# Alten (ATE.PA)

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

Analysis as of: 2026-10-16T07:38:58.108Z. 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 84.40 per share; close as of 2026-10-15.

Estimated value: low EUR 93.28 per share, central EUR 111.26 per share, high EUR 128.71 per share. Buy at or below the central value EUR 111.26 per share. Valuation as of 2026-10-16T07:38:58.108Z; 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

- 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.05×

- FY2021: 0.10×

- FY2022: 0.16×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: fail

- Recent gross margin fell 9.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 29.9%

- ROIC, second-lowest year: 20.5%

- Typical minus recent gross margin: 9.7 pp

- Typical gross margin (annual median): 18.0%

- Recent gross margin (lower of latest and 3-year median): 8.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 14.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 36.9%

- FY2017: 37.0%

- FY2018: 34.4%

- FY2019: 25.5%

- FY2020: 17.8%

- FY2021: 43.6%

- FY2022: 71.4%

- FY2023: 24.6%

- FY2024: 20.5%

- FY2025: 22.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 39.9%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 27.2%

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

- FY2021: 1.09×

- FY2022: 1.02×

- FY2023: 1.11×

- FY2024: 1.14×

- FY2025: 1.44×

### management: pass

- 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: 36.9% vs 22.0%

- Per-share earnings: 3.30 to 5.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR 285M

- Cumulative retained earnings: EUR -5.5M

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.2%

- Per-share value change: EUR 2.04

- Per-share value, starting three-year median: EUR 3.30

- Per-share value, ending three-year median: EUR 5.33

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 0.0%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.0B

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 36.9%

- ROIC, last three-year median: 22.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.30

- FY2017: EUR 4.38

- FY2018: EUR 4.64

- FY2019: EUR 4.87

- FY2020: EUR 2.84

- FY2021: EUR 6.04

- FY2022: EUR 13.21

- FY2023: EUR 6.78

- FY2024: EUR 5.33

- FY2025: EUR 3.02

### accounting: pass

- Sloan accruals: -6.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.0%

- FY2017: 3.9%

- FY2018: 3.5%

- FY2019: -2.9%

- FY2020: -9.7%

- FY2021: -0.9%

- FY2022: 6.4%

- FY2023: -0.2%

- FY2024: -6.7%

- FY2025: -6.2%

## Holders

## Price story

Down 47% since Dec 2021 · sales -1.1%

Story as of 2026-10-16T10:00:10.362Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.4% a year for ten years

### Sales · FY2024–2025

sales -1.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.7B 

- FY2017: EUR 2.0B 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.6B 

- FY2020: EUR 2.3B 

- FY2021: EUR 2.9B 

- FY2022: EUR 3.8B 

- FY2023: EUR 4.1B 

- FY2024: EUR 4.1B 

- FY2025: EUR 4.1B 

### Gross margin · FY2025

gross margin 8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 22.3% 

- FY2017: 20.2% 

- FY2018: 21.0% 

- FY2019: 20.5% 

- FY2020: 11.5% 

- FY2021: 15.4% 

- FY2022: 15.4% 

- FY2023: 17.6% 

- FY2024: 18.5% 

- FY2025: 8.3% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are EUR 4.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2025: revenue 4098970999; grossProfit 341816999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATE.PA: Alten S.A. operates as an engineering and technology consultancy company in France, North America, Germany, Scandinavia, Benelux, Iberian, Italy, the United Kingdom, the Asia-Pacific, Switzerland, Eastern Europe, and internationally. It undertakes projects for the technical, research and development, and information systems divisions of industrial, telecoms, and service clients. The company also provides engineering services, such as mechanic and materials, data management, systems engineering and PDM, project management office, quality assurance, manufacturing, environment, health and safety, electronics; embedded software; and construction infrastructure services. In addition, it provides IT services comprising AMOA and business analyst; cybersecurity; artificial intelligence; application software; data management; green IT; software testing and QA; and cloud and infrastructure services. The company serves customers in aeronautics, space, defense and naval, security, automotive, rail and mobility, energy and environment, life sciences and health, banking, industrial equipment and electronics, banking, finance and insurance, telecoms, retail, services, media, and public sectors and government services. Alten S.A. was incorporated in 1988 and is headquartered in Boulogne-Billancourt, France.

