# Société BIC (BB.PA)

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

Analysis as of: 2026-10-16T07:39:14.241Z. 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 67.00 per share; close as of 2026-10-15.

Estimated value: low EUR 68.24 per share, central EUR 76.30 per share, high EUR 87.03 per share. Buy at or below the central value EUR 76.30 per share. Valuation as of 2026-10-16T07:39:14.241Z; scenarios are not confidence intervals.

Expected annual return: 11.2% at the stated quote. About 11.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.20×

- FY2017: 0.18×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.25×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: pass

- ROIC, median of available years: 16.7%

- ROIC, second-lowest year: 13.1%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 50.5%

- Recent gross margin (lower of latest and 3-year median): 48.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 12.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 22.2%

- FY2017: 22.8%

- FY2018: 13.1%

- FY2019: 13.6%

- FY2020: 11.3%

- FY2021: 28.9%

- FY2022: 17.2%

- FY2023: 18.8%

- FY2024: 16.3%

- FY2025: 14.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.0B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 37.8%

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

- FY2021: 1.10×

- FY2022: 1.11×

- FY2023: 1.06×

- FY2024: 1.07×

- FY2025: 1.14×

### management: fail

- 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: 22.2% vs 16.3%

- Per-share earnings: 6.18 to 5.10 (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: -2.1%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: EUR -4.0B

- Cumulative retained earnings: EUR 193M

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.4%

- Per-share value change: EUR -1.08

- Per-share value, starting three-year median: EUR 6.18

- Per-share value, ending three-year median: EUR 5.10

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 1.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 324M

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: 22.2%

- ROIC, last three-year median: 16.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.32

- FY2017: EUR 6.18

- FY2018: EUR 3.80

- FY2019: EUR 3.91

- FY2020: EUR 2.08

- FY2021: EUR 7.07

- FY2022: EUR 4.52

- FY2023: EUR 5.27

- FY2024: EUR 5.10

- FY2025: EUR 2.13

### accounting: pass

- Sloan accruals: -8.5%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.59×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -3.9%

- FY2018: -5.5%

- FY2019: -5.9%

- FY2020: -12.2%

- FY2021: 1.3%

- FY2022: -3.8%

- FY2023: -4.8%

- FY2024: -5.1%

- FY2025: -8.5%

## Holders

## Price story

Price needs cash profits to shrink 1% a year for ten years · "Société BIC Lowers 2025 Dividend As Earnings And Margins Weaken" (finance.yahoo.com, Mar 2026) · sales -4.9%

Story as of 2026-10-16T10:00:10.649Z; price observation 2026-10-15.

Price needs cash profits to shrink 1% a year for ten years

- 2026-03-10: Société BIC Lowers 2025 Dividend As Earnings And Margins Weaken ([finance.yahoo.com](https://finance.yahoo.com/news/soci-t-bic-lowers-2025-120934825.html))

### Sales · FY2024–2025

sales -4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.0B 

- FY2017: EUR 2.0B 

- FY2018: EUR 1.9B 

- FY2019: EUR 1.9B 

- FY2020: EUR 1.6B 

- FY2021: EUR 1.8B 

- FY2022: EUR 2.2B 

- FY2023: EUR 2.3B 

- FY2024: EUR 2.2B 

- FY2025: EUR 2.1B 

### Gross margin · FY2025

gross margin 48.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 52.6% 

- FY2017: 52.4% 

- FY2018: 52.0% 

- FY2019: 50.1% 

- FY2020: 48.1% 

- FY2021: 50.8% 

- FY2022: 48.3% 

- FY2023: 50.7% 

- FY2024: 50.2% 

- FY2025: 48.8% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are EUR 2.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2025: revenue 2090000000; grossProfit 1019000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BB.PA: Société BIC SA manufactures and sells stationery, lighter, shaver, and other products worldwide. It offers ballpoint, gel ink, erasable ink, writing felt-tip, learning to write, and fountain pens; mechanical and graphite pencils; proofreaders, glues, erasers, compasses, scissors, pencil sharpeners, notebooks and diaries, and other accessories; and refills. The company also provides coloring markers, colored pencils, kits and boxes, paint markers, highlighters and whiteboards permanent, and dry-erase markers. In addition, it offers rechargeable and non-rechargeable razors for men and women; multi-purpose utility lighters, and mini and maxi lighters; and classic, permanent, and temporary tattoo markers. Further, the company provides batteries and shaving preps; and advertising and promotional products. Additionally, it is involved in the provision of delivery services; production of industrial equipment; manufacture and sale of blades; and manufacture and distribution of consumer products, as well as insurance activities. The company markets its products primarily under the BIC, BIC Cristal, 4 Couleurs, M10, Intensity, Tipp ex, Velleda, BodyMark, Wite Out, Rocketbook, Inkbox, Tattly, EZ Reach, Djeep, Tangle Teezer, Cello, AMI, BIC Kids, BIC Evolution, Lucky, BIC Soleil, Gel-Ocity, Cristal Re'New, Atlantis, ECOlutions, and other brands through a range of channels, including retail mass-market distributors, traditional stores, and office product suppliers, as well as an e-commerce site. Société BIC SA was founded in 1944 and is headquartered in Clichy, France.

