TKMS AG & Co KGaA (TKMS) fair value: what the stock is really worth
As of Sep 28, 2026: fair value of TKMS AG & Co KGaA €92.40, price €82.00, upside +12.7%, quality 65 out of 100. 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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TKMS AG & Co KGaA
TKMS · XETRAUndervaluedQuality growthThe stock appears undervalued with acceptable quality.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 27, 2026.
How to read this chart
11‑month range €57.55 – €104.00 · fair‑value band €79.95 – €104.84 · the €82.00 price screens below the €92.40 fair value. As of Sep 27, 2026.
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Company profile
TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally. It operates through three segments: Submarines, Surface Vessels, and Atlas Electronics.
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TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally. It operates through three segments: Submarines, Surface Vessels, and Atlas Electronics. The company designs, procures, and manufactures non-nuclear and conventional submarines, corvettes, frigates, and support ships, as well as unmanned, surface, special offshore patrol, and research vessels. It also offers compact sonar underwater and integrated sensor underwater system; hull-mounted minehunting sonar, integrated mine counter measures system, hybrid autonomous underwater vehicle system, and identification and disposal system; modular ASW combat suite, anti-torpedo torpedo, variable depth and passive towed array sonars, and active hull-mounted sonar system; heavyweight torpedo; and communication systems. In addition, the company provides various services, including trainer system, virtual ship and flight deck officer simulator, virtual ship training and information system, remote maintenance system, integrated logistic support, and in-service support, as well as artificial intelligence and data analysis. It serves the navies of North Atlantic Treaty Organization, non-NATO allies, and strategic partner nations. The company was founded in 2005 and is headquartered in Kiel, Germany. TKMS AG & Co KGaA operates as a subsidiary of thyssenkrupp AG.
Stock analysis
TKMS AG & Co KGaA (TKMS) currently trades at €82.00, while our model-based Fair Value estimate is €92.40, implying the stock looks roughly 11.3% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €157.80 per share, and 9 of the 24 models we run sit above the €82.00 price.
Bear case: the Asset-Based group reads lowest at €13.24, and 15 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: €79.95 (bear) to €104.84 (bull), the price of €82.00 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 65/100 (solid quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
TKMS AG & Co KGaA reported revenue of €2.5B in FY2025 versus €1.7B in FY2022, a compound +15.4%/yr. Reported net income was €123M in FY2025, compounding +125.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap €5.2B · P/E ratio 64.1 · P/S ratio 3.10 · EPS (TTM) €1.28 · Net margin 4.8% · Return on equity 6.5% · Return on assets (EBIT) 1.5% · Operating margin 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 21% below its 52-week high and 42% 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 13%, TKMS screens cheaper than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 35
Revenue & earnings trend
Growth Forecast
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Compare TKMS AG & Co KGaA with another stock
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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 · 228 stocks
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $327.09 | $92.61 | −72% |
| RTX Corporation RTX | $189.40 | $88.37 | −53% |
| Airbus SE AIR | €192.40 | €112.14 | −42% |
| Lockheed Martin Corporation LMT | $519.56 | $439.62 | −15% |
| Howmet Aerospace Inc HWM | $232.48 | $52.67 | −77% |
| General Dynamics Corporation GD | $336.72 | $274.19 | −19% |
| Northrop Grumman Corporation NOC | $510.52 | $382.98 | −25% |
| TransDigm Group TDG | $1,116 | $1,228 | +10% |
| Thales S.A HO | €229.40 | €170.99 | −25% |
| Rheinmetall AG RHM | €982.40 | €313.19 | −68% |
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Key figures of TKMS AG & Co KGaA
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