# Amundi (AMUN.PA)

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

Analysis as of: 2026-10-16T07:34:45.190Z. Financial observations: FY2007–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 88.20 per share; close as of 2026-10-15.

Estimated value: low EUR 86.80 per share, central EUR 96.86 per share, high EUR 110.25 per share. Buy at or below the central value EUR 96.86 per share. Valuation as of 2026-10-16T07:34:45.190Z; scenarios are not confidence intervals.

Expected annual return: 10.8% at the stated quote. About 10.8% 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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.27×

- FY2018: 0.25×

- FY2019: 0.26×

- FY2020: 0.26×

- FY2021: 0.28×

- FY2022: 0.24×

- FY2023: 0.25×

- FY2024: 0.26×

- FY2025: 0.28×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 10.4%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 53.8%

- Recent gross margin (lower of latest and 3-year median): 51.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 5.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.3%

- FY2017: 10.8%

- FY2018: 12.3%

- FY2019: 8.1%

- FY2020: 10.1%

- FY2021: 9.2%

- FY2022: 6.9%

- FY2023: 19.0%

- FY2024: 27.0%

- FY2025: 39.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.3B

- Net income, five-year total: EUR 6.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.6 pp

- Working capital / revenue, change between three-year averages: -36.1 pp

- Working capital / revenue, final three-year average: -25.6%

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

- FY2021: 0.97×

- FY2022: 0.98×

- FY2023: 0.98×

- FY2024: 0.97×

- FY2025: 0.97×

### management: pass

- 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: 10.8% vs 27.0%

- Per-share earnings: 3.40 to 6.38 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 5.9B

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.2%

- Per-share value change: EUR 2.98

- Per-share value, starting three-year median: EUR 3.40

- Per-share value, ending three-year median: EUR 6.38

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 2.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 4.2B

- Cumulative net income, 10 years: EUR 10B

- ROIC, first three-year median: 10.8%

- ROIC, last three-year median: 27.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.40

- FY2017: EUR 3.46

- FY2018: EUR 4.24

- FY2019: EUR 4.78

- FY2020: EUR 4.52

- FY2021: EUR 6.80

- FY2022: EUR 5.30

- FY2023: EUR 5.70

- FY2024: EUR 6.38

- FY2025: EUR 8.03

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 3.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.55×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: -7.1%

- FY2018: 1.2%

- FY2019: -0.1%

- FY2020: -1.2%

- FY2021: -2.0%

- FY2022: 4.4%

- FY2023: -1.1%

- FY2024: -0.7%

- FY2025: -0.6%

## Holders

## Price story

Price needs cash profits to shrink 0.5% a year for ten years · sales +5.8%

Story as of 2026-10-16T10:00:02.276Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.5% a year for ten years

### Sales · FY2024–2025

sales +5.8%; source https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2016: EUR 2.7B 

- FY2017: EUR 4.1B 

- FY2018: EUR 4.8B 

- FY2019: EUR 4.9B 

- FY2020: EUR 4.7B 

- FY2021: EUR 5.9B 

- FY2022: EUR 6.0B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.7B 

- FY2025: EUR 7.0B 

### Gross margin · FY2025

gross margin 51.4%; source https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2016: 61.7% 

- FY2017: 55.4% 

- FY2018: 52.2% 

- FY2019: 54.7% 

- FY2020: 55.1% 

- FY2021: 53.8% 

- FY2022: 52.0% 

- FY2023: 53.8% 

- FY2024: 53.8% 

- FY2025: 51.4% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are EUR 7 billion.

- Source: https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: revenue 7044413000; grossProfit 3622985000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 51.4% to 53.8% during 2023–25; it earns 10.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 53.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 53.8%.

