# Vinci (DG.PA)

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

Analysis as of: 2026-10-16T07:33:48.579Z. Financial observations: FY1996–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 107.65 per share; close as of 2026-10-15.

Estimated value: low EUR 118.17 per share, central EUR 131.20 per share, high EUR 148.55 per share. Buy at or below the central value EUR 131.20 per share. Valuation as of 2026-10-16T07:33:48.579Z; 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: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.3%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 13.8%

- Recent gross margin (lower of latest and 3-year median): 14.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.8%

- FY2017: 13.3%

- FY2018: 13.2%

- FY2019: 11.7%

- FY2020: 5.3%

- FY2021: 9.8%

- FY2022: 17.7%

- FY2023: 22.8%

- FY2024: 20.6%

- FY2025: 20.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 21B

- Net income, five-year total: EUR 21B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.4 pp

- Working capital / revenue, final three-year average: 9.6%

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

- FY2021: 1.28×

- FY2022: 0.93×

- FY2023: 1.00×

- FY2024: 0.90×

- FY2025: 0.96×

### 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: 13.2% vs 20.6%

- Per-share earnings: 4.47 to 8.44 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: EUR 32B

- Cumulative retained earnings: EUR 2.4B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.3%

- Per-share value change: EUR 3.97

- Per-share value, starting three-year median: EUR 4.47

- Per-share value, ending three-year median: EUR 8.44

- Buybacks concentrated in cheaper years (correlation): 0.72

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 31B

- Cumulative net income, 10 years: EUR 34B

- ROIC, first three-year median: 13.2%

- ROIC, last three-year median: 20.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.47

- FY2017: EUR 4.90

- FY2018: EUR 5.32

- FY2019: EUR 5.81

- FY2020: EUR 2.21

- FY2021: EUR 4.50

- FY2022: EUR 7.45

- FY2023: EUR 8.14

- FY2024: EUR 8.44

- FY2025: EUR 8.65

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.97×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -2.2%

- FY2018: -2.9%

- FY2019: -4.2%

- FY2020: -6.0%

- FY2021: -5.2%

- FY2022: -4.6%

- FY2023: -4.9%

- FY2024: -5.3%

- FY2025: -5.2%

## Holders

## Price story

Down 24% since Feb 2026 · sales +3.6%

Story as of 2026-10-16T09:59:57.848Z; price observation 2026-10-15.

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

- 2025-09-18: VINCI wins the electrification contract on the Rail Baltica project ([finance.yahoo.com](https://finance.yahoo.com/news/vinci-wins-electrification-contract-rail-154500303.html))

### Sales · FY2024–2025

sales +3.6%; source https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml; observed 2026-03-04.

- FY2016: EUR 39B 

- FY2017: EUR 41B 

- FY2018: EUR 44B 

- FY2019: EUR 49B 

- FY2020: EUR 44B 

- FY2021: EUR 50B 

- FY2022: EUR 63B 

- FY2023: EUR 70B 

- FY2024: EUR 73B 

- FY2025: EUR 75B 

### Gross margin · FY2025

gross margin 14.6%; source https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml; observed 2026-03-04.

- FY2016: 13.6% 

- FY2017: 13.9% 

- FY2018: 13.8% 

- FY2019: 16.2% 

- FY2020: 11.0% 

- FY2021: 13.6% 

- FY2022: 12.9% 

- FY2023: 13.8% 

- FY2024: 58.2% 

- FY2025: 14.6% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 75.4 billion.

- Source: https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml (filed 2026-03-04); FY2025: revenue 75372000000; grossProfit 11004000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 13.8% to 58.2% during 2023–25; it earns 13.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 13.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 58.2%.

