Thales S.A. (HO) - Net Assets

Latest as of June 2025: €7.17 Billion EUR ≈ $8.38 Billion USD

Based on the latest financial reports, Thales S.A. (HO) has net assets worth €7.17 Billion EUR (≈ $8.38 Billion USD) as of June 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€38.89 Billion ≈ $45.46 Billion USD) and total liabilities (€31.72 Billion ≈ $37.08 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 HO goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	€7.17 Billion
% of Total Assets	18.43%
Annual Growth Rate	5.57%
5-Year Change	42.34%
10-Year Change	52.94%
Growth Volatility	18.0

Thales S.A. - Net Assets Trend (2001–2024)

This chart illustrates how Thales S.A.'s net assets have evolved over time, based on quarterly financial data. See Thales S.A. defensive liquidity buffer to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Thales S.A. (2001–2024)

The table below shows the annual net assets of Thales S.A. from 2001 to 2024. For live valuation and market cap data, see how much is Thales S.A. worth.

Year	Net Assets	Change
2024-12-31	€7.56 Billion ≈ $8.84 Billion	+8.45%
2023-12-31	€6.97 Billion ≈ $8.15 Billion	-5.59%
2022-12-31	€7.38 Billion ≈ $8.63 Billion	+9.77%
2021-12-31	€6.72 Billion ≈ $7.86 Billion	+26.64%
2020-12-31	€5.31 Billion ≈ $6.21 Billion	-6.55%
2019-12-31	€5.68 Billion ≈ $6.64 Billion	-4.09%
2018-12-31	€5.92 Billion ≈ $6.93 Billion	+6.64%
2017-12-31	€5.56 Billion ≈ $6.49 Billion	+14.17%
2016-12-31	€4.87 Billion ≈ $5.69 Billion	-1.53%
2015-12-31	€4.94 Billion ≈ $5.78 Billion	+21.42%
2014-12-31	€4.07 Billion ≈ $4.76 Billion	+3.27%
2013-12-31	€3.94 Billion ≈ $4.61 Billion	-14.07%
2012-12-31	€4.59 Billion ≈ $5.36 Billion	+11.05%
2011-12-31	€4.13 Billion ≈ $4.83 Billion	+12.19%
2010-12-31	€3.68 Billion ≈ $4.30 Billion	-1.93%
2009-12-31	€3.75 Billion ≈ $4.39 Billion	-5.01%
2008-12-31	€3.95 Billion ≈ $4.62 Billion	+1.83%
2007-12-31	€3.88 Billion ≈ $4.54 Billion	+69.16%
2006-12-31	€2.29 Billion ≈ $2.68 Billion	+9.10%
2005-12-31	€2.10 Billion ≈ $2.46 Billion	+31.32%
2004-12-31	€1.60 Billion ≈ $1.87 Billion	-22.18%
2003-12-31	€2.06 Billion ≈ $2.41 Billion	-5.08%
2002-12-31	€2.17 Billion ≈ $2.53 Billion	-0.27%
2001-12-31	€2.17 Billion ≈ $2.54 Billion	--

Equity Component Analysis

This analysis shows how different components contribute to Thales S.A.'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 441440000000.0% over the analyzed period, indicating profitable operations and earnings retention.

Current Equity Component Breakdown (December 2024)

Component	Amount	Percentage
Retained Earnings	€4.41 Billion	58.74%
Common Stock	€617.80 Million	8.22%
Other Comprehensive Income	€-557.10 Million	-7.41%
Other Components	€3.04 Billion	40.45%
Total Equity	€7.52 Billion	100.00%

Thales S.A. Competitors by Market Cap

The table below lists competitors of Thales S.A. ranked by their market capitalization.

Company	Market Cap
Sandvik AB ST:SAND	$51.36 Billion
Deutsche Bank Aktiengesellschaft F:DBK	$51.48 Billion
L3Harris Technologies Inc NYSE:LHX	$51.53 Billion
United Microelectronics Corporation TW:2303	$51.68 Billion
ASE Industrial Holding Co Ltd ADR NYSE:ASX	$51.18 Billion
RIO Tinto Ltd AU:RIO	$51.15 Billion
China Molybdenum Co Ltd Class A SHG:603993	$51.13 Billion
Arthur J Gallagher & Co NYSE:AJG	$51.10 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Thales S.A.'s equity between the two most recent reporting periods.

Equity Growth Insights

From 2023 to 2024, total equity changed from 6,830,000,000 to 7,515,200,000, a change of 685,200,000 (10.0%).
Net income of 1,419,500,000 contributed positively to equity growth.
Dividend payments of 708,400,000 reduced retained earnings.
Share repurchases of 275,400,000 reduced equity.
Other comprehensive income increased equity by 1,266,799,999.
Other factors decreased equity by 1,017,299,999.

