TKMS Stock TKMS.DE
TKMS AG & Co. TKMS stock (TKMS.DE): Quarterly and annual results since 2023 from Quarterly Report and IR documents: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. TKMS stock (TKMS.DE): listed on Xetra, index MDAX, WKN TKMS00. NadirAlpha has evaluated 6 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Revenue Q3 FY2026 (Apr to Jun 2026): EUR 722 million (+37% year on year). Latest reported (Q3 FY2026 (Apr to Jun 2026)): Share price, Sales coverage, Net financial assets. Latest reading: Revenue accelerating, Order intake, Guidance raised, Partnership.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
TKMS Current Status
Where TKMS stands after the report for Q3 FY2026: what changed in revenue, earnings and outlook, written editorially from the original report. NadirAlpha methodology
Assessment by NadirAlpha, as of Q3 FY2026 (Apr to Jun 2026).
TKMS Stock: Key Figures (€ million)
The core financial figures of TKMS stock in three views: fiscal years up to FY2026, half-years and quarters up to Q3 FY2026, in € million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Calendar quarter | Revenue | Op. income | Net income | EPS (€) | OCF | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Q4/2024–Q3/2025 | 2,171.4 | 112.5 | 108 | 1.65 | 948.1 | 1 |
| FY2024 | Q4/2023–Q3/2024 | 1,986.6 | 78.4 | 87.6 | 1.31 | 457.5 | 1 |
Quarters
| Period | Calendar quarter | Published | Revenue | Op. income | Net income | EPS (€) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-Q3* | Q2/2026 | 2026-08-12 | 722 | 47 | 29 | 0.39 | -132 | 1,218 | – | 106 |
| 2026-Q2* | Q1/2026 | 2026-05-11 | 624 | 25EBIT | 24 | 0.35≈ | -106 | 1,350 | – | 105 |
| 2026-Q1* | Q4/2025 | 2026-02-11 | 545 | 27EBIT | 4 | 0.04 | 34 | 1,449 | – | 2 |
| 2025-Q4* | Q3/2025 | 2025-12-08 | 584.4 | 27.5 | 33 | 0.51*≈ | – | 1,721.9 | -1,365.8 | 1 |
| 2025-Q3* | Q2/2025 | 2026-08-12 | 528 | 37 | 29 | 0.45 | -125 | 1,010 | – | 106 |
| 2025-Q2* | Q1/2025 | 2026-05-11 | 510 | 26~ | 22 | 0.34≈ | -145 | – | – | 105 |
| 2025-Q1* | Q4/2024 | 2026-02-11 | 550 | 22~ | 24 | 0.37*≈ | 901 | – | – | 2 |
TKMS Balance Sheet & Cash Flow (€ million)
Balance sheet and cash flow of TKMS up to Q3 FY2026 in € million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | Q4/2024–Q3/2025 | 2025-12-08 | 1,721.9 | 356 | -1,365.8 | 948.1 | 43.9 | 904.2 | 1 |
| FY2024 | Q4/2023–Q3/2024 | 2025-12-08 | 122 | 137.4 | 15.3 | 457.5 | 20 | 437.5 | 1 |
Quarters
| Period | Calendar quarter | Published | Cash | Debt | Net Debt | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q3 | Q2/2026 | 2026-08-12 | 1,218 | – | – | -100 | 32 | -132 | 106 |
| 2026-Q2 | Q1/2026 | 2026-05-11 | 1,350 | – | – | -79 | 27 | -106 | 105 |
| 2026-Q1 | Q4/2025 | 2026-02-11 | 1,449 | – | – | 58 | 24 | 34 | 2 |
| 2025-Q4 | Q3/2025 | 2026-08-12 | 1,721.9 | 356 | -1,365.8 | 229.1 | – | – | 6 |
| 2025-Q3 | Q2/2025 | 2026-08-12 | 1,010 | – | – | -69 | 56 | -125 | 106 |
| 2025-Q2 | Q1/2025 | 2026-05-11 | – | – | – | -126 | 19 | -145 | 105 |
| 2025-Q1 | Q4/2024 | 2026-02-11 | – | – | – | 914 | 13 | 901 | 2 |
| 2024-Q4 | Q3/2024 | 2025-12-08 | 122 | 137.4 | – | – | – | – | 1 |
TKMS Stock: Price & Chart
Interactive price chart of TKMS stock (TradingView) and the trend of key figures from the core tables; the chart loads only after a click and then connects to TradingView. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
TKMS Event Timeline
What happened at TKMS since 2023: events from the filings, grouped by quarter, with the source date and a clickable source number. NadirAlpha methodology
2026 · 17 events
Full-year sales growth guidance raised to +10% to +12% from +2% to +5%, with adjusted EBIT margin target refined to up to 6.5% 6
Canada selected TKMS as preferred supplier for its submarine program with potential for up to twelve 212CD submarines 6
