Hensoldt heads into this earnings season with a stock that has already run hard, up double digits over the past month and sitting at €79.76 at the last close on 31 July 2026. That backdrop makes today’s sentiment all about one thing: the market is trying to square a premium P/E of 92.1x with an earnings release built around record order momentum and firmer profitability.

The headline is not the latest quarterly earnings per share. It is the combination of record H1 order intake above €2.8b and adjusted EBITDA of €137m with an 11.8% margin that signals the core defense engine is working, while the valuation asks investors to pay up for it.

Is Hensoldt’s 92.1x P/E simply catching up with its order book, or is the stock already…