Rheinmetall AG (RHM) - Net Assets
Based on the latest financial reports, Rheinmetall AG (RHM) has net assets worth €5.62 Billion EUR (≈ $6.56 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€16.77 Billion ≈ $19.61 Billion USD) and total liabilities (€11.16 Billion ≈ $13.04 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check RHM tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €5.62 Billion |
| % of Total Assets | 33.48% |
| Annual Growth Rate | 12.69% |
| 5-Year Change | 114.23% |
| 10-Year Change | 215.27% |
| Growth Volatility | 12.83 |
Rheinmetall AG - Net Assets Trend (2013–2025)
This chart illustrates how Rheinmetall AG's net assets have evolved over time, based on quarterly financial data. See Rheinmetall AG liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Rheinmetall AG (2013–2025)
The table below shows the annual net assets of Rheinmetall AG from 2013 to 2025. For live valuation and market cap data, see Rheinmetall AG market cap and net worth.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €5.62 Billion ≈ $6.56 Billion |
+25.78% |
| 2024-12-31 | €4.46 Billion ≈ $5.22 Billion |
+22.54% |
| 2023-12-31 | €3.64 Billion ≈ $4.26 Billion |
+18.16% |
| 2022-12-31 | €3.08 Billion ≈ $3.60 Billion |
+17.63% |
| 2021-12-31 | €2.62 Billion ≈ $3.06 Billion |
+27.67% |
| 2020-12-31 | €2.05 Billion ≈ $2.40 Billion |
-9.60% |
| 2019-12-31 | €2.27 Billion ≈ $2.66 Billion |
+4.56% |
| 2018-12-31 | €2.17 Billion ≈ $2.54 Billion |
+11.10% |
| 2017-12-31 | €1.96 Billion ≈ $2.29 Billion |
+9.77% |
| 2016-12-31 | €1.78 Billion ≈ $2.08 Billion |
+14.02% |
| 2015-12-31 | €1.56 Billion ≈ $1.83 Billion |
+30.49% |
| 2014-12-31 | €1.20 Billion ≈ $1.40 Billion |
-10.60% |
| 2013-12-31 | €1.34 Billion ≈ $1.57 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Rheinmetall AG's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 205.4% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €3.50 Billion | 69.91% |
| Other Components | €1.51 Billion | 30.09% |
| Total Equity | €5.01 Billion | 100.00% |
Rheinmetall AG Competitors by Market Cap
The table below lists competitors of Rheinmetall AG ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Carrier Global Corp
NYSE:CARR
|
$54.72 Billion |
|
Alimentation Couchen Tard Inc A
TO:ATD
|
$54.76 Billion |
|
ASS.GENERALI ADR 1/2/EO 1
F:ASG0
|
$54.86 Billion |
|
Sandvik AB
ST:SAND
|
$54.90 Billion |
|
Loblaw Companies Limited
TO:L
|
$54.52 Billion |
|
KDDI CORP.UNSP.ADR 4
F:DIP0
|
$54.44 Billion |
|
Societe Generale S.A.
PA:GLE
|
$54.31 Billion |
|
The Allstate Corporation
NYSE:ALL
|
$54.30 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Rheinmetall AG's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,050,000,000 to 5,011,000,000, a change of 961,000,000 (23.7%).
- Net income of 696,000,000 contributed positively to equity growth.
- Dividend payments of 369,000,000 reduced retained earnings.
