# Covivio (COV.PA)

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

Analysis as of: 2026-10-16T07:37:18.288Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 43.96 per share; close as of 2026-10-15.

Estimated value: low EUR 45.52 per share, central EUR 51.29 per share, high EUR 58.97 per share. Buy at or below the central value EUR 51.29 per share. Valuation as of 2026-10-16T07:37:18.288Z; scenarios are not confidence intervals.

Expected annual return: 11.3% at the stated quote. About 11.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.76×

- FY2017: 0.78×

- FY2018: 0.65×

- FY2019: 0.64×

- FY2020: 0.62×

- FY2021: 0.63×

- FY2022: 0.64×

- FY2023: 0.78×

- FY2024: 0.37×

- FY2025: 0.74×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -5.0 pp

- Typical gross margin (annual median): 76.1%

- Recent gross margin (lower of latest and 3-year median): 81.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 63.4%

- ROIC including acquisitions, ten-year median: 1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.5%

- FY2017: 4.8%

- FY2018: 4.3%

- FY2019: 4.1%

- FY2020: 2.8%

- FY2021: 2.9%

- FY2022: 3.4%

- FY2023: 3.5%

- FY2024: 2.4%

- FY2025: 4.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -2.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -1.9B

- Net income, five-year total: EUR 932M

- Return on incremental invested capital: 1.0%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 7.6 pp

- Working capital / revenue, final three-year average: 41.8%

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

- FY2021: 0.49×

- FY2022: 0.95×

- FY2023: 1.33×

- FY2024: -21.82×

- FY2025: 0.57×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 3.5%

- Per-share earnings: 11.35 to 0.61 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.2%

- Ordinary dilution, 5-year annual growth: 3.3%

- Market cap gain: EUR 538M

- Cumulative retained earnings: EUR -44M

- Diluted shares, 10-year annual growth: 5.2%

- Diluted shares, 5-year annual growth: 3.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -30.5%

- Per-share value change: EUR -10.73

- Per-share value, starting three-year median: EUR 11.35

- Per-share value, ending three-year median: EUR 0.61

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 0.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 501M

- Cumulative net income, 10 years: EUR 4.5B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 11.35

- FY2017: EUR 12.27

- FY2018: EUR 8.92

- FY2019: EUR 8.45

- FY2020: EUR 3.82

- FY2021: EUR 9.80

- FY2022: EUR 6.62

- FY2023: EUR -14.17

- FY2024: EUR 0.61

- FY2025: EUR 6.67

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.5%

- FY2017: 0.8%

- FY2018: -0.6%

- FY2019: -0.1%

- FY2020: -0.5%

- FY2021: 0.8%

- FY2022: -0.3%

- FY2023: -9.8%

- FY2024: -39.1%

- FY2025: 0.1%

## Holders

## Price story

Down 41% since Oct 2021 · sales -16.6%

Story as of 2026-10-16T10:00:08.941Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.2% a year for ten years

### Sales · FY2024–2025

sales -16.6%; source https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html; observed 2026-03-24.

- FY2016: EUR 968M 

- FY2017: EUR 998M 

- FY2018: EUR 1.3B 

- FY2019: EUR 1.3B 

- FY2020: EUR 1.0B 

- FY2021: EUR 1.1B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.0B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.1B 

### Gross margin · FY2025

gross margin 87.3%; source https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html; observed 2026-03-24.

- FY2016: 78.6% 

- FY2017: 79.9% 

- FY2018: 69.3% 

- FY2019: 75.4% 

- FY2020: 75.5% 

- FY2021: 75.3% 

- FY2022: 74.4% 

- FY2023: 81.1% 

- FY2024: 76.6% 

- FY2025: 87.3% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 1.1 billion.

- Source: https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: revenue 1063300000; grossProfit 927900000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 76.6% to 87.3% during 2023–25; it earns 3.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2023: grossProfit / revenue = 81.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2024: grossProfit / revenue = 76.6%.

