THALES SA (CSF.DE) Stock Fundamental Analysis

Europe • Frankfurt Stock Exchange • FRA:CSF • FR0000121329

246 EUR
-6.7 (-2.65%)
Last: Feb 11, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Overall CSF gets a fundamental rating of 5 out of 10. We evaluated CSF against 54 industry peers in the Aerospace & Defense industry. There are concerns on the financial health of CSF while its profitability can be described as average. CSF has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

  • In the past year CSF was profitable.
  • In the past year CSF had a positive cash flow from operations.
  • CSF had positive earnings in each of the past 5 years.
  • CSF had a positive operating cash flow in each of the past 5 years.
CSF.DE Yearly Net Income VS EBIT VS OCF VS FCFCSF.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

1.2 Ratios

  • CSF has a Return On Assets (2.74%) which is in line with its industry peers.
  • CSF's Return On Equity of 14.93% is in line compared to the rest of the industry. CSF outperforms 55.56% of its industry peers.
  • With a decent Return On Invested Capital value of 11.65%, CSF is doing good in the industry, outperforming 75.93% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for CSF is in line with the industry average of 9.36%.
  • The 3 year average ROIC (8.24%) for CSF is below the current ROIC(11.65%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.74%
ROE 14.93%
ROIC 11.65%
ROA(3y)3.15%
ROA(5y)2.86%
ROE(3y)16.5%
ROE(5y)15.14%
ROIC(3y)8.24%
ROIC(5y)7.14%
CSF.DE Yearly ROA, ROE, ROICCSF.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

  • CSF has a Profit Margin of 4.99%. This is comparable to the rest of the industry: CSF outperforms 46.30% of its industry peers.
  • CSF's Profit Margin has improved in the last couple of years.
  • The Operating Margin of CSF (9.24%) is comparable to the rest of the industry.
  • CSF's Operating Margin has improved in the last couple of years.
  • CSF has a Gross Margin of 26.11%. This is comparable to the rest of the industry: CSF outperforms 48.15% of its industry peers.
  • In the last couple of years the Gross Margin of CSF has remained more or less at the same level.
Industry RankSector Rank
OM 9.24%
PM (TTM) 4.99%
GM 26.11%
OM growth 3Y5%
OM growth 5Y2.94%
PM growth 3Y0.86%
PM growth 5Y2.5%
GM growth 3Y1.59%
GM growth 5Y1.22%
CSF.DE Yearly Profit, Operating, Gross MarginsCSF.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

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3

2. Health

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), CSF is creating some value.
  • The number of shares outstanding for CSF has been reduced compared to 1 year ago.
  • CSF has less shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, CSF has an improved debt to assets ratio.
CSF.DE Yearly Shares OutstandingCSF.DE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
CSF.DE Yearly Total Debt VS Total AssetsCSF.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

  • Based on the Altman-Z score of 1.71, we must say that CSF is in the distress zone and has some risk of bankruptcy.
  • CSF's Altman-Z score of 1.71 is on the low side compared to the rest of the industry. CSF is outperformed by 74.07% of its industry peers.
  • The Debt to FCF ratio of CSF is 3.07, which is a good value as it means it would take CSF, 3.07 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 3.07, CSF is doing good in the industry, outperforming 75.93% of the companies in the same industry.
  • A Debt/Equity ratio of 0.56 indicates that CSF is somewhat dependend on debt financing.
  • The Debt to Equity ratio of CSF (0.56) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Altman-Z 1.71
ROIC/WACC1.31
WACC8.9%
CSF.DE Yearly LT Debt VS Equity VS FCFCSF.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.3 Liquidity

  • CSF has a Current Ratio of 0.82. This is a bad value and indicates that CSF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • CSF has a Current ratio of 0.82. This is amonst the worse of the industry: CSF underperforms 90.74% of its industry peers.
  • CSF has a Quick Ratio of 0.82. This is a bad value and indicates that CSF is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Quick ratio value of 0.61, CSF is not doing good in the industry: 72.22% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.82
Quick Ratio 0.61
CSF.DE Yearly Current Assets VS Current LiabilitesCSF.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B 25B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. Growth

