Rheinmetall's Pile of New Orders Totals €4.5bn, but the Stock Is Stuck in a Bear Market
Published on 07/14/2026 at 06:33 | Redaktion boerse-global.de
Rheinmetall has added more than €4.5bn to its order book in recent weeks, spanning everything from digital battle simulators to military trucks, laser cannons and missile decoy systems. Yet the company's shares continue to sink, trading at roughly half their September 2025 peak and within striking distance of a 52-week low.
The latest tranche of contracts includes a €1bn role in the "Omnia Training" consortium led by Raytheon, which is overhauling the British Army's combat training with a digital "battle lab" that uses AI simulations for up to 60,000 soldiers a year. The 15-year programme is set to launch in summer 2026, providing Rheinmetall with long-term, predictable revenue.
Closer to home, the Bundeswehr has ordered up to 6,500 military trucks in a deal worth as much as €3.5bn. The contract goes hand in hand with the "InterRoC VII" project, which aims to automate military convoys using AI software that can navigate without satellite signals.
On the naval front, Rheinmetall and MBDA Deutschland have been tapped to develop a high-energy laser weapon system for the German Navy. The contract was announced on 9 July 2026, just days after Kuwait placed its first order for MASS decoy launchers, to be installed on eight warships. That deal, including munitions, is valued in the mid-double-digit millions of euros. Separately, Rheinmetall is partnering with Lockheed Martin to set up a European production line for ATACMS precision missiles at its UnterlĂĽĂź facility, aiming to reduce the continent's dependence on US-supplied munitions.
Should investors sell immediately? Or is it worth buying Rheinmetall?
The political backdrop remains supportive. Germany is targeting defence spending of 5% of GDP, which would translate into roughly €230bn annually; alone for 2026, €108bn is earmarked.
None of this, however, has arrested the stock's decline. On Monday, Rheinmetall shares traded at €984.90, down 0.82% on the day and 13.30% over the past week. Over the last 30 days the loss has widened to 17.69%. Year-to-date, the equity has shed 38.62%, and on a 12-month basis the drop reaches 47.45%.
From the 52-week high of €1,995.00 set in September 2025, the stock is now off by more than 50%. The distance to the 52-week low of €902.50, hit on 25 June, stands at just 8.92%. Volatility remains extreme: the 30-day annualised figure is 68.76%, a level that marks the shares as high risk.
Technically, the picture remains bearish. The stock sits 35.07% below its 200-day moving average of €1,513.95 and 15.18% under the 50-day average of €1,161.13. The 14-day relative strength index stands at 36.3, close to but not yet inside oversold territory.
Rheinmetall at a turning point? This analysis reveals what investors need to know now.
With a market capitalisation of €46.23bn, investors are effectively repricing the company’s growth prospects downward, even as its backlog swells. The market is fixated on capacity constraints and the heavy investment needed to turn those orders into revenue and margin.
All eyes now turn to 6 August 2026, when Rheinmetall reports second-quarter figures. That earnings release will show whether the torrent of contracts is actually filtering through to the bottom line. Until then, the divergence between operational momentum and share price performance looks set to persist. The RSI suggests a technical bounce is possible, but with every moving average pointing lower, any recovery would need to overcome stiff resistance.
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