White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide.
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Thales S.A. provides various solutions in the defence and security, aerospace and space, and digital identity and security markets worldwide. The company offers advance air defence systems, combat systems, defence onboard electronics c4isr solutions, command and control solutions, mission and surveillance systems, airborne optronics, and airspace protection solutions; collaborative combat, intelligence, connectivity and cloud, country and force protection, military vehicle, collaborative artillery, and augmented soldier solutions; robotics and drones; above-water combat, unmanned maritime, and underwater warfare systems; naval support and services; and joint systems. It also provides mission-critical and radio communications; cyber defence and electronic warfare solutions; protection systems; unmanned aerial vehicle systems; digital transformation services; and Geonav IoT for real-time indoor/outdoor precise navigations. In addition, it offers digital identity and security solutions comprising banking and payment, data protection, digital identity, identity and access management, biometric, mobile, software monetization, secure IoT solutions, and IoT connecting and security solutions. Further, it provides air traffic management solutions; flight decks and avionics equipment and functions; in-flight entertainment, connectivity, and services; drone and navigation solutions; support and services for civil aviation; connectivity solutions; antennas; and solutions for internal and external aircraft lighting. It offers lasers; microwave and imaging sub-systems; microelectronic solutions; mobile satellite, environmental testing and evaluation laboratory, and training and simulation services; cryogenic technology and coolers; silicon security solutions; and designs, operates, and delivers satellite-based technologies. The company was formerly known as Thomson-CSF and changed its name to Thales S.A. in 2000. Thales S.A. was founded in 1893 and is based in Meudon, France.
Thales S.A (0IW5) currently trades at €224.30, while our model-based Fair Value estimate is €489.91, implying the stock looks roughly 54.2% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €515.60 per share, and 20 of the 23 models we run sit above the €224.30 price.
Bear case: the Asset-Based group reads lowest at €70.81, and 3 of the 23 models stay below the price. Evidence for this calculation is high.
Scenario range: €367.43 (bear) to €612.39 (bull), the price of €224.30 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Thales S.A reported revenue of €22.1B in FY2025 versus €16.2B in FY2021, a compound +8.1%/yr. Reported net income was €1.7B in FY2025, compounding +11.4%/yr from FY2021.
Key figures
Market cap €16.9B · P/S ratio 0.76 · Net margin 7.6% · Return on equity 21.1% · Return on assets (EBIT) 4.3% · Operating margin 10.5% · Revenue (TTM) €22.1B · Revenue growth (YoY) +7.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −24% fair-value upside, at 118%, 0IW5 screens cheaper than that median.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
€411.78
€597.25
€864.44
80
Growth DCF
€422.87
€593.99
€829.30
79
Owner Earnings
€331.88
€480.60
€694.84
76
All 23 models by family
DCF Models
FCF DCF
€411.78
€597.25
€864.44
80
Owner Earnings
€331.88
€480.60
€694.84
76
5Y Revenue Exit
€314.98
€455.68
€627.54
73
5Y EBITDA Exit
€393.85
€597.01
€824.09
75
5Y P/E Exit
€350.25
€518.88
€686.97
71
10Y Revenue Exit
€339.61
€472.71
€635.80
67
10Y EBITDA Exit
€396.81
€568.61
€780.01
69
10Y P/E Exit
€369.48
€515.60
€679.40
64
Earnings-Based
Graham-Dodd
€151.03
€371.35
€480.81
65
PEG = 1.0
€66.85
€95.50
€124.16
57
EPV
€238.80
€277.16
€310.73
74
Multiples
P/E Multiple
€349.81
€466.41
€583.02
63
P/S Multiple
€283.18
€377.57
€471.97
58
P/B Multiple
€283.18
€377.57
€471.97
55
EV/EBIT
€383.83
€508.90
€633.97
66
EV/EBITDA
€436.15
€578.66
€721.18
67
EV/Revenue
€276.41
€391.18
€505.95
54
Asset-Based
NCAV (Graham)
€52.85
€70.81
€105.69
54
Growth DCF
Growth DCF
€422.87
€593.99
€829.30
79
Rev-Margin DCF
€314.98
€460.82
€620.16
73
Economic Profit
Residual Income
€135.23
€166.29
€250.19
75
ROIC Compounder
€249.36
€303.81
€362.24
72
Growth Earnings
Growth-Adj P/E
€268.25
€383.22
€498.19
67
Open the full fair value analysis →
Overall quality
65/100
Of which business quality 61
· Market factors (momentum, volatility) 41
Profitability
43
Margins and returns on capital today
Quality Growth
60
Are margins and returns improving?
