# Elia Group SA/NV (ELI.BR)

Canonical: https://gigainvestors.com/s/ELI.BR

Analysis as of: 2026-10-16T07:35:10.864Z. Financial observations: FY2002–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 121.30 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- FY2022 operating-margin dip fully recovered the next year and stayed recovered; holding that year at the preceding margin meets the existing variation limit. Raw variation still determines the price discount.

- 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: 0.40×

- One fully recovered margin dip: Yes

- Variation with recovered dip held at prior margin: 0.35

- Recovered dip fiscal year: FY2022

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.27×

- FY2018: 0.29×

- FY2019: 0.28×

- FY2020: 0.17×

- FY2021: 0.11×

- FY2022: 0.05×

- FY2023: 0.17×

- FY2024: 0.23×

- FY2025: 0.36×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 5.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 2.9%

- Typical minus recent gross margin: 5.2 pp

- Typical gross margin (annual median): 35.1%

- Recent gross margin (lower of latest and 3-year median): 29.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 50.1%

- ROIC including acquisitions, ten-year median: -0.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.6%

- FY2017: 5.3%

- FY2018: 6.7%

- FY2019: 6.3%

- FY2020: 2.9%

- FY2021: 3.1%

- FY2022: 1.9%

- FY2023: 4.1%

- FY2024: 3.8%

- FY2025: 6.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.65×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -3.4B

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

- Return on incremental invested capital: 8.0%

- Working capital / revenue, annual change: -2.0 pp

- Working capital / revenue, change between three-year averages: -15.5 pp

- Working capital / revenue, final three-year average: -18.9%

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

- FY2021: 0.92×

- FY2022: 0.95×

- FY2023: -1.46×

- FY2024: -6.45×

- FY2025: -0.98×

### management: fail

- 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: 5.6% vs 4.1%

- Per-share earnings: 3.47 to 5.43 (three-year endpoint medians)

- 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: 5.9%

- Ordinary dilution, 5-year annual growth: 9.4%

- Market cap gain: EUR 8.9B

- Cumulative retained earnings: EUR 1.7B

- Diluted shares, 10-year annual growth: 5.9%

- Diluted shares, 5-year annual growth: 9.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.8%

- Per-share value change: EUR 1.96

- Per-share value, starting three-year median: EUR 3.47

- Per-share value, ending three-year median: EUR 5.43

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 0.0%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 3.7B

- Cumulative net income, 10 years: EUR 3.3B

- ROIC, first three-year median: 5.6%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.97

- FY2017: EUR 3.77

- FY2018: EUR 4.63

- FY2019: EUR 3.97

- FY2020: EUR 3.91

- FY2021: EUR 4.28

- FY2022: EUR 4.91

- FY2023: EUR 4.83

- FY2024: EUR 6.13

- FY2025: EUR 5.43

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.42×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -3.1%

- FY2018: -1.7%

- FY2019: 1.4%

- FY2020: 6.6%

- FY2021: -20.0%

- FY2022: -5.1%

- FY2023: 9.6%

- FY2024: -2.0%

- FY2025: -4.8%

## Holders

## Price story

Down 21% since May 2022 · sales +17.9%

Story as of 2026-10-16T10:00:03.989Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +17.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 800M 

- FY2017: EUR 808M 

- FY2018: EUR 1.9B 

- FY2019: EUR 2.2B 

- FY2020: EUR 2.2B 

- FY2021: EUR 2.6B 

- FY2022: EUR 3.6B 

- FY2023: EUR 3.8B 

- FY2024: EUR 3.8B 

- FY2025: EUR 4.4B 

### Gross margin · FY2025

gross margin 29.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 55.6% 

- FY2017: 56.2% 

- FY2018: 49.0% 

- FY2019: 25.3% 

- FY2020: 18.3% 

- FY2021: 12.0% 

- FY2022: 5.9% 

- FY2023: 40.3% 

- FY2024: 44.4% 

- FY2025: 29.9% 

## Owner memo

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

### How it makes money

Operates in utilities regulated electric; annual sales are EUR 4.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2025: revenue 4442200000; grossProfit 1327200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELI.BR: Elia Group SA/NV develops and operates as a transmission system operator in Belgium and Germany. The company provides electricity transmission solutions; generates, imports, and exports electricity; and offers engineering consultancy services. Elia Group SA/NV was founded in 1937 and is headquartered in Brussels, Belgium.

