UK defense prime with exposure to combat systems, naval platforms, electronic warfare, and long-cycle Western rearmament spending.MoreShow less
Profile & Fundamentals
BAE Systems (BA.LSE) Profile & Fundamentals
Review BAE Systems reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
BAE Systems: Company Profile & Ownership
BAE Systems plc provides defense, aerospace, and security solutions in the United States, the United Kingdom, the Middle East, Australia, Kingdom of Saudi Arabia, Europe, and internationally. The company operates through five segments: Electronic Systems, Platforms & Services, Air, Maritime, and Cyber & Intelligence. The Electronic Systems segment offers electronic warfare systems, navigation systems, electro-optical sensors, military and commercial avionics, and precision guided solutions and communications systems, as well as space electronics, spacecraft, and ground and tactical systems. The Platforms & Services segment manufactures and sells combat vehicles, weapons, and munitions; and offers naval ship repair services, as well as operates and manages two government-owned and contractor-operated ammunition plants. The Air segment develops future combat air systems and falconworks alongside edgewing, and eurofighter and MBDA. The Maritime segment provides maritime and land services, including submarine, ship build, and support programs. The Cyber & Intelligence segment offers cyber security services for national security, central government, and government enterprises. The company was formerly known as British Aerospace plc and changed its name to BAE Systems plc in May 2000. BAE Systems plc was incorporated in 1979 and is headquartered in London, the United Kingdom.
Company profile record
BAE Systems plc
Common Stock · Industrials · Aerospace & Defense
Company
- Company / asset
- BAE Systems plc
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Aerospace & Defense
- HQ
- 🇬🇧 United Kingdom
- Head office
- 6 Carlton Gardens, London, United Kingdom, SW1Y 5AD
Leadership & scale
- Chief executive
- Dr. Charles Nicholas Woodburn CBE, Ph.D.
- CEO year born
- 1971
- Full-time employees
- 112.4K
- Fiscal year end
- December
- IPO date
- 1981-02-01
Fundamentals snapshot
- Market Cap
- GBP 55.7B
- P/E
- 13.6x
- Revenue (Q2 26)
- GBP 14.6B
- Profit (Q2 26)
- GBP 1.0B
- Dividend Yield
- 2.0%
- Revenue (FY 25)
- GBP 28.3B
- Shares in public float
- 2.9B
- Insider ownership
- 0.45%
Reporting & identifiers
- Symbol
- BA.LSE
- Listing
- 🇬🇧 United Kingdom | Dividend Tax: 0%
- Ticker Currency
- GBX
- Income Statement Currency
- GBP
- Balance Sheet Currency
- GBP
- Cash Flow Currency
- GBP
- EPS Currency
- GBP
- Contract Type
- SPOT
- ISIN
- GB0002634946
- Asset ID
- equity_7e794ba4-ddfc-5658-bb39-22c0050f665f
BAE Systems: Ownership
Shares Outstanding
Latest: 3.0B | Max: 3.2B | Min: 3.0B
Latest reported ownership snapshot
Float Shares
94.96%
2.9B latest reported shares
Insider Ownership
0.45%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 3,199,000,000 |
| 2018-01-01 | 3,199,000,000 |
| 2019-01-01 | 3,209,210,700 |
| 2020-01-01 | 3,212,497,700 |
| 2021-01-01 | 3,200,506,500 |
| 2022-01-01 | 3,146,731,200 |
| 2023-01-01 | 3,067,684,300 |
| 2024-01-01 | 3,052,060,100 |
| 2025-01-01 | 3,033,583,000 |
| 2026-01-01 | 3,018,000,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
BAE Systems: Earnings, Profitability & Valuation
Latest Financials Filed On
Cash Flow: GBP→USD conversion reference as of . Historical periods use their own dated rates.
Cash Flow: GBX→USD conversion reference as of . Historical periods use their own dated rates.
Income Statement: GBP→USD conversion reference as of . Historical periods use their own dated rates.
Income Statement: GBX→USD conversion reference as of . Historical periods use their own dated rates.
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company shows robust underlying business growth, with 2025 revenue rising nearly eight percent to twenty-eight point three billion pounds and further momentum in first-half 2026. A record eighty-four billion pound order backlog confirms strong customer demand for combat systems and munitions. Management upgraded its full-year outlook, reflecting dependable defense spending across major allied nations. However, the headline cash numbers hide an important accounting reality. First-half free cash flow of nearly one point eight billion pounds was driven by large customer prepayments rather than permanent profit gains. While underlying operating earnings are healthy, investors should expect cash generation to normalize as factory work consumes these early receipts.