### Why customers stay

Margins ranged from 8.3% to 18.5% during 2023–25; it earns 29.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2023: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2024: grossProfit / revenue = 18.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2025: grossProfit / revenue = 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); 10-year return on capital observations [[2016,0.3692304790937739],[2017,0.369781750361803],[2018,0.3439577862054946],[2019,0.25489863962961024],[2020,0.1778407592398149],[2021,0.43601012188375843],[2022,0.7138557268298195],[2023,0.2455907806523668],[2024,0.20463756247751747],[2025,0.21963721946636725]]; median 0.2994282129175524. 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 2026-10-16T07:38:58.108Z); FY2016: growth capex 2802000; upkeep 11466000; owner earnings 112405000. Growth capex / owner earnings = 0.024927716738579245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2017: growth capex 791000; upkeep 13011000; owner earnings 147025000. Growth capex / owner earnings = 0.005380037408603979.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2018: growth capex 1615000; upkeep 15310000; owner earnings 157869000. Growth capex / owner earnings = 0.01023000082346756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2019: growth capex 0; upkeep 17913000; owner earnings 171267200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2020: growth capex 0; upkeep 12303000; owner earnings 118220200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2021: growth capex 0; upkeep 16596000; owner earnings 227188400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2022: growth capex 0; upkeep 26123000; owner earnings 464515200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2023: growth capex 0; upkeep 20933000; owner earnings 258005200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2024: growth capex 0; upkeep 14799000; owner earnings 211862000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); FY2025: growth capex 0; upkeep 11776000; owner earnings 154429400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); Dividend observations: [[2016,33224000],[2017,33233000],[2018,33365000],[2019,33445000],[2020,33876000],[2021,33876000],[2022,44390000],[2023,51421000],[2024,52110000],[2025,52191000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ATE.PA SharesStats.PercentInsiders = 16.747 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.4% yearly over ten years; actual growth was 3.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:58.108Z); Ten-year compound average after fade. Initial solved rate -0.03221862609443277. Price 84.4; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.2045621780721123 → FY2025 4.369324354911725. Closing-price date 2026-10-15.

