Leonardo S.p.A. (LDO) Fair Value & Analysis
Industrials · IT · Market cap €34.3B · ISIN IT0003856405
What is Leonardo S.p.A. really worth?
A solid business, but trading 57% above our fair value of €32.11.
Strengths
Risks
For context
Fair value as of: Aug 31, 2026
From 24 valuation models · updated 5 days ago
Share price −12.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€45.89). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (€21.55 to €45.89) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range €5.53 – €63.49 · fair‑value band €21.55 – €45.89 · the €50.46 price screens above the €32.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Leonardo S.p.A. (LDO) currently trades at €50.46, while our model-based Fair Value estimate is €32.11, implying the stock looks roughly 57.2% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of €38.60 per share, and 1 of the 24 models we run sit above the €50.46 price. Bear case: the Dividend Discount group reads lowest at €7.63, and 23 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Leonardo S.p.A. generated revenue of €19.8B at a net margin of 5.1%. Revenue grew 6.9% year over year. It earns a return on equity of 13.1%. Net debt stands at €643M. Fundamentals as of Aug 31, 2026
Our scenario range runs from €21.55 (bear case) to €45.89 (bull case); at €50.46, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 24% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −36%, LDO screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €0.8933 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Multiples (€38.60) versus Dividend Discount (€7.63). Highest evidence: FCF DCF (81).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 53 · Market factors (momentum, volatility) 50
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Leonardo S.p.a., an industrial and technological company, engages in the helicopters, defense electronics and security, cyber security and solutions, aircraft, aerostructures, and space sectors in Italy, the United Kingdom, rest of Europe, the United States of America, and internationally.
Full company description
Leonardo S.p.a., an industrial and technological company, engages in the helicopters, defense electronics and security, cyber security and solutions, aircraft, aerostructures, and space sectors in Italy, the United Kingdom, rest of Europe, the United States of America, and internationally. It offers a range of helicopters for battlefield/personnel recovery, combat, maritime, training, VIP/executive transport, medical and rescue, energy, security, and utility services, as well as provides support and training services. The company also provides trainers, fighters, multi-mission transport, and multi-mission surveillance aircraft; command and controls, radars and sensors, optronics, communication systems, electronic warfare, avionics, defense system, and air traffic management; defense systems comprising turrets and canons, munitions, and torpedoes; and cyber security and resilience, critical communications, digitalization, and global monitoring solutions. In addition, it offers geoinformation, satellite communications, ground systems, navigation, and satellite operations; interplanetary probes and orbiting modules; and robotics and drilling, electro-optics, laser transmitters, atomic clocks, photovoltaic panels, power distributors and amplifiers, attitude sensors, and orbital micro propulsion. Further, the company engages in the production and assembly of major structural composite and metallic components for commercial and military aircraft, helicopters, and uncrewed aircraft. Additionally, it designs and manufactures heavy-duty quarry and construction vehicles for the mining and construction industry. The company was formerly known as Leonardo " Finmeccanica S.p.a. and changed its name to Leonardo S.p.a. in January 2017. Leonardo S.p.a. was founded in 1948 and is headquartered in Rome, Italy.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Leonardo S.p.A. reported revenue of €19.5B in FY2025 versus €14.1B in FY2021, a compound +8.4%/yr. Reported net income was €1.2B in FY2025, compounding +20.2%/yr from FY2021.
LDO screens 57% overvalued. Compare with General Electric Company →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Leonardo DRS and Leidos Shares Are Falling, What You Need To Know
- Are Aerospace Stocks Lagging Leonardo S.P.A. - Unsponsored ADR (FINMY) This Year?
- Leonardo US Cyber & Security Solutions, Inc. Introduces SignalTrace™, the Next Evolution in Electronic Signature Detection Technology
- Leonardo SpA (FINMF) (Q2 2026) Earnings Call Highlights: Orders Surge 40%, Guidance Raised on ...
Peer Group
Aerospace & Defense · 229 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Aerospace & Defense median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| General Electric Company GE | $335.71 | $116.71 | −65% |
| RTX Corporation RTX | $212.08 | $88.37 | −58% |
| Airbus SE AIR | €213.00 | €117.01 | −45% |
| Lockheed Martin Corporation LMT | $565.89 | $419.01 | −26% |
| Howmet Aerospace Inc HWM | $264.85 | $50.43 | −81% |
| General Dynamics Corporation GD | $379.32 | $274.32 | −28% |
| Northrop Grumman Corporation NOC | $545.57 | $356.59 | −35% |
| TransDigm Group TDG | $1,235 | $571.03 | −54% |
| L3Harris Technologies, Inc LHX | $262.82 | $146.55 | −44% |
| Thales S.A HO | €243.70 | €171.13 | −30% |
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