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Dassault Aviation
(AM)
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Rating:76Outperform
Price Target:
€318.00
▲(8.53% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial strength (very low leverage and solid returns) and supportive technical uptrend (price above key moving averages with positive momentum). These positives are tempered by valuation (P/E ~23 with a modest ~1.6% yield) and some volatility in margins and historical cash-flow consistency.
Positive Factors
Conservative balance sheet
Very low leverage gives Dassault Aviation substantial financial flexibility through industry cycles, while steadily growing equity and mid-teens ROE indicate efficient capital use. This balance-sheet strength can support investment, customer commitments, and resilience without relying heavily on external financing.
Negative Factors
Historically volatile cash generation
Large historical cash-flow swings indicate that working-capital movements or aircraft delivery timing can materially affect cash conversion. Although 2025 free cash flow was strong, recurring volatility may complicate funding decisions and make reported earnings less consistently available for investment or distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives Dassault Aviation substantial financial flexibility through industry cycles, while steadily growing equity and mid-teens ROE indicate efficient capital use. This balance-sheet strength can support investment, customer commitments, and resilience without relying heavily on external financing.
Read all positive factors
Dassault Aviation (AM) vs. iShares MSCI France ETF (EWQ)
Market Cap
€23.36B
Dividend Yield1.57%
Average Volume (3M)66.85K
Price to Earnings (P/E)23.5
Beta (1Y)0.85
Revenue Growth33.17%
EPS Growth29.17%
CountryFR
Employees14,589
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)12.91
Shares Outstanding77,193,610
10 Day Avg. Volume60,376
30 Day Avg. Volume66,846
Financial Highlights & Ratios
PEG Ratio3.48
Price to Book (P/B)3.21
Price to Sales (P/S)2.88
P/FCF Ratio12.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€356.67Price Target Upside21.73% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)15.38
Revenue Forecast (FY)€8.87B
Dassault Aviation Business Overview & Revenue Model
Company Description
Operating globally, Dassault Aviation Société anonyme engineers and manufactures military aircraft, executive jets, and space systems. Its product portfolio features the versatile Rafale multirole fighter, the nEUROn unmanned combat aerial vehicle...
How the Company Makes Money
Dassault Aviation primarily makes money through (1) sales of new aircraft and associated equipment, and (2) recurring services delivered over the aircraft life cycle.
1) New aircraft sales (original equipment)
- Military aviation: A major revenue...
Dassault Aviation Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
90
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.83B | 7.43B | 6.24B | 4.80B | 6.95B | 7.25B |
| Gross Profit | 1.94B | 574.44M | 2.36B | 1.80B | 601.05M | 956.24M |
| EBITDA | 975.77M | 799.56M | 761.25M | 1.01B | 773.54M | 691.13M |
| Net Income | 1.00B | 977.25M | 923.82M | 693.40M | 716.23M | 605.39M |
Balance Sheet | ||||||
| Total Assets | 34.18B | 32.89B | 29.11B | 23.49B | 22.54B | 16.22B |
| Cash, Cash Equivalents and Short-Term Investments | 10.11B | 9.44B | 8.49B | 7.37B | 9.63B | 4.98B |
| Total Debt | 200.65M | 203.05M | 237.76M | 262.44M | 233.65M | 226.35M |
| Total Liabilities | 27.62B | 26.23B | 22.78B | 17.75B | 16.53B | 10.92B |
| Stockholders Equity | 6.56B | 6.66B | 6.33B | 5.74B | 6.01B | 5.30B |
Cash Flow | ||||||
| Free Cash Flow | 1.34B | 1.65B | 1.54B | -1.02B | 4.93B | 1.49B |
| Operating Cash Flow | 1.46B | 1.85B | 1.88B | -672.61M | 5.11B | 1.66B |
| Investing Cash Flow | -1.72B | -840.78M | -1.26B | -877.83M | -4.89B | -213.64M |
| Financing Cash Flow | -740.15M | -613.88M | -479.65M | -964.51M | -299.36M | -159.54M |
Dassault Aviation Technical Analysis
Positive
293.00
Price Trends
289.50
Positive
294.20
Positive
304.01
Negative
Market Momentum
3.32
Negative
59.27
Neutral
79.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:AM, the sentiment is Positive. The current price of 293 is above the 20-day moving average (MA) of 289.85, above the 50-day MA of 289.50, and below the 200-day MA of 304.01, indicating a neutral trend. The MACD of 3.32 indicates Negative momentum. The RSI at 59.27 is Neutral, neither overbought nor oversold. The STOCH value of 79.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:AM.
