Rheinmetall Buffeted by Analysts’ Accounting Change Confusion

Rheinmetall AG’s stock market halo slipped a little this week as confusion over an accounting change tempered expectations for earnings at one of Europe’s best-performing largecaps of recent years.

The tank and ammunition maker’s shares fell as much as 15% in the last five days — at one point facing the worst weekly drop since 2020 — weighed down in part by an analyst call that prompted several brokers to cut earnings estimates for 2026 and beyond. The fall mostly erased its 2026 gains, before the stock pared losses on Friday.

In addition to broader weakness in high-flying European ...