Action Naval Group: Comprehensive Guide to Understanding Investment and Naval Group's Position in 2025
The stock of Naval Group intrigues many investors, particularly those interested in the strategic defense sector and the French naval industry. However, the reality of investing in Naval Group differs significantly from that of a traditional publicly traded company. In this detailed guide designed for stock market beginners, we review the company’s structure, governance model, key figures, the possibility—or lack thereof—of purchasing Naval Group shares, and how to effectively expose oneself to the defense sector in 2025.
Introduction to Naval Group
Naval Group is a giant in the French military shipbuilding industry. Born out of the merger and modernization of national arsenals and the DCN (Direction des Constructions Navales), it has established itself as a global leader in the design, execution, and support of warships, submarines, and associated systems. The company plays a central role in France’s sovereignty, its maritime power projection, and its nuclear deterrence capability.
Company Overview
- Headquarters: Paris, France
- Date of Establishment: 2017 (successor to DCNS/Arsenal)
- Main Activity: Construction and maintenance of military ships, submarines, weapons systems, and related services
- Revenue 2024: approximately €4.3 billion
- Workforce: over 16,700 employees distributed across 17 countries
- Global Ranking: 32nd largest producer of arms globally in 2025
Naval Group Capital: Shareholding Structure in 2025
Many individuals wonder about the possibility of buying Naval Group stock on the stock exchange. However, Naval Group is not listed on Euronext Paris or any other stock exchange. Here is the actual shareholding distribution as of the date:
| Shareholder | Percentage of Capital |
|---|---|
| French State | 62.25% |
| Thales (publicly traded on the Paris Stock Exchange, ticker HO.PA) | 35% |
| Employees and former collaborators (through FCPE) | 1.74% |
| Naval Group Self-Holding (self-detention) | 0.99% |
| Direct employee ownership | 0.02% |
This structure, dominated by public and strategic actors, underscores the sovereign importance of Naval Group: the company remains highly controlled to avoid any loss of influence in such a sensitive sector as naval defense.
Naval Group on the Stock Exchange: Current Status and Prospects
Naval Group is not listed on the stock exchange. There currently exists no mnemonic code such as "NADB.DE" for investing in its shares on Euronext or XETRA: this acronym has no reality on the markets. Therefore, you cannot purchase or sell Naval Group shares through your online broker, whether you are an individual or institutional investor.
Why is Naval Group Not Listed on the Stock Exchange?
- Strategic Company: The manufacture of submarines and warships is vital for France's sovereignty. The State thus guarantees full control over this industrial tool.
- Tight Shareholding Structure: Approximately 97% of the capital is held by public actors (State, Thales itself partially public), effectively excluding the possibility of an open capital market.
- Control and Confidentiality: A listed company must publicly disclose numerous sensitive information, potentially incompatible with the defense industry.
Rumors and Perspectives on IPO
Regularly, rumors circulate about a possible opening of Naval Group to the public. However, in 2025, no serious timeline exists for an initial public offering. Such a move would require very strong state guarantees to avoid any foreign participation and ensure the continuity of the group's sovereign missions.
Financial Statement and Key Data of Naval Group
In anticipation of a hypothetical stock listing, there is no share price, no P/E ratio, no beta, nor a public dividend for Naval Group. Accessible data is confidential, except for:
- Revenue: around €4.3 billion in 2024
- Share Capital: €563 million
- Internal valuation of the share (for employees via FCPE – not tradable on the stock exchange): around €80.14 at the beginning of 2025 (intragroup evaluation price, without secondary market liquidity)
- Public dividend and financial ratios: Non-existent for the general public and not communicated
It should be noted that only Naval Group employees can access these shares through salary savings plans and that it is not a negotiable share on open markets.
How to Expose Yourself to Naval Group and the Defense Sector?
As described, there is no Naval Group share available for purchase for individual investors. However, for those who wish to indirectly benefit from Naval Group's performance or the defense sector, several alternatives exist.
1. Buy Thales Shares
The Thales Group, which owns 35% of Naval Group, is listed on Euronext Paris (symbol: HO.PA). By investing in Thales, you are partially exposed to Naval Group's performance, but mainly to that of a global leader in high technology in defense, aviation, cybersecurity, and space. Thales provides stock market information, dividends, accurate share prices, and all the guarantees associated with a regulated market.
2. Specialized Mutual Funds or Defense ETFs
Some sector funds (defense equity funds, European ETFs on the arms industry) include listed companies such as Thales, BAE Systems, Lockheed Martin, or Airbus, all major players in naval or aerial defense. This type of fund allows significant diversification to benefit from the sector's growth without the specific risk linked to a single company.
