Dassault Aviation SA (AM) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Dassault Aviation SA stock €330, price €304, upside +8.5%, quality 63 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?Yes
Good quality?Yes
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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 26, 2026.
How to read this chart
60‑month range €76.99 – €347.46 · fair‑value band €237.52 – €428.43 · the €303.80 price screens below the €329.56 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 26, 2026.
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Dassault Aviation, an aerospace company, engages in designing and building military aircraft, business jets, and space systems in France, the United States, and internationally.
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The company offers Rafale, a twin-jet fighter aircraft able to operate from both an aircraft carrier and a shore base; nEUROn, an unmanned combat air vehicle technology demonstrator; and Multi-Role Falcons, designed to perform various government and military missions.
It also provides falcon family products, including Falcon 10X, Falcon 8X, Falcon 6X, Falcon 900LX, and Falcon 2000XLS. In addition, the company offers space products, including Véhicule Orbital Réutilisable de Transport et d'Exploration (VORTEX), designed to operate in space and return to Earth like an aircraft; and Intermediate eXperimental Vehicle (IXV). Further, it provides repair and maintenance of landing gear and flight controls; overhaul and repair of civil aeronautical equipment for french equipment manufacturers; aviation services and maintenance; falcon training; military aircraft mechanics training; insurance and reinsurance brokerage; training of fighter pilot; and military aircraft support services.
Additionally, the company is involved in the design, production, and distribution of simulation tools; assembles and produces military and civil aerostructure parts and subassemblies; operates in defense and security markets; and production of composite aviation parts.
The company was founded in 1916 and is headquartered in Saint-Cloud, France. Dassault Aviation operates as a subsidiary of Groupe Industriel Marcel Dassault S.A.
Stock analysis
Dassault Aviation SA (AM) currently trades at €303.80, while our model-based Fair Value estimate is €329.56, so the stock looks roughly fairly valued today (gap 7.8%).
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Valuation
Bull case: the DCF Models group reads highest at a median of €288.69 per share, and 7 of the 26 models we run sit above the €303.80 price.
Bear case: the Economic Profit group reads lowest at €80.96, and 19 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €237.52 (bear) to €428.43 (bull), the price of €303.80 sits inside 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 63/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Dassault Aviation SA reported revenue of €7.4B in FY2025 versus €7.2B in FY2021, a compound +0.6%/yr. Reported net income was €977M in FY2025, compounding +12.7%/yr from FY2021.
Key figures
Market cap €23.4B Large · P/E ratio 23.4 · P/S ratio 2.64 · EPS (TTM) €13.01 · Dividend yield 1.6% · Net margin 11.3% · Return on equity 15.7% · Return on assets (EBIT) 2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −25% fair-value upside, at 8%, AM screens cheaper than that median.
Fair Value models
Bear€237.52Fair Value €329.56Bull€428.43
Price €303.80 · Upside +8.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€6.76 per share) are deliberately not added.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.Coverage ⓘCoverage = 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.82/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+19.0%
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.
+2.2%
Revenue growth 5 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.
+6.2%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 23 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.
+2.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.7%
Dividend (yield on the price)1.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.11.5% vs 16.1%, slowing
Profit margin 2020 to 2025 ⓘ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% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −10.8% a year for the price and +8.6% for the forecasts.
AI conclusion: Steady defense contracts and cockpit upgrades on existing Falcons form the core strength, while thin evidence overall and notably low gross margins mark the main weakness.
Main risk: Late arrival in the ultra-long-range business jet segment where rivals already operate risks reducing demand and sales for new Falcon models.
Dassault Aviation keeps its Falcon 10X flight test program on schedule for 2029 certification even after the latest delay, with a second prototype now flying. The ultra-long-range jet enters a segment where rivals have already been operating for years. Does the firm draw more strength from steady defense work and cockpit upgrades on its current Falcons than it risks losing on the business jet side from arriving late?
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 · 235 stocks
Beats the industry median on 11/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside+8.5% · Top 25%
Profitability
Return on equity (12 months)15.7% · Above median
Return on assets3.0% · Below median
Net margin (12 months)11.3% · Above median
Operating margin (12 months)7.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)45.1% · Top 25%
Dividend yield (12 months)1.6% · Above median
Balance sheet
Debt / equity0.00× · Lowest 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). "Dassault Aviation SA Fair Value". https://www.fairvalue-calculator.com/stock/AM.PA
Frequently asked questions
Is Dassault Aviation SA (AM) overvalued or undervalued?
As of Oct 26, 2026, our model estimates a fair value of €329.56 versus a price of €303.80, about +8% upside (fairly valued).
What is the fair value of AM?
Our model-based fair value for Dassault Aviation SA is €329.56 (as of Oct 26, 2026), built from audited fundamentals. The current price: €303.80.
What is the quality score of AM?
Dassault Aviation SA has a Quality Score of 63/100. 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 Dassault Aviation SA (AM)?
Our model-based price target is the fair value of €329.56 (as of Oct 26, 2026) from 26 valuation models. Cautious scenario €237.52, optimistic scenario €428.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Dassault Aviation SA stock forecast for 2026?
Our models put fair value at €329.56, about +8% upside versus a price of €303.80 (fairly valued). Cautious scenario €237.52, optimistic scenario €428.43. The calculation is refreshed regularly with new filings.
