People tend to overestimate the profitability of defense contractors. Operating in a heavily boom-bust market, with high capital expenditures and high operating costs (the entire supply chain and final manufacturing is done almost exclusively in high cost-of-living western countries), and dealing with massive quantities of politics and regulation eats away at those margins.
And Rheinmetall is in Europe, not America, where all of these things are 100x more true.
And Rheinmetall is in Europe, not America, where all of these things are 100x more true.