper than 68.42% of the companies listed in the same industry.
  • LDO's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.39.
Industry RankSector Rank
PE 41.09
Fwd PE 27.65
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 80

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of LDO indicates a rather cheap valuation: LDO is cheaper than 91.23% of the companies listed in the same industry.
  • The rest of the industry has a similar Price/Free Cash Flow ratio as LDO.
Industry RankSector Rank
P/FCF 56.69
EV/EBITDA 13.18
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.
  • The decent profitability rating of LDO may justify a higher PE ratio.
  • LDO's earnings are expected to grow with 27.23% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.87
PEG (5Y)N/A
EPS Next 2Y32.03%
EPS Next 3Y27.23%

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5

5. LDO.MI Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.92%, LDO is not a good candidate for dividend investing.
  • LDO's Dividend Yield is a higher than the industry average which is at 0.76.
  • 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

  • On average, the dividend of LDO grows each year by 16.88%, which is quite nice.
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.
  • LDO's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP20.84%
EPS Next 2Y32.03%
EPS Next 3Y27.23%
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 (3/10/2026, 5:36:15 PM)

62.46

-0.02 (-0.03%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)02-25
Earnings (Next)05-06
Inst Owners27.21%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap36.11B
Revenue(TTM)27.38B
Net Income(TTM)1.58B
Analysts75.65
Price Target61.11 (-2.16%)
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)0.99%
PT rev (3m)6.21%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.88%
EPS NY rev (3m)1.95%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.75%
Revenue NY rev (3m)1.31%
Valuation
Industry RankSector Rank
PE 41.09
Fwd PE 27.65
P/S 1.34
P/FCF 56.69
P/OCF 23.12
P/B 4.01
P/tB 73.1
EV/EBITDA 13.18
EPS(TTM)1.52
EY2.43%
EPS(NY)2.26
Fwd EY3.62%
FCF(TTM)1.1
FCFY1.76%
OCF(TTM)2.7
OCFY4.33%
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 2.22
F-Score7
WACC8.82%
ROIC/WACC1.18
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 Y47.03%
EPS Next 2Y32.03%
EPS Next 3Y27.23%
EPS Next 5Y24.81%
Revenue 1Y (TTM)13.44%
Revenue growth 3Y7.91%
Revenue growth 5Y5.2%
Sales Q2Q%10.61%
Revenue Next Year11.22%
Revenue Next 2Y9.65%
Revenue Next 3Y8.91%
Revenue Next 5Y9.34%
EBIT growth 1Y42.8%
EBIT growth 3Y12.91%
EBIT growth 5Y3.95%
EBIT Next Year76.57%
EBIT Next 3Y31.1%
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 3 / 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%.