- Source: https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 51.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.08319561371759038],[2017,0.1077878013889265],[2018,0.12336650997284267],[2019,0.08130171365365285],[2020,0.1007827459841685],[2021,0.09202960017924978],[2022,0.06879749078146506],[2023,0.18999880691855872],[2024,0.26987111059115687],[2025,0.39140977500194907]]; median 0.1042852736865475. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 52% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.5381214913648468],[2022,0.5201272617813305],[2023,0.5381931338010256]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 23668000; owner earnings 559302000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 20273000; owner earnings 683569000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 18743000; owner earnings 863772000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 45336000; owner earnings 957421600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 56408000; owner earnings 857394800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 47319000; owner earnings 1331136600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 50195000; owner earnings 1049609999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 53430000; owner earnings 1138510800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 68646000; owner earnings 1268871000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 93569000; owner earnings 1549591200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,346248000],[2017,443305000],[2018,533635000],[2019,630525000],[2020,585634000],[2021,585634000],[2022,831070000],[2023,830553000],[2024,835425000],[2025,866262000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMUN.PA SharesStats.PercentInsiders = 2.427 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.5% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.019561322346610045. Price 88.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.0207526399478124 → FY2025 7.814732892566985. Closing-price date 2026-10-15.

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

- 2016-11: EUR 45.02 per share

- 2016-12: EUR 48.30 per share

- 2017-01: EUR 49.34 per share

- 2017-02: EUR 53.15 per share

- 2017-03: EUR 55.31 per share

- 2017-04: EUR 60.40 per share

- 2017-05: EUR 60.91 per share

- 2017-06: EUR 63.35 per share

- 2017-07: EUR 65.30 per share

- 2017-08: EUR 64.67 per share

- 2017-09: EUR 70.32 per share

- 2017-10: EUR 72.78 per share

- 2017-11: EUR 74.98 per share

- 2017-12: EUR 70.65 per share

- 2018-01: EUR 76.00 per share

- 2018-02: EUR 67.16 per share

- 2018-03: EUR 65.26 per share

- 2018-04: EUR 70.48 per share

- 2018-05: EUR 62.54 per share

- 2018-06: EUR 59.34 per share

- 2018-07: EUR 59.04 per share

- 2018-08: EUR 61.78 per share

- 2018-09: EUR 64.54 per share

- 2018-10: EUR 52.58 per share

- 2018-11: EUR 50.60 per share

- 2018-12: EUR 46.16 per share

- 2019-01: EUR 50.20 per share

- 2019-02: EUR 58.76 per share

- 2019-03: EUR 56.10 per share

- 2019-04: EUR 64.05 per share

- 2019-05: EUR 58.10 per share

- 2019-06: EUR 61.40 per share

- 2019-07: EUR 62.40 per share

- 2019-08: EUR 58.15 per share

- 2019-09: EUR 64.00 per share

- 2019-10: EUR 64.00 per share

- 2019-11: EUR 68.70 per share

- 2019-12: EUR 69.90 per share

- 2020-01: EUR 73.25 per share

- 2020-02: EUR 64.65 per share

- 2020-03: EUR 53.85 per share

- 2020-04: EUR 60.60 per share

- 2020-05: EUR 66.95 per share

- 2020-06: EUR 69.70 per share

- 2020-07: EUR 64.30 per share

- 2020-08: EUR 65.10 per share

- 2020-09: EUR 60.20 per share

