# Aeroports de Paris (ADP.PA)

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

Analysis as of: 2026-10-16T07:35:36.158Z. Financial observations: FY2000–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 107.40 per share; close as of 2026-10-15.

Estimated value: low EUR 61.23 per share, central EUR 66.54 per share, high EUR 73.59 per share. Buy at or below the central value EUR 66.54 per share. Valuation as of 2026-10-16T07:35:36.158Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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: 1.01×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.24×

- FY2018: 0.26×

- FY2019: 0.20×

- FY2020: -0.23×

- FY2021: -0.03×

- FY2022: 0.20×

- FY2023: 0.23×

- FY2024: 0.16×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: -0.6%

- Typical minus recent gross margin: -3.2 pp

- Typical gross margin (annual median): 46.9%

- Recent gross margin (lower of latest and 3-year median): 50.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.2%

- ROIC including acquisitions, ten-year median: 3.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.3%

- FY2017: 7.6%

- FY2018: 7.2%

- FY2019: 6.1%

- FY2020: -3.7%

- FY2021: -0.6%

- FY2022: 6.7%

- FY2023: 8.3%

- FY2024: 5.2%

- FY2025: 7.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.7B

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: 16.6%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: 7.8%

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

- FY2021: 0.65×

- FY2022: 1.08×

- FY2023: 0.97×

- FY2024: 0.93×

- FY2025: 0.89×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.3% vs 7.1%

- Per-share earnings: 4.40 to 3.86 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 925M

- Cumulative retained earnings: EUR 348M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.6%

- Per-share value change: EUR -0.54

- Per-share value, starting three-year median: EUR 4.40

- Per-share value, ending three-year median: EUR 3.86

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.4B

- Cumulative net income, 10 years: EUR 2.7B

- ROIC, first three-year median: 7.3%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.40

- FY2017: EUR 5.77

- FY2018: EUR 6.16

- FY2019: EUR 5.94

- FY2020: EUR -11.81

- FY2021: EUR -2.51

- FY2022: EUR 5.22

- FY2023: EUR 6.40

- FY2024: EUR 3.44

- FY2025: EUR 3.86

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -4.9%

- FY2018: -5.9%

- FY2019: -5.7%

- FY2020: -6.9%

- FY2021: -5.5%

- FY2022: -4.4%

- FY2023: -4.9%

- FY2024: -5.9%

- FY2025: -5.6%

## Holders

## Price story

Down 27% since Nov 2022 · "ADP shares fall 4% as France proposes higher transport infrastructure tax" (finance.yahoo.com, Sep 2026) · sales +8.9%

Story as of 2026-10-16T10:00:05.641Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

- 2026-09-29: ADP shares fall 4% as France proposes higher transport infrastructure tax ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/adp-shares-fall-4-france-100543302.html))

### Sales · FY2024–2025

sales +8.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.9B 

- FY2017: EUR 3.6B 

- FY2018: EUR 4.0B 

- FY2019: EUR 4.7B 

- FY2020: EUR 2.1B 

- FY2021: EUR 2.8B 

- FY2022: EUR 4.7B 

- FY2023: EUR 5.5B 

- FY2024: EUR 6.2B 

- FY2025: EUR 6.7B 

### Gross margin · FY2025

gross margin 50.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 67.9% 

- FY2017: 68.8% 

- FY2018: 69.9% 

- FY2019: 38.9% 

- FY2020: 4.5% 

- FY2021: 18.7% 

- FY2022: 36.0% 

- FY2023: 43.7% 

- FY2024: 64.6% 

- FY2025: 50.1% 

## Owner memo

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

### How it makes money

Operates in airports & air services; annual sales are EUR 6.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2025: revenue 6704000000; grossProfit 3356000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADP.PA: Aeroports de Paris SA, together with its subsidiaries, operates and designs airports in France, Turkey, Kazakhstan, Jordan, Georgia, and internationally. It operates in five segments: Aviation; Retail and Services; Real Estate; International and Airport Developments; and Other Activities. The Aviation segment offers airport services, such as landing, parking, and passengers; check-in and boarding counters, baggage handling facilities, de-icing facilities, and the supplying of electricity to aircraft; and security and airport safety services, including security checkpoints and screening systems, aircraft rescue, and fire-fighting services. Its Retail and Services segment is involved in retail activities in terminals comprising retail shops, bars and restaurants, banks and currency exchange offices, and car rentals; commercial distribution; advertising; car parks; production and supply of heat, drinking water, and access to the chilled distribution networks; tourism; luxury passenger services; and construction of metro station. The Real Estate segment engages in property leasing services; construction, commercialization, and lease management of office buildings, logistic buildings, and freight terminals; and rental of serviced land. Its International and Airport Developments segment designs and operates airport activities. The Other Activities segment offers telecom and cybersecurity services. Aeroports de Paris SA was incorporated in 1945 and is headquartered in Tremblay-en-France, France.

