Leonardo

What Leonardo does

Leonardo S.p.A. is a publicly traded Italian aerospace, defense, and security prime contractor (Milan Stock Exchange: LDO; ~30.2% owned by the Italian Ministry of Economy and Finance) organized into five core divisions — Helicopters, Aeronautics, Electronics, Space, and Cyber & Security — plus the recently acquired IDV land defense vehicle business. The company employs approximately 51,000 people globally and reported Q1 2026 revenues of €4.4 billion (+7% year-on-year), Q1 2026 new orders of €9 billion (+31% year-on-year, ~2x book-to-bill), EBITA of €281 million (+33% year-on-year, 10% above analyst forecasts), and an order backlog of €56.81 billion representing 2.5 years of production coverage. Leonardo operates across all five defense domains — land, air, sea, space, and cyber — under its Michelangelo Dome architecture, with a portfolio that includes the AW249 next-generation combat helicopter (the first all-new Western clean-sheet combat helicopter design), the AW139/AW149/AW169/AW109 helicopter families, the M-346 Master advanced jet trainer, the C-27J Spartan transport aircraft, AESA radars, the Guardian Vantage EW/SIGINT system, the Cyber Defense Suite, Vulcano naval gun systems, SCOPE space robotics, and the davinci-1 supercomputer for in-house AI training.

Leonardo's business model rests on multi-year government defense procurement contracts with ministries of defense and armed forces (primarily NATO and allied nations), supplemented by an installed-base MRO and training franchise (CSS&T) operating across more than 150 countries. Revenue mix is concentrated in Electronics (>45% of group revenues) and Helicopters (~40%), with Aeronautics, Cyber & Security (~€1.1B orders in 2025, 50-country footprint), and the new IDV Land Defense segment contributing the remainder. The company is pursuing growth through major strategic joint ventures — LRMV with Rheinmetall (>€23B in NMBT and A2CS programs), LBA Systems with Baykar (UAVs targeting a $100B European market over 10 years), Edgewing with BAE Systems and JAIEC for the GCAP sixth-generation fighter by 2035, a planned Airbus-Thales-Leonardo space combination (~€6.5B turnover), and an EDGE Group JV (€4B+ projected pipeline) — alongside licensed production partnerships such as Adani Defence in India.

Name

Leonardo

Legal name

Leonardo S.p.A.

Website

https://leonardo.com

Company type

Public

Founded year

1948

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Leonardo S.p.A. is a publicly traded Italian aerospace, defense, and security prime contractor (~51,000 employees, €56.81B backlog) serving NATO and allied governments with helicopters, jet trainers, radars, electronic warfare, naval guns, space robotics, and cybersecurity across multi-domain integrated platforms.

Ownership category

akta.pro rank

Product category

Aerospace and Defence

NAICS

Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Aircraft Manufacturing (336411), Aerospace Product and Parts Manufacturing (33641), Guided Missile and Space Vehicle Manufacturing (336414)

SIC

Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Aircraft (3721), Communications Equipment, Nec (3669), Guided Missiles & Space Vehicles & Parts (3760)

akta.pro primary industry

Military Aircraft Platforms (Fixed-Wing) (IMABAMAA)

akta.pro secondary industries

Military Avionics, Mission Computers & Flight Controls (IMABAMAE), Military Aircraft Structures, Airframes & Composites (IMABAMAH), Military Aerospace Communications, Datalinks & Networking (IMABAMAK)

Keywords

• Defense electronics
• Military helicopters
• Aerospace systems
• Naval defence
• Cyber security

Headquarters

HQ city

Rome

HQ country

Italy

HQ region

Europe

Offices15 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Defense Electronics: Leonardo's largest revenue driver, generating over 45% of group revenues through radars, electronic warfare systems, combat management systems, naval defense systems, and sensors sold to military customers globally.
2. Helicopters: Approximately 40% of group revenues from civil and military helicopter sales, support, and training services. Products include AW139, AW169, AW109, AW249, and M-346 jet trainers with associated MRO and training services.
3. Aeronautics: Aircraft manufacturing and aerostructures including C-27J Spartan transport aircraft, M-346 Master jet trainers, and participation in Eurofighter Typhoon and F-35 programs. Generating approximately €5 billion in aircraft orders in 2025.
4. Land Defense Vehicles: Revenue from armored vehicles including the Lynx and derivatives following the acquisition of Iveco Defence Vehicles (IDV) in March 2026 for approximately €1.6 billion. Contributed approximately €1.1 billion to revenues in the nine months following acquisition.
5. Customer Support, Services & Training: Maintenance, repair, overhaul, simulation, and training services generating approximately 26% of revenues, with capabilities across 150 countries and 40+ countries with on-site Leonardo support.
6. Cyber & Security: Critical communications and cybersecurity systems generating approximately €1.1 billion in orders in 2025, serving 50 countries with secure communication systems.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Leonardo designs, manufactures and supports multi-domain military and civil technologies across helicopters (AW249 combat, AW139, AW149, AW169, AW109 families), military aircraft (M-346 jet trainer, C-27J Spartan transport), defence electronics (AESA radars, electronic warfare, sensors, combat management), naval defence systems (Vulcano), cyber security, space systems, and armoured vehicles (post-IDV acquisition). Its products and integrated platforms are sold primarily to NATO and allied defence ministries, with full lifecycle support including MRO, simulation and training delivered across 150+ countries.