- Source: https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.12794701983517157],[2017,0.13332683449775282],[2018,0.13211823165672232],[2019,0.11707359534607925],[2020,0.05273342131309799],[2021,0.09849426386233269],[2022,0.17728679270924588],[2023,0.22750541545950265],[2024,0.20577461648833104],[2025,0.2007541613772825]]; median 0.13272253307723758. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml (filed 2026-03-04); Gross margin observations: [[2021,0.13555644037427833],[2022,0.12870716959401093],[2023,0.13815554124633325]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 706000000; owner earnings 3802000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 865000000; owner earnings 4010000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 1095000000; owner earnings 4130000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 2396000000; owner earnings 3543000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 2160000000; owner earnings 1871400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 2063000000; owner earnings 3333400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 3501000000; owner earnings 3961631741.000679. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 3332000000; owner earnings 4719141748.333986. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 54000000; upkeep 3998000000; owner earnings 4385736291.240046. Growth capex / owner earnings = 0.01231264180380799.

- Source: https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml (filed 2026-03-04); FY2025: growth capex 0; upkeep 3873000000; owner earnings 4683828928.909952. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,1052000000],[2017,1197000000],[2018,1391000000],[2019,1504000000],[2020,694000000],[2021,1528000000],[2022,1830000000],[2023,2294000000],[2024,2570000000],[2025,2665000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml (filed 2026-03-04); FY2025: cash repurchases 2002000000 EUR.

### Are managers owners

Insiders own 10.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DG.PA SharesStats.PercentInsiders = 10.807 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 3.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate -0.04384175853390643. Price 107.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.960159288389198 → FY2025 8.265232836812956. Closing-price date 2026-10-15.