### Why customers stay

Margins ranged from 29.9% to 44.4% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2023: grossProfit / revenue = 40.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2024: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2025: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); 10-year return on capital observations [[2016,0.05553853893597568],[2017,0.05268428830447272],[2018,0.0671761855789972],[2019,0.06345424891408025],[2020,0.02928329096348963],[2021,0.030874440406411074],[2022,0.018864627844555358],[2023,0.041371834080808675],[2024,0.03798420404441926],[2025,0.06454774068043863]]; median 0.0470280611926407. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2017: growth capex 27542709.527542353; upkeep 341557290.47245765; owner earnings 17342709.527542353. Growth capex / owner earnings = 1.5881433915387413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2018: growth capex 742800000; upkeep 248300000; owner earnings 281400000. Growth capex / owner earnings = 2.6396588486140726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2019: growth capex 785800000; upkeep 371900000; owner earnings 255840000. Growth capex / owner earnings = 3.0714509068167604.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2021: growth capex 752600000; upkeep 467700000; owner earnings 271440000. Growth capex / owner earnings = 2.772620100206307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); FY2022: growth capex 1057100000; upkeep 514000000; owner earnings 342960000. Growth capex / owner earnings = 3.0822836482388616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); Dividend observations: [[2016,94200000],[2017,96200000],[2018,98700000],[2019,101300000],[2020,116000000],[2021,117500000],[2022,120300000],[2023,156800000],[2024,175600000],[2025,129199999]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 59.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELI.BR SharesStats.PercentInsiders = 59.597 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:10.864Z); Closing price 121.3 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 41.171509337782105; price multiple 2.9462121246229342. FY2025 cash earnings/share -5.335131648403374. Closing-price date 2026-10-15.

