# Capgemini SE (CAP.PA)

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

Analysis as of: 2026-10-16T07:34:37.866Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 122.10 per share; close as of 2026-10-15.

Estimated value: low EUR 135.28 per share, central EUR 152.14 per share, high EUR 174.58 per share. Buy at or below the central value EUR 152.14 per share. Valuation as of 2026-10-16T07:34:37.866Z; scenarios are not confidence intervals.

Expected annual return: 12.0% at the stated quote. About 12.0% 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: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.10×

- FY2019: 0.12×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 66.3%

- ROIC, second-lowest year: 57.1%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 26.8%

- Recent gross margin (lower of latest and 3-year median): 25.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.4%

- ROIC including acquisitions, ten-year median: 10.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 71.4%

- FY2017: 63.5%

- FY2018: 64.3%

- FY2019: 49.7%

- FY2020: 57.1%

- FY2021: 77.7%

- FY2022: 93.9%

- FY2023: 79.9%

- FY2024: 68.3%

- FY2025: 59.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.8B

- Net income, five-year total: EUR 7.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 17.5%

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

- FY2021: 1.20×

- FY2022: 1.18×

- FY2023: 1.16×

- FY2024: 1.11×

- FY2025: 1.12×

### 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: 64.3% vs 68.3%

- Per-share earnings: 5.17 to 9.19 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

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

- Market cap gain: EUR 11B

- Cumulative retained earnings: EUR 5.4B

- Diluted shares, 10-year annual growth: -0.4%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.4%

- Per-share value change: EUR 4.02

- Per-share value, starting three-year median: EUR 5.17

- Per-share value, ending three-year median: EUR 9.19

- Buybacks concentrated in cheaper years (correlation): 0.07

- Average buyback yield: 2.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 20B

- Cumulative net income, 10 years: EUR 12B

- ROIC, first three-year median: 64.3%

- ROIC, last three-year median: 68.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.17

- FY2017: EUR 4.79

- FY2018: EUR 4.26

- FY2019: EUR 5.00

- FY2020: EUR 5.55

- FY2021: EUR 6.65

- FY2022: EUR 8.80

- FY2023: EUR 9.41

- FY2024: EUR 9.19

- FY2025: EUR 9.16

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.54×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -3.2%

- FY2018: -4.0%

- FY2019: -5.2%

- FY2020: -3.2%

- FY2021: -5.9%

- FY2022: -3.8%

- FY2023: -3.5%

- FY2024: -3.3%

- FY2025: -3.0%

## Holders

## Price story

Down 46% since Feb 2024 · "Capgemini tightens full-year guidance on caution amid softer demand" (finance.yahoo.com, Jul 2025) · sales +1.7%

Story as of 2026-10-16T10:00:01.656Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.2% a year for ten years

- 2025-07-30: Capgemini tightens full-year guidance on caution amid softer demand ([finance.yahoo.com](https://finance.yahoo.com/news/capgemini-narrows-full-guidance-heads-051257735.html))

- 2025-10-28: Capgemini Lifts Full-Year Revenue Outlook Boosted by Growth in Key Markets ([finance.yahoo.com](https://finance.yahoo.com/m/2e89d6a2-6fb0-3ccb-8038-fbb455c76d02/capgemini-lifts-full-year.html))

- 2026-07-30: Capgemini upgrades its 2026 outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/capgemini-upgrades-2026-outlook-050000827.html))

### Sales · FY2024–2025

sales +1.7%; source https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml; observed 2025-04-15.

- FY2016: EUR 13B 

- FY2017: EUR 13B 

- FY2018: EUR 13B 

- FY2019: EUR 14B 

- FY2020: EUR 16B 

- FY2021: EUR 18B 

- FY2022: EUR 22B 

- FY2023: EUR 23B 

- FY2024: EUR 22B 

- FY2025: EUR 22B 

### Gross margin · FY2025

gross margin 25.1%; source https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml; observed 2025-04-15.