Dassault Aviation Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | €153.07B | 25.72 | 22.56% | 1.65% | 9.96% | 20.55% | |
76 Outperform | €23.36B | 23.53 | 15.18% | 1.57% | 33.17% | 29.17% | |
70 Outperform | €47.87B | 31.99 | 18.73% | 1.67% | 6.89% | 118.90% | |
64 Neutral | €114.40B | 29.47 | 26.45% | 1.22% | 14.27% | -9.86% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | €417.24M | 95.00 | 1.20% | ― | 12.61% | -86.29% | |
41 Neutral | €146.41M | -3.03 | -69.70% | ― | 11.71% | -171.43% |
* General Sector Average
FR:AM
Dassault Aviation
303.80
29.49
10.75%
FR:AIR
Airbus Group SE
193.40
-11.41
-5.57%
FR:LAT
Latecoere
0.01
>-0.01
-15.38%
FR:SAF
SAFRAN SA
274.40
-25.83
-8.60%
FR:HO
Thales
232.90
-14.24
-5.76%
FR:FGA
Figeac Aero SA
9.50
-1.95
-17.03%
Dassault Aviation Corporate Events
Dassault Aviation Updates Share Capital and Voting Rights Structure
Oct 7, 2026
Dassault Aviation has disclosed its latest capital and voting rights structure in compliance with French commercial law and market authority regulations. As of September 30, 2026, the company reports 77,193,609 shares outstanding and a theoretical...
Dassault Signs Portuguese Aerospace Pact Tied to Rafale Bid
Sep 23, 2026
Dassault Aviation has signed a memorandum of understanding with AED Cluster Portugal, the national association of aeronautical, space and defense industries, to explore industrial cooperation tied to the renewal of the Portuguese Air Force’s...
Dassault Aviation Tests Sovereign AI On Rafale Fighter
Sep 22, 2026
Dassault Aviation has successfully flight-tested two new sovereign artificial intelligence algorithms on its Rafale combat aircraft, one developed in-house and the other in partnership with Thales’ cortAIx unit. The AI functions are designed...
France Backs Dassault Aviation’s VORTEX Spaceplane to Boost European Space Capabilities
Sep 10, 2026
Dassault Aviation has secured backing from the French government for its VORTEX reusable orbital spaceplane program, a project unveiled at the International Space Summit in Paris. Designed as a versatile platform for civil and military orbital mis...
Dassault Aviation Updates Share Count and Voting Rights
Sep 9, 2026
Dassault Aviation reported that as of 9 July 2026 it has 77,193,609 shares outstanding, corresponding to 129,407,418 theoretical voting rights and 129,246,665 exercisable voting rights. The disclosure, made under French market regulations, provide...
Dassault Aviation Delivers First Falcon Albatros Jets to French Defense Agency
Sep 9, 2026
Dassault Aviation has delivered the development aircraft and the first two Falcon 2000LXS Albatros maritime surveillance and intervention jets to France’s defense procurement agency under the AVSIMAR program, which envisages a fleet of twelv...
Dassault Aviation Cancels Treasury Shares in Targeted Capital Reduction
Sep 7, 2026
Dassault Aviation has reduced its share capital by cancelling 519,137 treasury shares, representing 0.67% of its outstanding equity, following a Board decision on July 22, 2026 under prior shareholder authorization. The capital reduction, effectiv...
Dassault Aviation Updates Share Count and Voting Rights as of August 2026
Sep 3, 2026
Dassault Aviation reported that as of 31 August 2026 its share capital is represented by 77,712,746 shares. The company disclosed a total of 129,926,521 theoretical voting rights and 129,261,186 exercisable voting rights, providing investors with ...
Dassault Aviation Updates Share and Voting Rights Structure
Aug 25, 2026
Dassault Aviation reported updated share capital data as of July 31, 2026, confirming a total of 77,712,746 shares outstanding in the company. This disclosure, made under French commercial and market regulations, underscores transparency in its go...
Dassault Aviation Publishes 2026 First-Half Financial Report
Jul 22, 2026
Dassault Aviation has published its financial report for the first half of 2026, covering results as of 30 June, and has filed the document with the French Financial Markets Authority. The report is now accessible to investors and the public via t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.