Leonardo S.p.a., an industrial and technological company (0ONG) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Leonardo S.p.a., an industrial and technological company €77.29, price €47.69, upside +62.1%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 2, 2026.
How to read this chart
60‑month range €5.55 – €63.72 · fair‑value band €57.97 – €102.04 · the €47.69 price screens below the €77.29 fair value. Dashed = 300-day average. As of Oct 2, 2026.
Leonardo S.p.a., an industrial and technological company, engages in the helicopters, defense electronics and security, cyber security and solutions, aircraft, aerostructures, and space sectors in Italy, the United Kingdom, rest of Europe, the United States of America, and internationally.
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Leonardo S.p.a., an industrial and technological company, engages in the helicopters, defense electronics and security, cyber security and solutions, aircraft, aerostructures, and space sectors in Italy, the United Kingdom, rest of Europe, the United States of America, and internationally. It offers a range of helicopters for battlefield/personnel recovery, combat, maritime, training, VIP/executive transport, medical and rescue, energy, security, and utility services, as well as provides support and training services. The company also provides trainers, fighters, multi-mission transport, and multi-mission surveillance aircraft; command and controls, radars and sensors, optronics, communication systems, electronic warfare, avionics, defense system, and air traffic management; defense systems comprising turrets and canons, munitions, and torpedoes; and cyber security and resilience, critical communications, digitalization, and global monitoring solutions. In addition, it offers geoinformation, satellite communications, ground systems, navigation, and satellite operations; interplanetary probes and orbiting modules; and robotics and drilling, electro-optics, laser transmitters, atomic clocks, photovoltaic panels, power distributors and amplifiers, attitude sensors, and orbital micro propulsion. Further, the company engages in the production and assembly of major structural composite and metallic components for commercial and military aircraft, helicopters, and uncrewed aircraft. Additionally, it designs and manufactures heavy-duty quarry and construction vehicles for the mining and construction industry. The company was formerly known as Leonardo " Finmeccanica S.p.a. and changed its name to Leonardo S.p.a. in January 2017. Leonardo S.p.a. was founded in 1948 and is headquartered in Rome, Italy.
Stock analysis
Leonardo S.p.a., an industrial and technological company, (0ONG) currently trades at €47.69, while our model-based Fair Value estimate is €77.29, implying the stock looks roughly 38.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €116.49 per share, and 18 of the 23 models we run sit above the €47.69 price.
Bear case: the Dividend Discount group reads lowest at €11.33, and 5 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: €57.97 (bear) to €102.04 (bull), the price of €47.69 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 47/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Leonardo S.p.a., an industrial and technological company, reported revenue of €13.4B in FY2020 versus €12.0B in FY2016, a compound +2.8%/yr. Reported net income was €241M in FY2020, compounding −16.9%/yr from FY2016.
Key figures
Market cap €3.5B · P/S ratio 0.18 · Dividend yield 6.4% · Net margin 1.8% · Return on equity 13.1% · Return on assets (EBIT) 2.5% · Operating margin 5.6% · Revenue (TTM) €19.8B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 7% 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 62%, 0ONG screens cheaper than that median.
Fair Value models
Bear €57.97Fair Value €77.29Bull €102.04
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.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.6%
’16
’17
’18
’19
’20
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
5.7% (2016) → 3.7% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Compare Leonardo S.p.a., an industrial and technological company, with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 227 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+57.2% · Top 25%
Profitability
Return on equity (TTM)13.1% · Above median
Return on assets5.2% · Above median
Net margin (TTM)5.1% · Below median
Operating margin (TTM)5.6% · Below median
Growth and dividend
Revenue growth6.9% · Below median
Dividend yield (TTM)6.4% · Top 25%
Balance sheet
Debt / equity0.74× · Highest 25%
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Leonardo S.p.a., an industrial and technological company, Fair Value". https://www.fairvalue-calculator.com/stock/0ONG
Frequently asked questions
Is Leonardo S.p.a., an industrial and technological company (0ONG) overvalued or undervalued?
As of Oct 2, 2026, our model estimates a fair value of €77.29 versus a price of €47.69, about +62% upside (undervalued).
What is the fair value of 0ONG?
Our model-based fair value for Leonardo S.p.a., an industrial and technological company, is €77.29 (as of Oct 2, 2026), built from audited fundamentals. The current price: €47.69.
What is the quality score of 0ONG?
Leonardo S.p.a., an industrial and technological company, has a Quality Score of 47/100. 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 Leonardo S.p.a., an industrial and technological company (0ONG)?
Our model-based price target is the fair value of €77.29 (as of Oct 2, 2026) from 23 valuation models. Cautious scenario €57.97, optimistic scenario €102.04. It is a calculation from audited fundamentals, not an analyst target.