Contract signed for four MEKO A-200 frigates for the German Navy with option for four more, the largest surface vessels contract in TKMS history 6
H1 external sales grew 10% to €1,168 million, driven by scheduled execution of the high order backlog 5
H1 adjusted EBIT improved 14% to €60 million with margin rising to 5.1% from 5.0%, reflecting ramp-up of higher-margin projects 5
Multiple cooperation agreements signed for Canadian submarine tender for up to twelve 212CD class submarines 5
Surface Vessels revenue grew +38.1% to EUR 174.0 million in 2026-Q1 (32% of group revenue) while group revenue changed -0.9%. 4
Atlas Electronics revenue grew +31.2% to EUR 185.0 million in 2026-Q1 (34% of group revenue) while group revenue changed -0.9%. 4
TKMS directly admitted to MDAX on October 20, 2025, completing its transition to a standalone listed entity following the spin-off from thyssenkrupp 4
Largest torpedo order in group history signed on December 19, 2025 for DM2A5 heavyweight torpedoes for 212CD class submarines 4
Full-year sales growth forecast raised to +2% to +5% from previously -1% to +2% 2
Adjusted EBIT increased 52.9% to €131 million and operating profit rose 43.4% to €113 million, driven by project progress in higher-margin new submarine construction business (1)
Revenue grew 9.3% to €2,171 million, exceeding €2 billion for the first time, with Submarines up 17.0% and Atlas Electronics up 18.8%; contract liabilities rose by €806 million on advance payments for new major projects (1)
Medium-term targets reaffirmed: approximately 10% average annual sales growth and adjusted EBIT margin above 7%; order backlog reached €18,232 million as of September 30, 2025, up from €11,800 million in the prior year (1)
2025 · 5 events
Operating cash flow reached EUR 948.1 million vs EUR 457.5 million in FY2024 (×2.1). 103
Spin-off from thyssenkrupp AG approved by 99.96% of shareholders on August 8, 2025; shares subsequently listed on Frankfurt Stock Exchange on October 20, 2025, with minority shareholdings acquired at approximately €2,030 million total purchase price (3)
Cash pool separation from tk Group completed September 25, 2025; TKMS GmbH established as independent cash pool leader, with cash and cash equivalents rising to €1,722 million from €122 million in the prior year, including €546 million in restricted cash from submarine advance payments (1)
New TKMS brand license agreement with tk AG concluded effective March 31, 2025, replacing historical brand invoicing with a one-time payment of €26,600 thousand for indefinite trademark rights; asset recognised June 4, 2025 (1)
TKMS AG & Co. KGaA legally separated from thyssenkrupp AG effective January 1, 2025, initiating independent operations as a standalone naval defence group (1)
TKMS Business Model
What TKMS does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology
TKMS AG & Co. KGaA is a German naval defense company specialising in the design, construction, and system integration of submarines and surface naval vessels. Revenue is earned primarily through long-term, milestone-based government defense contracts with sovereign naval forces, including the German Navy and export customers across Europe, Latin America, Canada, and the Asia-Pacific region. The business comprises two main areas: submarines, centred on the 212 and 212CD platform families, and surface vessels, anchored by the MEKO frigate family. Revenue recognition is tied to project delivery milestones across multi-year construction programs, producing a relatively predictable revenue stream supported by a large multi-year order backlog. Aftermarket services, vessel modernisation programs, and technology development contracts, including AI-integrated naval systems, complement the core shipbuilding activities.