Product overview

Leonardo is a global leader in Aerospace, Defence and Security, organized into five core divisions: Helicopters, Aeronautics, Electronics, Space, and Cyber & Security. The company delivers advanced, interconnected technologies across multiple domains (land, air, sea, space, and cyber) through both proprietary products and strategic joint ventures. Key helicopter products include the AW249 next-generation combat helicopter (the only new Western clean-sheet design), AW139, AW149, AW169, and AW109 families serving military, VIP, and civil markets. Aeronautics encompasses the C-27J Spartan transport aircraft and M-346 jet trainer. Electronics includes Guardian Vantage EW/SIGINT systems, radar platforms, and the Cyber Defense Suite. Space capabilities span satellite systems, the SCOPE orbital robotics program, and the davinci-1 supercomputer for AI training. Strategic joint ventures include LBA Systems (UAVs with Baykar), Leonardo Rheinmetall Military Vehicles (combat vehicles), and Edgewing (GCAP fighter program). The company operates the Michelangelo Dome architecture for multi-domain integration, providing complete platform and system solutions from vehicles to space-based assets.

Differentiator

Problem solved

Functional benefit

Brands

• AW139: Intermediate twin-engine helicopter, selected as Colombia's Presidential transport helicopter
• AW249
• AW149
• AW169
• M-346 Master
• C-27J Spartan
• Michelangelo Dome
• Guardian Vantage
• Cyber Defense Suite
• SignalTrace
• davinci-1
• VIKING
• CL2X
• HITFIST
• Vulcano
• SCOPE
• LBA Systems
• Leonardo Rheinmetall Military Vehicles (LRMV)
• Edgewing
• K-SWARM
• Kizilelma
• MACE
• ATLAS

Products and services

• AW249 Combat Helicopter Next-generation combat helicopter, the first and only all-new Western clean-sheet combat helicopter design, featuring advanced digitization, sensor fusion, AI, and connectivity capabilities. Italian Army has 19 units ordered with negotiations for 14 more of 48 total requirement.
• M-346 T Block 20 Advanced Jet Trainer Advanced transonic training aircraft designed for tactical fighter pilot training under NATO and Allied standards. Selected by Canada, Indonesia (M-346 F Block 20) and ITPS Canada with deliveries expected from 2029.
• C-27J Spartan Transport Aircraft Tactical military transport aircraft with multiple variants including transport, MPA (maritime patrol), and Next Generation configuration. Total program: 102 aircraft ordered by 22 operators in 19 countries.
• Guardian Vantage EW/SIGINT System Land-based passive Electronic Warfare (EW) and Signals Intelligence (SIGINT) system that detects enemy emissions and geolocates battlefield positions without broadcasting. Platform-agnostic, integratable onto vehicles and maritime platforms, with no ITAR export restrictions.
• Cyber Defense Suite Federated cybersecurity system for multi-domain battlefield operations, integrating Global Cybersec Platform (remote intelligence and threat monitoring), Tactical Cybersec Platform, and Cyber Cell components for invisible cyber attack disruption across military systems.
• VIKING 6x6 Uncrewed Ground Vehicle (UGV) Next-generation 6x6 uncrewed ground vehicle with up to 30km electric-only range and advanced Janus-D electro-optical sensors, designed for NATO armed forces requirements.
• CL2X Tracked Autonomous Combat Platform Uncrewed light tank with hybrid electric propulsion (16 tonnes, 70 km/h max speed, 500 km range with 30 km silent mode), equipped with Leonardo HITFIST 30 UL turret, designed to operate alongside crewed main battle tanks.
• OTO 127/64 LightWeight Vulcano Naval Defence System Naval gun system capable of firing standard 127mm ammunition and Leonardo's specialized Vulcano guided and extended-range variants, extending naval defensive capability up to 85 km; selected for the German Navy's F126 frigates.
• SCOPE In-Orbit Servicing (ISOS Programme) Space robotics component of the ISOS (In-Space Operations and Services) European programme for orbital infrastructure enabling satellite assembly, maintenance, refueling, and debris removal, developed with ESA partnership.
• Kronos Grand Mobile High-Power Radar Advanced defense radar system for airborne and ground-based surveillance applications, part of the EDGE-Leonardo joint venture targeting the defense sensor market.
• Customer Support, Services & Training (CSS&T) Comprehensive support services including training and simulation, technical and logistics services, maintenance and overhaul, and full-service turnkey solutions. Operates in 150 countries with over 2,800 people employed, generating approximately 26% of group revenues.

