Annual rank57
Germany · Industrials
Rheinmetall
Supplies armoured vehicles, weapon systems and ammunition, alongside products in air defence and electronics.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
Platforms, air defence, ammunition and autonomy
Rheinmetall AG is a Düsseldorf-based defence group whose continuing portfolio combines military vehicles, weapons and ammunition, air defence, digital systems and naval systems. Products are often developed or delivered through subsidiaries and joint ventures, so Boxer, HX and specialist-technology claims require entity-level attribution rather than being treated as wholly parent-company products.
Modular land systems
Platforms that localise and change roles
Rheinmetall's land portfolio ranges from the modular Lynx KF41 family to HX3 logistics trucks and the Boxer 8x8. Lynx sits with Rheinmetall Landsysteme; HX is delivered through the 51/49 RMMV joint venture with MAN Truck & Bus; Boxer is managed by ARTEC, a Rheinmetall/KNDS joint venture. Hungary's local-production programme shows the Lynx industrial model in practice.
- Lynx KF41 family Modular tracked platform, variants and mission modules
- Hungarian-built Lynx First local-production handover to the armed forces
- Boxer 8x8 Variants, programme nations and industrial boundary
- ARTEC joint venture Boxer prime contractor with Rheinmetall and KNDS partners
- HX3 trucks Next-generation logistics and system-carrier platform
- RMMV joint venture 51/49 ownership, production and lifecycle services
Layered air defence
Mobile shooters and networked protection
Rheinmetall Air Defence AG in Zurich leads the group's air-defence activities and continues the Oerlikon brand. Skyranger combines sensors and effectors on mobile platforms; Skynex connects surveillance, command-and-control and effectors in an open network. Italy's Skynex order and Romania's 2026 Skyranger 35/Lynx order provide named customer applications.
- Air Defence subsidiary Zurich entity, product families and Oerlikon boundary
- Skyranger Mobile short-range air-defence configurations
- Skynex Networked sensors, control node and effectors
- Skynex in Italy Named army order through Rheinmetall Italia
- Skyranger in Romania 2026 customer order on the Lynx platform
- ▶ VideoWatch the Multi Sensor Unit Official English-narrated air-defence technical film
Artillery and ammunition
Matched systems, capacity and next-generation range
Rheinmetall Waffe Munition develops large- and medium-calibre weapon and ammunition systems. The artillery offer combines guns, projectiles and modular charges, while the new Unterlüß plant adds production capacity. L60 remains development-stage; for PzH 2000, KNDS is prime contractor and Rheinmetall states responsibility for about half.
- Artillery portfolio 155 mm guns, ammunition and the PzH 2000 boundary
- Modular charge system Propulsion for NATO-standard artillery configurations
- Waffe Munition subsidiary Legal entity, systems, services and test centres
- Unterlüß plant opening New ammunition capacity and production ramp
- First Ukraine delivery 2026 projectiles from the new Lower-Saxony plant
- L60 development New 155 mm system and test-stage milestones
Digital and autonomous systems
From PATH autonomy to multi-domain trials
Mission Master combines modular uncrewed vehicles with PATH autonomous navigation. Battlesuite connects Rheinmetall and partner applications across a shared digital layer. At REPMUS/DYMS 2025, Rheinmetall demonstrated these capabilities in an exercise organised by the Portuguese Navy, NATO and the European Defence Agency: Rheinmetall was a participant, not the organiser.
- Mission Master family Uncrewed platforms, modules and PATH integration
- PATH autonomy kit Platform-agnostic navigation from Rheinmetall Canada
- Battlesuite Rheinmetall and partner applications on one layer
- REPMUS/DYMS trial Named NATO exercise, systems and organiser boundary
- ▶ VideoWatch REPMUS/DYMS 2025 Official English-captioned autonomy demonstration
- ▶ VideoWatch the PATH convoy Official language-neutral autonomous logistics film
Official profile sources: About Rheinmetall – International technology group and system house · Our history | Rheinmetall
Current 2026 update
What is changing at Rheinmetall in 2026?
August widened Rheinmetall's operating model around its platforms: field infrastructure and medical support, a passive-sensor air-defence trial and a naval reset after F126.
The change in one sentence
The change is increasingly about the support system around the hardware.
