# Ayvens (AYV.PA)

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

Analysis as of: 2026-10-16T07:36:30.355Z. Financial observations: FY2016–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 8.93 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.12×

- FY2022: 0.16×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: 3.0%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 12.7%

- Recent gross margin (lower of latest and 3-year median): 14.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 86.1%

- ROIC including acquisitions, ten-year median: -11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.8%

- FY2017: 3.8%

- FY2018: 3.3%

- FY2019: 3.2%

- FY2020: 3.0%

- FY2021: 4.3%

- FY2022: 5.3%

- FY2023: 3.5%

- FY2024: 4.1%

- FY2025: 5.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: -1.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -6.5B

- Net income, five-year total: EUR 4.6B

- Return on incremental invested capital: 4.0%

- Working capital / revenue, annual change: 2.8 pp

- Working capital / revenue, change between three-year averages: 20.3 pp

- Working capital / revenue, final three-year average: 33.9%

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

- FY2021: -3.47×

- FY2022: -2.35×

- FY2023: 8.25×

- FY2024: 0.93×

- FY2025: -8.23×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.3% vs 4.1%

- Per-share earnings: 1.25 to 1.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 13.5%

- Market cap gain: EUR 4.3B

- Cumulative retained earnings: EUR 3.0B

- Diluted shares, 5-year annual growth: 13.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.8%

- Per-share value change: EUR -0.07

- Per-share value, starting three-year median: EUR 1.25

- Per-share value, ending three-year median: EUR 1.19

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 0.6%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: EUR 7.3B

- ROIC, first three-year median: 3.3%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.16

- FY2017: EUR 1.28

- FY2018: EUR 1.25

- FY2019: EUR 1.27

- FY2020: EUR 1.13

- FY2021: EUR 1.97

- FY2022: EUR 2.15

- FY2023: EUR 1.19

- FY2024: EUR 0.70

- FY2025: EUR 1.19

### accounting: pass

- Sloan accruals: -14.2%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 11.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.3%

- FY2017: -13.6%

- FY2018: -14.7%

- FY2019: -14.2%

- FY2020: -1.0%

- FY2021: -15.6%

- FY2022: -11.9%

- FY2023: 5.4%

- FY2024: 0.1%

- FY2025: -14.2%

## Holders

## Price story

Down 29% since Feb 2023 · sales -0.1%

Story as of 2026-10-16T10:00:07.590Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 6.9B 

- FY2017: EUR 8.1B 

- FY2018: EUR 8.9B 

- FY2019: EUR 9.6B 

- FY2020: EUR 9.9B 

- FY2021: EUR 10B 

- FY2022: EUR 11B 

- FY2023: EUR 19B 

- FY2024: EUR 25B 

- FY2025: EUR 25B 

### Gross margin · FY2025

gross margin 15%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 5.5% 

- FY2017: 12.8% 

- FY2018: 11.5% 

- FY2019: 10.9% 

- FY2020: 10.0% 

- FY2021: 13.8% 

- FY2022: 19.4% 

- FY2023: 14.4% 

- FY2024: 12.6% 

- FY2025: 15.0% 

## Owner memo

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

### How it makes money

Operates in rental & leasing services; annual sales are EUR 24.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2025: revenue 24950000000; grossProfit 3735800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AYV.PA: Ayvens provides service leasing and vehicle fleet management services in the France, Rest of Europe, Latin America, Asia, and internationally. Its products and services include full-service leasing, fleet management, mobility solutions, consultancy services, car auctions, and sale or lease back for fleet managers and drivers. The company was formerly known as ALD S.A. and changed its name to Ayvens in May 2024. Ayvens was incorporated in 1998 and is headquartered in Puteaux, France. Ayvens operates as a subsidiary of Société Générale Société anonyme.

### Why customers stay

Margins ranged from 12.6% to 15% during 2023–25; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2023: grossProfit / revenue = 14.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2024: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2025: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); 10-year return on capital observations [[2016,0.008493902417757082],[2017,0.0380279179609561],[2018,0.03324673892089258],[2019,0.03215632441565713],[2020,0.029657525291898457],[2021,0.04347876729212208],[2022,0.053027536294283105],[2023,0.035367889185595996],[2024,0.040579232327969825],[2025,0.05135864106410127]]; median 0.03669790357327605. 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 360 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2023: growth capex 0; upkeep 276900000; owner earnings 6909260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2024: growth capex 13019700000; upkeep 8787600000; owner earnings 638020000. Growth capex / owner earnings = 20.406413592050406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); Dividend observations: [[2016,149500000],[2017,155600000],[2018,222300000],[2019,234000000],[2020,253900000],[2021,253900000],[2022,435200000],[2023,598800000],[2024,383500000],[2025,631000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); FY2025: cash repurchases 360000000 EUR.

### Are managers owners

Insiders own 54.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AYV.PA SharesStats.PercentInsiders = 54.827000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:30.355Z); Closing price 8.925 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 29.917060794465236; price multiple 0.2983247606212425. FY2025 cash earnings/share -9.827688521549216. Closing-price date 2026-10-15.

