Leonardo Stock Price: Live Quote
Leonardo stock, the Italian defence and aerospace group, trades on the Borsa Italiana in Milan (ticker LDO, quoted as LDO.MI on international platforms). The current share price stands at €49,06 €, with a move of 1,24% on the session.
Over the past twelve months, the share has traded between €44,25 € and €66,26 € — a range whose breadth reflects the sector’s re-rating since European budgets pivoted towards defence. An Italian company listed in euros within the European Union, Leonardo is eligible for the PEA of French residents — the PEA (Plan d’Épargne en Actions) being France’s tax-advantaged share savings plan — one of the most tax-efficient routes to European defence exposure.
Leonardo at a Glance: Helicopters, Electronics and Integrated Defence
Leonardo brings together three complementary divisions. First, the helicopters — the historic business and a world benchmark, spanning civil and military aircraft (the AW139 and AW149 families, plus the NH90 in cooperation) assembled in Italy and sold on every continent. Then defence electronics — radars, combat systems, air defence, cyber — which makes Leonardo a critical supplier to European armed forces and NATO.
Finally, the aerostructures — the manufacture of aircraft sections for the major civil and military programmes, including participation in the American F-35 programme — a premium subcontracting activity. This triad gives the group a hybrid profile: an integrated defence industrial, less dependent on any single programme than the pure plays, with a solid Italian home base and an established international presence — the diversified anchor among Italian defence stocks.
The shareholding bears the imprint of the Italian state, which holds a significant stake in the capital through its Ministry of Economy and Finance — a stability of control that reassures on the group’s sovereign missions and steers governance towards national strategic interests, in the classic balance of European defence groups.
Three drivers dominate. First, the European rearmament cycle: national plans and the dedicated European fund are feeding multi-year demand for military helicopters, defence systems and electronics — every budget commitment by European governments mechanically lifts the group’s order book. Then, orders and results: contract announcements — combat helicopters, radars, air-defence programmes — punctuate the news flow, and results detail an order book stretching years ahead, offering visibility that is rare in the industry.
Finally, industrial execution: Leonardo has come through years of restructuring and margin expansion; the ability to convert the order book into profits — timelines, programme costs, industrial partnerships — determines the stock’s re-rating, in a sector where a failed programme is paid for on the spot.
To these drivers add the deeper European debate: the consolidation of the continent’s defence — tighter cooperations, joint ventures, shared programmes — of which Leonardo is one of the natural players, every rumour of an industrial deal moving the share as much as a contract.
Leonardo Stock History and Performance
Leonardo’s trajectory mirrors that of Italy’s defence industry: a decade of painful restructuring — consolidating activities under a single entity, disposals, job cuts, compressed margins — followed by a methodical recovery driven by global helicopter demand and the European budget renaissance.
The geopolitical shift of 2022 turned that recovery into an outright re-rating: the stock priced in the rearmament cycle like its German and French peers, attracting international investors who had previously overlooked the value.
Performance is read in euros — no currency-conversion costs for the French investor — and against the European defence sector, of which Leonardo is one of the most diversified profiles: less concentrated on munitions than a Rheinmetall, less family-controlled than a Dassault, more integrated than a pure-electronics Thales.
Leonardo Dividend: Rewarding the Turnaround
The dividend stands at €0,63 € per share, a yield of roughly 1,28 %% at the current price. The trajectory matters more than the level: long symbolic during the restructuring years, the payout now follows the rise in profits — every dividend increase materialises the conversion of the order book into results. The policy remains prudent, consistent with the industrial investment needs of a group expanding its production capacity to meet European demand.
For the French investor holding the share in a PEA, dividends compound there without tax friction — one of the wrapper’s strongest arguments in this story.
Who Owns Leonardo? The Italian State as Anchor
Italy’s Ministry of Economy and Finance retains a significant stake — around one third of the capital — making the state the pillar of governance: strategic direction, major industrial cooperations and executive appointments follow a balance between industrial logic and sovereign interest. The rest of the capital is split between Italian and international institutions, and the share’s liquidity on Euronext Milan allows sizable trades.