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

- 2016-10: EUR 65.11 per share

- 2016-11: EUR 64.66 per share

- 2016-12: EUR 66.72 per share

- 2017-01: EUR 69.00 per share

- 2017-02: EUR 65.30 per share

- 2017-03: EUR 71.88 per share

- 2017-04: EUR 77.80 per share

- 2017-05: EUR 79.32 per share

- 2017-06: EUR 72.29 per share

- 2017-07: EUR 72.95 per share

- 2017-08: EUR 71.50 per share

- 2017-09: EUR 76.51 per share

- 2017-10: EUR 75.15 per share

- 2017-11: EUR 69.84 per share

- 2017-12: EUR 69.61 per share

- 2018-01: EUR 81.60 per share

- 2018-02: EUR 79.20 per share

- 2018-03: EUR 78.25 per share

- 2018-04: EUR 82.30 per share

- 2018-05: EUR 86.20 per share

- 2018-06: EUR 88.30 per share

- 2018-07: EUR 84.95 per share

- 2018-08: EUR 88.95 per share

- 2018-09: EUR 88.60 per share

- 2018-10: EUR 85.15 per share

- 2018-11: EUR 80.35 per share

- 2018-12: EUR 72.70 per share

- 2019-01: EUR 83.65 per share

- 2019-02: EUR 90.65 per share

- 2019-03: EUR 95.40 per share

- 2019-04: EUR 97.30 per share

- 2019-05: EUR 90.85 per share

- 2019-06: EUR 105.40 per share

- 2019-07: EUR 112.10 per share

- 2019-08: EUR 108.60 per share

- 2019-09: EUR 104.80 per share

- 2019-10: EUR 98.45 per share

- 2019-11: EUR 104.80 per share

- 2019-12: EUR 112.50 per share

- 2020-01: EUR 111.60 per share

- 2020-02: EUR 100.30 per share

- 2020-03: EUR 65.45 per share

- 2020-04: EUR 65.70 per share

- 2020-05: EUR 72.20 per share

- 2020-06: EUR 76.55 per share

- 2020-07: EUR 66.20 per share

- 2020-08: EUR 72.65 per share

- 2020-09: EUR 81.00 per share

- 2020-10: EUR 68.65 per share

- 2020-11: EUR 89.30 per share

- 2020-12: EUR 92.65 per share

- 2021-01: EUR 87.10 per share

- 2021-02: EUR 91.55 per share

- 2021-03: EUR 100.10 per share

- 2021-04: EUR 104.10 per share

- 2021-05: EUR 101.50 per share

- 2021-06: EUR 111.80 per share

- 2021-07: EUR 134.00 per share

- 2021-08: EUR 139.50 per share

- 2021-09: EUR 127.10 per share

- 2021-10: EUR 139.20 per share

- 2021-11: EUR 146.00 per share

- 2021-12: EUR 158.50 per share

- 2022-01: EUR 143.30 per share

- 2022-02: EUR 136.20 per share

- 2022-03: EUR 137.50 per share

- 2022-04: EUR 129.30 per share

- 2022-05: EUR 124.00 per share

- 2022-06: EUR 103.80 per share

- 2022-07: EUR 131.60 per share

- 2022-08: EUR 123.10 per share

- 2022-09: EUR 113.70 per share

- 2022-10: EUR 118.30 per share

- 2022-11: EUR 119.50 per share

- 2022-12: EUR 116.80 per share

- 2023-01: EUR 140.70 per share

- 2023-02: EUR 148.00 per share

- 2023-03: EUR 146.90 per share

- 2023-04: EUR 154.00 per share

- 2023-05: EUR 149.60 per share

- 2023-06: EUR 144.30 per share

- 2023-07: EUR 131.00 per share

- 2023-08: EUR 131.30 per share

- 2023-09: EUR 124.60 per share

- 2023-10: EUR 111.30 per share

- 2023-11: EUR 125.50 per share

- 2023-12: EUR 134.60 per share

- 2024-01: EUR 143.80 per share

- 2024-02: EUR 135.70 per share

- 2024-03: EUR 135.20 per share

- 2024-04: EUR 110.70 per share

- 2024-05: EUR 117.70 per share

- 2024-06: EUR 102.50 per share

- 2024-07: EUR 101.80 per share

- 2024-08: EUR 101.60 per share

- 2024-09: EUR 100.10 per share

- 2024-10: EUR 77.70 per share

- 2024-11: EUR 75.45 per share

- 2024-12: EUR 79.05 per share

- 2025-01: EUR 89.25 per share

- 2025-02: EUR 87.70 per share

- 2025-03: EUR 89.50 per share

- 2025-04: EUR 73.95 per share

- 2025-05: EUR 73.20 per share

- 2025-06: EUR 74.45 per share

- 2025-07: EUR 71.65 per share

- 2025-08: EUR 65.90 per share

- 2025-09: EUR 69.90 per share

- 2025-10: EUR 71.45 per share

- 2025-11: EUR 67.25 per share

- 2025-12: EUR 72.45 per share

- 2026-01: EUR 82.60 per share

- 2026-02: EUR 63.55 per share

- 2026-03: EUR 52.40 per share

- 2026-04: EUR 56.50 per share

- 2026-05: EUR 65.00 per share

- 2026-06: EUR 53.00 per share

- 2026-07: EUR 75.10 per share

- 2026-08: EUR 76.75 per share

- 2026-09: EUR 82.00 per share

- 2026-10: EUR 83.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 45.81 per share, central EUR 63.59 per share, high EUR 74.33 per share

- FY2017: low EUR 56.20 per share, central EUR 81.38 per share, high EUR 95.42 per share

- FY2018: low EUR 69.04 per share, central EUR 99.67 per share, high EUR 116.75 per share

- FY2019: low EUR 82.35 per share, central EUR 118.08 per share, high EUR 138.01 per share

- FY2020: low EUR 57.26 per share, central EUR 66.89 per share, high EUR 76.75 per share

- FY2021: low EUR 74.95 per share, central EUR 87.96 per share, high EUR 101.20 per share

- FY2022: low EUR 106.14 per share, central EUR 129.08 per share, high EUR 148.13 per share

- FY2023: low EUR 100.01 per share, central EUR 124.15 per share, high EUR 143.78 per share

- FY2024: low EUR 112.88 per share, central EUR 158.89 per share, high EUR 185.60 per share

- FY2025: low EUR 92.39 per share, central EUR 109.75 per share, high EUR 126.61 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 2026-10-15T06:44:44.776Z 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.