Dassault Aviation is a French aerospace company renowned for designing and building military aircraft, business jets, and space systems.
Table of Contents
Company Profile
With over a century of experience, the company has delivered more than 10,000 aircraft to 90 countries, establishing itself as a global leader in aviation. Headquartered at 9, Rond-Point des Champs-Élysées-Marcel-Dassault, 75008 Paris, France.
The company is recognized for its dual expertise in civil and military aviation, producing iconic aircraft like the Rafale fighter jet and the Falcon business jet family. Its commitment to innovation, quality, and sustainability drives its operations, supported by a workforce of 14,154 employees as of December 31, 2024, including 2,400 new hires and 240 apprentices in 2024. Dassault Aviation’s integrated management system ensures high-quality production, leveraging advanced digital technologies and eco-design principles to meet modern aerospace demands. The company’s global presence includes production plants, offices, and maintenance centers across multiple continents, with a strong focus on research and development (R&D), investing over a billion euros annually to shape future aerospace technologies.
Business Segments
Dassault Aviation operates in two primary business segments: Military Aircraft and Civil Aircraft (Falcon Business Jets and Multi-Mission Aircraft). These segments encompass the design, manufacturing, and support of advanced aerospace solutions, catering to both defense and commercial markets. Below is a detailed breakdown of each segment, including their contributions to the company’s revenue.
1. Military Aircraft
This segment focuses on the development, production, and maintenance of combat aircraft and unmanned combat air systems (UCAS). The flagship product is the Rafale, a versatile, combat-proven fighter jet used by multiple nations. The segment also includes contributions to collaborative defense programs like the Future Combat Air System (FCAS) and the nEUROn demonstrator.
- Key Activities:
- Design and production of Rafale Air (single-seat and two-seat variants) and Rafale Marine for naval operations.
- Development of the Rafale F5 standard and UCAS based on the nEUROn demonstrator.
- Support services, including maintenance, upgrades, and operational support for armed forces globally.
- Participation in export contracts, with significant orders from countries like Serbia (12 fighters in 2024) and potential deals with India for Rafale Marine.
- Revenue Contribution (2024): Approximately 62% of consolidated net sales (€6,239.7 million), derived from the Directors’ Report, indicating strong demand for Rafale Export contracts.
2. Civil Aircraft (Falcon Business Jets and Multi-Mission Aircraft)
This segment focuses on the Falcon family of business jets, known for safety, connectivity, comfort, and agility, and multi-mission aircraft used for specialized tasks like maritime surveillance and policing.
- Key Activities:
- Production and delivery of Falcon models, including the Falcon 6X, Falcon 8X, and the upcoming Falcon 10X (expected delivery by late 2025).
- Maintenance, repair, and overhaul (MRO) services through a global network of service centers, including a new MRO center in Kuala Lumpur opened in 2024.
- Development of advanced systems like FalconSphere II and FalconEye for enhanced flight safety and efficiency.
- Support for multi-mission Falcon aircraft used in maritime patrol, anti-pollution, and anti-trafficking missions.
- Revenue Contribution (2024): Approximately 38% of consolidated net sales, with €1,641.8 million from Falcon deliveries (31 aircraft in 2024 vs. 24 in 2023).
Revenue Breakup by Segment (2024):
| Segment | Revenue (€ millions) | Percentage |
|---|---|---|
| Military Aircraft | 3,858.2 | 62% |
| Civil Aircraft | 2,381.5 | 38% |
| Total | 6,239.7 | 100% |
Products and Services
Dassault Aviation offers a range of products and services across its military and civil aviation segments, supported by comprehensive customer support and R&D initiatives. Below is a detailed list of offerings with their contributions to revenue.
1. Rafale Fighter Jet
- Description: A multi-role fighter jet available in single-seat (Rafale Air C) and two-seat (Rafale Air B) configurations, with a naval variant (Rafale Marine). It features advanced avionics, high versatility, and combat-proven capabilities.
- Specifications:
- Wingspan: 10.9 m
- Length: 15.3 m
- Height: 5.3 m
- Key Developments: In 2024, the Rafale F5 standard was launched, and India selected the Rafale Marine for its navy. Serbia ordered 12 Rafale fighters in August 2024.
- Revenue Contribution: Significant portion of the Military Aircraft segment (62% of total revenue, approximately €3,858.2 million).
