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Thales Valuation Multiples
Discover revenue and EBITDA valuation multiples for Thales and similar public comparables like L3Harris, Larsen & Toubro, TransDigm, Barrick Mining and more.
Thales Overview
About Thales
Thales is a French aerospace and defense industrial and one of Europe's largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards.
Founded
1918
HQ
Employees
938
Website
Financials (LTM)
EV
$66B
Thales Financials
Thales reported last 12-month revenue of $26B and EBITDA of $4B.
In the same LTM period, Thales generated $8B in gross profit, $4B in EBITDA, and $2B in net income.
Revenue (LTM)
Thales P&L
In the most recent fiscal year, Thales reported revenue of $26B and EBITDA of $4B.
Thales expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $26B | XXX | $26B | XXX | XXX | XXX |
| Gross Profit | $8B | XXX | $7B | XXX | XXX | XXX |
| Gross Margin | 31% | XXX | 26% | XXX | XXX | XXX |
| EBITDA | $4B | XXX | $4B | XXX | XXX | XXX |
| EBITDA Margin | 15% | XXX | 15% | XXX | XXX | XXX |
| EBIT Margin | 12% | XXX | 12% | XXX | XXX | XXX |
| Net Profit | $2B | XXX | $2B | XXX | XXX | XXX |
| Net Margin | 8% | XXX | 8% | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Thales Stock Performance
Thales has current market cap of $64B, and enterprise value of $66B.
Market Cap Evolution
Thales' stock price is $311.51.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $66B | $64B | -1.1% | XXX | XXX | XXX | $9.59 |
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Start Free TrialThales Valuation Multiples
Thales trades at 2.5x EV/Revenue multiple, and 16.3x EV/EBITDA.
EV / Revenue (LTM)
Thales Financial Valuation Multiples
As of April 19, 2026, Thales has market cap of $64B and EV of $66B.
Equity research analysts estimate Thales' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Thales has a P/E ratio of 31.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $64B | XXX | $64B | XXX | XXX | XXX |
| EV (current) | $66B | XXX | $66B | XXX | XXX | XXX |
| EV/Revenue | 2.5x | XXX | 2.5x | XXX | XXX | XXX |
| EV/EBITDA | 16.3x | XXX | 16.4x | XXX | XXX | XXX |
| EV/EBIT | 20.4x | XXX | 21.2x | XXX | XXX | XXX |
| EV/Gross Profit | 8.1x | XXX | 9.6x | XXX | XXX | XXX |
| P/E | 31.1x | XXX | 32.5x | XXX | XXX | XXX |
| EV/FCF | 24.0x | XXX | 21.8x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Thales Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Thales Margins & Growth Rates
Thales' revenue in the last 12 month grew by 9%.
Thales' revenue per employee in the last FY averaged $27.8M, while opex per employee averaged $4.6M for the same period.
Thales' rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Thales' rule of X is 34% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Thales Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 15% | XXX | 15% | XXX | XXX | XXX |
| EBITDA Growth | 13% | XXX | 10% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 23% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 34% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $27.8M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $4.6M | XXX | XXX | XXX |
| S&M Expenses to Revenue | 7% | XXX | 7% | XXX | XXX | XXX |
| G&A Expenses to Revenue | 3% | XXX | 3% | XXX | XXX | XXX |
| R&D Expenses to Revenue | 6% | XXX | 6% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 16% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Thales Public Comps
See public comps and valuation multiples for other Defense Systems and Aircraft & Space Systems comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Thales | XXX | XXX | XXX | XXX | XXX | XXX |
| L3Harris | XXX | XXX | XXX | XXX | XXX | XXX |
| Larsen & Toubro | XXX | XXX | XXX | XXX | XXX | XXX |
| TransDigm | XXX | XXX | XXX | XXX | XXX | XXX |
| Barrick Mining | XXX | XXX | XXX | XXX | XXX | XXX |
| Hanwha Aerospace | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Thales M&A Activity
Thales acquired XXX companies to date.
Last acquisition by Thales was on XXXXXXXX, XXXXX. Thales acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Thales
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialThales Investment Activity
Thales invested in XXX companies to date.
Thales made its latest investment on XXXXXXXX, XXXXX. Thales invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Thales
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Thales
| When was Thales founded? | Thales was founded in 1918. |
| Where is Thales headquartered? | Thales is headquartered in France. |
| How many employees does Thales have? | As of today, Thales has over 938 employees. |
| Who is the CEO of Thales? | Thales' CEO is Patrice Caine. |
| Is Thales publicly listed? | Yes, Thales is a public company listed on Euronext Paris. |
| What is the stock symbol of Thales? | Thales trades under HO ticker. |
| When did Thales go public? | Thales went public in 1989. |
| Who are competitors of Thales? | Thales main competitors are L3Harris, Larsen & Toubro, TransDigm, Barrick Mining. |
| What is the current market cap of Thales? | Thales' current market cap is $64B. |
| What is the current revenue of Thales? | Thales' last 12 months revenue is $26B. |
| What is the current revenue growth of Thales? | Thales revenue growth (NTM/LTM) is 9%. |
| What is the current EV/Revenue multiple of Thales? | Current revenue multiple of Thales is 2.5x. |
| Is Thales profitable? | Yes, Thales is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Thales? | Thales' last 12 months EBITDA is $4B. |
| What is Thales' EBITDA margin? | Thales' last 12 months EBITDA margin is 15%. |
| What is the current EV/EBITDA multiple of Thales? | Current EBITDA multiple of Thales is 16.3x. |
| What is the current FCF of Thales? | Thales' last 12 months FCF is $3B. |
| What is Thales' FCF margin? | Thales' last 12 months FCF margin is 10%. |
| What is the current EV/FCF multiple of Thales? | Current FCF multiple of Thales is 24.0x. |
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