### Why customers stay

Margins ranged from 48.8% to 50.7% during 2023–25; it earns 16.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2023: grossProfit / revenue = 50.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2024: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2025: grossProfit / revenue = 48.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); 10-year return on capital observations [[2016,0.22164227612755616],[2017,0.22819671294550412],[2018,0.13068363418584936],[2019,0.13618490307537032],[2020,0.1133491828363221],[2021,0.2886049491200119],[2022,0.1717689270277241],[2023,0.1880653414945074],[2024,0.16253700127360687],[2025,0.14778553321083435]]; median 0.1671529641506655. 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 40 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2016: growth capex 7888985.386473179; upkeep 172941014.61352682; owner earnings 160693985.38647318. Growth capex / owner earnings = 0.049093221301967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2017: growth capex 4206452.025471985; upkeep 161824547.974528; owner earnings 218719452.025472. Growth capex / owner earnings = 0.01923218070691812.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2018: growth capex 0; upkeep 125363000; owner earnings 156945000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2019: growth capex 0; upkeep 104900000; owner earnings 188791000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2020: growth capex 0; upkeep 83095000; owner earnings 118559600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2021: growth capex 0; upkeep 74869000; owner earnings 344858400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2022: growth capex 0; upkeep 83590000; owner earnings 220926000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2023: growth capex 0; upkeep 94334000; owner earnings 239714600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2024: growth capex 0; upkeep 87123000; owner earnings 227178600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2025: growth capex 0; upkeep 87000000; owner earnings 97974400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); Dividend observations: [[2016,277042000],[2017,161045000],[2018,157762000],[2019,155228000],[2020,110214000],[2021,80919000],[2022,94744000],[2023,110219000],[2024,177950000],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); FY2025: cash repurchases 40000000 EUR.

### Are managers owners

Insiders own 58.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BB.PA SharesStats.PercentInsiders = 58.084 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1% yearly over ten years; actual decline was 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:14.241Z); Ten-year compound average after fade. Initial solved rate -0.02675603060842563. Price 67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.958124695107112 → FY2025 2.421991496094136. Closing-price date 2026-10-15.

