Rheinmetall stock holds firm on defense demand and backlog

Rheinmetall stock remains anchored by the defense cycle, with Rheinmetall AG (ISIN DE0007030009) last reporting revenue of EUR 9.8 billion for fiscal 2024, up from EUR 7.2 billion a year earlier, alongside operating profit of EUR 1.5 billion, up from EUR 918 million. The company also said its order backlog reached EUR 48.6 billion at year-end 2024, a scale that keeps the long-term revenue base visible.

Revenue rose 36%

The 2024 revenue increase of 36% and the operating profit jump of about 68% show that the business entered 2025 with stronger earnings momentum than in 2023. For investors, the backlog matters as much as the reported profit because a EUR 48.6 billion order base can support production planning across multiple reporting periods.

That is the key comparison: revenue moved from EUR 7.2 billion in 2023 to EUR 9.8 billion in 2024, while operating profit advanced from EUR 918 million to EUR 1.5 billion. Those are not abstract growth rates; they are the figures that explain why Rheinmetall stock has remained one of the most closely watched European defense names.

Backlog stays high

The order backlog of EUR 48.6 billion at 31 December 2024 is the most important operational marker in the latest set of full-year numbers. It indicates that demand was not only strong in the prior quarter but remained visible deep into the next reporting cycle.

The company also reported that defense demand remained the dominant driver, with military programs providing the largest share of the backlog and revenue mix. That structure makes Rheinmetall stock sensitive to contract timing, but it also gives the market a clearer line of sight than a purely project-based industrial group.

Defense systems lead

Rheinmetall’s defense systems remain the representative business line because they best reflect the company’s order visibility and pricing power. The latest annual figures show that this segment is the main reason the group continues to post large year-on-year gains in both sales and profit.

With revenue at EUR 9.8 billion in 2024 and operating profit at EUR 1.5 billion, the company entered 2025 with a materially higher base than a year earlier. That matters more than any single headline because Rheinmetall stock is priced primarily on the durability of those numbers, not just on one quarter of delivery timing.

Market value matters

The body of evidence from the latest annual report points to a business with growing scale, a larger backlog, and a broader earnings base than in 2023. The market typically rewards that combination in defense shares when contract conversion stays visible over several reporting periods.

Rheinmetall stock traded in line with that profile through the latest available full-year context, even as valuation remains tied to future order conversion and margin discipline. The most useful frame for readers is still the same: EUR 9.8 billion in revenue, EUR 1.5 billion in operating profit, and EUR 48.6 billion in backlog, all for fiscal 2024.

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