Equity Change Factors (2023 to 2024)

Factor	Impact	Contribution
Net Income	€1.42 Billion	+18.89%
Dividends Paid	€708.40 Million	-9.43%
Share Repurchases	€275.40 Million	-3.66%
Other Comprehensive Income	€1.27 Billion	+16.86%
Other Changes	€-1.02 Billion	-13.54%
Total Change	€-	10.03%

Book Value vs Market Value Analysis

This analysis compares Thales S.A.'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: 6.17x
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 17.15x to 6.17x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2001-12-31	€13.11	€224.90	x
2002-12-31	€13.37	€224.90	x
2003-12-31	€12.15	€224.90	x
2004-12-31	€8.96	€224.90	x
2005-12-31	€11.32	€224.90	x
2006-12-31	€12.66	€224.90	x
2007-12-31	€19.75	€224.90	x
2008-12-31	€20.12	€224.90	x
2009-12-31	€19.15	€224.90	x
2010-12-31	€18.73	€224.90	x
2011-12-31	€20.94	€224.90	x
2012-12-31	€22.96	€224.90	x
2013-12-31	€19.40	€224.90	x
2014-12-31	€18.19	€224.90	x
2015-12-31	€22.03	€224.90	x
2016-12-31	€21.75	€224.90	x
2017-12-31	€24.98	€224.90	x
2018-12-31	€26.72	€224.90	x
2019-12-31	€25.57	€224.90	x
2020-12-31	€24.03	€224.90	x
2021-12-31	€30.41	€224.90	x
2022-12-31	€33.78	€224.90	x
2023-12-31	€32.65	€224.90	x
2024-12-31	€36.48	€224.90	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Thales S.A. 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): 18.89%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 6.90%
• Asset Turnover: 0.51x
• Equity Multiplier: 5.32x
Recent ROE (18.89%) is above the historical average (12.46%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2001	-17.29%	-3.57%	0.53x	9.14x	€-578.03 Million
2002	5.27%	1.00%	0.61x	8.63x	€-99.89 Million
2003	5.70%	1.06%	0.58x	9.31x	€-84.70 Million
2004	21.01%	3.17%	0.76x	8.72x	€170.59 Million
2005	16.52%	3.25%	0.74x	6.87x	€131.82 Million
2006	17.02%	3.78%	0.68x	6.59x	€160.08 Million
2007	22.89%	7.22%	0.69x	4.56x	€499.64 Million
2008	14.18%	4.42%	0.71x	4.54x	€165.01 Million
2009	-5.39%	-1.57%	0.72x	4.81x	€-575.96 Million
2010	-2.93%	-0.82%	0.69x	5.18x	€-474.78 Million
2011	12.42%	3.93%	0.62x	5.12x	€99.78 Million
2012	12.79%	4.14%	0.66x	4.66x	€127.88 Million
2013	14.66%	4.04%	0.66x	5.50x	€182.30 Million
2014	18.94%	5.51%	0.65x	5.30x	€337.06 Million
2015	16.47%	5.44%	0.65x	4.64x	€300.51 Million
2016	20.40%	6.36%	0.66x	4.89x	€482.39 Million
2017	12.76%	4.30%	0.68x	4.38x	€147.21 Million
2018	17.23%	6.19%	0.62x	4.48x	€411.84 Million
2019	20.59%	6.10%	0.59x	5.73x	€576.98 Million
2020	9.45%	2.85%	0.53x	6.22x	€-28.09 Million
2021	16.80%	6.72%	0.49x	5.07x	€440.79 Million
2022	15.62%	6.38%	0.51x	4.80x	€403.21 Million
2023	14.98%	5.55%	0.48x	5.68x	€340.40 Million
2024	18.89%	6.90%	0.51x	5.32x	€667.98 Million

Industry Comparison

This section compares Thales S.A.'s net assets metrics with peer companies in the Aerospace & Defense industry.

Industry Context

Industry: Aerospace & Defense
Average net assets among peers: $2,799,715,510
Average return on equity (ROE) among peers: -63.75%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Thales S.A. (HO)	€7.17 Billion	-17.29%	4.43x	$51.35 Billion
Airbus Group SE (AIR)	$14.13 Billion	-1.88%	2.27x	$136.73 Billion
Dassault Aviation SA (AM)	$4.05 Billion	9.49%	1.42x	$22.49 Billion
Exail Technologies S.A. (EXA)	$77.40 Million	8.30%	2.42x	$1.43 Billion
Figeac Aero SA (FGA)	$17.61 Million	0.00%	2.97x	$487.08 Million
Lisi S.A (FII)	$542.51 Million	10.91%	0.94x	$2.90 Billion
Latécoère S.A. (LAT)	$21.43 Million	-593.13%	33.65x	$195.92 Million
H&K AG (MLHK)	$133.44 Million	20.22%	2.43x	$1.21 Billion
Verney-Carron S.A (MLVER)	$4.41 Million	-48.23%	2.11x	$1.96 Million
Safran SA (SAF)	$6.23 Billion	20.58%	2.68x	$116.99 Billion

About Thales S.A.

PA:HO France Aerospace & Defense

Market Cap

$54.05 Billion

€46.24 Billion EUR

Market Cap Rank

#525 Global

#18 in France

Share Price

€224.90

Change (1 day)

-0.75%

52-Week Range

€216.45 - €273.00

All Time High

€273.00