# Accor (AC.PA)

Canonical: https://gigainvestors.com/s/AC.PA

Analysis as of: 2026-10-16T07:35:36.520Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 46.12 per share; close as of 2026-10-15.

Estimated value: low EUR 29.98 per share, central EUR 33.33 per share, high EUR 37.79 per share. Buy at or below the central value EUR 33.33 per share. Valuation as of 2026-10-16T07:35:36.520Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 2.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.18×

- FY2018: 0.15×

- FY2019: 0.13×

- FY2020: -0.41×

- FY2021: -0.10×

- FY2022: 0.11×

- FY2023: 0.15×

- FY2024: 0.14×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.1%

- ROIC, second-lowest year: -5.5%

- Typical minus recent gross margin: -14.4 pp

- Typical gross margin (annual median): 36.1%

- Recent gross margin (lower of latest and 3-year median): 50.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.8%

- FY2017: 7.5%

- FY2018: 6.0%

- FY2019: 6.5%

- FY2020: -14.3%

- FY2021: -5.5%

- FY2022: 8.3%

- FY2023: 20.0%

- FY2024: 12.2%

- FY2025: 13.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 2.1B

- Return on incremental invested capital: 21.3%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.1 pp

- Working capital / revenue, final three-year average: 10.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.68×

- FY2022: 1.06×

- FY2023: 0.80×

- FY2024: 0.83×

- FY2025: 1.01×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs 13.4%

- Per-share earnings: 0.44 to 2.50 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.9%

- Ordinary dilution, 5-year annual growth: 3.8%

- Market cap gain: EUR 5.2B

- Cumulative retained earnings: EUR 1.8B

- Diluted shares, 10-year annual growth: 2.9%

- Diluted shares, 5-year annual growth: 3.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.3%

- Per-share value change: EUR 2.06

- Per-share value, starting three-year median: EUR 0.44

- Per-share value, ending three-year median: EUR 2.50

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 5.3%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 7.7B

- Cumulative net income, 10 years: EUR 743M

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: 13.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.44

- FY2017: EUR 1.38

- FY2018: EUR -0.27

- FY2019: EUR 1.55

- FY2020: EUR -8.72

- FY2021: EUR 0.19

- FY2022: EUR 1.53

- FY2023: EUR 2.51

- FY2024: EUR 2.50

- FY2025: EUR 1.43

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.2%

- FY2017: -4.7%

- FY2018: -4.4%

- FY2019: -1.6%

- FY2020: -17.2%

- FY2021: 2.6%

- FY2022: -0.9%

- FY2023: -0.3%

- FY2024: -1.0%

- FY2025: -3.2%

## Holders

## Price story

Price needs cash profits to grow 5.7% a year for ten years · "Accor’s Shares Rise After Sales Grow on Sustained Demand" (finance.yahoo.com, Apr 2025) · sales +0.6%

Story as of 2026-10-16T10:00:05.654Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

- 2025-04-25: Accor’s Shares Rise After Sales Grow on Sustained Demand ([finance.yahoo.com](https://finance.yahoo.com/m/deaf840a-a916-3827-ad1b-39489b0aa545/accor%E2%80%99s-shares-rise-after.html))

- 2026-04-23: Accor Q1 revenue misses consensus as Middle East conflict weighs on luxury segment ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/accor-q1-revenue-misses-consensus-171314595.html))

