Rheinmetall's Order Book Keeps Growing While the Stock Sits 49% Below Its Peak
Published on 09/19/2026 at 21:20 | Editorial boerse-global.de
Rheinmetall's commercial machine keeps firing on all cylinders. On Monday the Düsseldorf-based defense group disclosed a fresh major contract for 155mm artillery ammunition from an international customer, a deal worth a low three-digit million-euro sum that will be booked in the third quarter of 2026, with delivery slated for 2027. The award lands just weeks after the Bundeswehr placed an order for 149 additional mobile rescue stations, a package announced on August 17 and valued at more than EUR 500 million gross. Add a tranche booked back in July and the program now covers 165 systems worth upwards of EUR 600 million.
That steady flow of new business underpins the expansion course management laid out with its first-half figures. When Rheinmetall reported second-quarter 2026 numbers on August 6, it posted quarterly revenue that reinforced the narrative of a company growing into its valuation.
A Milestone That Moved Nothing
Contrast that with the equity story. The handover of Germany's first F-35 fighter jet — a genuine operational milestone — barely registered in the order book of the stock market. According to media reports, the event fizzled out without any meaningful reaction in the shares. Maximilian Berger noted in his analysis that the stock lacks fresh momentum despite the step and continues to trade weakly.
Friday's close told the story: EUR 1,016.00, leaving the stock down 35% since the start of the year and 49% below its 52-week high. The gap to last year's peaks says plenty about how cautious the market has become.
Should investors sell immediately? Or is it worth buying Rheinmetall?
Part of that caution traces back to valuation. Investors are still chewing over a trailing price-to-earnings ratio of 104.62 from the prior year, weighing it against the Bundeswehr contracts they hope will materialize. No new buying pressure has emerged to resolve that debate.
Skyranger Fears Pushed Back
Attention has also shifted to the Skyranger air-defense system after media reports surfaced about supposed delays in the program. CEO Armin Papperger pushed back directly, calling the timing shifts minimal and confirming that regular series deliveries will begin on schedule in 2027. The reassurances calmed nerves, though they did not spark a buying wave before the weekend.
Near-term catalysts could arrive on the conference circuit. Rheinmetall appears at the Berenberg and Goldman German Corporate Conference on September 23, followed by the Baader Investment Conference on September 24, where management gets another chance to walk investors through the business outlook.
The next hard numbers land on November 5, when the company is expected to publish third-quarter results. That report will show how much of the recent order intake has already flowed into the key metrics — and whether the stock's discount to its former highs looks any more justified.
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