Leonardo SpA
Leonardo SpA is an Italian aerospace and defense manufacturer that generates revenue through the design, production, and maintenance of helicopters, military aircraft, and space systems.
Business. Leonardo SpA (LDOF.MI) is an Italian aerospace and defense company headquartered in Rome. The firm operates within the Industrials sector, focusing on the design, development, and production of aerospace and defense systems. It is primarily listed on the Borsa Italiana. Specific operating segments and geographic revenue breakdowns are not provided in the available data.
Analyst recommendations
18 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
5Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
There are no material changes to report for Leonardo SpA (LDOF.MI) in this cross-section synthesis. The analysis indicates no material change versus prior analysis, with no new events, numbers, or developments identified in the provided facts. The company's profile remains static, characterized by a single officer and no analyst coverage, index membership, or top holders recorded in the current dataset. This lack of external coverage and institutional holding data suggests a limited scope for immediate market-driven catalysts based on the available information. Cross-source signals further reflect this quiet period, showing zero dispatches and null sentiment readings for every day from June 26, 2026, through July 16, 2026. The absence of news flow or sentiment shifts during this window reinforces the conclusion that no significant developments have occurred. Consequently, the significance of this period is defined by stability rather than change. Without new material events or shifts in market attention, the investment thesis for Leonardo SpA remains unchanged, relying on the existing baseline of its corporate structure and lack of recent public sentiment drivers.
Signals & dispatch
Composite-score breakdown
Synthesis
Leonardo SpA (LDOF.MI) is an Italian aerospace and defense company headquartered in Rome. The firm operates within the Industrials sector, focusing on the design, development, and production of aerospace and defense systems. It is primarily listed on the Borsa Italiana. Specific operating segments and geographic revenue breakdowns are not provided in the available data.
Leonardo SpA maintains a conservative capital structure with a debt-to-equity ratio of 0.47, indicating moderate leverage relative to its equity base of 9.56 billion EUR. The company holds 3.24 billion EUR in cash and equivalents against 4.49 billion EUR in long-term debt, resulting in a net cash position that is negative after subtracting total debt. Liquidity is assessed as medium, supported by a current ratio of 0.97, which suggests that current liabilities slightly exceed current assets, requiring careful working capital management. Operating cash flow stands at 1.74 billion EUR, providing a solid foundation for debt service and operational needs, while free cash flow is 632 million EUR after capital expenditures of 1.02 billion EUR.
Profitability metrics demonstrate efficient capital utilization, with a return on equity (ROE) of 12.8% and a return on assets (ROA) of 3.55%. The company generated 1.22 billion EUR in net income on 19.5 billion EUR in revenue, reflecting a net margin of approximately 6.3%. Gross profit of 7.84 billion EUR indicates a gross margin of roughly 40.2%, which is typical for integrated aerospace manufacturers with high-value engineering services. Operating income of 1.59 billion EUR underscores the company's ability to maintain operational leverage despite the capital-intensive nature of its industry.
There are no material changes to report for Leonardo SpA (LDOF.MI) in this cross-section synthesis. The analysis indicates no material change versus prior analysis, with no new events, numbers, or developments identified in the provided facts. The company's profile remains static, characterized by a single officer and no analyst coverage, index membership, or top holders recorded in the current dataset. This lack of external coverage and institutional holding data suggests a limited scope for immediate market-driven catalysts based on the available information. Cross-source signals further reflect this quiet period, showing zero dispatches and null sentiment readings for every day from June 26, 2026, through July 16, 2026. The absence of news flow or sentiment shifts during this window reinforces the conclusion that no significant developments have occurred. Consequently, the significance of this period is defined by stability rather than change. Without new material events or shifts in market attention, the investment thesis for Leonardo SpA remains unchanged, relying on the existing baseline of its corporate structure and lack of recent public sentiment drivers.
- Leonardo SpA exhibits strong profitability with a 12.8% ROE and 3.55% ROA, driven by a 40.2% gross margin.
