# Bureau Veritas (BVI.PA)

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

Analysis as of: 2026-10-16T07:35:19.562Z. Financial observations: FY2007–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 27.92 per share; close as of 2026-10-15.

Estimated value: low EUR 17.58 per share, central EUR 19.75 per share, high EUR 22.64 per share. Buy at or below the central value EUR 19.75 per share. Valuation as of 2026-10-16T07:35:19.562Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.14×

- FY2020: 0.10×

- FY2021: 0.14×

- FY2022: 0.14×

- FY2023: 0.14×

- FY2024: 0.15×

- FY2025: 0.15×

### moat: pass

- ROIC, median of available years: 43.7%

- ROIC, second-lowest year: 32.2%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 23.8%

- Recent gross margin (lower of latest and 3-year median): 23.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

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

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.0%

- FY2017: 38.0%

- FY2018: 39.9%

- FY2019: 32.2%

- FY2020: 28.2%

- FY2021: 47.5%

- FY2022: 48.0%

- FY2023: 48.0%

- FY2024: 48.4%

- FY2025: 56.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.9B

- Net income, five-year total: EUR 2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -7.1 pp

- Working capital / revenue, final three-year average: 14.4%

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

- FY2021: 1.17×

- FY2022: 1.18×

- FY2023: 1.10×

- FY2024: 1.09×

- FY2025: 1.10×

### 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: 38.0% vs 48.4%

- Per-share earnings: 0.70 to 1.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

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

- Market cap gain: EUR 4.0B

- Cumulative retained earnings: EUR 512M

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

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: EUR 0.56

- Per-share value, starting three-year median: EUR 0.70

- Per-share value, ending three-year median: EUR 1.26

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 3.0B

- Cumulative net income, 10 years: EUR 4.0B

- ROIC, first three-year median: 38.0%

- ROIC, last three-year median: 48.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.73

- FY2017: EUR 0.70

- FY2018: EUR 0.76

- FY2019: EUR 0.82

- FY2020: EUR 0.28

- FY2021: EUR 0.92

- FY2022: EUR 1.02

- FY2023: EUR 1.10

- FY2024: EUR 1.26

- FY2025: EUR 1.32

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.64×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.56×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: -5.1%

- FY2018: -5.8%

- FY2019: -6.4%

- FY2020: -10.4%

- FY2021: -5.5%

- FY2022: -5.2%

- FY2023: -4.8%

- FY2024: -6.1%

- FY2025: -5.4%

## Holders

## Price story

Price needs cash profits to grow 5.6% a year for ten years · sales +3.6%

Story as of 2026-10-16T10:00:04.500Z; price observation 2026-10-15.

Price needs cash profits to grow 5.6% a year for ten years

### Sales · FY2024–2025

sales +3.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 4.5B 

- FY2017: EUR 4.7B 

- FY2018: EUR 4.8B 

- FY2019: EUR 5.1B 

- FY2020: EUR 4.6B 

- FY2021: EUR 5.0B 

- FY2022: EUR 5.7B 

- FY2023: EUR 5.9B 

- FY2024: EUR 6.2B 

- FY2025: EUR 6.5B 

### Gross margin · FY2025

gross margin 23.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.1% 

- FY2017: 30.5% 

- FY2018: 21.1% 

- FY2019: 23.7% 

- FY2020: 19.3% 

- FY2021: 22.4% 

- FY2022: 22.6% 

- FY2023: 29.9% 

- FY2024: 72.1% 

- FY2025: 23.9% 

## Owner memo

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

### How it makes money

Operates in consulting services; annual sales are EUR 6.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2025: revenue 6466400000; grossProfit 1548700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BVI.PA: Bureau Veritas SA provides laboratory testing, inspection, and certification services. It operates through six segments: Marine & Offshore; Agri-Food & Commodities; Industry; Buildings & Infrastructure; Certification; and Consumer Products services. The company engages in inspecting, analyzing, auditing, and certifying the products, assets, and management systems of its clients in relation to regulatory or self-imposed standards, as well as issues compliance reports. It also provides technical services, including asset integrity management for marine and offshore; post accident expertise, risk assessment for the offshore industry, marine accident investigations, pre- and post salvage advice, and refloating of vessels; inspection, audit, certification, and testing services for oil and petrochemicals, metals and minerals, and agri commodities; technical control, code compliance, independent technical assistance, quality assurance/quality control, construction management, and project management assistance; laboratory and on-site testing services for manufacturing and process industries; inspection services for products, services, assets, and installations, as well as various services designed to control quality, verify quantity, and meet regulatory requirements; and certification services for management systems, products, and people. The company serves construction and civil engineering, real estate, transportation, oil and gas, marine and offshore, nuclear, defense, automotive, aerospace, IT, electronics, power and utilities, consumer products, and retail industries, as well as financial services and public sectors. It operates in approximately 140 countries through a network of offices and laboratories. Bureau Veritas SA was founded in 1828 and is headquartered in Neuilly-sur-Seine, France.