TKMS Stock: Share-Price Drivers
The drivers of TKMS stock from the company's perspective: demand, prices, costs and capacity as the investor relations reports describe them. NadirAlpha methodology
TKMS revenue rose to 722 million in 2026-Q3 from 624 million in 2026-Q2 and 545 million in 2026-Q1, with operating income of 47 million, as submarine and surface-vessel programmes advance, 106.
TKMS added two further 212CD class submarines for Norway and is positioned on a Canadian tender for up to twelve 212CD submarines and on six Indian Navy AIP boats; the company's Submarines segment generated 601 million of revenue in 2026-H1, 5.
TKMS booked four MEKO A-200 frigates for the German Navy in 2026-07 and four additional frigates under the Brazilian Tamandaré programme, with the frigate Tamandaré commissioned on 2026-04-24, 6.
TKMS obtained approval for its XLUUV autonomous unmanned underwater system and won an AI-based sonar assistant development contract; the Atlas Electronics segment contributed 376 million of revenue in 2026-H1, 5.
TKMS recorded an operating cash outflow of 100 million and negative free cash flow of 132 million in 2026-Q3, with cash declining to 1,218 million from 1,449 million, 106.
TKMS listed on the Frankfurt Stock Exchange in October 2025 and plans to acquire the remaining 10.1% of shares in TKMS GmbH, 1.
Sector trend: Demand across the naval defence sector is heading higher on European rearmament, reflected in TKMS's widening order pipeline and rising quarterly revenue; the company's operating income has trended upward while order-driven working capital keeps operating cash flow negative, 106.
TKMS Revenue by Type (as of 2026-Q3 · EUR million · 5/5)
The segments of TKMS in the company's own definition, each row with its basis (3, 6 or 12 months), rows in grey are no longer reported separately. NadirAlpha methodology
| Segment | Since | Revenue | Growth | Margin | Source |
|---|---|---|---|---|---|
| Period 2026-H1 (6M) | |||||
| Submarines | FY2024 | 601 | – | – | 5 |
| Atlas Electronics | FY2024 | 376 | – | – | 5 |
| Surface Vessels | FY2024 | 277 | – | – | 5 |
| All other segments | FY2024 | 3 | – | – | 5 |
| Period FY2025 (12M) | |||||
| Other segments | FY2024 | 12 | 59.5% | 25% | 3 |
TKMS Products & announcements (18/18 active+recent)
Product announcements of TKMS from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2026 | |||
| Navantia collaboration memorandum (2x) | 2026-09 | 5 | |
| AI-based sonar assistant development contract | 2026-09 | 6 | |
| Indian Navy AIP submarines - six boats bidding | 2026-06 | 5 | |
| Frigate Tamandaré commissioning | 2026-04 | 5 | |
| Three legacy submarine deliveries | 2026-03 | 6 | |
| Two additional 212CD submarines for Norway (2x) | 2026-01 | 5 | |
| 2025 | |||
| Second HDW class submarine handover to Turkey (2x) | 2025-11 | 2 | |
| Frankfurt Stock Exchange listing (3x) | 2025-10 | 1 | |
| XLUUV autonomous unmanned underwater system approval | 2025-06 | 5 | |
| Two submarines from legacy projects | 2025-06 | 5 | |
| New Polarstern research vessel - major supply contracts and ice-breaking tests | 2025-06 | 5 | |
| MEKO A-200 DEU project - preliminary contract extension | 2025-06 | 5 | |
| Heavyweight torpedoes for 212CD submarines | 2025-06 | 5 | |
| TKMS brand license agreement | 2025-03 | 3 | |
| Stargazer unmanned underwater mother ship | 2025 | 3 | |
| New submarine class for intelligence gathering and special operations (2×) | 2025 | 3 | |
| Expansion of Wismar shipyard (2×) | 2025 | 1 | |
| Anti-torpedo torpedo 'SeaSpider' NATO qualification | 2025 | 3 | |
TKMS Transactions & Events (15)
15 transactions and events of TKMS from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology
Acquisitions by TKMS
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Four MEKO A-200 frigates contract for German Navy | 2026-07 | Completed | 6 |
| Canadian submarine tender - up to twelve 212CD class submarines (2×) | 2026-07 | Completed | 5 |
| German-Norwegian 212CD submarine program extension (3×) | 2026-06 | Completed | 3 |
| Four additional frigates under Tamandaré program (Brazil) | 2026-04 | Completed | 6 |
| 2025 | |||