For the minority shareholder, this structure brings stability — no raid possible, no destabilising activism — and one constraint — major decisions are also weighed against Italian and European politics. The same balance as at the continent’s other state-anchored defence groups, with its strengths and its limits.
Leonardo’s Competitors: European and Global Defence
In helicopters, Leonardo faces Airbus Helicopters — the European leader — and the American industrials, in a market shaped by national programmes and cooperations. In electronics and systems, its European benchmarks are Thales — the French group with the closest profile — and the Nordic and Israeli specialists, up against American giants such as Lockheed Martin and RTX.
On the ground-rearmament front, Rheinmetall embodies the purest munitions-and-vehicles profile, while Dassault Aviation represents the French combat-aircraft thesis — two cases close to, but distinct from, the Italian diversification. Comparing sector multiples — price-to-earnings, enterprise value to sales, order book to annual revenue — shows what growth premium and diversification premium each of the defence stocks Europe lists actually charges for.
Leonardo Financial Data
The indicators below frame the fundamental reading of the story; the detailed figures are compiled by our data team and updated at every release.
| Indicator | Value | Period |
|---|---|---|
| Revenue | — | — |
| Backlog / order book | — | — |
| Operating margin | — | — |
| Net income | — | — |
| Dividend per share | €0,63 € (live) | — |
| Market capitalisation | price × share count | — |
Is Leonardo Stock a Good Buy in 2026?
The strengths lie in the positioning: a diversified group — helicopters, electronics, aerostructures — that captures the European rearmament cycle through several channels; a thick order book guaranteeing years of activity; an Italian domestic base and a NATO anchoring that secure demand; a margin trajectory in which every validated step re-rates the stock; and PEA eligibility for the French investor, a rarity much appreciated on this theme.
The risks weigh alongside: a valuation that has already priced in a good part of the cycle, leaving little room for disappointment; industrial execution — complex cooperations, programme timelines, costs — on demanding public contracts; Italian state governance, which steers strategic choices independently of minority shareholders; and the European concentration, where any major geopolitical easing would trigger a broad sector correction.
The allocation answer is classic: a diversified defence sleeve across profiles — Leonardo for diversification, its peers for the more concentrated bets — rather than a single position on rearmament alone.
| Strengths | Risks |
|---|---|
| Rare diversification: helicopters + electronics + aerostructures | A valuation that has already priced in part of the cycle |
| Multi-year order book backed by European rearmament | Programme execution — timelines and costs |
| PEA-eligible — defence exposure in euros | State governance — sovereign interests first |
| Margins on a rising trajectory | Sector sensitivity to any geopolitical easing |
An Italian stock listed in Milan, Leonardo can be bought in a PEA — the most advantageous wrapper for a French resident, the company being domiciled in the European Union — or in a standard share account with a broker covering the Italian market, as most of the international players featured in our online broker comparison do. The share trading in euros, no currency-conversion fees apply — an advantage over the American defence names in the same sector.
On a stock sensitive to contract announcements, a limit order protects against opening gaps, and reading across the other European names in the sector — introduced above — fine-tunes the entry point. For multi-asset trading beyond shares, specialised platforms remain accessible by opening an account with Vantage →. Finally, our guide to buying shares covers the whole process.
Leonardo’s share follows the European industrial and political calendar. Half-year results detail the order book and margins by division — helicopters, electronics, aerostructures — and every guidance revision moves the share more than the half-year figures themselves. Contract announcements punctuate the intervals: a military helicopter order, an air-defence system for a NATO country, a European industrial cooperation — every signature feeds both the backlog and the narrative.
To these events add the political layer: European defence summits, national budgets voted through parliaments, debates on sector consolidation — the share reacts to geopolitics as much as to operations. For the French investor holding it in a PEA, the reading is done in euros, with no currency interference — and the dividend calendar, in spring, punctuates the shareholder year.
