AIR

Airbus is one of the two dominant European-positioned civil aircraft makers, monetizing A320neo/A350 deliveries, lifecycle services, and defense and space programs. In 2025 it generated EUR 73.4 billion in revenue, EUR 4.57 billion in free cash flow before customer financing, and EUR 12.2 billion in net cash, but weak Q1 2026 deliveries turned cash flow negative and the full-year 870-aircraft target requires roughly 87 deliveries per month in H2; at EUR 179.28, the stock trades at about 25x forward PE and is not cheap. Report rating Hold: a high-quality mature cash cow, but the stock is paying for execution repair, has no current margin of safety, and is worth waiting for at a better entry point.