The company shows robust underlying business growth, with 2025 revenue rising nearly eight percent to twenty-eight point three billion pounds and further momentum in first-half 2026. A record eighty-four billion pound order backlog confirms strong customer demand for combat systems and munitions. Management upgraded its full-year outlook, reflecting dependable defense spending across major allied nations. However, the headline cash numbers hide an important accounting reality. First-half free cash flow of nearly one point eight billion pounds was driven by large customer prepayments rather than permanent profit gains. While underlying operating earnings are healthy, investors should expect cash generation to normalize as factory work consumes these early receipts.
Revenue, Net Income, and Free Cash Flow
Latest: GBP 28.3B | Max: GBP 28.3B | Min: GBP 689.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 13x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability displays steady performance with an underlying return on sales reaching ten point eight percent in first-half 2026. High demand for combat ammunition, avionics upgrades, and newly integrated space payloads has supported pricing and helped absorb rising manufacturing wages and specialized component expenses. However, profitability remains uneven across divisions. While electronic and combat air segments achieve healthy double-digit returns, the maritime shipbuilding division remains burdened by first-in-class construction costs, generating returns near six percent. As high-tech electronic packages grow within the sales mix, overall profit margins should gradually expand toward eleven percent.
Profitability displays steady performance with an underlying return on sales reaching ten point eight percent in first-half 2026. High demand for combat ammunition, avionics upgrades, and newly integrated space payloads has supported pricing and helped absorb rising manufacturing wages and specialized component expenses. However, profitability remains uneven across divisions. While electronic and combat air segments achieve healthy double-digit returns, the maritime shipbuilding division remains burdened by first-in-class construction costs, generating returns near six percent. As high-tech electronic packages grow within the sales mix, overall profit margins should gradually expand toward eleven percent.
Profitability Margins
Latest: 26.4% | Max: 65.4% | Min: 5.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
26.4%
Gross profit / revenue
Operating Margin
9.2%
Operating income / revenue
Net Margin
7.3%
Net income / revenue
FCF Margin
8.4%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 21,881,700,000 | 1,122,990,000 | 1,009,830,000 |
| 2017-12-31 | 23,080,160,000 | 1,144,360,000 | 2,020,720,000 |
| 2018-12-31 | 21,362,670,000 | 1,270,000,000 | 1,069,340,000 |
| 2019-12-31 | 23,979,550,000 | 1,933,560,000 | 1,476,370,000 |
| 2020-12-31 | 26,216,720,000 | 1,766,640,000 | 937,040,000 |
| 2021-12-31 | 26,353,350,000 | 2,373,300,000 | 2,679,750,000 |
| 2022-12-31 | 25,722,180,000 | 1,925,110,000 | 2,596,660,000 |
| 2023-12-31 | 29,309,060,000 | 2,358,390,000 | 3,559,810,000 |
| 2024-12-31 | 32,890,000,000 | 2,445,000,000 | 3,452,500,000 |
| 2025-12-31 | 38,253,600,000 | 2,783,700,000 | 3,210,300,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 12.9 | Trailing four quarters |
| 2024-12-31 | 9.2 | Trailing four quarters |
| 2022-12-31 | 16.9 | Annual net income |
| 2021-12-31 | 10 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 59.46 | 8.31 | 5.13 | 4.61 |
| 2017-12-31 | 64.67 | 8.9 | 4.96 | 8.76 |
| 2018-12-31 | 64.79 | 9.08 | 5.94 | 5.01 |
| 2019-12-31 | 26.53 | 9.49 | 8.06 | 6.16 |
| 2020-12-31 | 26.67 | 8.83 | 6.74 | 3.57 |
| 2021-12-31 | 26.6 | 9.56 | 9.01 | 10.17 |
| 2022-12-31 | 27.78 | 9.64 | 7.48 | 10.1 |
| 2023-12-31 | 65.41 | 11.15 | 8.05 | 12.15 |
| 2024-12-31 | 26.19 | 10.2 | 7.43 | 10.5 |
| 2025-12-31 | 26.39 | 9.21 | 7.28 | 8.39 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.