- Source: https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: grossProfit / revenue = 87.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.05531498104876621],[2017,0.04755036185817471],[2018,0.042797644119929236],[2019,0.04079217228929492],[2020,0.027829331722469236],[2021,0.029148157314838025],[2022,0.033967607225387046],[2023,0.03494396669336694],[2024,0.024108892992990585],[2025,0.04356464215947434]]; median 0.03786806949133093. 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 18.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2017: growth capex 393646803.99995923; upkeep 720614196.0000408; owner earnings 203402803.99995923. Growth capex / owner earnings = 1.9353066735502729.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2018: growth capex 931219000; upkeep 60120000; owner earnings 749574000. Growth capex / owner earnings = 1.2423309773284559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2019: growth capex 200581239.4531905; upkeep 473662760.5468095; owner earnings 284509839.4531905. Growth capex / owner earnings = 0.7050063359449876.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 209742618.73046994; upkeep 487768381.26953006; owner earnings 449754018.73046994. Growth capex / owner earnings = 0.46634962667485397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2022: growth capex 508902000; upkeep 58932000; owner earnings 587484223.3603768. Growth capex / owner earnings = 0.8662394320805912.

- Source: https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: growth capex 0; upkeep 579600000; owner earnings 423437259.8723918. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,286566000],[2017,324733000],[2018,337030000],[2019,66426000],[2020,74065000],[2021,339570000],[2022,353335000],[2023,72957000],[2024,764000000],[2025,387600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html (filed 2026-03-24); FY2025: cash repurchases 18800000 EUR.

### Are managers owners

Insiders own 36% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COV.PA SharesStats.PercentInsiders = 36.042 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 5.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.029694858688741013. Price 43.96; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.3129517092471006 → FY2025 3.8216014284382975. Closing-price date 2026-10-15.