### Why customers stay

Margins ranged from 43.7% to 64.6% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2023: grossProfit / revenue = 43.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2024: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2025: grossProfit / revenue = 50.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); 10-year return on capital observations [[2016,0.07256751707941929],[2017,0.07559268957367705],[2018,0.07246885093293447],[2019,0.06053045186640472],[2020,-0.03660175357637287],[2021,-0.005774228478613969],[2022,0.06653086419753086],[2023,0.08321031962615673],[2024,0.051862257184138706],[2025,0.07139228911649596]]; median 0.06896157665701341. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 83.1% of cash earnings on expansion; earns 16.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2016: growth capex 25652117.151088953; upkeep 741347882.848911; owner earnings 172652117.15108895. Growth capex / owner earnings = 0.14857690467033557.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2017: growth capex 231000000; upkeep 616000000; owner earnings 571000000. Growth capex / owner earnings = 0.404553415061296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2018: growth capex 439000000; upkeep 638000000; owner earnings 610000000. Growth capex / owner earnings = 0.719672131147541.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2019: growth capex 435000000; upkeep 768000000; owner earnings 459400000. Growth capex / owner earnings = 0.9468872442316064.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2022: growth capex 0; upkeep 695000000; owner earnings 557837837.8378378. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2023: growth capex 151000000; upkeep 858000000; owner earnings 613132397.9591837. Growth capex / owner earnings = 0.24627633526234263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2024: growth capex 217000000; upkeep 872000000; owner earnings 319730232.55813956. Growth capex / owner earnings = 0.6786971574874167.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2025: growth capex 283000000; upkeep 982000000; owner earnings 340658823.5294118. Growth capex / owner earnings = 0.8307431965741123.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); Incremental return on capital 0.16600422832980974, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); Dividend observations: [[2016,258000000],[2017,261000000],[2018,342000000],[2019,366000000],[2020,15000000],[2021,12000000],[2022,20000000],[2023,309000000],[2024,377000000],[2025,296000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); FY2025: cash repurchases 9000000 EUR.

### Are managers owners

Insiders own 60.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADP.PA SharesStats.PercentInsiders = 60.418000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years; actual decline was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:36.158Z); Ten-year compound average after fade. Initial solved rate 0.11903860127463484. Price 107.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 4.345216321036708 → FY2025 3.451806905759568. Closing-price date 2026-10-15.

