# Edenred (EDEN.PA)

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

Analysis as of: 2026-10-16T07:36:31.242Z. Financial observations: FY2007–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 29.54 per share; close as of 2026-10-15.

Estimated value: low EUR 29.05 per share, central EUR 39.50 per share, high EUR 46.29 per share. Buy at or below the central value EUR 39.50 per share. Valuation as of 2026-10-16T07:36:31.242Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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

- 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: 0.27×

- FY2017: 0.29×

- FY2018: 0.31×

- FY2019: 0.32×

- FY2020: 0.29×

- FY2021: 0.31×

- FY2022: 0.31×

- FY2023: 0.31×

- FY2024: 0.36×

- FY2025: 0.32×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 18.7%

- ROIC, second-lowest year: 13.5%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 50.8%

- Recent gross margin (lower of latest and 3-year median): 52.4%

- Years with nonpositive capital: 10

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.3%

- FY2017: 72.1%

- FY2018: 30.6%

- FY2019: 19.7%

- FY2020: 13.5%

- FY2021: 13.5%

- FY2022: 17.9%

- FY2023: 13.0%

- FY2024: 19.5%

- FY2025: 15.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: 126.1%

- Working capital / revenue, annual change: -10.3 pp

- Working capital / revenue, change between three-year averages: -78.0 pp

- Working capital / revenue, final three-year average: 54.0%

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

- FY2021: 0.98×

- FY2022: 0.94×

- FY2023: 0.92×

- FY2024: 1.00×

- FY2025: 1.13×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.6% vs 15.7%

- Per-share earnings: 0.77 to 2.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -2.1%

- Market cap gain: EUR -201M

- Cumulative retained earnings: EUR 627M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.1%

- Per-share value change: EUR 1.30

- Per-share value, starting three-year median: EUR 0.77

- Per-share value, ending three-year median: EUR 2.08

- Buybacks concentrated in cheaper years (correlation): 0.73

- Average buyback yield: 1.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 4.1B

- Cumulative net income, 10 years: EUR 3.2B

- ROIC, first three-year median: 30.6%

- ROIC, last three-year median: 15.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.77

- FY2017: EUR 1.02

- FY2018: EUR 1.06

- FY2019: EUR 1.28

- FY2020: EUR 0.97

- FY2021: EUR 1.19

- FY2022: EUR 1.46

- FY2023: EUR 1.01

- FY2024: EUR 2.08

- FY2025: EUR 2.35

### accounting: pass

- Sloan accruals: -4.3%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.11×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -4.1%

- FY2018: -3.7%

- FY2019: -1.7%

- FY2020: -5.1%

- FY2021: -2.8%

- FY2022: -5.6%

- FY2023: -5.9%

- FY2024: -3.9%

- FY2025: -4.3%

## Holders

## Price story

Down 52% since Jun 2023 · sales -4.3%

Story as of 2026-10-16T10:00:07.625Z; price observation 2026-10-15.

Price needs cash profits to grow 1.6% a year for ten years

### Sales · FY2024–2025

sales -4.3%; source https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.3B 

- FY2018: EUR 1.3B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.6B 

- FY2022: EUR 1.9B 

- FY2023: EUR 2.3B 

- FY2024: EUR 2.9B 

- FY2025: EUR 2.7B 

### Gross margin · FY2025

gross margin 52.4%; source https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: 39.1% 

- FY2017: 39.8% 

- FY2018: 41.2% 

- FY2019: 51.7% 

- FY2020: 49.9% 

- FY2021: 52.0% 

- FY2022: 54.2% 

- FY2023: 41.2% 

- FY2024: 59.9% 

- FY2025: 52.4% 

## Owner memo

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

### How it makes money

Operates in credit services; annual sales are EUR 2.7 billion.

- Source: https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: revenue 2732000000; grossProfit 1432000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDEN.PA: Edenred SE operates as a digital platform for services and payments for companies, employees, and merchants worldwide. It offers employee benefit solutions, including Ticket Restaurant, a solution that allows employees to take time out for lunch at a partner merchant; Ticket Alimentación, which allows users to pay for groceries in stores and supermarkets; Edenred Regalo, a gift voucher; Ticket CESU, a human services solution; Edenred City, a solution that enables the purchase of staples, such as food and fuel; Welfare Edenred, which employees can use to pay for various services, including access to sports facilities and solutions for their children's educational needs; Edenred Eco, a solution that encourages the purchase of environmentally friendly products in Belgium; and Kadéos Culture in France and Ticket Cultura in Brazil for cultural goods and services, as well as mobility solutions through Edenred Mobility. The company also offers mobility solutions comprising Ticket Car for employees to pay for fuel and other business travel expenses; Empresarial, which enables companies to control spending to reimburse expense claims; Cintelink, a smart cloud platform for service stations and commercial fleets; UTA Edenred, a fuel card; Ticket Fleet Pro for truck fleet management; Edenred Finance that provides refund services to European transportation companies; The Right Fuel Card, a fuel card manager; and Spirii, a platform for recharging electric vehicles. In addition, it provides complementary solutions comprising corporate payment, incentive and rewards, salary card solutions; and benefits and engagement programs. Edenred SE was founded in 1962 and is headquartered in Issy-les-Moulineaux, France.