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

- 2016-10: EUR 65.98 per share

- 2016-11: EUR 61.23 per share

- 2016-12: EUR 64.70 per share

- 2017-01: EUR 64.90 per share

- 2017-02: EUR 68.01 per share

- 2017-03: EUR 74.30 per share

- 2017-04: EUR 78.10 per share

- 2017-05: EUR 77.73 per share

- 2017-06: EUR 74.73 per share

- 2017-07: EUR 75.74 per share

- 2017-08: EUR 77.35 per share

- 2017-09: EUR 80.40 per share

- 2017-10: EUR 84.05 per share

- 2017-11: EUR 85.84 per share

- 2017-12: EUR 85.15 per share

- 2018-01: EUR 87.00 per share

- 2018-02: EUR 81.32 per share

- 2018-03: EUR 79.90 per share

- 2018-04: EUR 83.10 per share

- 2018-05: EUR 83.72 per share

- 2018-06: EUR 82.36 per share

- 2018-07: EUR 86.00 per share

- 2018-08: EUR 82.56 per share

- 2018-09: EUR 82.02 per share

- 2018-10: EUR 78.88 per share

- 2018-11: EUR 77.10 per share

- 2018-12: EUR 72.02 per share

- 2019-01: EUR 76.88 per share

- 2019-02: EUR 83.92 per share

- 2019-03: EUR 86.72 per share

- 2019-04: EUR 90.02 per share

- 2019-05: EUR 88.46 per share

- 2019-06: EUR 90.06 per share

- 2019-07: EUR 93.24 per share

- 2019-08: EUR 99.50 per share

- 2019-09: EUR 98.82 per share

- 2019-10: EUR 100.60 per share

- 2019-11: EUR 98.98 per share

- 2019-12: EUR 99.00 per share

- 2020-01: EUR 100.20 per share

- 2020-02: EUR 90.98 per share

- 2020-03: EUR 75.40 per share

- 2020-04: EUR 74.70 per share

- 2020-05: EUR 83.04 per share

- 2020-06: EUR 82.00 per share

- 2020-07: EUR 72.80 per share

- 2020-08: EUR 78.58 per share

- 2020-09: EUR 71.52 per share

- 2020-10: EUR 67.82 per share

- 2020-11: EUR 85.50 per share

- 2020-12: EUR 81.36 per share

- 2021-01: EUR 76.58 per share

- 2021-02: EUR 86.04 per share

- 2021-03: EUR 87.36 per share

- 2021-04: EUR 91.40 per share

- 2021-05: EUR 92.92 per share

- 2021-06: EUR 89.99 per share

- 2021-07: EUR 89.21 per share

- 2021-08: EUR 90.89 per share

- 2021-09: EUR 90.15 per share

- 2021-10: EUR 92.37 per share

- 2021-11: EUR 83.66 per share

- 2021-12: EUR 92.91 per share

- 2022-01: EUR 96.66 per share

- 2022-02: EUR 94.52 per share

- 2022-03: EUR 92.99 per share

- 2022-04: EUR 92.84 per share

- 2022-05: EUR 89.68 per share

- 2022-06: EUR 84.96 per share

- 2022-07: EUR 93.38 per share

- 2022-08: EUR 92.25 per share

- 2022-09: EUR 83.17 per share

- 2022-10: EUR 93.18 per share

- 2022-11: EUR 96.62 per share

- 2022-12: EUR 93.29 per share

- 2023-01: EUR 103.64 per share

- 2023-02: EUR 107.84 per share

- 2023-03: EUR 105.72 per share

- 2023-04: EUR 112.20 per share

- 2023-05: EUR 106.32 per share

- 2023-06: EUR 106.38 per share

- 2023-07: EUR 106.78 per share

- 2023-08: EUR 102.96 per share

- 2023-09: EUR 105.02 per share

- 2023-10: EUR 104.48 per share

- 2023-11: EUR 112.30 per share

- 2023-12: EUR 113.70 per share

- 2024-01: EUR 117.08 per share

- 2024-02: EUR 118.40 per share

- 2024-03: EUR 118.76 per share

- 2024-04: EUR 110.25 per share

- 2024-05: EUR 114.45 per share

- 2024-06: EUR 98.38 per share

- 2024-07: EUR 105.60 per share

- 2024-08: EUR 108.15 per share

- 2024-09: EUR 104.95 per share

- 2024-10: EUR 102.70 per share

- 2024-11: EUR 99.86 per share

- 2024-12: EUR 99.74 per share

- 2025-01: EUR 104.50 per share

- 2025-02: EUR 111.10 per share

- 2025-03: EUR 116.30 per share

- 2025-04: EUR 122.60 per share

- 2025-05: EUR 125.85 per share

- 2025-06: EUR 125.10 per share

- 2025-07: EUR 121.60 per share

- 2025-08: EUR 115.90 per share

- 2025-09: EUR 117.95 per share

- 2025-10: EUR 115.90 per share

- 2025-11: EUR 122.25 per share

- 2025-12: EUR 120.05 per share

- 2026-01: EUR 121.15 per share

- 2026-02: EUR 140.75 per share

- 2026-03: EUR 128.35 per share

- 2026-04: EUR 128.50 per share

- 2026-05: EUR 125.05 per share

- 2026-06: EUR 127.80 per share

- 2026-07: EUR 122.55 per share

- 2026-08: EUR 113.15 per share

- 2026-09: EUR 106.95 per share

- 2026-10: EUR 106.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 74.74 per share, central EUR 83.56 per share, high EUR 95.29 per share

- FY2017: low EUR 89.31 per share, central EUR 100.10 per share, high EUR 114.46 per share

- FY2018: low EUR 97.38 per share, central EUR 109.00 per share, high EUR 124.48 per share

- FY2019: low EUR 102.19 per share, central EUR 114.42 per share, high EUR 130.71 per share

- FY2020: low EUR 99.62 per share, central EUR 110.65 per share, high EUR 125.33 per share

- FY2021: low EUR 86.62 per share, central EUR 96.11 per share, high EUR 108.75 per share

- FY2022: low EUR 99.64 per share, central EUR 110.57 per share, high EUR 125.12 per share

- FY2023: low EUR 111.37 per share, central EUR 123.47 per share, high EUR 139.58 per share

- FY2024: low EUR 111.08 per share, central EUR 123.15 per share, high EUR 139.21 per share

- FY2025: low EUR 120.00 per share, central EUR 132.70 per share, high EUR 149.61 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 2026-10-15T06:39:34.016Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800WFQ334R8UXUG83/2025-12-31/ESEF/FR/0/VINCI-2025-12-31-1-fr/reports/VINCI-2025-12-31-1-fr.xhtml); period 2025-12-31, filed 2026-03-04.

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