Firm call-offs add camps and mobile medicine, a sensor trial demonstrates how passive data could extend the air-defence network, and one cancelled frigate programme resets rather than erases the acquired naval business.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · Field support and operations
Firm camp and rescue-station work sits beside a planned logistics hub
Under an end-2024 framework, Rheinmetall Project Solutions GmbH received its largest order to date: a Bundeswehr call-off for 149 additional protected and unprotected mobile rescue stations worth more than EUR 500 million, with production due from Q1 2027. Rheinmetall Mobile Systeme GmbH manufactures the modular 3:1 container. A separate BAIUDBw call-off makes Rheinmetall main contractor for a camp in Lithuania for up to 2,000 soldiers; construction is worth EUR 250 million and subsequent operation EUR 40 million annually, including facility management such as laundry and catering. On 27 August, Rheinmetall and Hesse signed an MoU for a state-supported 30,000-square-metre Kassel-Airport logistics and technology centre with a planned drone-test site, scheduled operational at end-2027. The MoU is not a customer order or operating facility.
- Current signal149 rescue stations above EUR 500m · Lithuania camp EUR 250m plus EUR 40m annual operation · Kassel hub is a state-supported end-2027 plan
- Why it mattersRheinmetall is adding deployable infrastructure, medical support and continuing operations around its equipment base, while firm call-offs remain separate from investment plans.
- Mobile rescue stations Rheinmetall · 17 August 2026
- Lithuania camp construction and operation Rheinmetall · 25 August 2026
- Kassel logistics and drone-test plan Rheinmetall · 27 August 2026
02 · Networked air defence
A Hensoldt passive radar feeds Rheinmetall's Skymaster and Skynex network in a trial
At the German Air Force's Timber Express 2026 exercise, Hensoldt's Twinvis passive-radar data were integrated into Rheinmetall's Skymaster command and weapon-engagement system, which directed a Skynex battery. Under realistic NATO networking conditions, sensor data were fused over Link 16 into one common air picture combining active and passive radar with electro-optical sensors. Rheinmetall says passive sensing can support lower-emission surveillance and network survivability because it lacks a distinctive own emission. This was an exercise demonstration, not a customer order or fielded configuration. The issuer describes the result only as a foundation for potential future integration into Skynex, Skyranger and Skyspotter.
- Current signalTwinvis data into Skymaster · Skynex battery in Timber Express · trial, not deployment
- Why it mattersThe test shows the open-network logic behind Rheinmetall air defence while keeping Twinvis attributed to Hensoldt and preserving the gap between demonstration and programme adoption.
- Twinvis-Skymaster exercise integration Rheinmetall and Hensoldt · 19 August 2026
03 · Naval reset
F126 cuts the 2026 plan, while other acquired naval programmes continue
Rheinmetall began reporting Naval Systems separately after acquiring NVL at the end of February. In its first four months, the division generated EUR 334 million of sales from ongoing shipbuilding and service programmes, EUR 1.004 billion of Rheinmetall Nomination including a EUR 920 million Romanian order for four vessels, EUR 6.255 billion of Rheinmetall Backlog and EUR 33 million operating result. The F126 frigate cancellation is expected to reduce 2026 Naval Systems and Group sales by up to EUR 300 million, moving Group sales guidance to EUR 13.7-14.2 billion. The cut is programme-specific: Nomination also includes framework agreements, and Backlog includes expected call-offs, so neither equals firm traditional orders alone.
- Current signalF126 impact up to EUR 300m · Naval Systems sales EUR 334m · Nomination EUR 1.004bn · Backlog EUR 6.255bn
- Why it mattersOne cancelled programme changes the near-term plan without proving a naval exit; the remaining portfolio must be read with Rheinmetall's broader order metrics in mind.
- H1 Naval Systems and F126 reset Rheinmetall · 6 August 2026
04 · What to watch
Three questions for the next disclosures
The next disclosures should distinguish firm field-support execution from investment plans, sensor trials from customer programmes and broad naval metrics from traditional orders.
- Field-support executionDo rescue-station production and Lithuania camp construction start on schedule, while the Kassel MoU advances through funding, planning and construction milestones?
- Passive-sensor adoptionDoes a customer programme follow the Skymaster-Twinvis trial for Skynex, Skyranger or Skyspotter?
- Naval replacement workDo other Naval Systems programmes and firm orders offset the up-to-EUR 300 million F126 sales effect during the rest of 2026?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 57 | +55% | +47% | +767% |