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#14Largest Defence Co · 2026

Rheinmetall AG

The fastest-growing prime in Europe — revenue tripled since 2021.

Defence Revenue
$13B
HQ
Germany
Founded
1889
Employees
~33,000
Listing
ETR: RHM

Overview

Rheinmetall is the story of the European industry. Revenue has roughly tripled since 2021, on track for USD 18 billion by 2027 and USD 25 billion by the early 2030s. The combination of ammunition (now the largest 155mm shell producer in Europe), the Lynx and Panther vehicle programmes, the Skyranger air defence system, and a clean political position on Ukraine support has produced one of the fastest reratings the industry has ever seen.

Recent Strategic Moves

New 155mm shell plants opened in Germany, Hungary, and Ukraine. Panther KF51 winning Italian competition. Skyranger air defence orders accelerating across Europe.

Flagship Products & Programmes

Leopard 2 ammunition / upgradesKF41 Lynx IFVPanther KF51 MBTSkyranger air defence155mm artillery shells

Business Categories

AmmunitionArmoured VehiclesAir DefenceCombat Systems