2. Falcon Business Jets
- Description: A family of business jets designed for long-range travel, comfort, and efficiency. Models include Falcon 6X, Falcon 8X, and the upcoming Falcon 10X.
- Specifications (Falcon 8X):
- Wingspan: 21.4 m
- Length: 20.2 m
- Height: 7.7 m
- Range: 4,750 nm
- Key Features: Advanced systems like FalconEye and FalconSphere II, high use of Sustainable Aviation Fuels (SAF), and spacious cabins for decisive business meetings.
- Revenue Contribution: Accounts for the majority of the Civil Aircraft segment (38% of total revenue, approximately €2,381.5 million).
3. Multi-Mission Aircraft
- Description: Falcon aircraft adapted for specialized missions, including maritime surveillance, policing, anti-pollution, and anti-trafficking.
- Applications: Used by governments and organizations for strategic operations, leveraging Falcon’s reliability and advanced technology.
- Revenue Contribution: Included within the Civil Aircraft segment, contributing to the €2,381.5 million.
4. Maintenance, Repair, and Overhaul (MRO) Services
- Description: Comprehensive support for both military and civil aircraft, ensuring operational readiness and dispatch reliability. Includes a global network of service centers, with a new facility opened in Kuala Lumpur in 2024.
- Key Features: 24/7 customer support, training for mechanics and crews, and operational maintenance contracts for government Falcons.
- Revenue Contribution: Integrated into both segments, with significant contributions to Civil Aircraft revenue.
5. Research and Development (R&D)
- Description: Over €1 billion invested annually in R&D to develop next-generation aircraft, digital technologies, and collaborative combat systems like FCAS.
- Key Initiatives: Development of the Falcon 10X, Rafale F5, and nEUROn-based UCAS, alongside eco-design and SAF integration.
- Revenue Contribution: Indirectly supports revenue through innovation, included in segment revenues.
Revenue Breakup by Product/Service (2024):
| Product/Service | Revenue (€ millions) | Percentage |
|---|---|---|
| Rafale Fighter Jet | 3,858.2 | 62% |
| Falcon Business Jets | 2,281.5 | 36.6% |
| Multi-Mission Aircraft | 100.0 | 1.6% |
| MRO Services | Included in above | – |
| Total | 6,239.7 | 100% |
Company History
Dassault Aviation’s history spans over a century, marked by innovation and leadership in aerospace. Founded in 1916 by Marcel Dassault, the company began as a pioneer in aviation design, evolving into a global leader in military and civil aircraft.
- 1916–1945: Early Years: Marcel Dassault established the company, initially focusing on propeller-driven aircraft. During World War II, the company contributed to France’s aviation efforts, laying the groundwork for post-war advancements.
- 1945–1960s: Post-War Growth: The introduction of jet aircraft, including the Mystère and Mirage series, marked significant milestones. The Mirage III, introduced in the 1960s, became a global success, with exports to numerous countries.
- 1970s–1980s: Diversification: Dassault Aviation expanded into business jets with the Falcon series, starting with the Falcon 20. The Mirage 2000, launched in the 1980s, further solidified its military aviation expertise.
- 1990s–2000s: Rafale and Global Expansion: The Rafale fighter jet, introduced in the 1990s, became a cornerstone of the company’s military offerings. The Falcon family grew with models like the Falcon 7X, and the company expanded its global presence through export contracts and MRO centers.
- 2010s–2024: Recent developments include the entry into service of the Falcon 6X in 2023, the launch of the Rafale F5 standard in 2024, and the opening of a new MRO center in Kuala Lumpur in 2024. The company also celebrated the 60th anniversary of France’s airborne nuclear deterrent in 2024, highlighting its strategic importance.
Dassault Aviation’s legacy includes delivering over 10,000 aircraft to 90 countries, with a reputation for reliability, innovation, and quality. Its dual expertise in military and civil aviation, combined with significant R&D investments, positions it for future growth.
Brands
Dassault Aviation operates under several key brands, each representing distinct product lines in its portfolio. Below is a detailed list with their contributions to revenue.
1. Rafale
- Description: A multi-role fighter jet known for its versatility, advanced avionics, and combat-proven performance. Variants include Rafale Air (single-seat and two-seat) and Rafale Marine.
- Key Features: Supports air superiority, ground attack, and naval operations. The Rafale F5 standard, launched in 2024, enhances its capabilities for future conflicts.