### Why customers stay

Margins ranged from 23.9% to 72.1% during 2023–25; it earns 43.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2023: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2024: grossProfit / revenue = 72.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2025: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); 10-year return on capital observations [[2016,0.3400829660357791],[2017,0.3797705888885655],[2018,0.3989508311669905],[2019,0.32249075970525226],[2020,0.2817143130318386],[2021,0.47519024523047965],[2022,0.47954620612069343],[2023,0.4797563636804181],[2024,0.484096413794706],[2025,0.5650811213247995]]; median 0.4370705381987351. 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 190.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2016: growth capex 0; upkeep 156600000; owner earnings 365200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2017: growth capex 0; upkeep 142300000; owner earnings 369400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2018: growth capex 0; upkeep 130900000; owner earnings 402000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2019: growth capex 0; upkeep 127900000; owner earnings 461280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2020: growth capex 0; upkeep 98400000; owner earnings 305860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2021: growth capex 0; upkeep 121000000; owner earnings 492080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2022: growth capex 0; upkeep 130100000; owner earnings 552140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2023: growth capex 0; upkeep 157600000; owner earnings 552160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2024: growth capex 0; upkeep 145900000; owner earnings 618740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2025: growth capex 0; upkeep 147000000; owner earnings 647380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); Dividend observations: [[2016,255100000],[2017,295400000],[2018,277700000],[2019,97300000],[2020,31800000],[2021,186100000],[2022,280900000],[2023,396300000],[2024,406900000],[2025,430000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); FY2025: cash repurchases 190700000 EUR.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BVI.PA SharesStats.PercentInsiders = 0.722 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.6% yearly over ten years; actual growth was 8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:19.562Z); Ten-year compound average after fade. Initial solved rate 0.06730523406338051. Price 27.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6521386177908466 → FY2025 1.452645089486061. Closing-price date 2026-10-15.