3.1 Past

  • CSF shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -22.91%.
  • Measured over the past 5 years, CSF shows a small growth in Earnings Per Share. The EPS has been growing by 5.55% on average per year.
  • CSF shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 11.16%.
  • Measured over the past years, CSF shows a small growth in Revenue. The Revenue has been growing by 2.26% on average per year.
EPS 1Y (TTM)-22.91%
EPS 3Y10.55%
EPS 5Y5.55%
EPS Q2Q%-34.49%
Revenue 1Y (TTM)11.16%
Revenue growth 3Y8.32%
Revenue growth 5Y2.26%
Sales Q2Q%8.14%

3.2 Future

  • The Earnings Per Share is expected to grow by 12.61% on average over the next years. This is quite good.
  • CSF is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.07% yearly.
EPS Next Y10.64%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
EPS Next 5Y12.61%
Revenue Next Year9.05%
Revenue Next 2Y8.19%
Revenue Next 3Y8.1%
Revenue Next 5Y8.07%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
CSF.DE Yearly Revenue VS EstimatesCSF.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 10B 20B 30B
CSF.DE Yearly EPS VS EstimatesCSF.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

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4

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 47.58, which means the current valuation is very expensive for CSF.
  • Compared to the rest of the industry, the Price/Earnings ratio of CSF is on the same level as its industry peers.
  • CSF is valuated expensively when we compare the Price/Earnings ratio to 28.23, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 21.70, CSF is valued on the expensive side.
  • Based on the Price/Forward Earnings ratio, CSF is valued a bit cheaper than 77.78% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 28.01. CSF is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 47.58
Fwd PE 21.7
CSF.DE Price Earnings VS Forward Price EarningsCSF.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of CSF indicates a somewhat cheap valuation: CSF is cheaper than 64.81% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of CSF indicates a rather cheap valuation: CSF is cheaper than 90.74% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 21.27
EV/EBITDA 17.8
CSF.DE Per share dataCSF.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40 60 80 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates CSF does not grow enough to justify the current Price/Earnings ratio.
  • The decent profitability rating of CSF may justify a higher PE ratio.
  • A more expensive valuation may be justified as CSF's earnings are expected to grow with 13.18% in the coming years.
PEG (NY)4.47
PEG (5Y)8.58
EPS Next 2Y13.45%
EPS Next 3Y13.18%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. Dividend

5.1 Amount

  • CSF has a Yearly Dividend Yield of 1.53%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 0.76, CSF pays a better dividend. On top of this CSF pays more dividend than 85.19% of the companies listed in the same industry.
  • CSF's Dividend Yield is comparable with the S&P500 average which is at 1.79.
Industry RankSector Rank
Dividend Yield 1.53%

5.2 History

  • The dividend of CSF is nicely growing with an annual growth rate of 9.56%!
Dividend Growth(5Y)9.56%
Div Incr YearsN/A
Div Non Decr YearsN/A
CSF.DE Yearly Dividends per shareCSF.DE Yearly Dividends per shareYearly Dividends per share 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

  • 71.27% of the earnings are spent on dividend by CSF. This is not a sustainable payout ratio.
  • The dividend of CSF is growing, but earnings are growing more, so the dividend growth is sustainable.
DP71.27%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
CSF.DE Yearly Income VS Free CF VS DividendCSF.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B
CSF.DE Dividend Payout.CSF.DE Dividend Payout, showing the Payout Ratio.CSF.DE Dividend Payout.PayoutRetained Earnings

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THALES SA

FRA:CSF (2/11/2026, 7:00:00 PM)