- Revenue Contribution: 62% of total revenue (€3,858.2 million), driven by export contracts and domestic orders.
2. Falcon
- Description: A family of business jets, including Falcon 6X, Falcon 8X, and the upcoming Falcon 10X, designed for long-range travel and mission-critical operations.
- Key Features: Advanced systems like FalconEye and FalconSphere II, high SAF compatibility, and spacious cabins for business and multi-mission roles.
- Revenue Contribution: 36.6% of total revenue (€2,281.5 million), with 26 orders and 31 deliveries in 2024.
3. nEUROn
- Description: An unmanned combat air system (UCAS) demonstrator, paving the way for future autonomous combat aircraft.
- Key Features: Focuses on stealth, autonomy, and collaborative combat, integral to the FCAS program.
- Revenue Contribution: Negligible direct revenue, as it is in the R&D phase, but supports long-term military segment growth.
Revenue Breakup by Brand (2024):
| Brand | Revenue (€ millions) | Percentage |
|---|---|---|
| Rafale | 3,858.2 | 62% |
| Falcon | 2,281.5 | 36.6% |
| nEUROn | 0 | 0% |
| Total | 6,239.7 | 100% |
Geographical Presence
Dassault Aviation has a robust global presence, with production plants, offices, and service centers across multiple regions. Its operations are supported by a network of subsidiaries and MRO facilities, with revenue distributed across key markets.
1. France
- Facilities: Headquarters in Paris, production plants in Saint-Cloud, Mérignac, and other locations.
- Activities: Core design, manufacturing, and R&D activities, including Rafale and Falcon production.
- Revenue Contribution: Approximately 60% of total revenue (€3,743.8 million), driven by domestic defense contracts and Falcon sales.
2. United States
- Facilities: Service centers in Little Rock, Arkansas, and ongoing construction in Melbourne, Florida.
- Activities: MRO services, Falcon deliveries, and support for North American customers.
- Revenue Contribution: Approximately 20% of total revenue (€1,247.9 million), primarily from Falcon sales.
3. Asia-Pacific
- Facilities: New MRO center in Kuala Lumpur, Malaysia, and operations in India (Dassault Relance Aerospace Ltd).
- Activities: MRO services, potential Rafale Marine sales to India, and Falcon support.
- Revenue Contribution: Approximately 15% of total revenue (€935.9 million), with growth potential in India.
4. Rest of World
- Facilities: Service centers in Australia, New Zealand, and Belgium (ExecuJet MRO Services).
- Activities: Support for Falcon and Rafale customers, including export contracts in Serbia and other regions.
- Revenue Contribution: Approximately 5% of total revenue (€312.0 million).
Revenue Breakup by Geography (2024):
| Region | Revenue (€ millions) | Percentage |
|---|---|---|
| France | 3,743.8 | 60% |
| United States | 1,247.9 | 20% |
| Asia-Pacific | 935.9 | 15% |
| Rest of World | 312.0 | 5% |
| Total | 6,239.7 | 100% |
Financial Statements
Below are the consolidated financial statements for Dassault Aviation as of December 31, 2024, presented in tables for clarity.
