PNK • United Kingdom
Directed energy weapons and defense photonics; strong global presence in defense markets.
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Annual Overview
| Metric | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 28.71B | 31.17B▲ | 35.54B▲ | 38.27B▲ |
| Net Income | 2.15B | 2.51B▲ | 2.64B▲ | 2.78B▲ |
| EPS | $2.7282 | $3.263▲ | $3.4629▲ | $3.6736▲ |
| Free Cash Flow | 2.9B | 3.79B▲ | 3.73B▼ | 3.15B▼ |
| Capex | -935.95M | -1.29B▼ | -1.57B▼ | -1.49B▲ |
| Diluted Shares | 778M | 768M▼ | 763.25M▼ | 757.75M▼ |
| Net Debt Issuance | -540.23M | 218.79M▲ | 4.24B▲ | -759.02M▼ |
| Net Equity Issuance | -1.06B | -757.67M▲ | -749.57M▲ | -677.99M▲ |
| SBC | 136.41M | 148.56M▲ | 194.48M▲ | 235M▲ |
Analyst Consensus
Estimate Revisions
Estimates trending downward
Growth
Ownership
No institutional holder data available for this company.
Earnings Calendar
Next earnings
February 17, 2027
Last earnings
No past earnings data available.
AI Summary
BAE Systems plc is a major player in the defense sector, specializing in directed energy weapons and photonics applications. This covers advanced military technologies like lasers and optics, crucial for modern warfare and defense systems.
BAE Systems is riding a wave of increased defense budgets worldwide, driven by geopolitical tensions. Their focus on cutting-edge directed energy weapons aligns them with long-term military procurement trends, offering significant growth potential. Recent financial performance, with revenues rising from $31.1 billion in FY2023 to over $38.2 billion in FY2025, shows strong demand and solid execution. Their competitive edge in photonics technology could make them indispensable suppliers in an evolving defense landscape.
Despite revenue growth, BAE Systems operates with relatively thin margins, with a net margin at just 7.3% and recent declines in free cash flow from $3.8 billion in FY2023 to $3.1 billion in FY2025. The high EV/EBITDA ratio of 103.3 raises questions about underlying profitability relative to the valuation. Additionally, the defense sector is heavily regulated and prone to political risk, which could hinder new contracts or disrupt existing ones.
BAE Systems has seen a steady revenue increase over the past three years, from $31.1 billion to $38.2 billion. However, gross margins have slightly dipped from 65.9% to 65.2%. While net income is increasing, cash flow from operations is declining, indicative of potential inefficiencies or increased capital expenditures hindering free cash flow. Investors need to monitor if cash flow issues persist, impacting future profitability and shareholder returns.
With a P/E of 33.2 and an EV/EBITDA of 103.3, the stock appears expensive compared to other defense firms. The market seems to be pricing in substantial future growth, potentially underestimating execution risks and cash flow concerns. While the revenue growth trajectory is commendable, current valuations could limit near-term upside without fresh catalysts.
Key risks for BAE Systems include reliance on government contracts, where budget cuts or policy shifts could have a severe impact. Technological disruption, especially if competitors develop superior directed energy solutions, also poses a threat. Furthermore, geopolitical tensions, while currently a tailwind for defense spending, could also lead to sanctions or diplomatic frictions that might affect operations or material sourcing.
In the coming quarters, keep an eye on new contract announcements or extensions in the directed energy segment, as these could significantly drive future revenues. Also, look out for updates in international relations that might influence defense budgets and, by extension, BAE's order backlog. Ensuring cash flow stability would be another positive signal that could reassure investors and potentially support a higher valuation.
Last updated: April 14, 2026
BAE Systems plc is a major player in the defense sector, specializing in directed energy weapons and photonics applications. This covers advanced military technologies like lasers and optics, crucial for modern warfare and defense systems.
