# Compagnie Financiere Richemont (CFRUY.US)

Canonical: https://gigainvestors.com/s/CFRUY

Analysis as of: 2026-10-16T07:27:22.742Z. Financial observations: FY2002–FY2026.

Listing currency: USD. 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: $21.13 per share; close as of 2026-10-15.

Estimated value: low $9.65 per share, central $10.54 per share, high $11.73 per share. Buy at or below the central value $10.54 per share. Valuation as of 2026-10-16T07:27:22.742Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.17×

- FY2019: 0.15×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.24×

- FY2023: 0.26×

- FY2024: 0.23×

- FY2025: 0.21×

- FY2026: 0.20×

### moat: fail

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

- ROIC, median of available years: 16.5%

- ROIC, second-lowest year: 9.0%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 64.6%

- Recent gross margin (lower of latest and 3-year median): 64.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 13.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 13.7%

- FY2018: 14.8%

- FY2019: 14.7%

- FY2020: 8.6%

- FY2021: 9.0%

- FY2022: 23.1%

- FY2023: 25.4%

- FY2024: 23.5%

- FY2025: 21.2%

- FY2026: 18.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 13B

- Net income, five-year total: EUR 11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -8.2 pp

- Working capital / revenue, final three-year average: 42.2%

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

- FY2022: 1.17×

- FY2023: 2.10×

- FY2024: 1.17×

- FY2025: 1.14×

- FY2026: 1.17×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.7% vs 21.2%

- Per-share earnings: 0.22 to 0.47 (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: 0.5%

- Market cap gain: EUR 53B

- Cumulative retained earnings: EUR 5.3B

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

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.1%

- Per-share value change: EUR 0.25

- Per-share value, starting three-year median: EUR 0.22

- Per-share value, ending three-year median: EUR 0.47

- Buybacks concentrated in cheaper years (correlation): 0.24

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 8.8B

- Cumulative net income, 10 years: EUR 18B

- ROIC, first three-year median: 14.7%

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.21

- FY2018: EUR 0.22

- FY2019: EUR 0.49

- FY2020: EUR 0.16

- FY2021: EUR 0.23

- FY2022: EUR 0.36

- FY2023: EUR 0.05

- FY2024: EUR 0.40

- FY2025: EUR 0.47

- FY2026: EUR 0.59

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.41×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.8%

- FY2018: -4.1%

- FY2019: 2.5%

- FY2020: -4.8%

- FY2021: -5.3%

- FY2022: -6.9%

- FY2023: -9.8%

- FY2024: -5.5%

- FY2025: -4.1%

- FY2026: -3.3%

## Holders

## Price story

Price needs cash profits to grow 12.2% a year for ten years · sales +4.8%

Story as of 2026-10-16T09:58:29.726Z; price observation 2026-10-15.

Price needs cash profits to grow 12.2% a year for ten years

### Sales · FY2025–2026

sales +4.8%; source https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf; observed 2026-10-16.

- FY2017: EUR 11B 

- FY2018: EUR 10B 

- FY2019: EUR 14B 

- FY2020: EUR 14B 

- FY2021: EUR 13B 

- FY2022: EUR 18B 

- FY2023: EUR 19B 

- FY2024: EUR 21B 

- FY2025: EUR 21B 

- FY2026: EUR 22B 

### Gross margin · FY2026

gross margin 64.4%; source https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf; observed 2026-10-16.

- FY2017: 63.3% 

- FY2018: 64.8% 

- FY2019: 59.7% 

- FY2020: 58.1% 

- FY2021: 57.2% 

- FY2022: 65.9% 

- FY2023: 68.5% 

- FY2024: 67.7% 

- FY2025: 66.9% 

- FY2026: 64.4% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are EUR 22.4 billion.

- Source: https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf#reviewed-original-annual-table (filed 2026-10-16T07:27:22.742Z); FY2026: revenue 22420000000; grossProfit 14438000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.4% to 67.7% during 2024–26; it earns 16.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2024: grossProfit / revenue = 67.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2025: grossProfit / revenue = 66.9%.