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

- 2016-11: EUR 45.80 per share

- 2016-12: EUR 48.85 per share

- 2017-01: EUR 45.39 per share

- 2017-02: EUR 47.59 per share

- 2017-03: EUR 48.61 per share

- 2017-04: EUR 47.88 per share

- 2017-05: EUR 51.17 per share

- 2017-06: EUR 48.72 per share

- 2017-07: EUR 48.71 per share

- 2017-08: EUR 49.13 per share

- 2017-09: EUR 48.16 per share

- 2017-10: EUR 48.96 per share

- 2017-11: EUR 48.57 per share

- 2017-12: EUR 47.09 per share

- 2018-01: EUR 48.67 per share

- 2018-02: EUR 51.03 per share

- 2018-03: EUR 49.94 per share

- 2018-04: EUR 51.52 per share

- 2018-05: EUR 53.29 per share

- 2018-06: EUR 52.40 per share

- 2018-07: EUR 52.40 per share

- 2018-08: EUR 52.89 per share

- 2018-09: EUR 54.57 per share

- 2018-10: EUR 54.27 per share

- 2018-11: EUR 57.91 per share

- 2018-12: EUR 57.32 per share

- 2019-01: EUR 62.82 per share

- 2019-02: EUR 61.55 per share

- 2019-03: EUR 61.45 per share

- 2019-04: EUR 59.09 per share

- 2019-05: EUR 61.25 per share

- 2019-06: EUR 64.51 per share

- 2019-07: EUR 68.49 per share

- 2019-08: EUR 75.07 per share

- 2019-09: EUR 74.67 per share

- 2019-10: EUR 76.96 per share

- 2019-11: EUR 74.67 per share

- 2019-12: EUR 78.75 per share

- 2020-01: EUR 86.61 per share

- 2020-02: EUR 89.70 per share

- 2020-03: EUR 88.70 per share

- 2020-04: EUR 104.53 per share

- 2020-05: EUR 105.13 per share

- 2020-06: EUR 96.17 per share

- 2020-07: EUR 91.79 per share

- 2020-08: EUR 89.70 per share

- 2020-09: EUR 84.82 per share

- 2020-10: EUR 82.73 per share

- 2020-11: EUR 94.38 per share

- 2020-12: EUR 97.07 per share

- 2021-01: EUR 98.86 per share

- 2021-02: EUR 89.20 per share

- 2021-03: EUR 93.48 per share

- 2021-04: EUR 89.60 per share

- 2021-05: EUR 87.21 per share

- 2021-06: EUR 88.60 per share

- 2021-07: EUR 99.31 per share

- 2021-08: EUR 105.93 per share

- 2021-09: EUR 102.74 per share

- 2021-10: EUR 100.45 per share

- 2021-11: EUR 109.41 per share

- 2021-12: EUR 115.19 per share

- 2022-01: EUR 119.17 per share

- 2022-02: EUR 128.03 per share

- 2022-03: EUR 137.59 per share

- 2022-04: EUR 151.03 per share

- 2022-05: EUR 152.62 per share

- 2022-06: EUR 135.20 per share

- 2022-07: EUR 148.30 per share

- 2022-08: EUR 144.90 per share

- 2022-09: EUR 120.40 per share

- 2022-10: EUR 127.90 per share

- 2022-11: EUR 136.00 per share

- 2022-12: EUR 132.80 per share

- 2023-01: EUR 128.80 per share

- 2023-02: EUR 124.80 per share

- 2023-03: EUR 121.60 per share

- 2023-04: EUR 124.40 per share

- 2023-05: EUR 113.10 per share

- 2023-06: EUR 116.30 per share

- 2023-07: EUR 111.90 per share

- 2023-08: EUR 106.50 per share

- 2023-09: EUR 92.65 per share

- 2023-10: EUR 89.65 per share

- 2023-11: EUR 99.45 per share

- 2023-12: EUR 113.30 per share

- 2024-01: EUR 111.80 per share

- 2024-02: EUR 102.70 per share

- 2024-03: EUR 100.00 per share

- 2024-04: EUR 90.35 per share

- 2024-05: EUR 93.40 per share

- 2024-06: EUR 87.45 per share

- 2024-07: EUR 95.90 per share

- 2024-08: EUR 99.10 per share

- 2024-09: EUR 102.70 per share

- 2024-10: EUR 87.35 per share

- 2024-11: EUR 88.65 per share

- 2024-12: EUR 74.40 per share

- 2025-01: EUR 65.25 per share

- 2025-02: EUR 63.65 per share

- 2025-03: EUR 80.15 per share

- 2025-04: EUR 95.60 per share

- 2025-05: EUR 93.30 per share

- 2025-06: EUR 97.75 per share

- 2025-07: EUR 101.20 per share

- 2025-08: EUR 97.80 per share

- 2025-09: EUR 98.15 per share

- 2025-10: EUR 104.50 per share

- 2025-11: EUR 104.10 per share

- 2025-12: EUR 109.70 per share

- 2026-01: EUR 122.30 per share

- 2026-02: EUR 134.80 per share

- 2026-03: EUR 131.80 per share

- 2026-04: EUR 141.40 per share

- 2026-05: EUR 133.30 per share

- 2026-06: EUR 139.80 per share

- 2026-07: EUR 124.70 per share

- 2026-08: EUR 128.30 per share

- 2026-09: EUR 119.60 per share

- 2026-10: EUR 120.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.84 per share, central EUR 5.14 per share, high EUR 5.54 per share

- FY2017: low EUR 5.15 per share, central EUR 5.45 per share, high EUR 5.85 per share

- FY2018: low EUR 35.26 per share, central EUR 37.89 per share, high EUR 39.47 per share

- FY2019: low EUR 22.38 per share, central EUR 25.38 per share, high EUR 27.41 per share

- FY2020: low EUR 15.43 per share, central EUR 16.47 per share, high EUR 17.85 per share

- FY2021: low EUR 90.99 per share, central EUR 96.92 per share, high EUR 104.81 per share

- FY2022: low EUR 115.67 per share, central EUR 123.56 per share, high EUR 134.06 per share

- FY2023: low EUR 83.51 per share, central EUR 109.50 per share, high EUR 125.43 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

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.