246

-6.7 (-2.65%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCapital Goods
GICS IndustryAerospace & Defense
Earnings (Last)10-23
Earnings (Next)03-03
Inst Owners23.34%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap50.66B
Revenue(TTM)21.35B
Net Income(TTM)1.07B
Analysts75.56
Price Target291.39 (18.45%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.53%
Yearly Dividend3.44
Dividend Growth(5Y)9.56%
DP71.27%
Div Incr YearsN/A
Div Non Decr YearsN/A
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)2.75%
PT rev (3m)3.24%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.42%
EPS NY rev (3m)0.34%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 47.58
Fwd PE 21.7
P/S 2.37
P/FCF 21.27
P/OCF 16.64
P/B 7.1
P/tB N/A
EV/EBITDA 17.8
EPS(TTM)5.17
EY2.1%
EPS(NY)11.34
Fwd EY4.61%
FCF(TTM)11.57
FCFY4.7%
OCF(TTM)14.79
OCFY6.01%
SpS103.67
BVpS34.66
TBVpS-17.3
PEG (NY)4.47
PEG (5Y)8.58
Graham Number63.5
Profitability
Industry RankSector Rank
ROA 2.74%
ROE 14.93%
ROCE 14.78%
ROIC 11.65%
ROICexc 16.44%
ROICexgc N/A
OM 9.24%
PM (TTM) 4.99%
GM 26.11%
FCFM 11.16%
ROA(3y)3.15%
ROA(5y)2.86%
ROE(3y)16.5%
ROE(5y)15.14%
ROIC(3y)8.24%
ROIC(5y)7.14%
ROICexc(3y)11.9%
ROICexc(5y)10.41%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)11.53%
ROCE(5y)9.88%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y8.3%
ROICexc growth 5Y6.21%
OM growth 3Y5%
OM growth 5Y2.94%
PM growth 3Y0.86%
PM growth 5Y2.5%
GM growth 3Y1.59%
GM growth 5Y1.22%
F-Score7
Asset Turnover0.55
Health
Industry RankSector Rank
Debt/Equity 0.56
Debt/FCF 3.07
Debt/EBITDA 1.3
Cap/Depr 58.15%
Cap/Sales 3.11%
Interest Coverage 8.81
Cash Conversion 97.82%
Profit Quality 223.49%
Current Ratio 0.82
Quick Ratio 0.61
Altman-Z 1.71
F-Score7
WACC8.9%
ROIC/WACC1.31
Cap/Depr(3y)54.76%
Cap/Depr(5y)48.08%
Cap/Sales(3y)3.16%
Cap/Sales(5y)2.94%
Profit Quality(3y)143.57%
Profit Quality(5y)182.78%
High Growth Momentum
Growth
EPS 1Y (TTM)-22.91%
EPS 3Y10.55%
EPS 5Y5.55%
EPS Q2Q%-34.49%
EPS Next Y10.64%
EPS Next 2Y13.45%
EPS Next 3Y13.18%
EPS Next 5Y12.61%
Revenue 1Y (TTM)11.16%
Revenue growth 3Y8.32%
Revenue growth 5Y2.26%
Sales Q2Q%8.14%
Revenue Next Year9.05%
Revenue Next 2Y8.19%
Revenue Next 3Y8.1%
Revenue Next 5Y8.07%
EBIT growth 1Y17.29%
EBIT growth 3Y13.73%
EBIT growth 5Y5.27%
EBIT Next Year51.54%
EBIT Next 3Y22%
EBIT Next 5Y15.83%
FCF growth 1Y47.72%
FCF growth 3Y-7.33%
FCF growth 5Y8.4%
OCF growth 1Y36.72%
OCF growth 3Y-3.84%
OCF growth 5Y7.31%

THALES SA / CSF.DE FAQ

Can you provide the ChartMill fundamental rating for THALES SA?

ChartMill assigns a fundamental rating of 5 / 10 to CSF.DE.


What is the valuation status for CSF stock?

ChartMill assigns a valuation rating of 4 / 10 to THALES SA (CSF.DE). This can be considered as Fairly Valued.


Can you provide the profitability details for THALES SA?

THALES SA (CSF.DE) has a profitability rating of 6 / 10.


What is the valuation of THALES SA based on its PE and PB ratios?

The Price/Earnings (PE) ratio for THALES SA (CSF.DE) is 47.58 and the Price/Book (PB) ratio is 7.1.


Can you provide the expected EPS growth for CSF stock?

The Earnings per Share (EPS) of THALES SA (CSF.DE) is expected to grow by 10.64% in the next year.