BAE Systems is riding a wave of increased defense budgets worldwide, driven by geopolitical tensions. Their focus on cutting-edge directed energy weapons aligns them with long-term military procurement trends, offering significant growth potential. Recent financial performance, with revenues rising from $31.1 billion in FY2023 to over $38.2 billion in FY2025, shows strong demand and solid execution. Their competitive edge in photonics technology could make them indispensable suppliers in an evolving defense landscape.
Despite revenue growth, BAE Systems operates with relatively thin margins, with a net margin at just 7.3% and recent declines in free cash flow from $3.8 billion in FY2023 to $3.1 billion in FY2025. The high EV/EBITDA ratio of 103.3 raises questions about underlying profitability relative to the valuation. Additionally, the defense sector is heavily regulated and prone to political risk, which could hinder new contracts or disrupt existing ones.
BAE Systems has seen a steady revenue increase over the past three years, from $31.1 billion to $38.2 billion. However, gross margins have slightly dipped from 65.9% to 65.2%. While net income is increasing, cash flow from operations is declining, indicative of potential inefficiencies or increased capital expenditures hindering free cash flow. Investors need to monitor if cash flow issues persist, impacting future profitability and shareholder returns.
With a P/E of 33.2 and an EV/EBITDA of 103.3, the stock appears expensive compared to other defense firms. The market seems to be pricing in substantial future growth, potentially underestimating execution risks and cash flow concerns. While the revenue growth trajectory is commendable, current valuations could limit near-term upside without fresh catalysts.
Key risks for BAE Systems include reliance on government contracts, where budget cuts or policy shifts could have a severe impact. Technological disruption, especially if competitors develop superior directed energy solutions, also poses a threat. Furthermore, geopolitical tensions, while currently a tailwind for defense spending, could also lead to sanctions or diplomatic frictions that might affect operations or material sourcing.
In the coming quarters, keep an eye on new contract announcements or extensions in the directed energy segment, as these could significantly drive future revenues. Also, look out for updates in international relations that might influence defense budgets and, by extension, BAE's order backlog. Ensuring cash flow stability would be another positive signal that could reassure investors and potentially support a higher valuation.
BAE Systems plc is a major player in the defense sector, specializing in directed energy weapons and photonics applications. This covers advanced military technologies like lasers and optics, crucial for modern warfare and defense systems.
BAE Systems plc is in the Defense layer of the photonics supply chain. Directed energy weapons and defense photonics applications
In FY2025, BAE Systems plc reported net income of $2.78B.
Companies in the same supply chain layer as BAE Systems plc include AeroVironment, Inc., AgEagle Aerial Systems, Inc., Astronics Corporation, CACI International Inc, and Curtiss-Wright Corporation.
BAE Systems plc is expected to report around February 17, 2027.
Analysis updated April 2026
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Aehr Test Systems ขยายแรงส่งในการผลิต Silicon Photonics อย่างต่อเนื่อง หลังได้รับคำสั่งซื้อเพื่อการผลิตเพิ่มเติมจากลูกค้ารายหลัก Moomoo
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Aehr Test Systems stock jumps on silicon photonics order By Investing.com Investing.com South Africa
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Aehr Test Systems stock jumps on silicon photonics order Investing.com
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Aehr Test Systems receives silicon photonics production order By Investing.com Investing.com South Africa
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Aehr Test Systems shares climb on new silicon photonics production order MSN
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[220+ Pages Latest Report] According to a market research study published by Custom Market Insights, the demand analysis of Global Smart Grid Cybersecurity Market size & share revenue was valued at approximately USD 5.68 Billion in 2025 and is expected to reach USD 7.19 Billion in 2026 and is expected to reach around USD 67.02 Billion by 2035, at a CAGR of 28.2% between 2026 and 2035. The key market players listed in the report with their sales, revenues and strategies are IBM, Siemens, Cisco Sy
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Select STOXX Europe Aerospace & Defense ETF (NASDAQ:EUAD) was the cleanest way to own European defense stocks from a U.S. brokerage account in 2025. The fund launched by Tuttle Capital Management on October 22, 2024 solves a simple problem: U.S. investors wanting concentrated exposure to Airbus, BAE Systems, Rheinmetall, Leonardo, and Europe’s prime contractors had ... Watch These 3 Contract Signals Before EUAD’s Next Move
Global Silicon Photonics and Optical I/O Test & Measurement Systems Market | USA, China, Taiwan Lead | Keysight Technologies, Advantest, FormFactor Drive Next-Gen AI Infrastructure Validation PR Newswire
Global Silicon Photonics and Optical I/O Test & Measurement Systems Market | USA, China, Taiwan Lead | Keysight Technologies, Advantest, FormFactor Drive Next-Gen AI Infrastructure Validation Yahoo Finance
Seoul Viosys targets DCI market with optical semiconductor push fibre-systems.com
Context for BAE Systems (LSE:BA.) shares BAE Systems (LSE:BA.) shares have eased in the past week, with a 1-day return of about a 3% decline and a 7-day return of roughly a 10% decline, drawing attention to the recent pullback. See our latest analysis for BAE Systems. The recent drop sits against a much stronger backdrop, with a year to date share price return of 15.19% and a 5 year total shareholder return of 354.78%. This suggests that long term momentum remains intact despite the latest...
