TLDR
- MWB Research upgraded Rheinmetall to Hold, citing fairer valuation
- Stock hovered near €1,080.60 following the upgrade
- Potential Arminius armored vehicle orders could be worth around €12.4 billion
- Rheinmetall Canada won a single-digit million euro U.S. Navy parts contract
- The contract covers spare parts for MSU-200NAV air start units, with deliveries running from late 2026 to end-2028
Rheinmetall AG (RHM) ended the week near €1,080.60 after a busy few days that brought an analyst upgrade, a massive potential order pipeline, and a new U.S. Navy contract.
MWB Research lifted its rating on Rheinmetall from its previous stance to Hold. The firm pointed to a fairer valuation at current price levels as the main reason for the change.
The upgrade comes as analysts eye potential Arminius armored vehicle orders that could total around €12.4 billion. That number alone is enough to keep investors paying close attention.
The Arminius program represents a major opportunity for the German defense giant. While no firm order has been confirmed, the scale of potential contracts in this area is hard to ignore.
U.S. Navy Spare Parts Deal
Separately, Rheinmetall Canada secured a contract from the U.S. Department of Defense, awarded through the Canadian Commercial Corporation (CCC), to supply spare parts for the U.S. Navy’s MSU-200NAV air start units.
The deal is valued in the single-digit millions of euros. Deliveries are scheduled to run from the end of 2026 through to the end of 2028.
The MSU-200NAV is used to start aircraft engines both on land and on board ships. Rheinmetall Canada will supply parts for two key components: the starter, which initiates turbine operation, and the FADEC system, which manages power output, sequencing, and safety functions.
The unit is built for reliability across a wide range of climates. Its compact size and low weight also mean it can be airlifted to forward operating bases, making it a flexible option for mobile aircraft ground support.
Quebec Facility at the Center
All development, modernization, and maintenance work for the MSU units is carried out at Rheinmetall Canada’s facility in Saint-Jean-sur-Richelieu, Quebec. The site plays a key role in keeping this ground support capability available long-term.
The Canadian Commercial Corporation acts as the go-between for Canadian defense suppliers and the U.S. Department of Defense. Its involvement in this contract underlines the cross-border nature of the deal.
Rheinmetall described the contract as building on its existing track record in aircraft ground support and its history of supplying the U.S. Armed Forces and allied militaries.
The company said the contract also supports Canadian industrial value creation in critical ground support technologies.
Deliveries under the U.S. Navy contract are set to begin at the end of 2026, with the program running through to the close of 2028.
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