| DM2A5 torpedo order (2×) | 2025-12 | Completed | 4 |
| TKMS AG & Co. KGaA spin-off and listing | 2025-10 | Completed | 3 |
| Spin-off of TKMS from tk AG (2×) | 2025-10 | Completed | 3 |
| MDAX admission | 2025-10 | Completed | 4 |
| Acquisition of minority shareholdings in TKMS GmbH, TKMS ATLAS ELEKTRONIK GmbH, and TKMS Wismar GmbH | 2025-07 | Completed | 3 |
| TKMS brand license from thyssenkrupp AG | 2025-06 | Completed | 1 |
| Intangible asset recognition for TKMS trademark usage rights | 2025-06 | Completed | 1 |
| Integration of TCCT into Atlas Electronics segment (2x) | 2025 | Completed | 1 |
| Acquisition of remaining 10.1% of shares in TKMS GmbH | 2025 | Completed | 1 |
Partnerships and contracts of TKMS
TKMS Risks (67 since the annual report of 2026-03-02, 67 tracked in total)
NadirAlpha lists 67 active risks of TKMS from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology
Category: CyberSupply chainTechnologyRegulatoryFinancialLegalStrategyMacroMarketGeopoliticsCustomersPeople
| Risk | Category | Last reported |
|---|---|---|
| TKMS: first mention in IR-Quarter quarterly report of 2026-08-12 (2026-Q3), source 6 | ||
| Increase in attacks on IT infrastructure and trade secrets | = | |
| Supply chain disruptions risk progress of long-term projects | = | |
| Noticeable market trend toward expensive software licensing models | = | |
| TKMS: first mention in IR-Annual annual report of 2025-12-08 (FY2025), source 1 | ||
| Naval shipbuilding classified as security-sensitive industry | 2026-Q3 2026-08-12 6 | |
| TKMS: first mention in IR-Half half-year report of 2026-05-11 (2026-H1), source 5 | ||
| Multi-year projects entail risks of resource bottlenecks, delays and contractual penalties | = | |
| €218 million restricted cash equivalents as of March 31, 2026 from customer advance payments for 212CD submarine program extension | = | |
| Narrow procurement base due to customized products and strict requirements | = | |
| Hellenic Shipyards seeking €35 million plus 5% annual interest from October 2010 for materials supply return | = | |
| NVL asserting project delay damages and €5 million payment claim in arbitration; TKMS counterclaiming low double-digit millions | = | |
| Republic of Korea seeking €201 million damages for delayed submarine delivery; partial award September 2024 dismissed boat 427 claims; annulment proceedings ongoing | = | |
| SysCo pursuing €139 million payment claim since 2012 before High Court of Karachi; no activity since March 2024 | = | |
| Major expansion investments at Wismar and Kiel sites carry cost and schedule risks | = | |
| Military conflicts in Middle East and Ukraine create supply chain disruptions and cost pressure | = | |
| tk Group charging fixed, annually increasing fees for PCGs (Performance and Counter Guarantees) to TKMS Group | = | |
| IT system failures and cyber attacks pose operational risks to manufacturing | = | |
| TKMS: first mention in IR-Quarter quarterly report of 2026-03-02 (2026-Q1), source 4 | ||
| Planned expansion of Wismar shipyard and resource bottleneck management harbor numerous availability risks. | = | |
| Net working capital remains negative, characterized by project-based customer payment timing. | = | |
| TKMS: first mention in IR-Annual annual report of 2026-03-02 (FY2025), source 3 | ||
| Long-duration naval projects expose to risk of withdrawn government decisions and contractual penalties | 2026-H1 2026-05-11 5 | |
| Long-term development components in marine projects pose time and performance risks | 2026-H1 2026-05-11 5 | |
| Bank guarantees issued to customers amount to €1,217,071 thousand as of September 30, 2025 | = | |
| Major expansion investments like Wismar shipyard involve cost and schedule risk. | = | |
| Termination of cash pooling with thyssenkrupp as of September 25, 2025 requires TKMS entities to rely on independent financing sources. | = | |
| Future service level agreements with tk Group at standard market conditions may increase TKMS cost base | = | |
| Four-submarine extension order under German-Norwegian 212CD program dependent on geopolitical stability | = | |