- 2020-10: EUR 56.30 per share

- 2020-11: EUR 66.80 per share

- 2020-12: EUR 66.80 per share

- 2021-01: EUR 61.40 per share

- 2021-02: EUR 63.00 per share

- 2021-03: EUR 68.20 per share

- 2021-04: EUR 74.10 per share

- 2021-05: EUR 72.70 per share

- 2021-06: EUR 74.35 per share

- 2021-07: EUR 77.90 per share

- 2021-08: EUR 80.15 per share

- 2021-09: EUR 72.90 per share

- 2021-10: EUR 77.05 per share

- 2021-11: EUR 73.45 per share

- 2021-12: EUR 72.55 per share

- 2022-01: EUR 68.65 per share

- 2022-02: EUR 62.40 per share

- 2022-03: EUR 62.20 per share

- 2022-04: EUR 57.70 per share

- 2022-05: EUR 54.15 per share

- 2022-06: EUR 52.20 per share

- 2022-07: EUR 52.90 per share

- 2022-08: EUR 50.70 per share

- 2022-09: EUR 42.96 per share

- 2022-10: EUR 47.78 per share

- 2022-11: EUR 53.50 per share

- 2022-12: EUR 53.00 per share

- 2023-01: EUR 60.00 per share

- 2023-02: EUR 62.40 per share

- 2023-03: EUR 58.05 per share

- 2023-04: EUR 59.35 per share

- 2023-05: EUR 52.60 per share

- 2023-06: EUR 54.05 per share

- 2023-07: EUR 55.80 per share

- 2023-08: EUR 55.05 per share

- 2023-09: EUR 53.35 per share

- 2023-10: EUR 49.22 per share

- 2023-11: EUR 56.50 per share

- 2023-12: EUR 61.60 per share

- 2024-01: EUR 62.90 per share

- 2024-02: EUR 60.85 per share

- 2024-03: EUR 63.65 per share

- 2024-04: EUR 65.75 per share

- 2024-05: EUR 70.65 per share

- 2024-06: EUR 60.25 per share

- 2024-07: EUR 67.55 per share

- 2024-08: EUR 68.00 per share

- 2024-09: EUR 67.05 per share

- 2024-10: EUR 66.50 per share

- 2024-11: EUR 61.65 per share

- 2024-12: EUR 64.20 per share

- 2025-01: EUR 68.00 per share

- 2025-02: EUR 68.80 per share

- 2025-03: EUR 72.00 per share

- 2025-04: EUR 69.35 per share

- 2025-05: EUR 71.85 per share

- 2025-06: EUR 68.70 per share

- 2025-07: EUR 65.05 per share

- 2025-08: EUR 63.15 per share

- 2025-09: EUR 67.40 per share

- 2025-10: EUR 64.30 per share

- 2025-11: EUR 69.00 per share

- 2025-12: EUR 70.60 per share

- 2026-01: EUR 74.95 per share

- 2026-02: EUR 81.05 per share

- 2026-03: EUR 73.35 per share

- 2026-04: EUR 82.20 per share

- 2026-05: EUR 83.95 per share

- 2026-06: EUR 83.95 per share

- 2026-07: EUR 94.35 per share

- 2026-08: EUR 94.40 per share

- 2026-09: EUR 91.35 per share

- 2026-10: EUR 88.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 32.73 per share, central EUR 37.24 per share, high EUR 43.25 per share

- FY2017: low EUR 41.71 per share, central EUR 47.46 per share, high EUR 55.12 per share

- FY2018: low EUR 99.48 per share, central EUR 106.11 per share, high EUR 114.94 per share

- FY2019: low EUR 49.80 per share, central EUR 56.49 per share, high EUR 65.40 per share

- FY2020: low EUR 46.97 per share, central EUR 53.39 per share, high EUR 61.92 per share

- FY2021: low EUR 74.91 per share, central EUR 98.39 per share, high EUR 114.23 per share

- FY2022: low EUR 61.29 per share, central EUR 69.46 per share, high EUR 80.34 per share

- FY2023: low EUR 63.59 per share, central EUR 71.99 per share, high EUR 83.16 per share

- FY2024: low EUR 93.27 per share, central EUR 122.51 per share, high EUR 141.37 per share

- FY2025: low EUR 94.22 per share, central EUR 104.42 per share, high EUR 118.01 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 2026-10-15T06:40:30.503Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/96950010FL2T1TJKR531/2025-12-31/ESEF/FR/0/96950010FL2T1TJKR531-2025-12-31-1-fr/reports/96950010FL2T1TJKR531-2025-12-31-1-fr.xhtml); period 2025-12-31, filed 2026-04-07.

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.