- FY2016: 26.8% 

- FY2017: 27.0% 

- FY2018: 27.1% 

- FY2019: 26.7% 

- FY2020: 25.4% 

- FY2021: 25.7% 

- FY2022: 25.9% 

- FY2023: 26.9% 

- FY2024: 27.4% 

- FY2025: 25.1% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are EUR 22.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 22465000000; grossProfit 5649000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAP.PA: Capgemini SE, together with its subsidiaries, provides consulting, digital transformation, technology, and engineering services primarily in North America, France, the United Kingdom, Ireland, the rest of Europe, the Asia-Pacific, and Latin America. It offers strategy and transformation services in strategy, technology, engineering, data science, and creative design fields to support companies and organizations in creating new models and new products within the digital economy. The company provides applications and technology services to help clients to develop, modernize, extend, and secure IT and digital environment, as well as designs and develops technological solutions in data strategy and architecture, data engineering, information governance, data science and analytics, artificial intelligence, and data-driven innovation fields. In addition, it offers cloud infrastructure services for its clients to build an optimal, agile, and secure foundation for business transformations; and business process outsourcing and transactional services, as well as installation and maintenance services for its clients' IT infrastructures in data centers or in the cloud. The company serves various industries, including aerospace and defense, automotive, banking and capital markets, consumer products, energy and utilities, healthcare, high-tech, hospitality and travel, insurance, life sciences, manufacturing, media and entertainment, public sector, retail, and telecoms. The company has a strategic alliance with OpenAI for the development and deployment of enterprise AI solutions. The company was formerly known as Cap Gemini S.A. and changed its name to Capgemini SE in June 2017. It has a strategic partnership with Duality Technologies to help organizations operationalize secure AI and analytics across sensitive, regulated, and distributed data environments. The company was incorporated in 1967 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 25.1% to 27.4% during 2023–25; it earns 66.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 26.9%.

- Source: https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.7137131507396501],[2017,0.634798314268513],[2018,0.6425714285714286],[2019,0.49688359303391383],[2020,0.5709502691357188],[2021,0.7765314790544148],[2022,0.9391517133206342],[2023,0.7987791218637993],[2024,0.6833513899439206],[2025,0.5967795016045415]]; median 0.6629614092576745. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 26% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml (filed 2025-04-15); Gross margin observations: [[2021,0.25715859030837],[2022,0.25896794726074107],[2023,0.2685374300683776]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 543 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2016: growth capex 0; upkeep 197000000; owner earnings 1023000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 0; upkeep 241000000; owner earnings 880000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 0; upkeep 236000000; owner earnings 796000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 0; upkeep 222000000; owner earnings 1016400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 0; upkeep 206000000; owner earnings 1206400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 0; upkeep 266000000; owner earnings 1382800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 0; upkeep 290000000; owner earnings 1818000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 0; upkeep 259000000; owner earnings 1934200000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 315000000; owner earnings 1852400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: growth capex 0; upkeep 287000000; owner earnings 1788000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,229000000],[2017,262000000],[2018,284000000],[2019,282000000],[2020,226000000],[2021,329000000],[2022,409000000],[2023,559000000],[2024,584000000],[2025,581000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: cash repurchases 543000000 EUR.

### Are managers owners

Insiders own 8.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CAP.PA SharesStats.PercentInsiders = 8.805 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.2% yearly over ten years; actual growth was 4.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate -0.043139542260428765. Price 122.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.559726586185987 → FY2025 10.234395123207692. Closing-price date 2026-10-15.

