olivLaw · European equity research
Thales HO.PA
France · Euronext Paris · ISIN FR0000121329 · Vertical: Listed companies from France
Thales is a French technology group active in aerospace, defence, cybersecurity and digital identity. In fiscal 2025 it reported organic revenue growth of 8.8% (fig 2), in a context of strong demand for defence, and its Defence order backlog reached a record 41.6 billion euros (fig 5).
At the close of 05 Nov 2026, Thales (HO.PA) stock was 224.60 EUR (−1.27% on the day), with market capitalisation 46.1 bn EUR, P/E 27.6 on diluted EPS of 8.13 EUR over the last 12 months, dividend yield 1.65%, beta 0.57, 52-week range 215.70–271.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 219.07 – 239.64
- in the lower half of the band · %B 0.27 · band width 9.0%
- SMA 50 / 200
- 230.57 / 240.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.9% | −0.6% | +1.6 pp | — |
| 3 months | −15.1% | −4.2% | −10.9 pp | — |
| 6 months | −4.8% | +4.3% | −9.1 pp | — |
| Year to date | −2.3% | +7.5% | −9.8 pp | — |
| 1 year | −6.5% | +9.9% | −16.4 pp | −6.8% |
| 3 years | +64.2% | +49.8% | +14.4 pp | −15.9% |
| 5 years | +167.0% | +42.8% | +124.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 20.1, median 27.4, max 28.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 18.4 bn | 20.6 bn | 22.1 bn |
| Revenue YoY | unavailable | unavailable | +11.7% | +7.6% |
| Net income | unavailable | 1.0 bn | 1.4 bn | 1.7 bn |
| Net income YoY | unavailable | unavailable | +38.7% | +18.0% |
| Diluted EPS | unavailable | 4.89 | 6.89 | 8.13 |
| Diluted EPS YoY | unavailable | unavailable | +40.9% | +18.0% |
| net % | unavailable | 5.6% | 6.9% | 7.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.4 bn EUR
- Financial debt
- 6.1 bn EUR
- Net debt
- 1.7 bn EUR
- Equity
- 8.0 bn EUR
- Total assets
- 39.2 bn EUR
- Debt / equity
- 0.77x
- Current ratio
- 0.84x
- ROE
- 21.5%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 18.4 bn | 20.6 bn | 22.1 bn | esef· 07 Apr 2026verified |
| Cost of revenue | — | 13.7 bn | 15.2 bn | 16.3 bn | esef· 07 Apr 2026verified |
| Gross profit | — | 4.8 bn ≈ | 5.4 bn ≈ | 5.9 bn ≈ | esef· 07 Apr 2026derived |
| Research & development | — | 1.1 bn | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Operating income | — | 1.2 bn | 1.3 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Income tax | — | 252.2 m | 247.3 m | 396.5 m | esef· 07 Apr 2026verified |
| Net income | — | 1.0 bn | 1.4 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Diluted EPS | — | 4.89 | 6.89 | 8.13 | esef· 07 Apr 2026verified |
| Dividend per share | 2.94 | 3.40 | 3.70 | — | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | — | 4.0 bn | 4.8 bn | 4.4 bn | esef· 07 Apr 2026verified |
| Receivables | — | 6.3 bn | 7.1 bn | — | esef· 15 Apr 2025verified |
| Current assets | — | 21.7 bn | 21.3 bn | 21.3 bn | esef· 07 Apr 2026verified |
| Goodwill | — | 8.9 bn | 8.9 bn | 8.5 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 1.3 bn | 2.5 bn | 2.0 bn | esef· 07 Apr 2026verified |
| Total assets | — | 38.8 bn | 40.0 bn | 39.2 bn | esef· 07 Apr 2026verified |
| Accounts payable | — | 7.6 bn | 8.3 bn | — | esef· 15 Apr 2025verified |
| Short-term debt | — | 2.7 bn | 3.3 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Long-term debt | — | 5.7 bn | 4.6 bn | 4.0 bn | esef· 07 Apr 2026verified |
| Current liabilities | — | 24.2 bn | 25.7 bn | 25.2 bn | esef· 07 Apr 2026verified |
| Equity | 7.4 bn | 7.0 bn | 7.6 bn | 8.0 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 208.4 m | 205.4 m | 205.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | — | 1.6 bn | 2.6 bn | 3.3 bn | esef· 07 Apr 2026verified |
| Investing cash flow | — | -4.2 bn | -62.8 m | -909.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | — | 1.6 bn | -2.0 bn | -2.7 bn | esef· 07 Apr 2026verified |
| Share repurchases | — | 491.0 m | 275.4 m | 45.2 m | esef· 07 Apr 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 46.1 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 50.32 – 242.28 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E90.17 – 242.28 (Mid 139.27)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)50.32 – 68.62 (Mid 58.06)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.1% | 76 (vs peers) | 28% |
| Net margin · Quality | 7.6% | 82 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 27.6x | 43 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial4/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial43/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
THALES (HO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 22.1 bn EUR in 2025; YoY growth 7.6%; net margin 7.6%; ROE 21.6%.