Quantifiable outcome

• Order backlog grew 23% to €56.81 billion, ensuring more than 2.5 years of production coverage
• +5 more outcomes

Named customers13 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability12 records

Feature8 records

Partnerships

13 partnerships are on record, tiered flagship, minor, core and major.

• EDGE Group (UAE)flagshipStrategic or Co-development Partner · 19 June 2026Leonardo and UAE's EDGE Group agreed to establish a joint venture for advanced defense sensors and mission systems, including airborne radars, Kronos Grand Mobile High-Power radar, combat management systems, and multi-mission aircraft sensors. The JV targets a projected order pipeline exceeding €4 billion over 5 years and serves as a commercial platform for M-346 fighter/trainer aircraft.
• Airbus (Space)minorStrategic or Co-development Partner · 10 June 2026Leonardo partnered with Airbus as part of the SCOPE servicer component of the European ISOS (In-Space Operations and Services) Programme under Horizon Europe, strengthening European technological sovereignty in orbital services and space robotics.
• IndraminorStrategic or Co-development Partner · 10 June 2026Leonardo partnered with Indra within the ISOS Programme's SCOPE component for space robotics and in-orbit services, contributing to European orbital infrastructure development.
• European Space Agency (ESA)coreStrategic or Co-development Partner · 10 June 2026Leonardo was awarded a European Commission contract to develop SCOPE as part of the ISOS (In-Space Operations and Services) Programme under Horizon Europe, in collaboration with ESA. The programme aims to establish European orbital infrastructure for satellite inspection, servicing, refueling, and debris removal.
• ITPS CanadacoreChannel Partner/ Reseller/ Distributor · 26 May 2026ITPS Canada signed an agreement with Leonardo for six M-346 T Block 20 advanced jet trainers (with options for six more) for its International Tactical Training Centre at Jack Garland Airport in North Bay, Ontario. Deliveries expected in 2029, with a purpose-built 64,000 sq ft aviation training campus representing $35 million capital investment.
• Damen ShipyardsmajorChannel Partner/ Reseller/ Distributor · 8 May 2026Damen selected Leonardo to equip the German Navy's four new F126 frigates with OTO 127/64 LightWeight Vulcano naval defense systems, with an option for two additional vessels. Contract includes maintenance support, simulators for crew training, and integration services. Leonardo's systems already equip the German Navy's Baden-Württemberg class frigates.
• Airbus and ThalesflagshipStrategic or Co-development Partner · 6 May 2026Airbus, Leonardo, and Thales signed a Memorandum of Understanding to combine their space activities into a new jointly controlled company employing ~25,000 people, generating approximately €6.5 billion in annual turnover. Airbus holds 35%, Leonardo and Thales each hold 32.5%. Expected to achieve mid triple-digit million euro synergies within 5 years and be operational in 2027 pending regulatory approvals.
• Indian Ministry of DefencecoreStrategic or Co-development Partner · 1 May 2026India and Italy signed a Defence Industrial Roadmap committing both countries to co-design, co-develop, and co-produce military equipment including helicopters, naval platforms, and electronic warfare systems. This follows a decade-long freeze triggered by the 2013 AgustaWestland scandal and aims to embed Italian defense technology deeper into India's military through industrial integration under India's Aatmanirbhar Bharat program.
• Adani Defence & AerospacecoreStrategic or Co-development Partner · 1 January 2026Leonardo partners with Adani Group to establish a helicopter manufacturing ecosystem in India for AW169M and AW109 TrekkerM platforms under India's Aatmanirbhar Bharat self-reliance program. The partnership aims for phased indigenisation and is part of India's Special Strategic Partnership with Italy. The JV is expected to contribute to India's defense modernization across multiple helicopter programs.
• AvincismajorChannel Partner/ Reseller/ Distributor · 1 January 2026Avincis, a leading European emergency response helicopter operator, ordered 15 additional Leonardo aircraft to grow its emergency response fleet, demonstrating strong customer loyalty and repeat purchasing in the civil helicopter market.
• Edgewing (BAE Systems + Japan Aircraft Industrial Enhancement)coreStrategic or Co-development Partner · 20 June 2025Edgewing is a joint venture uniting BAE Systems, Leonardo, and Japan Aircraft Industrial Enhancement to deliver the Global Combat Air Programme (GCAP) — a next-generation fighter aircraft by 2035. GCAP involves Italy, UK, and Japan as co-development partners, operating across air, land, sea, space, and cyber domains. Leonardo contributes advanced electronics, cyber security, and aerostructures capabilities.
• Baykar TechnologiescoreStrategic or Co-development Partner · 16 June 2025Leonardo and Baykar established the LBA Systems joint venture (50:50) in June 2025 to design, develop, manufacture, and support unmanned aircraft systems. The JV targets the European UAV market projected at $100 billion over 10 years, combining Leonardo's mission systems and certification capabilities with Baykar's unmanned platform expertise. Italy conditionally approved the JV at a cabinet meeting in 2026, restricting sales to NATO-aligned countries.
• Rheinmetall AGcoreStrategic or Co-development Partner · 15 October 2024Leonardo and Rheinmetall established the Leonardo Rheinmetall Military Vehicles (LRMV) joint venture (50:50) to develop and market new combat vehicles starting from the Italian Army's heavy vehicle renewal. Programs include the New Main Battle Tank (NMBT) and Army Armored Combat System (A2CS) with combined value exceeding €23 billion, opening export prospects up to €50 billion over 15 years. Operational headquarters in La Spezia.

