Rheinmetall stock holds near records as order book stays high

Rheinmetall stock stays supported by a record order book and recent defense demand, with the company last reporting revenue of EUR 9.75 billion in fiscal 2024, up from EUR 7.18 billion in 2023. Rheinmetall AG (ISIN DE0007030009) also said operating profit rose to EUR 1.48 billion from EUR 918 million over the same period.

Record backlog still matters

The order book reached EUR 55 billion at the end of 2024, compared with EUR 38.3 billion a year earlier, according to Rheinmetalls latest annual reporting context. That kind of increase keeps the market focused on conversion rates, because sales growth must now catch up with the backlog.

Operating margin also improved in 2024, reaching 15.2% versus 12.8% in 2023. For investors, the margin trend matters as much as the headline revenue line, because defense contracts typically translate into valuation support only when execution stays efficient.

Revenue grew 36%

Revenue increased by 36% year on year to EUR 9.75 billion in fiscal 2024, and operating profit increased by 61% to EUR 1.48 billion. The comparison shows that Rheinmetall converted higher defense demand into both scale and profitability during the year.

Net income also improved to EUR 850 million in 2024 from EUR 563 million in 2023, which reinforced the earnings base behind the share price. The balance between top-line growth and profit growth is the key point when the stock trades near elevated market expectations.

Defense demand stays central

Rheinmetalls vehicle and weapons systems business remains the clearest example of how demand is flowing through the group. The company highlighted armored vehicle programs, munitions, and electronics as major contributors to the 2024 performance.

That mix matters because it combines longer-cycle backlog visibility with shorter-cycle production revenues. The result is a business profile that can keep supporting earnings growth if execution stays on schedule.

Vehicle systems set the tone

Rheinmetalls Vehicle Systems division remains one of the most visible revenue engines in the group, supported by military vehicle demand and replenishment of European stockpiles. In the latest reporting, the segment was still central to the companys overall growth profile.

The product mix is important because armored platforms and support vehicles usually bring follow-on demand for parts, upgrades, and service work. That helps explain why the order book has become a market reference point rather than just a balance sheet number.

Stock level still defines the setup

Rheinmetall shares were trading close to record territory in 2026, with market participants watching whether the valuation can keep pace with the companys backlog and profit growth. A fresh quote was not embedded in the available research set, so the better anchor is the companys fiscal 2024 scale: EUR 9.75 billion in revenue, EUR 1.48 billion in operating profit, and a EUR 55 billion order book.

That combination is what keeps the stock relevant for the market: a larger backlog, a 36% rise in revenue, and a 61% increase in operating profit in the latest annual figures. The next read-through will be whether Rheinmetall can keep turning demand into cash generation and margin expansion.

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