European equities have rallied in a way that few investors expected a year ago. Germany’s decision to loosen its debt brake, the launch of the EU’s ReArm Europe program, and a wave of higher defense budgets across NATO have all shifted expectations about the continent’s fiscal direction. These policy changes have created a very different ... European Defense Rearmament Is Reshaping Markets: These 3 ETFs Capture the Shift
Planters Broadband selects Ribbon for 800G-ready network modernisation fibre-systems.com
NLM Photonics, Spark Photonics partner for target high-volume manufacturing fibre-systems.com
Coherent's Dr Sanjai Parthasarathi on AI infrastructure and vertical integration (Video interview) fibre-systems.com
The European stock markets were tracking lower in Tuesday trading as The Stoxx Europe was declining
AMD Acquires Enosemi for AI Systems, Penny-Sized Laser Has Limitless Applications Photonics Spectra
Morgan Stanley lifts price target to 2,662p, citing Iran war and rising US, Gulf military budgets as key drivers.
Why Is Aehr Test Systems Stock Soaring Thursday? - Aehr Test System (NASDAQ:AEHR) Benzinga
BAE Systems (LSE:BA.) has received a major undefinitized contract to produce M776 cannons for the U.S. Army. The company will establish second source U.S. based production at its Kentucky facility, supporting the defense industrial base. The contract marks an expansion of BAE Systems' role in supplying critical artillery systems to U.S. forces. For investors tracking defense exposure, BAE Systems comes into this contract with a share price of £22.315 and 5 year returns of around 4x. The...
European stock markets fell in Monday trading following President Donald Trump's threat to block the
Ball Corporation (NYSE: BALL) is one of Billionaire David Tepper’s 10 Small and Midcap Stock Picks with Huge Upside Potential. Ball Corporation (NYSE: BALL) is a new addition to the 13F portfolio of Appaloosa Management LP. The fund disclosed a stake in the company comprising 1.2 million shares in filings for the fourth quarter of […]
How silicon photonics could power next-generation AI systems TechRadar
A Look At Aehr Test Systems (AEHR) Valuation After New Silicon Photonics Order And Rapid Share Price Rebound Yahoo Finance
Aehr Test Systems (+23%): New Silicon Photonics Customer Win for AI Data Centers Trefis
Aehr Wins Major New Silicon Photonics Customer with High-Power FOX-XP Wafer-Level Burn-In System for Hyperscale Data Center Optical Interconnect Market Aehr Test Systems
Aehr Test Systems receives order for silicon photonics testing Investing.com
Aehr lands systems order as AI data centers shift from copper to fiber Stock Titan
Aehr Test Systems Soars with Silicon Photonics and AI Momentum timothysykes.com
OFC 2026: Nokia launches coherent optical solutions for AI networks fibre-systems.com
Lightmatter Proposes OCP Reference Architecture for Co-Packaged Optics in AI Systems HPCwire
OISolution Launches 1.6Tbps OSFP and ELSFP Modules for AI Data Centers and CPO Systems 아시아경제
Hyperscalers back new optical interconnect standard for large-scale AI systems Tech Edition
Ayar Labs and Wiwynn Partner to Bring Co-Packaged Optics to Rack-Scale AI Systems Business Wire
Ayar Labs and Wiwynn Partner to Bring Co-Packaged Optics to Rack-Scale AI Systems HPCwire