What is the Leonardo S.p.a., an industrial and technological company, stock forecast for 2026?
Our models put fair value at €77.29, about +62% upside versus a price of €47.69 (undervalued). Cautious scenario €57.97, optimistic scenario €102.04. The calculation is refreshed regularly with new filings.
What is the revenue of Leonardo S.p.a., an industrial and technological company (0ONG)?
Leonardo S.p.a., an industrial and technological company, reported trailing-twelve-month revenue of about €19.8B (latest available figure, as of Oct 2, 2026).
Does Leonardo S.p.a., an industrial and technological company, pay a dividend?
Leonardo S.p.a., an industrial and technological company, currently shows a dividend yield of about 6.36% relative to its recent price (as of Oct 2, 2026).
What is the intrinsic value of Leonardo S.p.a., an industrial and technological company (0ONG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Leonardo S.p.a., an industrial and technological company, it is €77.29 per share (as of Oct 2, 2026), against a price of €47.69. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Leonardo S.p.a., an industrial and technological company, stock overvalued or undervalued in 2026?
As of Oct 2, 2026, 0ONG trades below its calculated fair value: price €47.69, fair value €77.29, a gap of about +62% (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 0ONG?
No. The price is what the market pays today (€47.69); the fair value is what the company's own numbers justify (€77.29). For Leonardo S.p.a., an industrial and technological company, the two are €29.60 per share apart. That gap is exactly why we show both numbers side by side.
How much is Leonardo S.p.a., an industrial and technological company, worth?
The market values Leonardo S.p.a., an industrial and technological company, at about €3.5B (market capitalisation, as of Oct 2, 2026). Per share that is €47.69; our models calculate a fair value of €77.29 per share.
What do the bullish and bearish scenarios say about 0ONG?
Our models span a range for Leonardo S.p.a., an industrial and technological company,: cautious scenario €57.97, base €77.29, optimistic €102.04 per share (as of Oct 2, 2026, price €47.69). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Leonardo S.p.a., an industrial and technological company (0ONG)?
Balance-sheet figures for Leonardo S.p.a., an industrial and technological company, (as of Oct 2, 2026): return on equity 13.1%, debt of 0.74 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is 0ONG from its 52-week high?
Leonardo S.p.a., an industrial and technological company, trades at €47.69, about 25% below its 52-week high of €63.72 and 7% above the low of €44.57 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €77.29 is for.
Which stocks are comparable to Leonardo S.p.a., an industrial and technological company,?
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 Leonardo S.p.a., an industrial and technological company, stock attractive at the current price?
The data as of Oct 2, 2026: price €47.69, calculated fair value €77.29 (+62%), Quality Score 47/100, 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 0ONG calculated?
We run Leonardo S.p.a., an industrial and technological company, 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 €77.29, 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. Leonardo S.p.a., an industrial and technological company, currently trades 38 % 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 Leonardo S.p.a., an industrial and technological company (0ONG)?
The closing price on Oct 2, 2026 was €47.69. Our model-based fair value is €77.29, about +62% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Leonardo S.p.a., an industrial and technological company, right now?
The price is below even our cautious bear case (€57.97). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Leonardo S.p.a., an industrial and technological company,
How large is the market capitalisation of Leonardo S.p.a., an industrial and technological company (0ONG)?
The market capitalisation of Leonardo S.p.a., an industrial and technological company, is €3.5B. 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 Leonardo S.p.a., an industrial and technological company (0ONG)?
The price-to-sales ratio of Leonardo S.p.a., an industrial and technological company, is 0.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Leonardo S.p.a., an industrial and technological company (0ONG)?
The dividend yield of Leonardo S.p.a., an industrial and technological company, is 6.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Leonardo S.p.a., an industrial and technological company (0ONG)?
The net margin of Leonardo S.p.a., an industrial and technological company, is 1.8% (fiscal year 2020). 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 Leonardo S.p.a., an industrial and technological company (0ONG)?
The return on equity (ROE) of Leonardo S.p.a., an industrial and technological company, is 13.1% (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 Leonardo S.p.a., an industrial and technological company (0ONG)?
On an EBIT basis the return on assets of Leonardo S.p.a., an industrial and technological company, is 2.5% (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 Leonardo S.p.a., an industrial and technological company (0ONG)?
The operating margin of Leonardo S.p.a., an industrial and technological company, is 5.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Leonardo S.p.a., an industrial and technological company (0ONG)?
Revenue at Leonardo S.p.a., an industrial and technological company, is growing +6.9% versus a year earlier (3y avg +4.6%). 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 Leonardo S.p.a., an industrial and technological company (0ONG)?
Earnings per share at Leonardo S.p.a., an industrial and technological company, are growing −57.1% versus a year earlier. How much earnings per share grew versus a year earlier.
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