### Why customers stay

Margins ranged from 41.2% to 59.9% during 2023–25; it earns 18.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 59.9%.

- Source: https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 52.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.27272727272727276],[2017,0.7212452078343368],[2018,0.30626297613955283],[2019,0.1965268457359207],[2020,0.13545183994494675],[2021,0.13502883258895196],[2022,0.178505719285234],[2023,0.13036931818181818],[2024,0.19515453464010205],[2025,0.15699211843482117]]; median 0.18683012696266804. 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 130 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 1000000; upkeep 57000000; owner earnings 180000000. Growth capex / owner earnings = 0.005555555555555556.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 5000000; upkeep 73000000; owner earnings 241000000. Growth capex / owner earnings = 0.02074688796680498.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 2874778.1879589856; upkeep 87125221.81204101; owner earnings 241874778.187959. Growth capex / owner earnings = 0.011885398756727823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 98000000; owner earnings 316000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 104000000; owner earnings 238600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 114000000; owner earnings 308200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 2000000; upkeep 149000000; owner earnings 364200000. Growth capex / owner earnings = 0.0054914881933003845.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 190000000; owner earnings 246800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 217000000; owner earnings 509000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 198000000; owner earnings 588200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,156000000],[2017,129000000],[2018,136000000],[2019,87000000],[2020,81000000],[2021,60000000],[2022,224000000],[2023,249000000],[2024,271000000],[2025,289000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: cash repurchases 130000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDEN.PA SharesStats.PercentInsiders = 0.091 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.6% yearly over ten years; actual growth was 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.010255142010311746. Price 29.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6529583406910029 → FY2025 2.6572579916514574. Closing-price date 2026-10-15.