Scale indicators22 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• BAE Systems: Direct peer and JV partner in GCAP next-gen fighter and Eurofighter Typhoon programs. Both compete in defense electronics, military aircraft, and naval systems across NATO markets with similar B2G sales models and sovereign defense relationships.
• Thales: Direct peer in defense electronics, radar, EW, and aerospace; JV partner in Telespazio, Thales Alenia Space, and the announced Airbus-Leonardo-Thales space combination. Both serve European defense ministries with comparable avionics and mission systems portfolios.
• Rheinmetall: Direct peer and 50:50 JV partner in Leonardo Rheinmetall Military Vehicles (LRMV). Both serve European land defense modernization with armored vehicles, munitions, and defense electronics; compete in tank/armored vehicle programs but co-develop through LRMV for NMBT/A2CS.
• Saab: Direct peer in defense electronics, radar (competing with Kronos), military aircraft (Gripen vs M-346), and naval systems. Similar mid-tier European defense prime profile with sovereign government backing (Swedish state) and comparable product breadth across air/land/sea domains.
• Dassault Aviation: Direct peer in military aircraft (Rafale vs Eurofighter/M-346) and unmanned combat air vehicles (nEUROn vs K-SWARM). Both serve as European sovereign fighter platforms with comparable export-oriented defense businesses and government ownership influence.

Broad incumbents

• Airbus: Broad incumbent and partner in Eurofighter, ATR (regional aircraft JV), and the new space combination. Competes with Leonardo across commercial/military aircraft, helicopters (Airbus Helicopters), and space, but at significantly larger scale and with broader commercial aviation exposure.
• Lockheed Martin: Broad incumbent in military aerospace, defense electronics, and missile systems (F-35 program partner to Leonardo). Competes in radar/EW, naval defense, and integrated air/missile defense at global scale with substantially larger revenue base and US-centric positioning.
• Northrop Grumman: Broad incumbent in defense electronics, radar (AESA), space systems, and autonomous platforms. Comparable to Leonardo in mission systems and surveillance/electronic warfare, with overlapping customer base across NATO and Five Eyes defense ministries.
• Raytheon Technologies: Broad incumbent in defense electronics, missile systems (competes with MBDA JV), radar, and integrated air defense. Comparable to Leonardo in defense electronics and EW/sensor portfolios but at much larger scale with strong US positioning.
• General Dynamics: Broad incumbent in land systems (Abrams, Stryker, LAV - competes with IDV), naval shipbuilding, and defense electronics. Comparable to Leonardo post-IDV in integrated land defense platform positioning with similar B2G model and NATO customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Leonardo_Global
• YouTubeyoutube.com/c/Leonardo
• Facebookfacebook.com/LeonardoCompany
• LinkedInlinkedin.com/company/leonardo---the-italian-aerospace-defense-and-security-company
• Instagraminstagram.com/leonardoglobal

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries23 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Leonardo