### Sales · FY2024–2025

sales +0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.6B 

- FY2017: EUR 2.8B 

- FY2018: EUR 3.3B 

- FY2019: EUR 4.0B 

- FY2020: EUR 1.6B 

- FY2021: EUR 2.2B 

- FY2022: EUR 4.2B 

- FY2023: EUR 5.1B 

- FY2024: EUR 5.6B 

- FY2025: EUR 5.6B 

### Gross margin · FY2025

gross margin 52.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.8% 

- FY2017: 22.5% 

- FY2018: 20.5% 

- FY2019: 41.4% 

- FY2020: 11.3% 

- FY2021: 27.3% 

- FY2022: 43.0% 

- FY2023: 50.5% 

- FY2024: 48.9% 

- FY2025: 52.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in lodging; annual sales are EUR 5.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2025: revenue 5639000000; grossProfit 2982000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AC.PA: Accor SA operates a chain of hotels worldwide. The company operates through Premium, Midscale and Economy; and Luxury & Lifestyle segments. Its Premium, Midscale and Economy segment includes the Ibis, Novotel, Mercure, Swissôtel, Mövenpick, and Pullman brands operating in Europe and North Africa, the Middle East, Africa, the Asia-Pacific, the Americas, and China. The company Luxury & Lifestyle segment includes the Raffles and Fairmont, Sofitel, MGallery and Emblems, and Ennismore brands. It also owns, leases, manages, and franchises hotels. In addition, the company provides discount card programs; catering and event management; digital, hotel booking, and concierge services; and other services in events, fine dining, and entertainment, as well as operation of performance venues and coworking spaces. Further, it offers hotel management, personnel, procurement, treasury and management, IT, advertising, and other advice services. Accor SA was incorporated in 1960 and is headquartered in Issy-les-Moulineaux, France.

### Why customers stay

Margins ranged from 48.9% to 52.9% during 2023–25; it earns 7.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2023: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2024: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2025: grossProfit / revenue = 52.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); 10-year return on capital observations [[2016,0.06760659079327332],[2017,0.0748554283495942],[2018,0.06026016855991206],[2019,0.06545367717287488],[2020,-0.142680608365019],[2021,-0.055231143552311436],[2022,0.08261615453149583],[2023,0.19968894729527134],[2024,0.12172545876695698],[2025,0.13353351210392564]]; median 0.07123100957143376. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 452 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2017: growth capex 312000000; upkeep 126000000; owner earnings 409000000. Growth capex / owner earnings = 0.7628361858190709.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2019: growth capex 0; upkeep 319000000; owner earnings 321400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2021: growth capex 0; upkeep 82000000; owner earnings 133800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2022: growth capex 0; upkeep 111000000; owner earnings 425200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2023: growth capex 0; upkeep 254000000; owner earnings 508200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2024: growth capex 0; upkeep 293000000; owner earnings 507000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2025: growth capex 0; upkeep 197000000; owner earnings 454200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); Dividend observations: [[2016,178000000],[2017,163000000],[2018,306000000],[2019,294000000],[2020,2000000],[2021,1000000],[2022,12000000],[2023,297000000],[2024,298000000],[2025,327000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); FY2025: cash repurchases 452000000 EUR.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AC.PA SharesStats.PercentInsiders = 1.319 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.520Z); Ten-year compound average after fade. Initial solved rate 0.06811846399915489. Price 46.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.3167738066074792 → FY2025 1.4427520924987691. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 34.59 per share