The estimated value range is 70.25–155.45 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 98.67 EUR, the price of 224.60 EUR leaves a potential of -56.1% (value / price − 1) and a margin of safety of -127.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.1%
- Net margin: 7.6%
What contradicts it
- Current ratio: 0.8x
- Shareholder yield (distributions): 0.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| HO.PAThales | 46.1 bn | 27.6 | 21.6% | 7.6% | +7.6% | −0% / +64% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for HO.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 137.21 Total return -38% · Per year -38% | 242.22 Total return 10% · Per year 10% | 364.37 Total return 64% · Per year 64% |
| 3 years | 141.53 Total return -33% · Per year -12% | 280.33 Total return 31% · Per year 9% | 461.82 Total return 113% · Per year 29% |
| 5 years | 146.00 Total return -28% · Per year -6% | 324.45 Total return 55% · Per year 9% | 585.33 Total return 174% · Per year 22% |
- Exit P/E± 70.08
- Net margin± 49.06
- Annual revenue growth± 39.12
- Annual dilution± 4.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Thales is a French technology group active in aerospace, defence, cybersecurity and digital identity. In fiscal 2025 it reported organic revenue growth of 8.8% (fig 2), in a context of strong demand for defence, and its Defence order backlog reached a record 41.6 billion euros (fig 5).
SWOT
Strengths
- Broad portfolio across defence, aerospace and security, with a record order backlog and high visibility over the medium term 1.
- Improving operating margins, especially in aerospace and defence, according to the annual report 1.
- Solid cash generation and a significant reduction in net debt during fiscal 2025 1.
Weaknesses
Opportunities
Risks
- Dependence on government contractshigh
Defence revenue depends on state budgets, and changes to those budgets could affect orders and delivery timing 1.
- Execution of large projectsmedium
High-value contracts require extensive production capacity; delays could weigh on revenue and margins 1.
- Cyber performancemedium
The organic decline in Cyber and services could persist if integration and the refocusing of the offer take longer 1.
- Tax and fiscal frameworkmedium
The temporary additional French corporate tax reduced adjusted net income and could have similar effects in future 1.
- Currency fluctuationslow
Exchange rate movements, particularly EUR/USD, could affect reported revenue and cash flow 1.
Investment thesis
What would need to be true (bull case)
- If defence demand stays high and the order backlog converts into revenue, growth could continue in line with the announced targets.
- Improving margins in aerospace and defence could support higher profitability over the medium term.
- Lower net debt and strong cash generation could provide flexibility for investment and shareholder distributions.
What would break the thesis
- If defence budgets shift, orders could slow, and the current visibility might prove less reliable than it appears.
- If the Cyber activity does not recover after integration, the segment could keep reducing its contribution to profit.
- New taxes and fiscal pressure could reduce net income and limit the capacity to finance investment.
What to watch
- Delivery against the targets for organic revenue growth and book-to-bill ratio2026
- Development of the Cyber activity after completion of the Imperva integration2026
- Level of net capital expenditure announced for 20262026
- Payment of the proposed dividend and evolution of net debt2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Profit structure is supported by Defence, which generated revenue of 12,234 million euros in fiscal 2025 (fig 8). The company describes expansion of production capacity and the intake of large new contracts as drivers of growth. Net debt fell to 1,618 million euros at 31 December 2025 from 3,044 million a year earlier 1 (fig 11).
For 2026 the company targets organic revenue growth between 6% and 7%, with a book-to-bill ratio above 1, and proposes a dividend of 3.90 euros per share for fiscal 2025 1 (fig 12, fig 13).
Segments
Defence
The Defence segment recorded record order intake of 15,128 million euros in fiscal 2025 and a book-to-bill ratio of 1.24 1 (fig 6, fig 7). Revenue rose to 12,234 million euros (fig 8), and the order backlog exceeds 41.6 billion euros (fig 5).
Aerospace
The Aerospace segment reported revenue of 5,910 million euros (fig 9), with growth driven by civil and military avionics and space activities. The segment's adjusted EBIT margin improved markedly on the prior year, according to the report 1.
Cyber & Digital
The Cyber & Digital segment generated revenue of 3,852 million euros, with a slight organic decline, while digital activities grew moderately 1.
Market context
Total order intake reached 25,264 million euros in fiscal 2025, and mature markets account for 77% of it 1 (fig 14, fig 15). The strongest growth came in continental Europe excluding France, where orders grew 26% organically, and in Asia, where they grew 32% 1.