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

- 2016-10: EUR 21.11 per share

- 2016-11: EUR 19.90 per share

- 2016-12: EUR 18.84 per share

- 2017-01: EUR 20.17 per share

- 2017-02: EUR 21.36 per share

- 2017-03: EUR 22.15 per share

- 2017-04: EUR 23.51 per share

- 2017-05: EUR 23.48 per share

- 2017-06: EUR 22.83 per share

- 2017-07: EUR 22.20 per share

- 2017-08: EUR 22.72 per share

- 2017-09: EUR 23.00 per share

- 2017-10: EUR 24.75 per share

- 2017-11: EUR 24.04 per share

- 2017-12: EUR 24.18 per share

- 2018-01: EUR 26.01 per share

- 2018-02: EUR 28.93 per share

- 2018-03: EUR 28.24 per share

- 2018-04: EUR 28.50 per share

- 2018-05: EUR 27.43 per share

- 2018-06: EUR 27.06 per share

- 2018-07: EUR 33.67 per share

- 2018-08: EUR 32.83 per share

- 2018-09: EUR 32.83 per share

- 2018-10: EUR 33.53 per share

- 2018-11: EUR 33.68 per share

- 2018-12: EUR 32.11 per share

- 2019-01: EUR 35.44 per share

- 2019-02: EUR 39.02 per share

- 2019-03: EUR 40.57 per share

- 2019-04: EUR 42.01 per share

- 2019-05: EUR 40.90 per share

- 2019-06: EUR 44.86 per share

- 2019-07: EUR 45.44 per share

- 2019-08: EUR 44.30 per share

- 2019-09: EUR 44.03 per share

- 2019-10: EUR 47.20 per share

- 2019-11: EUR 45.05 per share

- 2019-12: EUR 46.10 per share

- 2020-01: EUR 48.79 per share

- 2020-02: EUR 47.17 per share

- 2020-03: EUR 38.09 per share

- 2020-04: EUR 36.77 per share

- 2020-05: EUR 37.58 per share

- 2020-06: EUR 38.93 per share

- 2020-07: EUR 42.13 per share

- 2020-08: EUR 43.27 per share

- 2020-09: EUR 38.40 per share

- 2020-10: EUR 40.04 per share

- 2020-11: EUR 47.93 per share

- 2020-12: EUR 46.41 per share

- 2021-01: EUR 44.77 per share

- 2021-02: EUR 45.89 per share

- 2021-03: EUR 44.54 per share

- 2021-04: EUR 47.15 per share

- 2021-05: EUR 44.47 per share

- 2021-06: EUR 48.05 per share

- 2021-07: EUR 48.98 per share

- 2021-08: EUR 48.00 per share

- 2021-09: EUR 46.63 per share

- 2021-10: EUR 46.77 per share

- 2021-11: EUR 39.52 per share

- 2021-12: EUR 40.57 per share

- 2022-01: EUR 37.90 per share

- 2022-02: EUR 40.89 per share

- 2022-03: EUR 44.92 per share

- 2022-04: EUR 48.04 per share

- 2022-05: EUR 45.92 per share

- 2022-06: EUR 44.97 per share

- 2022-07: EUR 50.10 per share

- 2022-08: EUR 50.50 per share

- 2022-09: EUR 47.36 per share

- 2022-10: EUR 51.96 per share

- 2022-11: EUR 52.48 per share

- 2022-12: EUR 50.88 per share

- 2023-01: EUR 49.99 per share

- 2023-02: EUR 53.32 per share

- 2023-03: EUR 54.54 per share

- 2023-04: EUR 58.92 per share

- 2023-05: EUR 60.08 per share

- 2023-06: EUR 61.34 per share

- 2023-07: EUR 59.08 per share

- 2023-08: EUR 58.84 per share

- 2023-09: EUR 59.28 per share

- 2023-10: EUR 50.24 per share

- 2023-11: EUR 50.00 per share

- 2023-12: EUR 54.14 per share

- 2024-01: EUR 55.42 per share

- 2024-02: EUR 45.79 per share

- 2024-03: EUR 49.46 per share

- 2024-04: EUR 44.46 per share

- 2024-05: EUR 43.05 per share

- 2024-06: EUR 39.41 per share

- 2024-07: EUR 38.51 per share

- 2024-08: EUR 38.21 per share

- 2024-09: EUR 34.02 per share

- 2024-10: EUR 29.55 per share

- 2024-11: EUR 31.30 per share

- 2024-12: EUR 31.75 per share

- 2025-01: EUR 33.24 per share

- 2025-02: EUR 30.67 per share

- 2025-03: EUR 29.94 per share

- 2025-04: EUR 27.38 per share

- 2025-05: EUR 27.50 per share

- 2025-06: EUR 26.29 per share

- 2025-07: EUR 25.12 per share

- 2025-08: EUR 24.70 per share

- 2025-09: EUR 20.20 per share

- 2025-10: EUR 24.93 per share

- 2025-11: EUR 18.49 per share

- 2025-12: EUR 18.91 per share

- 2026-01: EUR 17.67 per share

- 2026-02: EUR 19.60 per share

- 2026-03: EUR 17.06 per share

- 2026-04: EUR 21.28 per share

- 2026-05: EUR 23.34 per share

- 2026-06: EUR 22.50 per share

- 2026-07: EUR 28.52 per share

- 2026-08: EUR 30.08 per share

- 2026-09: EUR 27.59 per share

- 2026-10: EUR 29.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 7.91 per share, central EUR 9.00 per share, high EUR 10.45 per share

- FY2017: low EUR 9.22 per share, central EUR 10.49 per share, high EUR 12.18 per share

- FY2018: low EUR 10.13 per share, central EUR 11.53 per share, high EUR 13.39 per share

- FY2019: low EUR 13.44 per share, central EUR 16.00 per share, high EUR 18.63 per share

- FY2020: low EUR 11.88 per share, central EUR 14.00 per share, high EUR 16.29 per share

- FY2021: low EUR 13.07 per share, central EUR 15.45 per share, high EUR 17.98 per share

- FY2022: low EUR 15.98 per share, central EUR 19.39 per share, high EUR 22.60 per share

- FY2023: low EUR 20.26 per share, central EUR 26.29 per share, high EUR 30.74 per share

- FY2024: low EUR 26.81 per share, central EUR 36.18 per share, high EUR 42.39 per share

- FY2025: low EUR 29.96 per share, central EUR 40.73 per share, high EUR 47.74 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/9695006LOD5B2D7Y0N70/2025-12-31/ESEF/FR/0/edenred-2025-12-31-1-fr/reports/edenred-2025-12-31-fr.xhtml); period 2025-12-31, filed 2026-04-07.

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.