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

- 2016-10: EUR 126.30 per share

- 2016-11: EUR 122.05 per share

- 2016-12: EUR 129.15 per share

- 2017-01: EUR 121.05 per share

- 2017-02: EUR 116.75 per share

- 2017-03: EUR 116.80 per share

- 2017-04: EUR 103.20 per share

- 2017-05: EUR 108.75 per share

- 2017-06: EUR 103.90 per share

- 2017-07: EUR 99.07 per share

- 2017-08: EUR 100.95 per share

- 2017-09: EUR 101.40 per share

- 2017-10: EUR 90.67 per share

- 2017-11: EUR 97.54 per share

- 2017-12: EUR 91.66 per share

- 2018-01: EUR 92.30 per share

- 2018-02: EUR 86.15 per share

- 2018-03: EUR 80.85 per share

- 2018-04: EUR 84.45 per share

- 2018-05: EUR 83.20 per share

- 2018-06: EUR 79.40 per share

- 2018-07: EUR 81.75 per share

- 2018-08: EUR 79.75 per share

- 2018-09: EUR 78.85 per share

- 2018-10: EUR 84.60 per share

- 2018-11: EUR 94.75 per share

- 2018-12: EUR 89.15 per share

- 2019-01: EUR 87.55 per share

- 2019-02: EUR 83.15 per share

- 2019-03: EUR 79.45 per share

- 2019-04: EUR 76.85 per share

- 2019-05: EUR 69.90 per share

- 2019-06: EUR 67.05 per share

- 2019-07: EUR 62.90 per share

- 2019-08: EUR 58.10 per share

- 2019-09: EUR 61.60 per share

- 2019-10: EUR 62.25 per share

- 2019-11: EUR 62.50 per share

- 2019-12: EUR 62.00 per share

- 2020-01: EUR 60.95 per share

- 2020-02: EUR 54.75 per share

- 2020-03: EUR 50.85 per share

- 2020-04: EUR 45.68 per share

- 2020-05: EUR 47.88 per share

- 2020-06: EUR 45.20 per share

- 2020-07: EUR 50.15 per share

- 2020-08: EUR 48.32 per share

- 2020-09: EUR 44.76 per share

- 2020-10: EUR 41.10 per share

- 2020-11: EUR 49.76 per share

- 2020-12: EUR 46.26 per share

- 2021-01: EUR 47.06 per share

- 2021-02: EUR 46.50 per share

- 2021-03: EUR 49.92 per share

- 2021-04: EUR 58.75 per share

- 2021-05: EUR 60.40 per share

- 2021-06: EUR 58.60 per share

- 2021-07: EUR 57.15 per share

- 2021-08: EUR 56.35 per share

- 2021-09: EUR 50.90 per share

- 2021-10: EUR 50.25 per share

- 2021-11: EUR 45.46 per share

- 2021-12: EUR 47.32 per share

- 2022-01: EUR 50.50 per share

- 2022-02: EUR 47.26 per share

- 2022-03: EUR 45.72 per share

- 2022-04: EUR 56.80 per share

- 2022-05: EUR 53.20 per share

- 2022-06: EUR 52.20 per share

- 2022-07: EUR 55.20 per share

- 2022-08: EUR 56.70 per share

- 2022-09: EUR 64.90 per share

- 2022-10: EUR 58.10 per share

- 2022-11: EUR 63.30 per share

- 2022-12: EUR 63.95 per share

- 2023-01: EUR 66.70 per share

- 2023-02: EUR 61.20 per share

- 2023-03: EUR 58.10 per share

- 2023-04: EUR 55.95 per share

- 2023-05: EUR 55.80 per share

- 2023-06: EUR 52.50 per share

- 2023-07: EUR 55.60 per share

- 2023-08: EUR 59.00 per share

- 2023-09: EUR 62.45 per share

- 2023-10: EUR 59.25 per share

- 2023-11: EUR 61.75 per share

- 2023-12: EUR 62.85 per share

- 2024-01: EUR 64.10 per share

- 2024-02: EUR 66.80 per share

- 2024-03: EUR 66.20 per share

- 2024-04: EUR 66.00 per share

- 2024-05: EUR 68.80 per share

- 2024-06: EUR 55.00 per share

- 2024-07: EUR 58.00 per share

- 2024-08: EUR 61.20 per share

- 2024-09: EUR 60.40 per share

- 2024-10: EUR 67.10 per share

- 2024-11: EUR 63.10 per share

- 2024-12: EUR 63.80 per share

- 2025-01: EUR 63.60 per share

- 2025-02: EUR 59.10 per share

- 2025-03: EUR 62.60 per share

- 2025-04: EUR 57.00 per share

- 2025-05: EUR 54.40 per share

- 2025-06: EUR 52.80 per share

- 2025-07: EUR 53.40 per share

- 2025-08: EUR 53.40 per share

- 2025-09: EUR 53.10 per share

- 2025-10: EUR 48.30 per share

- 2025-11: EUR 49.25 per share

- 2025-12: EUR 51.50 per share

- 2026-01: EUR 54.40 per share

- 2026-02: EUR 54.40 per share

- 2026-03: EUR 53.70 per share

- 2026-04: EUR 58.50 per share

- 2026-05: EUR 58.40 per share

- 2026-06: EUR 57.00 per share

- 2026-07: EUR 67.90 per share

- 2026-08: EUR 68.20 per share

- 2026-09: EUR 65.60 per share

- 2026-10: EUR 65.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 65.33 per share, central EUR 77.36 per share, high EUR 89.39 per share

- FY2017: low EUR 65.67 per share, central EUR 82.85 per share, high EUR 96.25 per share

- FY2018: low EUR 52.89 per share, central EUR 59.79 per share, high EUR 68.97 per share

- FY2019: low EUR 49.50 per share, central EUR 55.83 per share, high EUR 64.24 per share

- FY2020: low EUR 37.03 per share, central EUR 41.42 per share, high EUR 47.27 per share

- FY2021: low EUR 53.39 per share, central EUR 59.41 per share, high EUR 67.42 per share

- FY2022: low EUR 62.37 per share, central EUR 69.79 per share, high EUR 79.66 per share

- FY2023: low EUR 66.93 per share, central EUR 74.78 per share, high EUR 85.22 per share

- FY2024: low EUR 69.74 per share, central EUR 77.97 per share, high EUR 88.94 per share

- FY2025: low EUR 68.97 per share, central EUR 77.02 per share, high EUR 87.74 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 2026-10-15T06:45:00.097Z 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.

## Reported holder observations