Dassault Aviation S.A.

AM.PA

Aerospace & Defense · Industrials

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Dassault Aviation is a French company that builds two very different types of aircraft: military fighter jets and private business jets. Its fighter jet is the Rafale, which it sells to the French military and foreign governments. Its business jets are sold under the Falcon brand to corporations and wealthy individuals around the world.

The company earns money by selling aircraft and providing long-term maintenance and support services for the planes it has already delivered. It is based in France and sells globally, with export Rafale contracts — including deals with India, Egypt, Greece, and the UAE — driving a large share of recent revenue. Dassault also holds a significant stake in Thales, a major defense electronics firm, which adds value beyond its core aircraft business. The key growth driver is the ongoing international demand for Rafale jets, but the company faces risk from a lumpy order book, meaning revenue can swing sharply depending on when large government contracts are signed.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+45.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+9.1% YoY

YoY Growth Rate

Slow EPS growth

Insider Activity

78.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

€13.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Dassault Aviation S.A. grew revenue 45% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

36.2%

Modest — 36.2% gross margin

Profit after running costs

Operating Margin

7.8%

Modest — 7.8% operating margin

Return on the money invested

ROCE

11.6%

Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+34.4%

Fast-growing sales (+34.4% YoY)

Profit growth

EPS YoY

+29.1%

Earnings growing fast (+29.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

146%

Turns 146% of profit into real cash

Spare cash per sale

FCF Margin

15.1%

Converts sales into free cash efficiently (15.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

109.88x

Comfortably covers interest (109.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.1x

no trend

Growth-priced — P/E 24.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+10.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.1 → 13.5)

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Dividends

Dividend

Dividend Yield

1.60%

no trend

Small dividend — 1.60% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-69.1%

no trend

Dividend cut (-69.1% YoY) — warning sign

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