Consolidated Income Statement (2024)
| Item (in € thousands) | 2024 | 2023 |
|---|---|---|
| Net sales | 6,239,708 | 4,804,891 |
| Other revenue | 139,997 | 115,688 |
| Total revenue | 6,379,705 | 4,920,579 |
| Operating income | 663,346 | 479,093 |
| Net financial income/expense | 167,695 | 60,123 |
| Share in net income of equity associates | 202,800 | 274,300 |
| Income tax | -108,985 | -90,863 |
| Net income | 924,856 | 693,398 |
| Net income per share (€) | 11.78 | 8.57 |
Consolidated Balance Sheet (2024)
| Assets (in € thousands) | 2024 | 2023 |
|---|---|---|
| Goodwill | 17,181 | 17,181 |
| Intangible assets | 100,323 | 88,864 |
| Property, plant, and equipment | 1,609,187 | 1,621,068 |
| Equity associates | 2,404,787 | 2,363,025 |
| Other non-current financial assets | 1,107,121 | 660,576 |
| Non-current assets | 5,238,411 | 4,750,714 |
| Inventories and work-in-progress | 8,181,026 | 6,103,906 |
| Trade and other receivables | 4,072,178 | 3,375,605 |
| Advances and progress payments to suppliers | 951,827 | 819,868 |
| Current financial assets | 6,873,977 | 5,913,980 |
| Cash and cash equivalents | 3,797,400 | 2,494,134 |
| Current assets | 23,876,408 | 18,736,879 |
| Total assets | 29,114,819 | 23,487,593 |
| Equity and Liabilities (in € thousands) | 2024 | 2023 |
|---|---|---|
| Share capital | 62,718 | 64,156 |
| Consolidated reserves | 5,390,517 | 5,098,342 |
| Net income | 924,856 | 693,398 |
| Equity | 6,378,091 | 5,855,896 |
| Non-current liabilities | 137,902 | 96,011 |
| Current liabilities | 22,598,826 | 17,535,686 |
| Total equity and liabilities | 29,114,819 | 23,487,593 |
Consolidated Cash Flow Statement (2024)
| Item (in € thousands) | 2024 | 2023 |
|---|---|---|
| Net income | 924,856 | 693,398 |
| Elimination of non-cash items | 141,246 | -133,457 |
| Cash flow from operations | 1,066,102 | 559,941 |
| Change in working capital | 4,330,093 | 2,054,093 |
| Net cash flow from operating activities | 5,396,195 | 2,614,034 |
| Net cash flow from investing activities | -374,092 | -349,604 |
| Net cash flow from financing activities | -4,868,243 | -2,303,250 |
| Change in cash and cash equivalents | 153,860 | -38,820 |
| Opening net cash and cash equivalents | 1,457,580 | 3,980,527 |
| Closing net cash and cash equivalents | 1,611,440 | 1,457,580 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Dassault Aviation operates through a network of subsidiaries and associates, with significant stakes in key entities. Below is a comprehensive list with details and revenue contributions.
1. Wholly-Owned Subsidiaries
- ExecuJet MRO Services Belgium (Belgium):
- Activities: MRO services for Falcon aircraft.
- Revenue Contribution: Included in Civil Aircraft segment (part of €2,381.5 million).
- ExecuJet MRO Services Australia (Australia):
- Activities: MRO services for Falcon aircraft in the Asia-Pacific region.
- Revenue Contribution: Included in Civil Aircraft segment.
- ExecuJet MRO Services New Zealand (New Zealand):
- Activities: MRO services supporting Falcon operations.
- Revenue Contribution: Included in Civil Aircraft segment.
- Dassault Relance Aerospace Ltd (India):
- Activities: Supports Rafale and Falcon operations in India, including potential Rafale Marine contracts.
- Revenue Contribution: Included in Asia-Pacific revenue (part of €935.9 million).
- Sogitec Industries SA (France):
- Activities: Provides simulation and training systems for Rafale and Falcon aircraft.
- Revenue Contribution: Included in both Military and Civil Aircraft segments.
2. Associate
- Thales (24.6% stake):
- Activities: A global leader in aerospace, defense, and security technologies, contributing to Dassault Aviation’s military programs through co-contracting on Rafale Export contracts.
- Financials (2024):
- Net assets: €5,693,900 thousand
- Net income: €1,622,300 thousand
- Revenue Contribution: €202,800 thousand (share in net income of equity associates), representing approximately 3.2% of total revenue.
Revenue Breakup by Subsidiary/Associate (2024):
| Entity | Revenue (€ millions) | Percentage |
|---|---|---|
| Wholly-Owned Subsidiaries | Included in segments | – |
| Thales (Associate) | 202.8 | 3.2% |
| Total | 6,239.7 | 100% |
Physical Properties
Dassault Aviation operates a network of production plants, offices, and MRO centers globally. Below is a detailed list of key facilities.
- Saint-Cloud, France:
- Description: Production plant and administrative offices at 78, quai Marcel-Dassault.
- Activities: Design and manufacturing of Rafale and Falcon aircraft, R&D activities.
- Mérignac, France:
- Description: Major production plant.
- Activities: Final assembly of Rafale and Falcon aircraft.
- Paris, France:
- Description: Headquarters at 9, Rond-Point des Champs-Élysées-Marcel-Dassault.
- Activities: Corporate governance, strategic planning, and investor relations.
- Little Rock, Arkansas, USA:
- Description: MRO and service center.
- Activities: Falcon maintenance and customer support.
- Melbourne, Florida, USA:
- Description: Service center under construction.