Defence demand is supported by rising military budgets in the regions where Thales is present, while the aerospace industry benefits from higher commercial aircraft production and strong air traffic 1.
Trends
- Rising defence budgetstailwind
Higher military budgets could sustain demand for the group's air and land defence systems, according to the company's outlook 1.
- Commercial aircraft productiontailwind
A higher production rate for commercial aircraft could support original-equipment avionics, and strong air traffic could boost after-sales services 1.
- Pressure on payment cardsheadwind
Weak volumes on physical payment cards could limit growth in digital activities, the company notes 1.
- Imperva integrationmixed
Completing the Imperva integration could allow Cyber to return to growth, although the reorganisation weighed on 2025 results 1.
Competitive position
Thales competes in defence, aerospace and cybersecurity with large international aerospace and defence groups, as well as specialised digital security providers. The annual report does not name competitors explicitly, so the competitive assessment here stays limited to the available sources.
- Large US defence contractors
Competitors in air and land defence systems, mentioned only as a general category without detail in the source.
- European aerospace suppliers
Competitors in avionics and services for aircraft makers, a general category not identified in the source.
- Specialised cybersecurity providers
Competitors in data and access security, without names in the report reviewed.
- Digital payment operators
Competitors in payment and mobile connectivity solutions, not identified in the source.
News & filings
In the press
- Thales BeamTracker unmanned vehicle’s EW surveillance payload ready for customersEuropean Defence Review · 02 Nov 2026 · RO
- Thales selected to deliver next-generation mine-hunting capability for the U.S. Navy European Defence Review · 02 Nov 2026 · RO
- Naval Group: first at-sea firings from Rampart multi-weapon launcher with Thales rocketsEuropean Defence Review · 02 Nov 2026 · RO
- Naval innovation puts industry ahead of customers, Thales saysEuractiv · 28 Oct 2026 · EN
- România cumpără patru radare militare de la gigantul francez Thales pentru aproape 400 mil. lei. Sistemele vor putea opera inclusiv în condiţii de război electronicZiarul Financiar · 27 Oct 2026 · RO
- Thales furnizează României patru sisteme radar mobile pentru supravegherea spaţiului aerian – contractul, semnat pentru peste 65 mil. euro, fără TVACursDeGuvernare.ro · 27 Oct 2026 · RO
- România cumpără patru sisteme radar mobile pentru supravegherea spaţiului aerian, produse de francezii de la Thales. Acestea vor fi livrate etapizat, până în 2030, iar valoarea contractului este de 326 de milioane de lei.Biziday.ro · 27 Oct 2026 · RO
- Thales to strengthen Romanian Air Force resilience with deployable radar and landing systemsEuropean Defence Review · 27 Oct 2026 · RO
- România își consolidează apărarea aeriană cu patru radare mobile Thales. Cele trei tehnologii esențiale ale sistemuluiLibertatea.ro · 27 Oct 2026 · RO
- România va avea noi radare. Contractul cu Thales prevede achiziția a patru sisteme radar mobile de dirijare la apropiere și aterizareDefenseRomania.ro · 27 Oct 2026 · RO
- FOTO | MApN cumpără radare mobile pentru supravegherea spațiului aerian militar și civil de la ThalesEconomedia · 27 Oct 2026 · RO
- MApN cumpără patru radare mobile pentru dirijarea avioanelor la aterizare. Contract de peste 326 de milioane de lei cu ThalesAntena 3 CNN · 27 Oct 2026 · RO
- MApN a semnat un contract pentru achiziția a patru sisteme radar mobile de dirijare a aeronavelor la apropiere și aterizare, cu asocierea formată din companiile THALES ROMANIA SRL și THALES LAS FRANCE SASG4Media · 27 Oct 2026 · RO
- ► Thales boosts Australia’s sovereign defence capabilities with the opening by the Minister for Defence Industry of a new sonar facility in Western SydneyEuropean Defence Review · 26 Oct 2026 · RO
- Japan offers opportunities, partnerships for defense contractor Thales: CEONikkei Asia · 20 Oct 2026 · EN
- Thales Australia tackles heavy battlefield logistics with new big-rig robotDefense News (US, EN) · 15 Oct 2026 · EN
- French defense firm Thales to build Japan base, media report saysThe Japan Times · 12 Oct 2026 · EN
- French defense contractor Thales to open Japan maintenance baseNikkei Asia · 10 Oct 2026 · EN
- Thales to deploy advanced air traffic control radar in the Faroe Islands for the Danish Ministry of DefenceEuropean Defence Review · 07 Oct 2026 · RO
- Thales and 3ME Technology unveil Australia’s most ‘powerful’ uncrewed ground vehicle, the Bushmaster-inspired BladeHAUL®European Defence Review · 06 Oct 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Thales · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.