Germany's biggest defence firm, headquartered in Düsseldorf. Its chief executive is Armin Papperger, who has led the company since 2013. It describes itself as an "integrated international technology group".
Rheinmetall's core strengths are tanks—the Lynx, Leopard 2, Puma and Panther—and artillery shells. It also makes the Skyranger, a mobile anti-drone system that can be installed atop military vehicles, which is more cost-efficient than using warplanes to shoot down cheap drones. The Skyranger has been ordered by the German army but is running many months behind schedule. The company has formed partnerships to make satellites with ICEYE, a Finnish firm, and drones with Anduril, an American defence-tech company.
In an interview in March 2026 with the Atlantic, Papperger likened Ukrainian drone technology to "playing with Lego", saying it was produced by "housewives" who "have 3-D printers in their kitchens." The backlash was swift; Rheinmetall apologised, calling Ukraine's "innovative strength and fighting spirit" a "source of inspiration."
In Lower Saxony Rheinmetall finished what will become Europe's biggest ammunition factory when it reaches full capacity in 2027. It is also building ammunition plants in Bulgaria, Latvia, Lithuania, Romania and Ukraine.
Rheinmetall is acquiring the four shipyards of Naval Vessels Lürssen (NVL), based in Bremen, for an estimated €1.5bn-2bn, extending its reach into naval production.
When Papperger took over in 2013, the share price was €37; by late 2025 it was pushing €2,000. Relative to earnings, its shares are easily the most expensive in the European defence industry. Annual sales were around €10bn in 2024 with a 15% profit margin. Papperger is targeting annual sales of €40bn-50bn and a 20% profit margin by the end of the decade, which would put Rheinmetall in the global league with America's top defence firms such as Lockheed Martin ($71bn in annual sales) and Northrop Grumman ($41bn).
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