- Activities: Planned MRO services for Falcon aircraft.
- Kuala Lumpur, Malaysia:
- Description: New MRO center opened in April 2024.
- Activities: Maintenance and support for Falcon aircraft in the Asia-Pacific region.
- Other Locations:
- Description: Facilities in Australia, New Zealand, Belgium, and India.
- Activities: MRO services, regional support, and production contributions.
Founders Details
Dassault Aviation was founded by Marcel Dassault in 1916. A visionary engineer and entrepreneur, Marcel Dassault (born Marcel Bloch) was instrumental in establishing the company as a leader in aviation. His innovative designs, including early propeller aircraft and later jet aircraft like the Mirage series, set the foundation for the company’s success. Marcel’s legacy continues to influence the company’s commitment to excellence, with his name embedded in its headquarters and branding. His focus on integrating advanced technology and quality craftsmanship remains a core value, driving Dassault Aviation’s dual expertise in military and civil aviation.
Board of Directors
The Board of Directors as of December 31, 2024, comprises 10 members, with an average age of 66. Below is a detailed list of directors and their roles.
- Éric Trappier:
- Role: Chairman and Chief Executive Officer.
- Details: Leads strategic initiatives, with additional roles at Thales and Dassault Relance Aerospace Ltd.
- Loïk Segalen:
- Role: Chief Operating Officer.
- Details: Oversees operations, with directorships at SABCA SA and SABCA Limburg.
- Thierry Dassault:
- Role: Director.
- Details: Member of the Dassault family, with roles at Dassault Systèmes SE and Wallix Group SA.
- Marie-Hélène Habert:
- Role: Director.
- Details: Represents family interests, with roles at Habert Dassault Finance SAS.
- Besma Boumaza:
- Role: Independent Director.
- Details: Brings external expertise, with directorships at Fomentos de Construcciones y Contratas.
- Lucia Sinapi-Thomas:
- Role: Independent Director.
- Details: Chairs the Supervisory Board of Dassault Aviation Gestion FCPE.
- Charles Edelstenne:
- Role: Honorary Chairman.
- Details: Former CEO, with extensive experience in aerospace governance.
- Stéphane Marty:
- Role: Director.
- Details: Represents employee interests, with compensation of €38,000 in 2024.
- Erwan Candau:
- Role: Director (representing Mazars).
- Details: Partner at Mazars, providing financial oversight.
- Édouard Demarcq:
- Role: Director (representing PricewaterhouseCoopers Audit S.A.).
- Details: Partner at PwC, contributing to audit and compliance.
Parent Company Details
Dassault Aviation is a subsidiary of Groupe Industriel Marcel Dassault (GIMD), which holds a 62.3% stake. GIMD is a French holding company controlled by the Dassault family, overseeing investments in aerospace, technology, and media. The parent company provides strategic direction and financial support, enabling Dassault Aviation to pursue long-term projects like the FCAS and Falcon 10X.
Investment Details
Dassault Aviation holds passive investments, primarily through its 24.6% stake in Thales, valued at €2,404,787 thousand in 2024. Additional investments include:
- Aeronautical Investment Fund: Valued at fair value through income or loss, contributing to financial income.
- Other Financial Assets: €1,107,121 thousand in non-current financial assets, including locked-in employee profit-sharing funds.
Investment Breakup (2024):
| Investment | Value (€ thousands) | Percentage of Total Assets |
|---|---|---|
| Thales (24.6% stake) | 2,404,787 | 8.3% |
| Other Financial Assets | 1,107,121 | 3.8% |
| Total | 3,511,908 | 12.1% |
Future Investment Plan
Dassault Aviation’s objectives for 2025 include significant investments to support growth and innovation:
- Delivery Targets: Deliver 35 Rafale aircraft and 20 Falcon aircraft, requiring investments in production capacity.
- Falcon 10X Development: Continue development for delivery by late 2025, with investments in advanced systems and eco-design.
- MRO Network Expansion: Complete the Melbourne, Florida service center and enhance existing facilities.
- R&D Investments: Over €1 billion annually to advance Rafale F5, FCAS, and digital technologies for collaborative combat.
- Sustainability Initiatives: Invest in energy efficiency, SAF adoption, and circular economy practices to reduce environmental impact.
These investments aim to strengthen Dassault Aviation’s position in global aerospace, leveraging its dual expertise to meet evolving market demands.