- Other factors increased equity by 634,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €696.00 Million | +13.89% |
| Dividends Paid | €369.00 Million | -7.36% |
| Other Changes | €634.00 Million | +12.65% |
| Total Change | €- | 23.73% |
Book Value vs Market Value Analysis
This analysis compares Rheinmetall AG's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 10.75x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 27.43x to 10.75x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €42.82 | €1174.60 | x |
| 2018-12-31 | €47.02 | €1174.60 | x |
| 2019-12-31 | €49.32 | €1174.60 | x |
| 2020-12-31 | €43.71 | €1174.60 | x |
| 2021-12-31 | €55.84 | €1174.60 | x |
| 2022-12-31 | €64.82 | €1174.60 | x |
| 2023-12-31 | €76.37 | €1174.60 | x |
| 2024-12-31 | €93.24 | €1174.60 | x |
| 2025-12-31 | €109.22 | €1174.60 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Rheinmetall AG utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.89%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.01%
- • Asset Turnover: 0.59x
- • Equity Multiplier: 3.35x
- Recent ROE (13.89%) is above the historical average (11.07%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2013 | 2.31% | 0.66% | 0.91x | 3.88x | €-96.50 Million |
| 2014 | 1.61% | 0.38% | 0.89x | 4.71x | €-93.90 Million |
| 2015 | 10.12% | 2.91% | 0.90x | 3.84x | €1.80 Million |
| 2016 | 11.86% | 3.57% | 0.91x | 3.63x | €31.40 Million |
| 2017 | 12.20% | 3.80% | 0.95x | 3.37x | €40.40 Million |
| 2018 | 15.09% | 4.96% | 0.91x | 3.34x | €102.90 Million |
| 2019 | 15.76% | 5.36% | 0.84x | 3.49x | €122.50 Million |
| 2020 | -1.43% | -0.46% | 0.81x | 3.85x | €-215.80 Million |
| 2021 | 12.03% | 5.14% | 0.73x | 3.20x | €49.20 Million |
| 2022 | 16.68% | 7.32% | 0.79x | 2.88x | €187.80 Million |
| 2023 | 16.13% | 7.46% | 0.61x | 3.53x | €203.40 Million |
| 2024 | 17.70% | 9.29% | 0.54x | 3.54x | €312.00 Million |
| 2025 | 13.89% | 7.01% | 0.59x | 3.35x | €194.90 Million |
Industry Comparison
This section compares Rheinmetall AG's net assets metrics with peer companies in the Aerospace & Defense industry.
Industry Context
- Industry: Aerospace & Defense
- Average net assets among peers: $12,995,028,643
- Average return on equity (ROE) among peers: -44.68%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Rheinmetall AG (RHM) | €5.62 Billion | 2.31% | 1.99x | $54.57 Billion |
| CREOTECH INS.S.A. ZY -10 (5OB) | $157.32 Million | 8.63% | 1.11x | $416.16 Million |
| KWESST MICRO SYS.INC. (62UA) | $1.37 Million | -543.58% | 3.11x | $7.75 Million |
| Airbus SE (AIRA) | $13.35 Billion | 21.52% | 7.53x | $137.92 Billion |
| AviChina Industry & Technology Company Limited (AVT) | $31.16 Billion | 3.92% | 1.53x | $2.27 Billion |
| Yangzijiang Shipbuilding (Holdings) Ltd (B8O) | $26.38 Billion | 25.15% | 1.07x | $10.48 Billion |
| BAE SYSTEMS ADR/4 LS-025 (BSPA) | $11.40 Billion | 13.96% | 1.76x | $76.97 Billion |
| Embraer S.A (EMY) | $3.94 Billion | 4.21% | 1.96x | $8.97 Billion |
| COSCO SHIPPING Development Co. Ltd. (EZ5) | $28.89 Billion | 13.57% | 3.44x | $399.61 Million |
| LEONARDO ADR 1/2/EO 440 (FMN) | $10.74 Billion | 11.40% | 2.21x | $33.03 Billion |
| CSSC Offshore & Marine Engineering (Group) Co Ltd (GSZ) | $3.93 Billion | -5.56% | 4.49x | $1.00 Billion |
About Rheinmetall AG
Rheinmetall AG provides mobility and security technologies in Germany, Rest of Europe, North, Middle, and South America, Asia and the Near East, and internationally. The company operates through the Vehicle Systems, Weapon and Ammunition, and Electronic Solutions segments. Its Vehicle Systems segment offers combat, logistics, support, and special vehicles, including armored tracked vehicles, CBRN… Read more