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

- 2016-10: EUR 92.01 per share

- 2016-11: EUR 92.81 per share

- 2016-12: EUR 101.80 per share

- 2017-01: EUR 102.70 per share

- 2017-02: EUR 107.00 per share

- 2017-03: EUR 115.85 per share

- 2017-04: EUR 122.45 per share

- 2017-05: EUR 136.05 per share

- 2017-06: EUR 141.30 per share

- 2017-07: EUR 143.05 per share

- 2017-08: EUR 149.85 per share

- 2017-09: EUR 136.80 per share

- 2017-10: EUR 144.60 per share

- 2017-11: EUR 160.25 per share

- 2017-12: EUR 158.50 per share

- 2018-01: EUR 167.30 per share

- 2018-02: EUR 166.00 per share

- 2018-03: EUR 177.00 per share

- 2018-04: EUR 182.40 per share

- 2018-05: EUR 178.70 per share

- 2018-06: EUR 193.70 per share

- 2018-07: EUR 191.40 per share

- 2018-08: EUR 189.30 per share

- 2018-09: EUR 193.90 per share

- 2018-10: EUR 184.90 per share

- 2018-11: EUR 171.70 per share

- 2018-12: EUR 165.50 per share

- 2019-01: EUR 167.20 per share

- 2019-02: EUR 170.60 per share

- 2019-03: EUR 172.40 per share

- 2019-04: EUR 181.60 per share

- 2019-05: EUR 153.20 per share

- 2019-06: EUR 155.20 per share

- 2019-07: EUR 155.70 per share

- 2019-08: EUR 157.10 per share

- 2019-09: EUR 163.20 per share

- 2019-10: EUR 170.40 per share

- 2019-11: EUR 177.50 per share

- 2019-12: EUR 176.10 per share

- 2020-01: EUR 171.00 per share

- 2020-02: EUR 133.80 per share

- 2020-03: EUR 87.45 per share

- 2020-04: EUR 89.40 per share

- 2020-05: EUR 93.65 per share

- 2020-06: EUR 91.40 per share

- 2020-07: EUR 80.00 per share

- 2020-08: EUR 87.80 per share

- 2020-09: EUR 85.35 per share

- 2020-10: EUR 83.90 per share

- 2020-11: EUR 105.90 per share

- 2020-12: EUR 106.10 per share

- 2021-01: EUR 95.00 per share

- 2021-02: EUR 105.20 per share

- 2021-03: EUR 101.90 per share

- 2021-04: EUR 106.70 per share

- 2021-05: EUR 113.35 per share

- 2021-06: EUR 109.85 per share

- 2021-07: EUR 102.20 per share

- 2021-08: EUR 99.44 per share

- 2021-09: EUR 110.60 per share

- 2021-10: EUR 114.90 per share

- 2021-11: EUR 103.10 per share

- 2021-12: EUR 113.30 per share

- 2022-01: EUR 119.65 per share

- 2022-02: EUR 127.00 per share

- 2022-03: EUR 136.00 per share

- 2022-04: EUR 135.55 per share

- 2022-05: EUR 139.15 per share

- 2022-06: EUR 120.85 per share

- 2022-07: EUR 134.60 per share

- 2022-08: EUR 136.85 per share

- 2022-09: EUR 119.00 per share

- 2022-10: EUR 137.05 per share

- 2022-11: EUR 146.75 per share

- 2022-12: EUR 125.20 per share

- 2023-01: EUR 142.25 per share

- 2023-02: EUR 137.45 per share

- 2023-03: EUR 131.65 per share

- 2023-04: EUR 144.10 per share

- 2023-05: EUR 142.10 per share

- 2023-06: EUR 131.50 per share

- 2023-07: EUR 125.60 per share

- 2023-08: EUR 121.60 per share

- 2023-09: EUR 111.90 per share

- 2023-10: EUR 105.80 per share

- 2023-11: EUR 113.10 per share

- 2023-12: EUR 117.20 per share

- 2024-01: EUR 124.40 per share

- 2024-02: EUR 125.70 per share

- 2024-03: EUR 127.10 per share

- 2024-04: EUR 119.50 per share

- 2024-05: EUR 131.10 per share

- 2024-06: EUR 113.60 per share

- 2024-07: EUR 121.50 per share

- 2024-08: EUR 118.50 per share

- 2024-09: EUR 115.30 per share

- 2024-10: EUR 108.80 per share

- 2024-11: EUR 109.50 per share

- 2024-12: EUR 111.70 per share

- 2025-01: EUR 110.00 per share

- 2025-02: EUR 98.65 per share

- 2025-03: EUR 93.95 per share

- 2025-04: EUR 109.80 per share

- 2025-05: EUR 118.10 per share

- 2025-06: EUR 106.40 per share

- 2025-07: EUR 106.40 per share

- 2025-08: EUR 112.30 per share

- 2025-09: EUR 112.30 per share

- 2025-10: EUR 118.90 per share

- 2025-11: EUR 126.30 per share

- 2025-12: EUR 111.40 per share

- 2026-01: EUR 111.50 per share

- 2026-02: EUR 118.40 per share

- 2026-03: EUR 104.60 per share

- 2026-04: EUR 103.00 per share

- 2026-05: EUR 115.00 per share

- 2026-06: EUR 114.00 per share

- 2026-07: EUR 119.90 per share

- 2026-08: EUR 108.00 per share

- 2026-09: EUR 107.30 per share

- 2026-10: EUR 105.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 59.31 per share, central EUR 66.74 per share, high EUR 74.98 per share

- FY2017: low EUR 83.93 per share, central EUR 98.91 per share, high EUR 111.95 per share

- FY2018: low EUR 93.65 per share, central EUR 110.58 per share, high EUR 125.49 per share

- FY2019: low EUR 102.94 per share, central EUR 124.80 per share, high EUR 142.52 per share

- FY2020: low EUR 57.64 per share, central EUR 60.82 per share, high EUR 65.06 per share

- FY2021: low EUR 53.47 per share, central EUR 57.60 per share, high EUR 63.10 per share

- FY2022: low EUR 72.99 per share, central EUR 79.97 per share, high EUR 89.27 per share

- FY2023: low EUR 86.08 per share, central EUR 105.53 per share, high EUR 120.15 per share

- FY2024: low EUR 48.71 per share, central EUR 53.55 per share, high EUR 59.99 per share

- FY2025: low EUR 54.52 per share, central EUR 59.83 per share, high EUR 66.91 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 2026-10-15T06:41:21.841Z 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.