Italy's state-anchored defense prime, spanning helicopters, defense electronics, aeronautics and space, with a US foothold through its Leonardo DRS subsidiary.
Leonardo S.p.A.
Leonardo is Italy's largest defense and aerospace group, its biggest shareholder the Italian Ministry of Economy and Finance (MEF) with a 30.2% stake. FY2025 revenue reached €19.5B and its order backlog exceeds €46B, making it a core beneficiary of the European rearmament cycle. In space it forms the Space Alliance with Thales (Thales Alenia Space and Telespazio), and in 2025 it agreed with Airbus and Thales to combine space assets under Project Bromo.
LDO.MI Updated Jul 12, 2026 4 AI consumers
Per the valuechain.wiki graph, Leonardo S.p.A. is directly linked to 5 companies (2 supply, 0 revenue, 5 investment relationships) and reaches 9 companies within two hops; the links are backed by 12 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Revenue €19.5B (+11%), new orders €23.8B, backlog above €46B
- Customer concentration · Italian MEF is the 30.2% anchor shareholder. The €46B backlog covers about 2.4 years of production. Top-10 customer concentration is not separately disclosed.
- Segments · Defence Electronics & Security · Helicopters · Aeronautics · Space
Revenue from
- U.S. Government High confidence
Through its US subsidiary Leonardo DRS (72.3% owned), Leonardo supplies defense electronics and sensors to the US Department of Defense. - Italian Ministry of Defence High confidence
The Italian government and armed forces are Leonardo's largest home customer, procuring across helicopters, defense electronics and aeronautics.Confirms EN Leonardo Published Mar 12, 2026: Leonardo: Board of Directors approves FY2025 results and 2026 guidance - European governments Medium confidence
Leonardo exports helicopters and defense electronics to European governments such as the UK and Germany, with European rearmament demand lifting the backlog.Confirms EN Leonardo Published Mar 12, 2026: Leonardo: Board of Directors approves FY2025 results and 2026 guidance
Pays to
- RTX Medium confidence
The flagship AW139 helicopter is powered by two Pratt & Whitney Canada (RTX) PT6C-67C engines — an upstream dependence on a rival/ally prime's engines, where engine supply constrains helicopter deliveries.Confirms EN Leonardo Published Dec 7, 2023: Leonardo and Pratt & Whitney Canada achieve first 100% SAF flight with PT6C-67C-powered AW139 - GE Aerospace Medium confidence
GE (via Avio Aero) supplies engines for much of Leonardo's helicopter range; the NH90 uses T700/T6E1 and the AW189 uses GE CT7 engines.Confirms EN GE Aerospace Published Dec 6, 2017: How Avio Aero and Leonardo Elicotteri's collaboration boosted military missions
Investors
- Thales High confidence· Market share 67% · 현재 · Thales stake in Thales Alenia Space
Thales and Leonardo jointly own the 'Space Alliance': satellite maker Thales Alenia Space (Thales 67%, Leonardo 33%) and services firm Telespazio (Leonardo 67%, Thales 33%). The two are also the other legs of the Bromo merger. - Italian government (MEF) High confidence· Market share 30.2% · 2025 · share capital
The Italian Ministry of Economy and Finance (MEF) is the largest shareholder at 30.2% and effectively controls board composition.Confirms EN Breaking Defense Published Apr 10, 2026: Italy set to remove Leonardo CEO, despite major growth - Airbus Medium confidence· Market share 50% · 현재 · ATR JV stake
Airbus co-owns the regional-aircraft maker ATR 50/50 with Leonardo, and in 2025 agreed to combine space assets with Leonardo and Thales under Project Bromo (Airbus 35%).Confirms EN Airbus Published Oct 23, 2025: Airbus, Leonardo and Thales sign MoU to create a leading European player in space
Investments
- Airbus High confidence· Market share 50% · 현재 · ATR JV stake
Leonardo co-owns the regional-aircraft maker ATR 50/50 with Airbus, and in 2025 agreed to combine space assets with Airbus and Thales under Project Bromo (Leonardo 32.5%). - Thales High confidence· Market share 33% · 현재 · Thales Alenia Space stake
Leonardo forms the Space Alliance with Thales, co-owning Thales Alenia Space (Leonardo 33%) and Telespazio (Leonardo 67%), and combines space assets with Thales under Project Bromo.Confirms EN Airbus Published Oct 23, 2025: Airbus, Leonardo and Thales sign MoU to create a leading European player in space - MBDA Medium confidence· Market share 25% · 현재 · MBDA stake
Leonardo holds 25% of the European missile JV MBDA, alongside Airbus (37.5%) and BAE Systems (37.5%).Confirms EN Defense News Published Mar 26, 2026: MBDA to double Aster air-defense missile output in 2026 - Avio Medium confidence· Ownership stake 19.3% · Leonardo shareholding in Avio
Leonardo holds a 19.30% stake in space-propulsion firm Avio (largest shareholder).Confirms EN Leonardo Published Nov 11, 2025: Leonardo: subscription to Avio's capital increase completed
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Leonardo S.p.A. | node | +11.3 | +50.3 | +73.6 | +89.1 | +88.1 | -6.8 |
| Airbus | benef1 | +34.8 | +3.9 | +30.5 | +15 | +18.3 | +3.9 |
| Voyager Technologies | benef2 | · | · | · | · | · | +19.2 |
| GE Aerospace | benef2 | +9.7 | -10.9 | +95.7 | +64.8 | +85.7 | +17 |
| RTX | benef2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +7.6 |
| Toray Industries | benef2 | +8.3 | +12.5 | -4.8 | +49.2 | +7.5 | +1.3 |
| Thales | benef2 | +12.5 | +52.5 | +14 | +17.8 | +66.6 | -11.6 |
| Korea Aerospace Industries | benef2 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
YTD as of 2026-07-10 · source: Yahoo Finance
Leonardo's thesis is 'a European-rearmament backlog + a state-backed JV network + a US on-ramp.' A state-anchored prime where the Italian MEF (30.2%) effectively controls the board, its FY2025 revenue of €19.5B (+11%), new orders €23.8B and €46B backlog (~2.4 years) capture the post-Ukraine defense build-up. Its largest division, Defence Electronics & Security, is the channel into the US market via subsidiary Leonardo DRS (72.3%). Growth is densely woven through JVs — ATR (Airbus 50/50), MBDA (25%), the Space Alliance with Thales (Thales Alenia Space 33%, Telespazio 67%), the Project Bromo space combination (Leonardo 32.5%) and Avio (19.3%). Upstream it depends on RTX (Pratt & Whitney Canada) and GE (Avio Aero) for helicopter engines. The -7.3% 2026 pullback is more valuation/profit-taking than fundamentals.
Analysis generated from returns as of 2026-07-10Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target €76 · Price €51.82 (07-10) · Upside +47%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | Overweight | €83 | Jun 1, 2026 | Report ↗ |
| Barclays | Overweight | €68 | Mar 9, 2026 | Report ↗ |
Morgan Stanley raised its Leonardo target to EUR83 from EUR71 and kept Overweight (per consensus aggregation).
Analyses covering this node
- When budgets move, primes move: the European-Korean defense re-rating Jul 5, 2026
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026