| Product warranty provisions and subsequent project-related costs; estimated construction costs €126,420 thousand | = | |
| Customized products with strict demands result in narrow procurement base and single-source supplier dependence. | = | |
| Greek government filed €2.2 billion claim relating to Hellenic Shipyards submarine construction; ICC rejected all claims in August 2025 | = | |
| Parent company guarantees from thyssenkrupp AG amounted to €10.8 billion as of September 30, 2025, with renegotiated terms effective fiscal 2025/26. | = | |
| ICC ruled TKMS GmbH must pay €9 million to Hyundai Heavy Industries for submarine motor dispute | = | |
| Risk of delays, additional costs and contractual penalties from resource bottlenecks in long-running projects. | = | |
| Unplanned failure of specialized resources (dry docks, drilling rigs) would entail delays and significant costs. | = | |
| High-risk category: IT system attacks and infrastructure failures could impact operations. | = | |
| With separation from thyssenkrupp cash pool, Group now independently manages interest rate risk on cash deposits and borrowings. | = | |
| No direct Russian/Ukrainian customer contracts; indirect supply chain and energy price impacts from ongoing conflict remain uncertain. | = | |
| High inflation and energy price volatility from geopolitical developments could impact business development and cost structure. | = | |
| Global economy expected to lose momentum with growth of 3.2% in 2025 vs 3.3% in 2024. | = | |
| Significant foreign currency exposure to US dollar, Norwegian krone, and British pound with ongoing hedging activities through derivative instruments. | = | |
| Global minimum taxation regulations effective December 28, 2023 expected to have no material impact on TKMS Group's income tax expense. | = | |
| Legal reorganization completed October 17, 2025 with asset transfers via partial universal succession | = | |
| German corporate income tax law reduction from 15% to 10% over 2028-2032 will decrease future tax liabilities. | = | |
| TKMS: first mention in IR-Quarter quarterly report of 2026-02-11 (2026-Q1), source 2 | ||
| Increasing cyber activities targeting IT infrastructure and trade secrets represent dynamic risk. | 2026-Q1 2026-03-02 4 | |
| Wismar shipyard expansion and bottleneck resource utilization harbor disruption risks for order backlog processing | = | |
| Tense geopolitical environment strengthens demand for defense products and services. | 2026-Q1 2026-03-02 4 | |
| TKMS: first mention in IR-Annual annual report of 2025-12-08 (FY2025), source 1 | ||
| Limited unique resources (dry docks, special drilling rigs, ship lifts) create delay and cost risks | 2026-H1 2026-05-11 5 | |
| Complex supply chain availability risks can disrupt long-term project progress. | 2026-Q1 2026-03-02 4 | |
| IT systems failures and cyber attacks pose operational risks; redundant components and user training implemented. | = | |
| Major expansion investments in shipyards (Wismar acquisition, Kiel site expansion) involve cost and schedule risks. | = | |
| Accrued pension liabilities for defined benefit plans; discount rate sensitivities and longevity risks | FY2025 2026-03-02 3 | |
| Exposure to revocation of government decisions on naval projects due to changing geopolitical situations. | = | |
| Israel represented 18.5% of sales in 2025; Norway 17.1% and Germany 27.0% of sales. | = | |
| Narrow procurement base with dependence on single-source suppliers for specialized components and systems. | = | |
| Planned workforce increase of over 25% poses recruitment and training challenges. | = | |
| Greek government claims €2.2 billion compensation; ICC arbitration rejected all claims against TKMS in August 2025 final award | = | |
| ICC ruled TKMS GmbH must pay HHI €9 million covering damages and interest for submarine motor dispute; recognized in FY2025 results | = | |
| Republic of Korea claiming €201 million damages for delayed submarine deliveries in ICC arbitration | FY2025 2026-03-02 3 | |
| TKMS companies party to litigations; material effect on financial position possible | = | |
| Other miscellaneous expenses include provisions for litigations. | = | |