3. Wait for a Hypothetical IPO of Naval Group
If one day the State decides to open (even partially) the capital of Naval Group, an initial public offering would constitute a major event. It would then be necessary to closely follow the prospectus, the allocation methods, the float, and the specific rights reserved for the State. Nothing is official at this stage.
Defense Market: Strengths and Opportunities for Investors
1. Solid Order Book
Naval Group benefits from a robust order book, driven by strategic French orders (nuclear submarines, next-generation aircraft carriers...) and exports (sales to the Netherlands, India, etc.). In April 2024, for example, Naval Group won a major international contract worth over €5.5 billion.
2. A Globalized but Regulated Market
The defense sector experiences continuous growth linked to the modernization of fleets and the evolution of geopolitical needs. However, it is subject to strong regulations (export licenses, dependence on state customers, industrial secrets).
3. Entry Barriers
The high level of technology and dependence on public decisions make the military shipbuilding sector less accessible to new entrants, which favors the stability of historical actors like Naval Group.
4. Limitations for Individual French Shareholders
The individual investor currently cannot benefit from dividends, stock valuation, or liquidity on Naval Group: only employees through the FCPE Actions Naval Group have periodic internal evaluations, impossible to buy or sell freely on the markets.
Comparison with Listed Defense Sector Companies
| Company | Country | Listed on Stock Exchange? | Market | Sector |
|---|---|---|---|---|
| Naval Group | France | No | N/A | Military naval |
| Thales | France | Yes | Euronext Paris (HO.PA) | Defense, electronics, security |
| BAE Systems | United Kingdom | Yes | LSE (BA.L) | Defense, aerospace |
| Lockheed Martin | United States | Yes | NYSE (LMT) | Defense, aerospace |
| Airbus | Europe | Yes | Euronext Paris (AIR.PA) | Aerospace, space, defense |
Investing in these listed groups offers transparent access to the dynamics of the defense sector while benefiting from standard financial indicators (price, dividend, volume, ratios...).
Frequently Asked Questions about Investing in Naval Group
- Can you buy Naval Group stock? No, Naval Group is not publicly traded. Shares are reserved for the State, Thales, and to a very limited extent, employees through the group’s salary savings plan.
- Does Naval Group pay a public dividend? No, the company does not distribute dividends to the public. Only major institutional shareholders can receive financial returns under private arrangements.
- Is there a stock code or official valuation? No, all stock codes associated with Naval Group are fictional at this time. The only known valuation is an internal assessment reserved for employees, without liquidity on the market.
- How can one invest near Naval Group? The most realistic option is to invest in Thales or specialized defense equity funds.
- Are there IPO prospects? Nothing is set or planned in the short term. An initial public offering would require strict state guarantees and significant public debate on French industrial sovereignty.
Focusing on Salary Savings at Naval Group (FCPE)
For company employees, there exists a FCPE Actions Naval Group allowing them to invest part of their salary savings in shares of the company. The valuation retained at the end of April 2025 according to independent experts is: €80.14 per internal share. This amount has no corresponding value or liquidity on the traditional stock market.
Note that it is a closed mechanism, exclusively reserved for certain employees through enterprise savings schemes (PEG, PERCO), with specific rules for liquidity and valuation. If you are not an employee of the group, you have no direct means to access this investment.
Alternative Investment Options in Naval Industry
- Thales : Accessible to individual investors, paying a dividend and offering all regulatory guarantees of a listed company.
- Airbus : Indispensable European actor in the sector, exposed to naval and aerospace defense through its various divisions.
- Sectoral ETFs and specialized "defense" funds : Managed portfolio, diversification, and simultaneous access to several global leaders, including those mentioned above.
- BAE Systems and Lockheed Martin : For investors with access to foreign markets, these groups represent pillars of the global naval and military sector.
What to Consider Before Investing in Naval Group
- Naval Group is not listed on the stock exchange: It is impossible to purchase its shares through a traditional broker.
- Shareholding: The French state and Thales hold more than 97% of the capital. The remaining portion primarily belongs to employees.
- No dividends, financial ratios, or public price: The figures cited online or on certain websites do not actually pertain to Naval Group. Be wary of false information.
- Alternatives: Consider investing in publicly traded companies within the sector (Thales, Airbus, BAE Systems...) or in dedicated defense funds.
Conclusion
In 2025, Naval Group remains a jewel of the French industry, inaccessible directly to individual stock investors. For those who wish to invest in the naval industry or defense, Thales shares and thematic sector funds constitute credible alternatives and reliable entry points to benefit from the structural trends of the sector while enjoying all the transparency and regulation of public markets. Always remain vigilant against erroneous information circulating on the Internet and prefer recognized investment channels to build a safe and enduring portfolio around the share, the naval sector, and the defense industry.