October 2026
Largest DefenseTech Public Companies in Germany
Benchmark revenue and EBITDA valuation multiples for public comps like
Rheinmetall, MTU Aero Engines, Hensoldt, TKMS and RENK Group.
 | Rheinmetall is an international group active in various markets with leading technological products and services. The sales focus is on the security technology and mobility segments. Since February 2021, the group structure has been made up of five divisions-vehicle systems, weapons and ammunition, electronic solutions, sensors and actuators, and materials and trade. The vehicle systems, weapons and ammunition, and electronic solutions divisions are among the defense and security industry's leading suppliers of innovative products to German and international defense forces. The sensors and actuators and materials and trade divisions' core area of expertise is the reduction of emissions, pollutants and fuel consumption. | $1,053 | -47% | $49B | $53B | 4.8x | 21.7x | ||
| MTU Aero Engines is a German aerospace company that develops and manufactures aircraft engine components and provides engine maintenance services. Its original equipment business participates in commercial and military engine programs, often alongside other engine manufacturers through long-term program partnerships. Products include components for new engines and spare parts required during their operating lives. The company also maintains, repairs and overhauls commercial aircraft engines through its maintenance organization. Military activities include work on engines used by the German armed forces and multinational European aircraft programs. Customers include engine manufacturers, airlines, other aircraft operators and defense organizations. Revenue is generated from equipment and spare-part sales as well as maintenance and repair work. MTU's two principal operating areas distinguish engine development and production from commercial maintenance services. | $391 | -11% | $21B | $21B | 2.1x | 9.9x | ||
| Hensoldt, founded in 2017 and headquartered in Taufkirchen, Germany, completed its initial public offering on Sept. 25, 2020, on Deutsche Börse AG. The company specializes in defense and security electronics, operating across two main segments: sensors and optronics, with the majority of its revenue generated by the sensors division. Hensoldt has deep roots and its strongest market presence in Germany, but it also maintains production sites in France, the United Kingdom, and South Africa. Its sales footprint extends across Europe, the Middle East, Asia-Pacific, North America, Africa, Latin America, and other regions. | $85 | -20% | $9.9B | $11B | 4.0x | 25.4x | ||
| Tkms Ag & Co KGaA is an international maritime industrial group. The company is a system provider in submarine and surface vessel construction, in the field of maritime electronics and security technology and in solutions in the non-military sector. Its portfolio includes the development and manufacture of conventional submarines, specialized submarines such as frigates and corvettes and specialized civilian vessels. The business activities of TKMS comprise the three operating units (i) Submarines, (ii) Surface Vessels and (iii) Atlas Electronics. The majority of the company's revenue is derived from the Submarines segment, which comprises the construction (including design, procurement, and manufacturing) of non-nuclear submarines for use in coastal and offshore areas. | $84 | -11% | $5.4B | $4B | 1.7x | 17.5x | ||
| RENK Group AG provides vehicle mobility solutions. Its propulsion and drivetrain technology ensures the reliable deployment of forces to set vehicles, vessels, and machinery in motion. The company's business is divided into the following segments: Vehicle Mobility Solutions, Marine and Industry, and Slide Bearings. The Vehicle Mobility Solutions segment, which generates maximum revenue, provides technology for the deployment of forces to set vehicles, vessels, and machinery in motion, and also offers products like engines, suspensions, electric drives, and power packs for military vehicles and test systems. Geographically, the company generates maximum revenue from Germany and the rest from America, Asia, Africa, other European countries, Other EU countries, and Australia and Oceania. | $38 | -50% | $3.8B | $4.3B | 2.8x | 16.5x | ||
| Theon International PLC is a defense and security technology company specializing in electro-optical systems and integrated solutions for military and security applications. It develops and manufactures night vision and thermal imaging systems used by defense and security organizations. The company operates internationally through subsidiaries and production facilities across multiple regions. Its products are used by armed forces and security agencies in various countries. In addition to electro-optical systems, it develops integrated soldier systems, ISR optronics, and platform solutions for land and maritime environments. | $31 | -9% | $2.4B | $2.7B | 5.4x | 20.4x | ||
| H&K AG develops, manufactures, and, together with its subsidiaries, markets and distributes infantry and sidearms for governmental security forces. The company offers its products to the security forces, the police, and special forces of NATO and NATO-associated states. The products include Rifles, Submachine guns, Machine guns, Pistols, Development services, and Other products and services. The segments of the company are Germany, Sustainable Technology, USA-Commercial, USA-Defence, Great Britain and France. | $38 | -28% | $1.4B | $1.5B | 3.3x | 21.4x | ||
| Median | $84 | -20% | $5.4B | $4.3B | 3.3x | 20.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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