| NVL filed arbitration against TKMS GmbH for K 130 corvette delays; claims approximately €5.2 million plus €84 million declaratory relief | FY2025 2026-03-02 3 | |
| Termination of cash pooling arrangements with parent company requires independent liquidity management. | = | |
| Long-term project timelines involve adaptation and new development components posing schedule and performance risks. | = | |
| Significant foreign currency derivative positions across USD, GBP, SGD, INR, KRW currencies; notional amounts €82.8 million assets and €114.3 million liabilities | 2026-H1 2026-05-11 5 | |
| Company now independently manages interest rate risk following separation from tk Group. | = | |
| Product warranty and subsequent project costs provisions of €54,867 thousand including €126,420 thousand uncertain construction costs | = | |
| No direct contracts with Russia; minor Ukraine contracts; indirect supply chain impacts from energy costs remain uncertain | = | |
| Global defense spending growth provides market opportunity but subject to geopolitical shifts. | = | |
| Geopolitical conflicts and knock-on effects create uncertainty; energy price reduction continues inflation mitigation | = | |
| Continuing high inflation and interest rate changes monitored; impacts goodwill valuation and deferred tax assets | = | |
TKMS Reported KPIs (as disclosed) (67)
The story KPIs of TKMS that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| TKMS, published 2026-08-12, period 2026-Q3 | ||
| Share price | 74.60 | 6 |
| Sales coverage | 8.0 | 6 |
| Order backlog | 20,114 (EUR million €) | 6 |
| Net working capital | (1,070) | 6 |
| Net financial assets | 834 (EUR million €) | 6 |
| Net advance payments | 1,125 (million €) | 6 |
| Market capitalization | 4,739 (EUR million €) | 6 |
| Equity ratio | 19.9 | 6 |
| TKMS, published 2026-05-11, period 2026-H1 | ||
| Share price | 78.60 | 5 |
| Sales coverage | 8.8x | 5 |
| Order backlog | 20,614 (EUR million €) | 5 |
| Market capitalization | 4,993 (EUR million €) | 5 |
| Adjusted EBIT margin H1 | 5.1% | 5 |
| TKMS, published 2026-03-02, period FY2025 | ||
| tk group trademark fee | 4,127 (thousand €) | 3 |
| stock rights issued LTI | 542,363 | 3 |
| restricted cash equivalents | 546,220 (EUR thousand €) | 3 |
| Order backlog | 18,232 million | 3 |
| contract liabilities | 2,349,243 (thousand €) | 3 |
| contract assets net | 300,397 (EUR thousand €) | 3 |
| selling expenses | 78,623 (EUR thousand €) | 3 |
| R&D costs as % of sales | 2.5% | 3 |
| lease liabilities | 32,698 (thousand €) | 3 |
| interest income from cash pool with tk Group | 38,165 (EUR thousand €) | 3 |
| interest expense from cash pool with tk Group | 3,928 (EUR thousand €) | 3 |
| income tax expense | 45,351 (EUR thousand €) | 3 |
| gross margin % | 17.6% | 3 |
| government grants | 12,451 (thousand €) | 3 |
| general and administrative expenses | 139,780 (EUR thousand €) | 3 |
| free cash flow | 784 million | 3 |
| foreign exchange gains | 7,019 (thousand €) | 3 |
| finance income | 69,526 (EUR thousand €) | 3 |
| finance expense | 29,918 (EUR thousand €) | 3 |
| depreciation and amortization | 76,583 (thousand €) | 3 |
| deferred income tax expense | 32,725 (EUR thousand €) | 3 |
| Current income tax expense | 12,627 (EUR thousand €) | 3 |
| Adjusted EBIT margin | 6.0% | 3 |
| TKMS, published 2026-03-02, period 2026-Q1 | ||
| Share price | 66.10 | 4 |
| Sales coverage | 8.6x | 4 |
| Net financial assets | 1,069 | 4 |
| Market capitalization | 4,199 | 4 |
| Equity ratio | 18.6% | 4 |
| Backlog | 18.7 billion | 4 |
| Adj. EBIT margin | 4.8% | 4 |
| TKMS, published 2026-02-11, period 2026-Q1 | ||
| Share price | 66.10 | 2 |
| Sales coverage | 8.6x | 2 |
| Net working capital | (1,327) | 2 |
| Net financial assets | 1,069 (EUR million €) | 2 |
| Net advance payments | (1,414) | 2 |
| Market capitalization | 4,199 (EUR million €) | 2 |
| Equity ratio | 18.6% | 2 |
| Backlog | 18,653 (EUR million €) | 2 |
| TKMS, published 2025-12-08, period FY2025 | ||
| Stock rights issued LTI | 542,363 | 1 |
| restricted cash equivalents | 546,220 (EUR thousand €) | 1 |
| Personnel expenses total | 792,250 (EUR thousand €) | 1 |