- Source: https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf (filed 2026-10-16T07:27:22.742Z); FY2026: grossProfit / revenue = 64.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); 10-year return on capital observations [[2017,0.1371153012377675],[2018,0.1482753962440703],[2019,0.14678382949021535],[2020,0.08578787502758628],[2021,0.0895251492412451],[2022,0.23062011343390867],[2023,0.2540322894063464],[2024,0.2345713337994127],[2025,0.21199178501673954],[2026,0.18251867758469437]]; median 0.16539703691438234. 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 187.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2017: growth capex 38968935; upkeep 575304546; owner earnings 1210000000. Growth capex / owner earnings = 0.03220573140495868.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2018: growth capex 0; upkeep 462740225; owner earnings 1268509264. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2019: growth capex 18553865; upkeep 832862391; owner earnings 2784000000. Growth capex / owner earnings = 0.006664463002873563.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2020: growth capex 0; upkeep 746241294; owner earnings 1693416841. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2021: growth capex 0; upkeep 508619791; owner earnings 2297418889. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2022: growth capex 0; upkeep 918368644; owner earnings 2435050073. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2023: growth capex 0; upkeep 944189786; owner earnings 657475746. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2024: growth capex 0; upkeep 1021000000; owner earnings 2773000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); FY2025: growth capex 0; upkeep 1180000000; owner earnings 3131000000. Growth capex / owner earnings = 0.

- Source: https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf (filed 2026-10-16T07:27:22.742Z); FY2026: growth capex 0; upkeep 1009730265; owner earnings 4083269735. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); Dividend observations: [[2017,900387507],[2018,872270076],[2019,954493285],[2020,1029752233],[2021,524483176],[2022,1092596296],[2023,1776113105],[2024,2072000000],[2025,1710000000],[2026,1900668739]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf (filed 2026-10-16T07:27:22.742Z); FY2026: cash repurchases 187248084 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CFRUY.US SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.2% yearly over ten years; actual growth was 10.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:27:22.742Z); Ten-year compound average after fade. Initial solved rate 0.16220984248514714. Price 21.13; FX 1.12128; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.2543400172607243 → FY2026 0.6925491409430122. Closing-price date 2026-10-15.