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

- 2016-10: EUR 17.21 per share

- 2016-11: EUR 17.76 per share

- 2016-12: EUR 18.41 per share

- 2017-01: EUR 18.12 per share

- 2017-02: EUR 18.01 per share

- 2017-03: EUR 19.78 per share

- 2017-04: EUR 21.27 per share

- 2017-05: EUR 20.41 per share

- 2017-06: EUR 19.38 per share

- 2017-07: EUR 19.25 per share

- 2017-08: EUR 19.98 per share

- 2017-09: EUR 21.84 per share

- 2017-10: EUR 23.00 per share

- 2017-11: EUR 22.28 per share

- 2017-12: EUR 22.79 per share

- 2018-01: EUR 23.61 per share

- 2018-02: EUR 21.51 per share

- 2018-03: EUR 21.11 per share

- 2018-04: EUR 21.65 per share

- 2018-05: EUR 21.21 per share

- 2018-06: EUR 22.86 per share

- 2018-07: EUR 22.03 per share

- 2018-08: EUR 22.14 per share

- 2018-09: EUR 22.23 per share

- 2018-10: EUR 19.95 per share

- 2018-11: EUR 19.52 per share

- 2018-12: EUR 17.80 per share

- 2019-01: EUR 19.40 per share

- 2019-02: EUR 21.02 per share

- 2019-03: EUR 20.90 per share

- 2019-04: EUR 22.58 per share

- 2019-05: EUR 21.11 per share

- 2019-06: EUR 21.72 per share

- 2019-07: EUR 22.59 per share

- 2019-08: EUR 21.76 per share

- 2019-09: EUR 22.10 per share

- 2019-10: EUR 22.89 per share

- 2019-11: EUR 23.76 per share

- 2019-12: EUR 23.26 per share

- 2020-01: EUR 24.91 per share

- 2020-02: EUR 22.05 per share

- 2020-03: EUR 17.31 per share

- 2020-04: EUR 18.94 per share

- 2020-05: EUR 18.29 per share

- 2020-06: EUR 18.78 per share

- 2020-07: EUR 18.53 per share

- 2020-08: EUR 19.00 per share

- 2020-09: EUR 19.26 per share

- 2020-10: EUR 18.85 per share

- 2020-11: EUR 21.64 per share

- 2020-12: EUR 21.76 per share

- 2021-01: EUR 21.69 per share

- 2021-02: EUR 22.39 per share

- 2021-03: EUR 24.27 per share

- 2021-04: EUR 24.87 per share

- 2021-05: EUR 25.17 per share

- 2021-06: EUR 26.68 per share

- 2021-07: EUR 27.84 per share

- 2021-08: EUR 28.11 per share

- 2021-09: EUR 26.71 per share

- 2021-10: EUR 27.46 per share

- 2021-11: EUR 27.96 per share

- 2021-12: EUR 29.18 per share

- 2022-01: EUR 25.29 per share

- 2022-02: EUR 25.66 per share

- 2022-03: EUR 25.94 per share

- 2022-04: EUR 27.43 per share

- 2022-05: EUR 26.87 per share

- 2022-06: EUR 24.45 per share

- 2022-07: EUR 26.93 per share

- 2022-08: EUR 24.77 per share

- 2022-09: EUR 22.98 per share

- 2022-10: EUR 25.07 per share

- 2022-11: EUR 25.02 per share

- 2022-12: EUR 24.61 per share

- 2023-01: EUR 26.24 per share

- 2023-02: EUR 27.06 per share

- 2023-03: EUR 26.47 per share

- 2023-04: EUR 26.14 per share

- 2023-05: EUR 23.73 per share

- 2023-06: EUR 25.12 per share

- 2023-07: EUR 24.98 per share

- 2023-08: EUR 24.74 per share

- 2023-09: EUR 23.51 per share

- 2023-10: EUR 21.49 per share

- 2023-11: EUR 22.21 per share

- 2023-12: EUR 22.87 per share

- 2024-01: EUR 24.70 per share

- 2024-02: EUR 26.87 per share

- 2024-03: EUR 28.28 per share

- 2024-04: EUR 27.42 per share

- 2024-05: EUR 27.60 per share

- 2024-06: EUR 25.86 per share

- 2024-07: EUR 29.00 per share

- 2024-08: EUR 29.84 per share

- 2024-09: EUR 29.78 per share

- 2024-10: EUR 29.04 per share

- 2024-11: EUR 28.80 per share

- 2024-12: EUR 29.34 per share

- 2025-01: EUR 30.14 per share

- 2025-02: EUR 28.96 per share

- 2025-03: EUR 27.94 per share

- 2025-04: EUR 27.88 per share

- 2025-05: EUR 30.08 per share

- 2025-06: EUR 28.94 per share

- 2025-07: EUR 27.04 per share

- 2025-08: EUR 25.76 per share

- 2025-09: EUR 26.64 per share

- 2025-10: EUR 28.48 per share

- 2025-11: EUR 27.58 per share

- 2025-12: EUR 27.18 per share

- 2026-01: EUR 27.10 per share

- 2026-02: EUR 29.42 per share

- 2026-03: EUR 25.70 per share

- 2026-04: EUR 26.06 per share

- 2026-05: EUR 26.00 per share

- 2026-06: EUR 26.78 per share

- 2026-07: EUR 27.66 per share

- 2026-08: EUR 27.28 per share

- 2026-09: EUR 26.86 per share

- 2026-10: EUR 27.38 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 11.13 per share, central EUR 12.33 per share, high EUR 13.93 per share

- FY2017: low EUR 9.84 per share, central EUR 11.11 per share, high EUR 12.80 per share

- FY2018: low EUR 11.60 per share, central EUR 12.89 per share, high EUR 14.62 per share

- FY2019: low EUR 12.99 per share, central EUR 14.36 per share, high EUR 16.19 per share

- FY2020: low EUR 12.28 per share, central EUR 13.51 per share, high EUR 15.15 per share

- FY2021: low EUR 12.91 per share, central EUR 14.29 per share, high EUR 16.13 per share

- FY2022: low EUR 15.64 per share, central EUR 17.33 per share, high EUR 19.58 per share

- FY2023: low EUR 15.48 per share, central EUR 17.30 per share, high EUR 19.72 per share

- FY2024: low EUR 17.14 per share, central EUR 19.17 per share, high EUR 21.87 per share

- FY2025: low EUR 18.44 per share, central EUR 20.60 per share, high EUR 23.48 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.