| Order backlog 5yr | €8,229 million | 1 |
| Order backlog | €18,232 million | 1 |
| LTI expense | 4,005 (EUR thousand €) | 1 |
| Liabilities to financial institutions | 16,737 (thousand €) | 1 |
| Lease liabilities | 32,698 (thousand €) | 1 |
| Gross margin pct | 17.6 | 1 |
| contract liabilities | 2,349,243 (thousand €) | 1 |
| contract assets net | 300,397 (EUR thousand €) | 1 |
| Operating cash flow increase | 107.2% | 1 |
| Gross margin % | 17.6% | 1 |
| Gross margin | 383,109 (thousand €) | 1 |
| free cash flow | 784 million | 1 |
| Adjusted EBIT margin | 6.0% | 1 |
TKMS Development
How TKMS has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: TKMS
TKMS grew quarterly revenue through the first three quarters of fiscal 2026, with nine-month sales up 19% to €1,890 million driven by on-schedule project execution and delivery of legacy projects 6. Nine-month adjusted EBIT improved 13% to €110 million, with the Submarines segment contributing a fourfold increase from higher-margin new construction projects 6. The order backlog remained at a record level of €20.1 billion with sales coverage of 8.0 years as of Q3 6, supported by major contract wins including selection as preferred supplier for the Canadian submarine program and the largest surface vessels contract in group history 6. Free cash flow was positive at 34 million in Q1 before turning negative in subsequent quarters due to expected outflows following advance payments received in the prior year 5. TKMS raised its full-year sales growth guidance twice during the year, culminating in a target of +10% to +12% and an adjusted EBIT margin goal of up to 6.5% by Q3 2 6.
FY2025: TKMS
In fiscal year 2025 (ending September 30, 2025), TKMS AG & Co. KGaA reported revenue of €2,171 million, a 9.3% increase that marked the first time the Group exceeded €2 billion in annual sales, led by growth in the Submarines and Atlas Electronics segments (1). Gross margin expanded from 15.8% to 17.6% of sales, and adjusted EBIT rose 52.9% to €131 million, reflecting project progress in new submarine construction and a higher-margin project mix (1). Net income reached €108 million (104), while operating cash flow increased 107.2% to €948 million on the back of advance payments for newly initiated major projects, resulting in a net cash position of approximately €1,689 million at year-end (104). The fiscal year was defined by the Group's full legal and operational separation from thyssenkrupp AG, beginning with the spin-off effective January 1, 2025, culminating in the listing of shares on the Frankfurt Stock Exchange on October 20, 2025, with tk Group retaining a 51% majority stake (1). Medium-term targets of approximately 10% average annual sales growth and an adjusted EBIT margin above 7% were reaffirmed, supported by an order backlog that grew to €18,232 million as of September 30, 2025, up from €11,800 million in the prior year (1).
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
6 sources on TKMS since 2023; the superscript numbers in the chapters refer to these rows, older documents are in the expandable part. NadirAlpha methodology
| # | Document type | Published |
|---|---|---|
| #1 | IR-Annual annual report | 2025-12-08 |
| #2 | IR-Quarter quarterly report | 2026-02-11 |
| #3 / #103 | IR-Annual annual report | 2026-03-02 |
| #4 / #104 | IR-Quarter quarterly report | 2026-03-02 |
| #5 / #105 | IR-Half half-year report | 2026-05-11 |
| #6 / #106 | IR-Quarter quarterly report | 2026-08-12 |
TKMS Stock FAQ
Which additional key figures does TKMS report?
As reported for Q3 FY2026 (Apr to Jun 2026): Share price, Sales coverage, Net financial assets, Market capitalization, Equity ratio, Net advance payments. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Submarines, Atlas Electronics, Surface Vessels, Other segments.
Where can I find the official investor relations documents of TKMS?
NadirAlpha links all 6 original filings used (IR documents) in the sources chapter: quarterly report, annual report, half-year report, each with type, publication date and a direct link; every figure in the report carries a source number.