Cashflow
72
Earnings quality: real cash, not paper profit
Fin. Strength
40
Balance sheet, leverage, solvency risk
Investment
85
Disciplined investing over empire-building
Low Volatility
82
Calm price path (market factor)
Momentum
28
Price trend over the last 3–12 months (market factor)
52W Momentum
15
Distance to the 52-week high (market factor)
Net Issuance
87
Share count: buybacks or dilution?
Open the full quality analysis →
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.
Pick a strategy and jump into the live analysis with that exact screen applied.
Is Thales S.A (0IW5) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of €489.91 versus a price of €224.30, about +118% upside (undervalued).
What is the fair value of 0IW5?
Our model-based fair value for Thales S.A is €489.91 (as of Sep 29, 2026), built from audited fundamentals. The current price: €224.30.
What is the quality score of 0IW5?
Thales S.A has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Thales S.A (0IW5)?
Our model-based price target is the fair value of €489.91 (as of Sep 29, 2026) from 23 valuation models. Cautious scenario €367.43, optimistic scenario €612.39. It is a calculation from audited fundamentals, not an analyst target.
What is the Thales S.A stock forecast for 2026?
Our models put fair value at €489.91, about +118% upside versus a price of €224.30 (undervalued). Cautious scenario €367.43, optimistic scenario €612.39. The calculation is refreshed regularly with new filings.
What is the revenue of Thales S.A (0IW5)?
Thales S.A reported trailing-twelve-month revenue of about €22.1B (latest available figure, as of Sep 29, 2026).
What growth is priced into Thales S.A (0IW5)?
For today's price to be fair in a discounted-cash-flow model, Thales S.A would have to grow free cash flow by +3.8 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.4 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of 0IW5 use?
Our models discount Thales S.A at 8.6 %: a base by market capitalisation (large), damped by beta 0.11, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Thales S.A that is +3.8 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Thales S.A (0IW5) delivered so far?
Over the past 5 years revenue at Thales S.A grew +5.4 % a year. The price currently implies +3.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Thales S.A (0IW5) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Thales S.A (+3.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thales S.A (0IW5)?
The free-cash-flow yield on the price is 5.71 %: that much free cash flow Thales S.A produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thales S.A (0IW5)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thales S.A it is €489.91 per share (as of Sep 29, 2026), against a price of €224.30. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Thales S.A stock overvalued or undervalued in 2026?
As of Sep 29, 2026, 0IW5 trades below its calculated fair value: price €224.30, fair value €489.91, a gap of about +118% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0IW5?
No. The price is what the market pays today (€224.30); the fair value is what the company's own numbers justify (€489.91). For Thales S.A the two are €265.61 per share apart. That gap is exactly why we show both numbers side by side.
How much is Thales S.A worth?
The market values Thales S.A at about €16.9B (market capitalisation, as of Sep 29, 2026). Per share that is €224.30; our models calculate a fair value of €489.91 per share.
What do the bullish and bearish scenarios say about 0IW5?
Our models span a range for Thales S.A: cautious scenario €367.43, base €489.91, optimistic €612.39 per share (as of Sep 29, 2026, price €224.30). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0IW5 from its 52-week high?
Thales S.A trades at €224.30, about 17% below its 52-week high of €270.70 and 4% above the low of €216.25 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €489.91 is for.
Which stocks are comparable to Thales S.A?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Thales S.A stock attractive at the current price?
The data as of Sep 29, 2026: price €224.30, calculated fair value €489.91 (+118%), Quality Score 65/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0IW5 calculated?
We run Thales S.A through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €489.91, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Thales S.A currently trades 54 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on
is it worth investing now.
What is the share price of Thales S.A (0IW5)?
The closing price on Oct 2, 2026 was €224.30. Our model-based fair value is €489.91, about +118% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thales S.A right now?
The price is below even our cautious bear case (€367.43). The market is more pessimistic than our downside scenario. Solid quality (65/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Thales S.A (0IW5) come from?
Earnings per share at Thales S.A grew +6.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.5 %, EBIT margin +2.8 %, tax rate +0.6 %, residual (interest, one-offs) −1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Thales S.A
How large is the market capitalisation of Thales S.A (0IW5)?
The market capitalisation of Thales S.A is €16.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Thales S.A (0IW5)?
The price-to-sales ratio of Thales S.A is 0.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Thales S.A (0IW5)?
The net margin of Thales S.A is 7.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Thales S.A (0IW5)?
The return on equity (ROE) of Thales S.A is 21.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Thales S.A (0IW5)?
On an EBIT basis the return on assets of Thales S.A is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Thales S.A (0IW5)?
The operating margin of Thales S.A is 10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thales S.A (0IW5)?
Revenue at Thales S.A is growing +7.1% versus a year earlier (3y avg +8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Thales S.A (0IW5)?
Earnings per share at Thales S.A are growing +151% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thales S.A (0IW5) carry?
The net debt of Thales S.A is €1.7B (fiscal year 2025, ≈ 0.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