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

- 2016-10: EUR 79.89 per share

- 2016-11: EUR 74.37 per share

- 2016-12: EUR 83.21 per share

- 2017-01: EUR 77.05 per share

- 2017-02: EUR 77.71 per share

- 2017-03: EUR 78.31 per share

- 2017-04: EUR 81.94 per share

- 2017-05: EUR 82.96 per share

- 2017-06: EUR 81.22 per share

- 2017-07: EUR 81.63 per share

- 2017-08: EUR 83.07 per share

- 2017-09: EUR 87.89 per share

- 2017-10: EUR 87.43 per share

- 2017-11: EUR 89.89 per share

- 2017-12: EUR 94.48 per share

- 2018-01: EUR 88.45 per share

- 2018-02: EUR 85.95 per share

- 2018-03: EUR 89.65 per share

- 2018-04: EUR 92.65 per share

- 2018-05: EUR 89.25 per share

- 2018-06: EUR 89.10 per share

- 2018-07: EUR 89.15 per share

- 2018-08: EUR 90.05 per share

- 2018-09: EUR 89.75 per share

- 2018-10: EUR 88.75 per share

- 2018-11: EUR 86.05 per share

- 2018-12: EUR 84.20 per share

- 2019-01: EUR 89.30 per share

- 2019-02: EUR 89.00 per share

- 2019-03: EUR 94.60 per share

- 2019-04: EUR 96.50 per share

- 2019-05: EUR 93.90 per share

- 2019-06: EUR 92.05 per share

- 2019-07: EUR 92.35 per share

- 2019-08: EUR 96.80 per share

- 2019-09: EUR 97.10 per share

- 2019-10: EUR 101.50 per share

- 2019-11: EUR 100.40 per share

- 2019-12: EUR 101.20 per share

- 2020-01: EUR 107.20 per share

- 2020-02: EUR 96.00 per share

- 2020-03: EUR 51.35 per share

- 2020-04: EUR 57.15 per share

- 2020-05: EUR 52.65 per share

- 2020-06: EUR 64.50 per share

- 2020-07: EUR 61.30 per share

- 2020-08: EUR 62.10 per share

- 2020-09: EUR 60.10 per share

- 2020-10: EUR 51.10 per share

- 2020-11: EUR 68.50 per share

- 2020-12: EUR 75.35 per share

- 2021-01: EUR 67.85 per share

- 2021-02: EUR 69.65 per share

- 2021-03: EUR 73.00 per share

- 2021-04: EUR 74.20 per share

- 2021-05: EUR 77.14 per share

- 2021-06: EUR 72.12 per share

- 2021-07: EUR 79.24 per share

- 2021-08: EUR 80.52 per share

- 2021-09: EUR 72.82 per share

- 2021-10: EUR 74.80 per share

- 2021-11: EUR 73.22 per share

- 2021-12: EUR 72.20 per share

- 2022-01: EUR 73.90 per share

- 2022-02: EUR 73.44 per share

- 2022-03: EUR 72.14 per share

- 2022-04: EUR 67.95 per share

- 2022-05: EUR 67.90 per share

- 2022-06: EUR 52.95 per share

- 2022-07: EUR 61.65 per share

- 2022-08: EUR 55.80 per share

- 2022-09: EUR 49.52 per share

- 2022-10: EUR 54.20 per share

- 2022-11: EUR 55.30 per share

- 2022-12: EUR 55.45 per share

- 2023-01: EUR 62.95 per share

- 2023-02: EUR 60.70 per share

- 2023-03: EUR 53.60 per share

- 2023-04: EUR 51.50 per share

- 2023-05: EUR 45.74 per share

- 2023-06: EUR 43.18 per share

- 2023-07: EUR 43.94 per share

- 2023-08: EUR 45.06 per share

- 2023-09: EUR 42.10 per share

- 2023-10: EUR 40.40 per share

- 2023-11: EUR 44.82 per share

- 2023-12: EUR 48.68 per share

- 2024-01: EUR 45.16 per share

- 2024-02: EUR 41.52 per share

- 2024-03: EUR 47.70 per share

- 2024-04: EUR 46.86 per share

- 2024-05: EUR 47.80 per share

- 2024-06: EUR 44.38 per share

- 2024-07: EUR 47.74 per share

- 2024-08: EUR 50.40 per share

- 2024-09: EUR 54.55 per share

- 2024-10: EUR 52.30 per share

- 2024-11: EUR 52.00 per share

- 2024-12: EUR 48.76 per share

- 2025-01: EUR 51.30 per share

- 2025-02: EUR 52.60 per share

- 2025-03: EUR 51.80 per share

- 2025-04: EUR 49.30 per share

- 2025-05: EUR 52.80 per share

- 2025-06: EUR 53.55 per share

- 2025-07: EUR 56.95 per share

- 2025-08: EUR 55.95 per share

- 2025-09: EUR 57.20 per share

- 2025-10: EUR 55.60 per share

- 2025-11: EUR 55.70 per share

- 2025-12: EUR 56.65 per share

- 2026-01: EUR 53.75 per share

- 2026-02: EUR 62.15 per share

- 2026-03: EUR 51.25 per share

- 2026-04: EUR 56.20 per share

- 2026-05: EUR 55.25 per share

- 2026-06: EUR 53.60 per share

- 2026-07: EUR 52.90 per share

- 2026-08: EUR 50.10 per share

- 2026-09: EUR 45.16 per share

- 2026-10: EUR 43.22 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 24.12 per share, central EUR 25.08 per share, high EUR 26.36 per share

- FY2018: low EUR 38.78 per share, central EUR 42.25 per share, high EUR 46.86 per share

- FY2019: low EUR 46.60 per share, central EUR 51.04 per share, high EUR 56.94 per share

- FY2020: low EUR 37.43 per share, central EUR 40.80 per share, high EUR 45.29 per share

- FY2021: low EUR 38.48 per share, central EUR 42.26 per share, high EUR 47.29 per share

- FY2022: low EUR 62.04 per share, central EUR 70.25 per share, high EUR 81.17 per share

- FY2023: low EUR 30.68 per share, central EUR 34.10 per share, high EUR 38.66 per share

- FY2025: low EUR 48.59 per share, central EUR 54.35 per share, high EUR 62.01 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 2026-10-15T06:43:02.438Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500P8M3W2XX376054/2025-12-31/ESEF/FR/0/covivio-2025-12-31-1/reports/covivio-2025-12-31-1-fr.html); period 2025-12-31, filed 2026-03-24.

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.