What is the revenue of Dassault Aviation SA (AM)?
Dassault Aviation SA reported trailing-twelve-month revenue of about €8.9B (latest available figure, as of Oct 26, 2026).
Does Dassault Aviation SA pay a dividend?
Dassault Aviation SA currently shows a dividend yield of 1.57% relative to its recent price (as of Oct 26, 2026).
What growth is priced into Dassault Aviation SA (AM)?
For today's price to be fair in a discounted-cash-flow model, Dassault Aviation SA would have to grow free cash flow by -8.9 % 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 +6.2 % per year. As of Oct 26, 2026.
What discount rate (WACC) does the fair value of AM use?
Our models discount Dassault Aviation SA at 8.6 %: a base by market capitalisation (large), damped by beta 0.42, country premium for France. 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 Dassault Aviation SA that is -8.9 % 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 Dassault Aviation SA (AM) delivered so far?
Over the past 5 years revenue at Dassault Aviation SA grew +6.2 % a year. The price currently implies -8.9 % 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 Dassault Aviation SA (AM) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Dassault Aviation SA (-8.9 % 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 Dassault Aviation SA (AM)?
The free-cash-flow yield on the price is 7.18 %: that much free cash flow Dassault Aviation SA 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 Dassault Aviation SA (AM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dassault Aviation SA it is €329.56 per share (as of Oct 26, 2026), against a price of €303.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Dassault Aviation SA stock overvalued or undervalued in 2026?
As of Oct 26, 2026, AM trades below its calculated fair value: price €303.80, fair value €329.56, a gap of about +8% (fairly valued). 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 AM?
No. The price is what the market pays today (€303.80); the fair value is what the company's own numbers justify (€329.56). For Dassault Aviation SA the two are €25.76 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dassault Aviation SA worth?
The market values Dassault Aviation SA at about €23.4B (market capitalisation, as of Oct 26, 2026). Per share that is €303.80; our models calculate a fair value of €329.56 per share.
What do the bullish and bearish scenarios say about AM?
Our models span a range for Dassault Aviation SA: cautious scenario €237.52, base €329.56, optimistic €428.43 per share (as of Oct 26, 2026, price €303.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AM?
Dassault Aviation SA trades at a price-to-earnings ratio of 23.4 (as of Oct 26, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €329.56 is built from several models across several years. Other multiples: PEG 1.1, P/B 3.5, P/S 2.6, EV/EBITDA 22.8.
What is the PEG ratio of AM?
The PEG ratio of Dassault Aviation SA is 1.09 (P/E divided by earnings growth, as of Oct 26, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Dassault Aviation SA (AM)?
Balance-sheet figures for Dassault Aviation SA (as of Oct 26, 2026): return on equity 15.7%, debt of 0.00 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is AM from its 52-week high?
Dassault Aviation SA trades at €303.80, about 13% below its 52-week high of €347.46 and 17% above the low of €259.17 (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of €329.56 is for.
Which stocks are comparable to Dassault Aviation SA?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Safran SA, 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 Dassault Aviation SA stock attractive at the current price?
The data as of Oct 26, 2026: price €303.80, calculated fair value €329.56 (+8%), Quality Score 63/100, from 26 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 AM calculated?
We run Dassault Aviation SA through 26 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 €329.56, 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 12.7 % above its aggregate fair value. Dassault Aviation SA currently trades 8 % 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 Dassault Aviation SA (AM)?
The closing price on Oct 26, 2026 was €303.80. Our model-based fair value is €329.56, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dassault Aviation SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€237.52 to €428.43) leaves room in how you read the outcome.
Where does the earnings growth of Dassault Aviation SA (AM) come from?
Earnings per share at Dassault Aviation SA grew +15.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.0 %, EBIT margin −0.4 %, tax rate −0.9 %, residual (interest, one-offs) +9.5 %. 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 Dassault Aviation SA
How large is the market capitalisation of Dassault Aviation SA (AM)?
The market capitalisation of Dassault Aviation SA is €23.4B. 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 Dassault Aviation SA (AM)?
The price-to-sales ratio of Dassault Aviation SA is 2.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dassault Aviation SA (AM)?
Earnings per share at Dassault Aviation SA are €13.01 (price ÷ EPS = P/E 23.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dassault Aviation SA (AM)?
The dividend yield of Dassault Aviation SA is 1.6% (payout 36.7%). 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 Dassault Aviation SA (AM)?
The net margin of Dassault Aviation SA is 11.3% (last twelve months). 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 Dassault Aviation SA (AM)?
The return on equity (ROE) of Dassault Aviation SA is 15.7% (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 Dassault Aviation SA (AM)?
On an EBIT basis the return on assets of Dassault Aviation SA is 2.1% (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 Dassault Aviation SA (AM)?
The operating margin of Dassault Aviation SA is 7.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dassault Aviation SA (AM)?
Revenue at Dassault Aviation SA is growing +45.1% versus a year earlier (3y avg +2.2%). 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 Dassault Aviation SA (AM)?
Earnings per share at Dassault Aviation SA are growing +9.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Dassault Aviation SA (AM) hold?
Dassault Aviation SA holds more cash than debt, €1.8B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 26, 2026