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

- 2017-06: EUR 12.54 per share

- 2017-07: EUR 13.56 per share

- 2017-08: EUR 11.77 per share

- 2017-09: EUR 12.45 per share

- 2017-10: EUR 10.92 per share

- 2017-11: EUR 12.17 per share

- 2017-12: EUR 11.78 per share

- 2018-01: EUR 12.96 per share

- 2018-02: EUR 12.23 per share

- 2018-03: EUR 12.05 per share

- 2018-04: EUR 12.79 per share

- 2018-05: EUR 13.10 per share

- 2018-06: EUR 13.34 per share

- 2018-07: EUR 13.94 per share

- 2018-08: EUR 14.64 per share

- 2018-09: EUR 14.37 per share

- 2018-10: EUR 12.02 per share

- 2018-11: EUR 10.62 per share

- 2018-12: EUR 9.49 per share

- 2019-01: EUR 11.58 per share

- 2019-02: EUR 11.58 per share

- 2019-03: EUR 11.36 per share

- 2019-04: EUR 11.95 per share

- 2019-05: EUR 12.43 per share

- 2019-06: EUR 12.55 per share

- 2019-07: EUR 12.32 per share

- 2019-08: EUR 12.43 per share

- 2019-09: EUR 11.95 per share

- 2019-10: EUR 11.59 per share

- 2019-11: EUR 12.50 per share

- 2019-12: EUR 12.63 per share

- 2020-01: EUR 12.04 per share

- 2020-02: EUR 10.97 per share

- 2020-03: EUR 7.30 per share

- 2020-04: EUR 8.12 per share

- 2020-05: EUR 9.04 per share

- 2020-06: EUR 8.03 per share

- 2020-07: EUR 7.74 per share

- 2020-08: EUR 7.86 per share

- 2020-09: EUR 7.23 per share

- 2020-10: EUR 8.44 per share

- 2020-11: EUR 9.87 per share

- 2020-12: EUR 10.49 per share

- 2021-01: EUR 10.33 per share

- 2021-02: EUR 11.06 per share

- 2021-03: EUR 11.39 per share

- 2021-04: EUR 11.93 per share

- 2021-05: EUR 11.46 per share

- 2021-06: EUR 11.53 per share

- 2021-07: EUR 11.26 per share

- 2021-08: EUR 10.86 per share

- 2021-09: EUR 10.77 per share

- 2021-10: EUR 11.73 per share

- 2021-11: EUR 11.28 per share

- 2021-12: EUR 11.81 per share

- 2022-01: EUR 12.08 per share

- 2022-02: EUR 11.40 per share

- 2022-03: EUR 10.98 per share

- 2022-04: EUR 11.82 per share

- 2022-05: EUR 11.79 per share

- 2022-06: EUR 10.15 per share

- 2022-07: EUR 10.55 per share

- 2022-08: EUR 9.91 per share

- 2022-09: EUR 8.63 per share

- 2022-10: EUR 9.85 per share

- 2022-11: EUR 9.59 per share

- 2022-12: EUR 10.76 per share

- 2023-01: EUR 11.54 per share

- 2023-02: EUR 12.56 per share

- 2023-03: EUR 10.80 per share

- 2023-04: EUR 10.91 per share

- 2023-05: EUR 10.07 per share

- 2023-06: EUR 9.81 per share

- 2023-07: EUR 9.67 per share

- 2023-08: EUR 8.94 per share

- 2023-09: EUR 7.34 per share

- 2023-10: EUR 6.34 per share

- 2023-11: EUR 6.32 per share

- 2023-12: EUR 6.45 per share

- 2024-01: EUR 6.20 per share

- 2024-02: EUR 5.66 per share

- 2024-03: EUR 6.55 per share

- 2024-04: EUR 6.21 per share

- 2024-05: EUR 6.87 per share

- 2024-06: EUR 5.42 per share

- 2024-07: EUR 6.13 per share

- 2024-08: EUR 6.29 per share

- 2024-09: EUR 6.34 per share

- 2024-10: EUR 6.06 per share

- 2024-11: EUR 6.22 per share

- 2024-12: EUR 6.55 per share

- 2025-01: EUR 7.12 per share

- 2025-02: EUR 8.09 per share

- 2025-03: EUR 8.08 per share

- 2025-04: EUR 8.92 per share

- 2025-05: EUR 8.96 per share

- 2025-06: EUR 9.45 per share

- 2025-07: EUR 9.46 per share

- 2025-08: EUR 9.47 per share

- 2025-09: EUR 10.27 per share

- 2025-10: EUR 11.57 per share

- 2025-11: EUR 11.10 per share

- 2025-12: EUR 11.44 per share

- 2026-01: EUR 12.25 per share

- 2026-02: EUR 10.80 per share

- 2026-03: EUR 10.02 per share

- 2026-04: EUR 11.48 per share

- 2026-05: EUR 11.58 per share

- 2026-06: EUR 11.52 per share

- 2026-07: EUR 11.63 per share

- 2026-08: EUR 11.40 per share

- 2026-09: EUR 9.50 per share

- 2026-10: EUR 8.83 per share

## Annual estimated value (EUR 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.