- 2016-11: EUR 33.43 per share

- 2016-12: EUR 35.43 per share

- 2017-01: EUR 37.51 per share

- 2017-02: EUR 37.25 per share

- 2017-03: EUR 39.05 per share

- 2017-04: EUR 41.85 per share

- 2017-05: EUR 42.27 per share

- 2017-06: EUR 41.05 per share

- 2017-07: EUR 39.26 per share

- 2017-08: EUR 38.90 per share

- 2017-09: EUR 42.04 per share

- 2017-10: EUR 42.84 per share

- 2017-11: EUR 42.14 per share

- 2017-12: EUR 43.00 per share

- 2018-01: EUR 45.85 per share

- 2018-02: EUR 47.50 per share

- 2018-03: EUR 43.85 per share

- 2018-04: EUR 46.87 per share

- 2018-05: EUR 46.81 per share

- 2018-06: EUR 42.02 per share

- 2018-07: EUR 44.08 per share

- 2018-08: EUR 43.10 per share

- 2018-09: EUR 44.22 per share

- 2018-10: EUR 40.42 per share

- 2018-11: EUR 39.20 per share

- 2018-12: EUR 37.11 per share

- 2019-01: EUR 38.03 per share

- 2019-02: EUR 37.12 per share

- 2019-03: EUR 36.11 per share

- 2019-04: EUR 37.56 per share

- 2019-05: EUR 33.04 per share

- 2019-06: EUR 37.75 per share

- 2019-07: EUR 40.30 per share

- 2019-08: EUR 39.26 per share

- 2019-09: EUR 38.25 per share

- 2019-10: EUR 38.52 per share

- 2019-11: EUR 38.83 per share

- 2019-12: EUR 41.75 per share

- 2020-01: EUR 37.03 per share

- 2020-02: EUR 32.67 per share

- 2020-03: EUR 25.00 per share

- 2020-04: EUR 25.32 per share

- 2020-05: EUR 25.35 per share

- 2020-06: EUR 24.21 per share

- 2020-07: EUR 21.24 per share

- 2020-08: EUR 25.74 per share

- 2020-09: EUR 24.00 per share

- 2020-10: EUR 21.86 per share

- 2020-11: EUR 28.75 per share

- 2020-12: EUR 29.60 per share

- 2021-01: EUR 27.83 per share

- 2021-02: EUR 34.56 per share

- 2021-03: EUR 32.16 per share

- 2021-04: EUR 33.47 per share

- 2021-05: EUR 32.86 per share

- 2021-06: EUR 31.49 per share

- 2021-07: EUR 29.86 per share

- 2021-08: EUR 29.16 per share

- 2021-09: EUR 30.95 per share

- 2021-10: EUR 30.91 per share

- 2021-11: EUR 26.17 per share

- 2021-12: EUR 28.45 per share

- 2022-01: EUR 32.36 per share

- 2022-02: EUR 30.59 per share

- 2022-03: EUR 29.23 per share

- 2022-04: EUR 31.53 per share

- 2022-05: EUR 30.57 per share

- 2022-06: EUR 25.83 per share

- 2022-07: EUR 25.28 per share

- 2022-08: EUR 23.87 per share

- 2022-09: EUR 21.61 per share

- 2022-10: EUR 24.24 per share

- 2022-11: EUR 25.22 per share

- 2022-12: EUR 23.35 per share

- 2023-01: EUR 29.77 per share

- 2023-02: EUR 31.48 per share

- 2023-03: EUR 29.97 per share

- 2023-04: EUR 32.12 per share

- 2023-05: EUR 30.97 per share

- 2023-06: EUR 34.02 per share

- 2023-07: EUR 34.29 per share

- 2023-08: EUR 33.09 per share

- 2023-09: EUR 31.94 per share

- 2023-10: EUR 30.07 per share

- 2023-11: EUR 31.81 per share

- 2023-12: EUR 34.60 per share

- 2024-01: EUR 36.70 per share

- 2024-02: EUR 40.09 per share

- 2024-03: EUR 43.30 per share

- 2024-04: EUR 41.31 per share

- 2024-05: EUR 39.89 per share

- 2024-06: EUR 38.30 per share

- 2024-07: EUR 35.57 per share

- 2024-08: EUR 38.07 per share

- 2024-09: EUR 39.00 per share

- 2024-10: EUR 41.66 per share

- 2024-11: EUR 43.68 per share

- 2024-12: EUR 47.04 per share

- 2025-01: EUR 49.76 per share

- 2025-02: EUR 48.06 per share

- 2025-03: EUR 41.89 per share

- 2025-04: EUR 43.15 per share

- 2025-05: EUR 46.75 per share

- 2025-06: EUR 44.33 per share

- 2025-07: EUR 44.66 per share

- 2025-08: EUR 42.27 per share

- 2025-09: EUR 40.30 per share

- 2025-10: EUR 44.15 per share

- 2025-11: EUR 46.62 per share

- 2025-12: EUR 48.22 per share

- 2026-01: EUR 45.86 per share

- 2026-02: EUR 49.26 per share

- 2026-03: EUR 40.62 per share

- 2026-04: EUR 42.13 per share

- 2026-05: EUR 47.03 per share

- 2026-06: EUR 50.84 per share

- 2026-07: EUR 44.90 per share

- 2026-08: EUR 46.52 per share

- 2026-09: EUR 45.85 per share

- 2026-10: EUR 45.35 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 11.81 per share, central EUR 12.58 per share, high EUR 13.60 per share

- FY2022: low EUR 16.63 per share, central EUR 18.10 per share, high EUR 20.06 per share

- FY2023: low EUR 22.07 per share, central EUR 24.47 per share, high EUR 27.66 per share

- FY2024: low EUR 27.87 per share, central EUR 31.00 per share, high EUR 35.16 per share

- FY2025: low EUR 21.28 per share, central EUR 23.73 per share, high EUR 26.98 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations