# Credit Agricole (ACA.PA)

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

Analysis as of: 2026-10-16T07:33:53.673Z. Financial observations: FY2015–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 15.65 per share; close as of 2026-10-15.

Estimated value: low EUR 19.98 per share, central EUR 24.97 per share, high EUR 33.29 per share. Buy at or below the central value EUR 24.97 per share. Valuation as of 2026-10-16T07:33:53.673Z; scenarios are not confidence intervals.

Expected annual return: 12.4% at the stated quote. About 12.4% 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: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.25×

Chart: Net income; fiscal year observations.

- FY2016: EUR 3.1B

- FY2017: EUR 3.2B

- FY2018: EUR 4.0B

- FY2019: EUR 4.3B

- FY2020: EUR 2.3B

- FY2021: EUR 5.5B

- FY2022: EUR 5.0B

- FY2023: EUR 5.9B

- FY2024: EUR 6.4B

- FY2025: EUR 6.6B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 11.0%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 7.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.0%

- FY2017: 9.0%

- FY2018: 11.0%

- FY2019: 10.8%

- FY2020: 4.9%

- FY2021: 11.1%

- FY2022: 11.0%

- FY2023: 13.1%

- FY2024: 13.3%

- FY2025: 13.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 7.2%

- Book return interval: 10 years

- Starting book value per share: EUR 14.15

- Ending book value per share: EUR 16.40

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 15.1%

- FY2017: -14.7%

- FY2018: 6.5%

- FY2019: 10.8%

- FY2020: 21.5%

- FY2021: 5.1%

- FY2022: 6.2%

- FY2023: -0.3%

- FY2024: 15.6%

- FY2025: 10.7%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: 1.0%

- Share growth excluding flagged crisis recapitalisations: 1.0%

- Five-year share growth excluding flagged crisis recapitalisations: 1.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.76×

- Book value created per share: EUR 2.25

- Earnings retained per share after dividends and buybacks: EUR 2.98

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 105

- FY2020: 106

- FY2021: 111

- FY2022: 104

- FY2023: 111

- FY2024: 111

- FY2025: 111

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 3.6% a year forever · net income +3.8%

Story as of 2026-10-16T09:59:58.199Z; price observation 2026-10-15.

The price assumes profits grow 3.6% a year forever

- 2025-04-30: France’s Credit Agricole Posts Lower Profit on Exceptional Tax Hit ([finance.yahoo.com](https://finance.yahoo.com/m/237f1aa5-f2c0-39ed-ae1b-e0ead412cfa7/france%E2%80%99s-credit-agricole.html))

- 2026-02-04: Credit Agricole Misses Q4 Profit as Costs Rise, Shares Slide Up to 5% ([finance.yahoo.com](https://finance.yahoo.com/news/credit-agricole-misses-q4-profit-202457811.html))

### Net income · FY2025

net income +3.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.1B 

- FY2017: EUR 3.2B 

- FY2018: EUR 4.0B 

- FY2019: EUR 4.3B 

- FY2020: EUR 2.3B 

- FY2021: EUR 5.5B 

- FY2022: EUR 5.0B 

- FY2023: EUR 5.9B 

- FY2024: EUR 6.4B 

- FY2025: EUR 6.6B 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are EUR 112.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.673Z); FY2025: revenue 112320000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACA.PA: Crédit Agricole S.A. provides retail and corporate banking, insurance, and investment banking products and services in France, Italy, rest of the European Union, rest of Europe, North America, Central and South America, Africa, the Middle East, the Asia Pacific, and Japan. It operates in five segments: Asset Gathering, Large Customers, Specialized Financial Services, French Retail Banking " LCL, and International Retail Banking. The company offers savings/retirement, death and disability/creditor/group, and property and casualty insurance products; asset management; investment solutions; banking products and services, savings, wealth management, payment, cash flow management, and online banking services; personal finance and mobility; and specialized financial services. It also provides investment banking, structured finance, international trade finance, commercial banking, capital market, and syndication services; leasing, factoring, and energy and territorial financing; and asset servicing solutions for investment products, as well as various asset classes, such as execution, clearing, forex, security lending, custody, depositary banking, fund administration, middle-office outsourcing, fund distribution, and issuer services. In addition, the company offers property services, including transactions, rental, rental management, condominium trustee, and renovation under the Square Habitat brand; property development and management; and low-carbon electricity production. The company serves individuals, SMEs, small businesses, corporates, farmers, financial institutions, local authorities, asset managers, insurance companies, institutional investors, pension and unlisted funds, banks, and brokers. Crédit Agricole S.A. was founded in 1894 and is headquartered in Montrouge, France. Crédit Agricole S.A. operates as a subsidiary of SAS Rue La Boetie.

### Why customers stay

It earns 11% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.673Z); 10-year return on tangible equity observations [[2016,0.07046979865771812],[2017,0.09011168772563177],[2018,0.10984953639442563],[2019,0.1082022214879394],[2020,0.04896330391453064],[2021,0.11132962977981428],[2022,0.10984326841104335],[2023,0.1314878892733564],[2024,0.132965263400046],[2025,0.13276455319234562]]; median 0.1098464024027345. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.673Z); Dividend observations: [[2016,1020000000],[2017,1589000000],[2018,1802000000],[2019,2666000000],[2020,583000000],[2021,3067000000],[2022,3222000000],[2023,3803000000],[2024,3911000000],[2025,3328000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ACA.PA SharesStats.PercentInsiders = 69.498 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 3.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.673Z); Price 15.645; FX 1; original perpetual distributable cash 0.9987697508600308; discount 0.1; growth 0.036160450568230695. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-11: EUR 10.26 per share

- 2016-12: EUR 11.34 per share

- 2017-01: EUR 11.81 per share

- 2017-02: EUR 10.97 per share

- 2017-03: EUR 12.23 per share

- 2017-04: EUR 13.14 per share

- 2017-05: EUR 13.13 per share

- 2017-06: EUR 13.56 per share

- 2017-07: EUR 14.30 per share

- 2017-08: EUR 14.26 per share

- 2017-09: EUR 14.81 per share

- 2017-10: EUR 14.43 per share

- 2017-11: EUR 13.63 per share

- 2017-12: EUR 13.29 per share

- 2018-01: EUR 14.61 per share

- 2018-02: EUR 13.61 per share

- 2018-03: EUR 12.72 per share

- 2018-04: EUR 13.13 per share

- 2018-05: EUR 11.74 per share

- 2018-06: EUR 11.44 per share

- 2018-07: EUR 12.02 per share

- 2018-08: EUR 11.78 per share

- 2018-09: EUR 12.39 per share

- 2018-10: EUR 11.33 per share

- 2018-11: EUR 10.97 per share

- 2018-12: EUR 9.43 per share

- 2019-01: EUR 9.96 per share

- 2019-02: EUR 11.23 per share

- 2019-03: EUR 10.77 per share

- 2019-04: EUR 12.23 per share

- 2019-05: EUR 10.23 per share

- 2019-06: EUR 10.55 per share

- 2019-07: EUR 10.78 per share

- 2019-08: EUR 10.39 per share

- 2019-09: EUR 11.14 per share

- 2019-10: EUR 11.69 per share

- 2019-11: EUR 12.41 per share

- 2019-12: EUR 12.93 per share

- 2020-01: EUR 12.23 per share

- 2020-02: EUR 10.81 per share

- 2020-03: EUR 6.69 per share

- 2020-04: EUR 7.28 per share

- 2020-05: EUR 7.82 per share

- 2020-06: EUR 8.43 per share

- 2020-07: EUR 8.13 per share

- 2020-08: EUR 8.59 per share

- 2020-09: EUR 7.47 per share

- 2020-10: EUR 6.78 per share

- 2020-11: EUR 9.67 per share

- 2020-12: EUR 10.32 per share

- 2021-01: EUR 9.38 per share

- 2021-02: EUR 11.61 per share

- 2021-03: EUR 12.35 per share

- 2021-04: EUR 12.87 per share

- 2021-05: EUR 12.20 per share

- 2021-06: EUR 11.81 per share

- 2021-07: EUR 11.76 per share

- 2021-08: EUR 12.21 per share

- 2021-09: EUR 11.95 per share

- 2021-10: EUR 13.04 per share

- 2021-11: EUR 12.07 per share

- 2021-12: EUR 12.55 per share

- 2022-01: EUR 13.28 per share

- 2022-02: EUR 11.47 per share

- 2022-03: EUR 10.89 per share

- 2022-04: EUR 10.38 per share

- 2022-05: EUR 10.31 per share

- 2022-06: EUR 8.73 per share

- 2022-07: EUR 8.98 per share

- 2022-08: EUR 9.19 per share

- 2022-09: EUR 8.36 per share

- 2022-10: EUR 9.19 per share

- 2022-11: EUR 9.61 per share

- 2022-12: EUR 9.83 per share

- 2023-01: EUR 11.04 per share

- 2023-02: EUR 11.56 per share

- 2023-03: EUR 10.40 per share

- 2023-04: EUR 11.08 per share

- 2023-05: EUR 10.69 per share

- 2023-06: EUR 10.87 per share

- 2023-07: EUR 11.29 per share

- 2023-08: EUR 11.66 per share

- 2023-09: EUR 11.69 per share

- 2023-10: EUR 11.38 per share

- 2023-11: EUR 12.02 per share

- 2023-12: EUR 12.85 per share

- 2024-01: EUR 13.31 per share

- 2024-02: EUR 12.52 per share

- 2024-03: EUR 13.82 per share

- 2024-04: EUR 14.55 per share

- 2024-05: EUR 14.93 per share

- 2024-06: EUR 12.74 per share

- 2024-07: EUR 14.03 per share

- 2024-08: EUR 14.15 per share

- 2024-09: EUR 13.73 per share

- 2024-10: EUR 14.09 per share

- 2024-11: EUR 12.67 per share

- 2024-12: EUR 13.29 per share

- 2025-01: EUR 14.55 per share

- 2025-02: EUR 16.01 per share

- 2025-03: EUR 16.77 per share

- 2025-04: EUR 16.49 per share

- 2025-05: EUR 16.10 per share

- 2025-06: EUR 16.07 per share

- 2025-07: EUR 16.15 per share

- 2025-08: EUR 15.63 per share

- 2025-09: EUR 16.72 per share

- 2025-10: EUR 15.64 per share

- 2025-11: EUR 16.52 per share

- 2025-12: EUR 17.55 per share

- 2026-01: EUR 18.27 per share

- 2026-02: EUR 18.78 per share

- 2026-03: EUR 15.93 per share

- 2026-04: EUR 16.59 per share

- 2026-05: EUR 16.60 per share

- 2026-06: EUR 17.59 per share

- 2026-07: EUR 19.27 per share

- 2026-08: EUR 18.51 per share

- 2026-09: EUR 17.57 per share

- 2026-10: EUR 15.91 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 9.89 per share, central EUR 10.87 per share, high EUR 12.08 per share

- FY2017: low EUR 4.84 per share, central EUR 5.70 per share, high EUR 6.93 per share

- FY2018: low EUR 5.74 per share, central EUR 6.87 per share, high EUR 8.56 per share

- FY2019: low EUR 8.25 per share, central EUR 9.89 per share, high EUR 12.34 per share

- FY2020: low EUR 12.84 per share, central EUR 14.12 per share, high EUR 15.69 per share

- FY2021: low EUR 10.98 per share, central EUR 13.38 per share, high EUR 17.13 per share

- FY2022: low EUR 14.34 per share, central EUR 15.78 per share, high EUR 17.53 per share

- FY2023: low EUR 14.63 per share, central EUR 18.28 per share, high EUR 24.38 per share

- FY2024: low EUR 18.08 per share, central EUR 22.55 per share, high EUR 29.96 per share

- FY2025: low EUR 19.78 per share, central EUR 24.73 per share, high EUR 32.97 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

Prior published observations retained from 2026-10-15T06:39:38.847Z where newer inputs omit a numeric field or fiscal period.

## 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.