Where Does Leonardo Fit in a Portfolio?
Leonardo serves two distinct uses. In a diversified European defence sleeve, it complements more concentrated positions — munitions and vehicles on the German side, combat avionics on the French side — with a three-pillar profile that smooths programme risk: diversification dampens the swings in both directions. As a standalone exposure to the sector, it suits investors who want the rearmament cycle without betting on a single technology — at the cost of more contained upside than the pure plays in a rising phase.
The allocation discipline remains the sector’s: a sleeve sized to absorb a full sector correction — defence stocks having demonstrated their range in both directions — and add-ons in tranches rather than at the peak of geopolitical headlines, when the thesis is most visible and the price least interesting.
The Flagship Programmes Behind the Group’s Value
Three families of programmes structure the order book. The helicopters: the AgustaWestland range — from the civil AW139 to the new-generation military aircraft — equips armed forces and civil operators on every continent, with an after-sales and support market generating recurring revenue across the fleets’ entire life. Then defence electronics: ground-based and onboard radars, battle-management systems, air defence and cyber solutions — critical equipment whose orders accompany the European rearmament, country by country.
Finally, the aerostructures: the production of sections and systems for the major manufacturers’ programmes, including the F-35 — a second-tier industrial activity that brings volume and regularity without the prime contractor’s commercial risk. The combination of these three pillars balances the backlog between civil export, European defence and industrial cooperations — the diversification the market rewards with a relative stability premium.
Leonardo Stock: Frequently Asked Questions
Yes: an Italian company listed within the European Union, the stock is PEA-eligible. Alongside its French and German peers in the sector, it offers exposure to European defence in euros, with tax exemption after five years.
What is the difference between Leonardo and Rheinmetall?
The profile: Rheinmetall concentrates its upside on munitions and vehicles — the purest bet on land rearmament — while Leonardo diversifies across helicopters, electronics and aerostructures. Over the same cycle, concentration amplifies the swings in both directions; diversification dampens them.
Does Leonardo make F-35 components?
Yes: the group takes part in the programme as a second-tier industrial, producing aerostructures and systems for the American jet — a European integration activity that adds to the order book without exposing Leonardo to prime-contractor risk.
What is the main risk of Leonardo stock?
The valuation: the stock has already priced in a significant part of the rearmament cycle. Any slowdown in orders, any programme delay or any major geopolitical easing can trigger a sector correction — against which the group’s diversification offers no immunity.
Does Leonardo pay a dividend?
Yes, an annual dividend growing with profits — long modest during the restructuring, now a clear marker of the recovery. In a PEA, it compounds without tax friction, which strengthens the wrapper’s appeal for this story.
What role does the Italian state play in the group’s strategy?
A significant shareholder, it stabilises control and steers the major cooperations — national programmes, industrial partners, exports subject to political approvals. For investors, this protects against a raid and a break-up, at the cost of slower strategic responsiveness: decisions also follow the Italian sovereign interest, not only shareholder returns.
Worth noting for the French investor: Italian dividend taxation includes a withholding tax, refundable or creditable depending on the wrapper — in a PEA, the treatment goes through the broker’s dedicated form; the details are set out in the intermediary’s tax documentation.
How is Leonardo positioned on European consolidation?
As a natural partner of the big tie-ups — programme cooperations, thematic joint ventures — rather than as a target: its size, state anchoring and diversification make it hard to absorb. Every step of the European consolidation of programmes (drones, missiles, systems) strengthens it as a piece of the industrial jigsaw rather than as an asset for sale.
Key Takeaways
- Listing: Milan, ticker LDO, in euros — PEA-eligible.
- Profile: diversified defence — helicopters, electronics, aerostructures — anchored by the Italian state.
- Share-price drivers: European rearmament, multi-year order book, rising margins, sector consolidation.
- Dividend: growing with profits — compounds in a PEA without friction.
- Key risk: demanding valuation + sector sensitivity to geopolitics.