- The company maintains a moderate debt-to-equity ratio of 0.47, but liquidity is constrained by a current ratio of 0.97.
- Free cash flow of 632 million EUR is positive but reduced by significant capital expenditures of 1.02 billion EUR.
- Dilution risk is low, with no difference between basic and diluted shares outstanding.
- Analyst sentiment is cautiously optimistic, with a mean recommendation of 2.00 and a mean price target of 67.88 EUR.
- Net cash is negative after accounting for total debt, highlighting a reliance on operating cash flow for debt management.
Bull / Bear case
Generated · model-assistedAnalysts project 38.6% upside to a mean price target of EUR 67.88, reflecting strong consensus buy ratings.
Operating income is forecast to surge 34.6% year-over-year to EUR 1.59 billion in fiscal 2026.
Net income is expected to grow 14.0% year-over-year to EUR 1.22 billion in fiscal 2026.
The company carries a medium liquidity risk flag, indicating potential short-term financial pressure.
Debt-to-equity ratio of 0.47 is higher than the sector median of 0.21.
Long-term debt remains elevated at EUR 4.49 billion in fiscal 2026 despite recent reductions.
In focus — financials by report
Revenue €4.45B, +7,0% YoY; Operating income +39,1% YoY.
- ▍Revenue €4.45B, +7,0% YoY
- ▍Operating income +39,1% YoY
- ▍Net income −57,0% YoY
- ▍Net margin 3.6%
Revenue €4.53B, +10,6% YoY; Operating income +17,9% YoY.
- ▍Revenue €4.53B, +10,6% YoY
- ▍Operating income +17,9% YoY
- ▍Net income +6,5% YoY
- ▍Net margin 3.6%
Revenue €4.16B; Operating income €189.0M.
- ▍Revenue €4.16B
- ▍Operating income €189.0M
- ▍Net margin 9.1%
Revenue €4.09B; Operating income €246.0M.
- ▍Revenue €4.09B
- ▍Operating income €246.0M
- ▍Net margin 3.7%
Revenue €19.50B, +9,8% YoY; Operating income +34,6% YoY.
- ▍Revenue €19.50B, +9,8% YoY
- ▍Operating income +34,6% YoY
- ▍Net income +14,0% YoY
- ▍Free cash flow −15,5% YoY
- ▍Net margin 6.3%
Revenue €17.76B, +16,2% YoY; Operating income +26,8% YoY.
- ▍Revenue €17.76B, +16,2% YoY
- ▍Operating income +26,8% YoY
- ▍Net income +63,2% YoY
- ▍Free cash flow +87,5% YoY
- ▍Net margin 6.0%
Revenue €15.29B, +3,9% YoY; Operating income +12,3% YoY.
- ▍Revenue €15.29B, +3,9% YoY
- ▍Operating income +12,3% YoY
- ▍Net income −29,0% YoY
- ▍Free cash flow −37,8% YoY
- ▍Net margin 4.3%
Revenue €14.71B, +4,1% YoY; Operating income +5,3% YoY.
- ▍Revenue €14.71B, +4,1% YoY
- ▍Operating income +5,3% YoY
- ▍Net income +58,2% YoY
- ▍Free cash flow +51,2% YoY
- ▍Net margin 6.3%
Revenue €14.13B; Operating income €787.0M.
- ▍Revenue €14.13B
- ▍Operating income €787.0M
- ▍Net margin 4.1%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 2,35 |
| Revenue | —no estimate | —no estimate | 21,8B EUR |
| Operating income | —no estimate | —no estimate | 2,0B EUR |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Reference data
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Cash Conversion Ratiooperating_cash_flow / net_income
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Return On Assetsnet_income / total_assets
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Leonardo SpA Market data — financials · 2026-07-07
- Leonardo SpA Market data — analyst estimates · 2026-07-07
- Leonardo SpA Market data — ESG · 2026-07-07
- Leonardo SpA — company reference export (2026-07-05) · 2026-07-07
Ownership & reference
Leadership
- Stefano PontecorvoExecutive Chairman of the Board