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

- 2016-10: EUR 75.48 per share

- 2016-11: EUR 74.50 per share

- 2016-12: EUR 80.15 per share

- 2017-01: EUR 75.37 per share

- 2017-02: EUR 80.69 per share

- 2017-03: EUR 86.56 per share

- 2017-04: EUR 91.90 per share

- 2017-05: EUR 92.16 per share

- 2017-06: EUR 90.48 per share

- 2017-07: EUR 92.00 per share

- 2017-08: EUR 93.13 per share

- 2017-09: EUR 99.16 per share

- 2017-10: EUR 104.35 per share

- 2017-11: EUR 96.88 per share

- 2017-12: EUR 98.89 per share

- 2018-01: EUR 106.95 per share

- 2018-02: EUR 102.95 per share

- 2018-03: EUR 101.20 per share

- 2018-04: EUR 114.00 per share

- 2018-05: EUR 112.65 per share

- 2018-06: EUR 115.20 per share

- 2018-07: EUR 109.80 per share

- 2018-08: EUR 110.75 per share

- 2018-09: EUR 108.40 per share

- 2018-10: EUR 108.00 per share

- 2018-11: EUR 103.05 per share

- 2018-12: EUR 86.80 per share

- 2019-01: EUR 96.48 per share

- 2019-02: EUR 105.20 per share

- 2019-03: EUR 108.10 per share

- 2019-04: EUR 108.10 per share

- 2019-05: EUR 100.10 per share

- 2019-06: EUR 109.35 per share

- 2019-07: EUR 115.25 per share

- 2019-08: EUR 109.15 per share

- 2019-09: EUR 108.10 per share

- 2019-10: EUR 100.95 per share

- 2019-11: EUR 107.35 per share

- 2019-12: EUR 108.90 per share

- 2020-01: EUR 112.35 per share

- 2020-02: EUR 99.22 per share

- 2020-03: EUR 77.00 per share

- 2020-04: EUR 85.74 per share

- 2020-05: EUR 92.10 per share

- 2020-06: EUR 101.95 per share

- 2020-07: EUR 109.50 per share

- 2020-08: EUR 116.00 per share

- 2020-09: EUR 109.75 per share

- 2020-10: EUR 99.14 per share

- 2020-11: EUR 116.30 per share

- 2020-12: EUR 126.80 per share

- 2021-01: EUR 119.50 per share

- 2021-02: EUR 133.15 per share

- 2021-03: EUR 145.10 per share

- 2021-04: EUR 152.40 per share

- 2021-05: EUR 152.65 per share

- 2021-06: EUR 162.00 per share

- 2021-07: EUR 182.25 per share

- 2021-08: EUR 190.15 per share

- 2021-09: EUR 180.15 per share

- 2021-10: EUR 201.30 per share

- 2021-11: EUR 204.10 per share

- 2021-12: EUR 215.50 per share

- 2022-01: EUR 197.45 per share

- 2022-02: EUR 188.30 per share

- 2022-03: EUR 202.50 per share

- 2022-04: EUR 196.10 per share

- 2022-05: EUR 180.50 per share

- 2022-06: EUR 163.45 per share

- 2022-07: EUR 185.35 per share

- 2022-08: EUR 173.00 per share

- 2022-09: EUR 165.50 per share

- 2022-10: EUR 166.25 per share

- 2022-11: EUR 171.00 per share

- 2022-12: EUR 155.95 per share

- 2023-01: EUR 173.90 per share

- 2023-02: EUR 177.85 per share

- 2023-03: EUR 170.75 per share

- 2023-04: EUR 164.90 per share

- 2023-05: EUR 162.80 per share

- 2023-06: EUR 173.55 per share

- 2023-07: EUR 164.85 per share

- 2023-08: EUR 172.35 per share

- 2023-09: EUR 165.80 per share

- 2023-10: EUR 166.50 per share

- 2023-11: EUR 188.00 per share

- 2023-12: EUR 188.75 per share

- 2024-01: EUR 207.20 per share

- 2024-02: EUR 224.70 per share

- 2024-03: EUR 213.30 per share

- 2024-04: EUR 197.90 per share

- 2024-05: EUR 185.60 per share

- 2024-06: EUR 185.70 per share

- 2024-07: EUR 183.60 per share

- 2024-08: EUR 187.50 per share

- 2024-09: EUR 193.95 per share

- 2024-10: EUR 159.20 per share

- 2024-11: EUR 151.90 per share

- 2024-12: EUR 158.15 per share

- 2025-01: EUR 175.95 per share

- 2025-02: EUR 149.15 per share

- 2025-03: EUR 138.05 per share

- 2025-04: EUR 139.85 per share

- 2025-05: EUR 146.25 per share

- 2025-06: EUR 145.05 per share

- 2025-07: EUR 130.90 per share

- 2025-08: EUR 121.45 per share

- 2025-09: EUR 123.55 per share

- 2025-10: EUR 133.50 per share

- 2025-11: EUR 134.80 per share

- 2025-12: EUR 142.25 per share

- 2026-01: EUR 131.20 per share

- 2026-02: EUR 106.95 per share

- 2026-03: EUR 100.50 per share

- 2026-04: EUR 103.00 per share

- 2026-05: EUR 101.95 per share

- 2026-06: EUR 87.96 per share

- 2026-07: EUR 102.50 per share

- 2026-08: EUR 107.25 per share

- 2026-09: EUR 104.40 per share

- 2026-10: EUR 119.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 56.54 per share, central EUR 64.56 per share, high EUR 73.60 per share

- FY2017: low EUR 68.03 per share, central EUR 78.13 per share, high EUR 89.23 per share

- FY2018: low EUR 71.20 per share, central EUR 81.99 per share, high EUR 93.73 per share

- FY2019: low EUR 78.86 per share, central EUR 87.81 per share, high EUR 99.72 per share

- FY2020: low EUR 88.83 per share, central EUR 98.79 per share, high EUR 112.06 per share

- FY2021: low EUR 100.18 per share, central EUR 111.49 per share, high EUR 126.56 per share

- FY2022: low EUR 125.37 per share, central EUR 139.72 per share, high EUR 158.82 per share

- FY2023: low EUR 124.42 per share, central EUR 139.05 per share, high EUR 158.51 per share

- FY2024: low EUR 124.21 per share, central EUR 139.35 per share, high EUR 159.51 per share

- FY2025: low EUR 130.96 per share, central EUR 146.97 per share, high EUR 168.30 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

[Original ESEF filing](https://filings.xbrl.org/96950077L0TN7BAROX36/2024-12-31/ESEF/FR/0/capg-2024-12-31-fr/reports/capg-2024-12-31-fr.xhtml); period 2024-12-31, filed 2025-04-15.

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