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

- 2016-10: $6.38 per share

- 2016-11: $6.45 per share

- 2016-12: $6.56 per share

- 2017-01: $7.71 per share

- 2017-02: $7.31 per share

- 2017-03: $7.86 per share

- 2017-04: $8.30 per share

- 2017-05: $8.35 per share

- 2017-06: $8.24 per share

- 2017-07: $8.47 per share

- 2017-08: $8.89 per share

- 2017-09: $9.12 per share

- 2017-10: $9.19 per share

- 2017-11: $8.56 per share

- 2017-12: $9.01 per share

- 2018-01: $9.54 per share

- 2018-02: $8.75 per share

- 2018-03: $8.95 per share

- 2018-04: $9.46 per share

- 2018-05: $9.13 per share

- 2018-06: $8.42 per share

- 2018-07: $8.74 per share

- 2018-08: $8.78 per share

- 2018-09: $8.11 per share

- 2018-10: $7.26 per share

- 2018-11: $6.45 per share

- 2018-12: $6.45 per share

- 2019-01: $6.87 per share

- 2019-02: $7.59 per share

- 2019-03: $7.26 per share

- 2019-04: $7.29 per share

- 2019-05: $7.31 per share

- 2019-06: $8.44 per share

- 2019-07: $8.54 per share

- 2019-08: $7.72 per share

- 2019-09: $7.31 per share

- 2019-10: $7.81 per share

- 2019-11: $7.55 per share

- 2019-12: $7.82 per share

- 2020-01: $7.25 per share

- 2020-02: $6.80 per share

- 2020-03: $5.37 per share

- 2020-04: $5.62 per share

- 2020-05: $5.78 per share

- 2020-06: $6.37 per share

- 2020-07: $6.14 per share

- 2020-08: $6.59 per share

- 2020-09: $6.64 per share

- 2020-10: $6.16 per share

- 2020-11: $8.28 per share

- 2020-12: $8.95 per share

- 2021-01: $9.22 per share

- 2021-02: $9.59 per share

- 2021-03: $9.57 per share

- 2021-04: $10.22 per share

- 2021-05: $12.10 per share

- 2021-06: $12.08 per share

- 2021-07: $12.76 per share

- 2021-08: $10.99 per share

- 2021-09: $10.27 per share

- 2021-10: $12.33 per share

- 2021-11: $14.86 per share

- 2021-12: $14.95 per share

- 2022-01: $14.49 per share

- 2022-02: $13.45 per share

- 2022-03: $12.61 per share

- 2022-04: $11.58 per share

- 2022-05: $11.06 per share

- 2022-06: $10.68 per share

- 2022-07: $11.96 per share

- 2022-08: $11.15 per share

- 2022-09: $9.37 per share

- 2022-10: $9.70 per share

- 2022-11: $13.19 per share

- 2022-12: $12.89 per share

- 2023-01: $15.36 per share

- 2023-02: $14.97 per share

- 2023-03: $15.96 per share

- 2023-04: $16.45 per share

- 2023-05: $15.88 per share

- 2023-06: $16.96 per share

- 2023-07: $16.08 per share

- 2023-08: $14.14 per share

- 2023-09: $12.11 per share

- 2023-10: $11.75 per share

- 2023-11: $12.48 per share

- 2023-12: $13.78 per share

- 2024-01: $14.83 per share

- 2024-02: $15.90 per share

- 2024-03: $15.24 per share

- 2024-04: $13.80 per share

- 2024-05: $16.01 per share

- 2024-06: $15.60 per share

- 2024-07: $15.20 per share

- 2024-08: $15.73 per share

- 2024-09: $15.81 per share

- 2024-10: $14.47 per share

- 2024-11: $13.90 per share

- 2024-12: $15.18 per share

- 2025-01: $19.32 per share

- 2025-02: $20.35 per share

- 2025-03: $17.35 per share

- 2025-04: $17.58 per share

- 2025-05: $18.83 per share

- 2025-06: $18.83 per share

- 2025-07: $16.26 per share

- 2025-08: $17.48 per share

- 2025-09: $19.11 per share

- 2025-10: $19.73 per share

- 2025-11: $21.20 per share

- 2025-12: $21.53 per share

- 2026-01: $19.33 per share

- 2026-02: $20.30 per share

- 2026-03: $17.67 per share

- 2026-04: $19.03 per share

- 2026-05: $21.50 per share

- 2026-06: $23.11 per share

- 2026-07: $23.64 per share

- 2026-08: $23.69 per share

- 2026-09: $21.30 per share

- 2026-10: $20.55 per share

## Annual estimated value (USD per share)

- FY2017: low $4.70 per share, central $5.14 per share, high $5.72 per share

- FY2018: low $5.38 per share, central $5.76 per share, high $6.26 per share

- FY2019: low $6.21 per share, central $7.64 per share, high $8.63 per share

- FY2020: low $5.83 per share, central $6.88 per share, high $7.74 per share

- FY2021: low $6.03 per share, central $6.62 per share, high $7.28 per share

- FY2022: low $8.96 per share, central $10.64 per share, high $11.91 per share

- FY2023: low $9.08 per share, central $9.85 per share, high $10.88 per share

- FY2024: low $10.06 per share, central $11.80 per share, high $13.18 per share

- FY2025: low $10.02 per share, central $11.99 per share, high $13.48 per share

- FY2026: low $9.65 per share, central $10.54 per share, high $11.73 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 annual-report filing](https://www.richemont.com/media/ud3bety3/richemont-fy26-annual-report.pdf); period 2026-03-31, filed see filing.

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.