TKMS AG & Co KGaA (TKMS) Fair Value & Analysis
Industrials · DE · Market cap €4.8B · ISIN DE000TKMS001
What is TKMS AG & Co KGaA really worth?
A solid business, but trading 47% above our fair value of €56.53.
Strengths
Risks
Fair value as of: Aug 27, 2026
From 24 valuation models · updated 9 days ago
Share price −6.1% 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 (€64.14). The favourable scenario is already priced in.
- Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (10 months)
White line = price, green steps = our fair value per fiscal year. As of Aug 27, 2026.
How to read this chart
10‑month range €57.55 – €104.00 · fair‑value band €48.91 – €64.14 · the €83.20 price screens above the €56.53 fair value. As of Aug 27, 2026.
Analysis
TKMS AG & Co KGaA (TKMS) currently trades at €83.20, while our model-based Fair Value estimate is €56.53, implying the stock looks roughly 47.2% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of €156.18 per share, and 9 of the 24 models we run sit above the €83.20 price. Bear case: the Asset-Based group reads lowest at €13.24, and 15 of the 24 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, TKMS AG & Co KGaA generated revenue of €2.3B at a net margin of 3.7%. Revenue grew 22.4% year over year. The balance sheet holds a net cash position of €2.0B. The stock trades on a trailing P/E of 54.7. Fundamentals as of Aug 27, 2026
Our scenario range runs from €48.91 (bear case) to €64.14 (bull case); at €83.20, 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 22% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −44% fair-value upside, at −32%, TKMS 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 €1.03 per share, which is 1.8 % 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: DCF Models (€156.18) versus Asset-Based (€13.24). Highest evidence: FCF DCF (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 66 · Market factors (momentum, volatility) 32
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
TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally. It operates through three segments: Submarines, Surface Vessels, and Atlas Electronics.
Full company description
TKMS AG & Co KGaA, together with its subsidiaries, provides maritime technologies and solutions in Germany, Norway, Brazil, Israel, and internationally. It operates through three segments: Submarines, Surface Vessels, and Atlas Electronics. The company designs, procures, and manufactures non-nuclear and conventional submarines, corvettes, frigates, and support ships, as well as unmanned, surface, special offshore patrol, and research vessels. It also offers compact sonar underwater and integrated sensor underwater system; hull-mounted minehunting sonar, integrated mine counter measures system, hybrid autonomous underwater vehicle system, and identification and disposal system; modular ASW combat suite, anti-torpedo torpedo, variable depth and passive towed array sonars, and active hull-mounted sonar system; heavyweight torpedo; and communication systems. In addition, the company provides various services, including trainer system, virtual ship and flight deck officer simulator, virtual ship training and information system, remote maintenance system, integrated logistic support, and in-service support, as well as artificial intelligence and data analysis. It serves the navies of North Atlantic Treaty Organization, non-NATO allies, and strategic partner nations. The company was founded in 2005 and is headquartered in Kiel, Germany. TKMS AG & Co KGaA operates as a subsidiary of thyssenkrupp AG.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2025 · reported fiscal years
TKMS AG & Co KGaA reported revenue of €2.5B in FY2025 versus €1.7B in FY2022, a compound +15.4%/yr. Reported net income was €123M in FY2025, compounding +125.0%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
TKMS screens 47% overvalued. Compare with General Electric Company →
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 27, 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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