Ayar Labs and Wiwynn Partner to Bring Co-Packaged Optics to Rack-Scale AI Systems Yahoo Finance
Aehr Receives Follow-On Order for Fully Automated Wafer-Level Burn-In Systems Powering AI Optical I/O and Data Center Interconnects Aehr Test Systems
Photonics-Electronics Convergence Technology Market to Cross USD 104.26 Billion by 2032 as Data, AI, and Defense Systems Hit the Limits of Conventional Electronics PR Newswire UK
Photonics-Electronics Convergence Technology Market to Cross USD 104.26 Billion by 2032 as Data, AI, and Defense Systems Hit the Limits of Conventional Electronics PR Newswire
Ligentec X-Fab photonics partnership to scale TFLN for 1.6T networks fibre-systems.com
CPO (Co-Packaged Optics) Technologies and Market Outlook for Next-Gen AI Systems IDTechEx
Marvell breaks AI limits with Celestial AI Photonic Fabric technology deal fibre-systems.com
Credo Launches PILOT-Powered ZeroFlap Optics to Enhance Stability in Large-Scale AI Systems HPCwire
nEye Systems Secures $58M for Optical Switch Tech | Industry News | Jun 2025 Photonics Spectra
Chip-scale Erbium Laser Points to Portable Integrated Systems | Technology News | Aug 2024 Photonics Spectra
Celestial AI introduces the first SoC with In-Die optical interconnect fibre-systems.com
In-chip critical plasma seeds for laser writing of reconfigurable silicon photonics systems Nature
Nvidia : Integrating Photonic in HPC and Network Systems semivision
AMD Acquires Enosemi to Accelerate Co-Packaged Optics Innovation for AI Systems AMD
Transforming Interconnects in AI Systems: Co-Packaged Optics Role IDTechEx
Harnessing the capabilities of VCSELs: unlocking the potential for advanced integrated photonic devices and systems Nature
Coherent appoints Jim Anderson as CEO fibre-systems.com
Broadcom Delivers Industry’s First 51.2-Tbps Co-Packaged Optics Ethernet Switch Platform for Scalable AI Systems Broadcom
Winway sees increases in AI-related revenue, inquiries for silicon photonics CPO testing systems digitimes
ECOC 2023: Coherent reveals 1200mW pump laser module for DWDM networks fibre-systems.com
The latest high-capacity optics products for 2023 fibre-systems.com
The evolution of high-performance coherent optical engine technology fibre-systems.com
Infinera, Sumitomo achieve successful test of point-to-multipoint coherent pluggable transceiver fibre-systems.com
OFC 2023: Adtran demonstrates coherent 100ZR QSFP28 fibre-systems.com
Credo, Effect Photonics to jointly develop coherent DSP solutions fibre-systems.com
Nokia next-generation coherent photonic service engine fibre-systems.com
A large-scale microelectromechanical-systems-based silicon photonics LiDAR Nature
Coherent routing solution unveiled at OFC fibre-systems.com
Cignal AI: 400G+ coherent shipments tripled last year fibre-systems.com
Aehr Receives FOX-XP™ Multi-Wafer Test & Burn-in Solution Order as Silicon Photonics Customer Makes Transition to Volume Production Aehr Test Systems
Acacia samples 100G coherent DWDM pluggable solution for edge and access fibre-systems.com
Inphi samples 'industry first' 7nm coherent DSP enabling 400G Pluggables fibre-systems.com
LightCounting optical transceiver report asks what it will take to put market on track fibre-systems.com
Cable companies consider coherent optics fibre-systems.com