# Elis (ELIS.PA)

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

Analysis as of: 2026-10-16T07:37:04.570Z. Financial observations: FY2011–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 22.16 per share; close as of 2026-10-15.

Estimated value: low EUR 17.28 per share, central EUR 19.44 per share, high EUR 22.31 per share. Buy at or below the central value EUR 19.44 per share. Valuation as of 2026-10-16T07:37:04.570Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.11×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.12×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.13×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.8%

- ROIC, second-lowest year: 6.3%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 32.9%

- Recent gross margin (lower of latest and 3-year median): 32.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.0%

- ROIC including acquisitions, ten-year median: 2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.3%

- FY2017: 6.3%

- FY2018: 7.6%

- FY2019: 8.8%

- FY2020: 4.2%

- FY2021: 6.7%

- FY2022: 10.9%

- FY2023: 11.5%

- FY2024: 13.1%

- FY2025: 13.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: -4.6 pp

- Working capital / revenue, final three-year average: 15.4%

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

- FY2021: 1.71×

- FY2022: 0.52×

- FY2023: 0.83×

- FY2024: 0.87×

- FY2025: 1.04×

### management: fail

- 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: 7.6% vs 13.1%

- Per-share earnings: 0.25 to 1.29 (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: 8.3%

- Ordinary dilution, 5-year annual growth: 2.6%

- Market cap gain: EUR 4.2B

- Cumulative retained earnings: EUR 1.9B

- Diluted shares, 10-year annual growth: 8.3%

- Diluted shares, 5-year annual growth: 2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.8%

- Per-share value change: EUR 1.04

- Per-share value, starting three-year median: EUR 0.25

- Per-share value, ending three-year median: EUR 1.29

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 0.6%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.8B

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 7.6%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.81

- FY2017: EUR 0.25

- FY2018: EUR 0.35

- FY2019: EUR 0.60

- FY2020: EUR 0.01

- FY2021: EUR 0.48

- FY2022: EUR 0.81

- FY2023: EUR 0.93

- FY2024: EUR 1.29

- FY2025: EUR 1.45

### accounting: pass

- Sloan accruals: -10.9%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.0%

- FY2017: -4.8%

- FY2018: -9.9%

- FY2019: -10.7%

- FY2020: -9.9%

- FY2021: -9.6%

- FY2022: -10.3%

- FY2023: -11.4%

- FY2024: -11.9%

- FY2025: -10.9%

## Holders

## Price story

Price needs cash profits to grow 2.7% a year for ten years · sales +4.9%

Story as of 2026-10-16T10:00:08.567Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2024–2025

sales +4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.5B 

- FY2017: EUR 2.2B 

- FY2018: EUR 3.1B 

- FY2019: EUR 3.3B 

- FY2020: EUR 2.8B 

- FY2021: EUR 3.0B 

- FY2022: EUR 3.8B 

- FY2023: EUR 4.3B 

- FY2024: EUR 4.6B 

- FY2025: EUR 4.8B 

### Gross margin · FY2025

gross margin 46.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 30.2% 

- FY2017: 29.2% 

- FY2018: 29.8% 

- FY2019: 29.9% 

- FY2020: 41.5% 

- FY2021: 43.4% 

- FY2022: 43.8% 

- FY2023: 32.9% 

- FY2024: 32.9% 

- FY2025: 46.7% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are EUR 4.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2025: revenue 4796800000; grossProfit 2238900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELIS.PA: Elis SA provides flat linen, workwear, and hygiene and well-being solutions in France, Central Europe, Scandinavia, Eastern Europe, the United Kingdom, Ireland, Latin America, Southern Europe, and internationally. It offers accommodation, catering, and healthcare and social linens; workwear and personal protective equipment; beverage solutions, such as bottled water cooler, coffee bean machine, networked water cooler, and pod coffee machine; floor protection mats and mops; industrial wipers; and pest and rodent control, insect control, or disinfection services. The company provides washroom hygiene services, such as hand washing and drying, toilet hygiene and urinals, lavatories, and air fragrancing; and reusable cleanroom garments, footwear, goggles, and equipment solutions, as well as cleaning systems. In addition, it offers various solutions for collection and disposal of infectious waste. The company serves the catering, accommodation, healthcare and social welfare, industries, trade and retail, and services sectors, as well as public authorities and administration. The company was founded in 1883 and is headquartered in Saint-Cloud, France.

### Why customers stay

Margins ranged from 32.9% to 46.7% during 2023–25; it earns 9.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2023: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2024: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2025: grossProfit / revenue = 46.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); 10-year return on capital observations [[2016,0.11259992078352296],[2017,0.06264398468591263],[2018,0.0758324723833744],[2019,0.08776545079108636],[2020,0.04217877094972067],[2021,0.0667650911877376],[2022,0.10873078364439352],[2023,0.11480451815200363],[2024,0.13120269751561134],[2025,0.13196998383828967]]; median 0.09824811721773993. 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 153.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2016: growth capex 0; upkeep 252500000; owner earnings 140200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2017: growth capex 9500000; upkeep 455600000; owner earnings 41500000. Growth capex / owner earnings = 0.2289156626506024.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2018: growth capex 0; upkeep 634400000; owner earnings 119800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2019: growth capex 0; upkeep 682300000; owner earnings 115280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2020: growth capex 0; upkeep 499200000; owner earnings 164340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2021: growth capex 0; upkeep 573900000; owner earnings 195160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2022: growth capex 3900000; upkeep 695900000; owner earnings 105500000. Growth capex / owner earnings = 0.03696682464454976.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2023: growth capex 0; upkeep 823900000; owner earnings 217120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2024: growth capex 0; upkeep 887400000; owner earnings 292940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2025: growth capex 0; upkeep 864000000; owner earnings 382760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); Dividend observations: [[2016,39800000],[2017,51700000],[2018,81000000],[2019,81200000],[2020,33200000],[2021,33200000],[2022,33200000],[2023,61700000],[2024,101300000],[2025,105100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); FY2025: cash repurchases 153800000 EUR.

### Are managers owners

Insiders own 20.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ELIS.PA SharesStats.PercentInsiders = 20.893 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:04.570Z); Ten-year compound average after fade. Initial solved rate 0.02534397995403903. Price 22.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.2843230222523205 → FY2025 1.5110160157591597. Closing-price date 2026-10-15.

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

- 2016-10: EUR 15.14 per share

- 2016-11: EUR 14.67 per share

- 2016-12: EUR 16.95 per share

- 2017-01: EUR 16.59 per share

- 2017-02: EUR 17.70 per share

- 2017-03: EUR 18.42 per share

- 2017-04: EUR 19.00 per share

- 2017-05: EUR 19.84 per share

- 2017-06: EUR 20.06 per share

- 2017-07: EUR 20.44 per share

- 2017-08: EUR 19.65 per share

- 2017-09: EUR 22.66 per share

- 2017-10: EUR 22.40 per share

- 2017-11: EUR 21.92 per share

- 2017-12: EUR 23.02 per share

- 2018-01: EUR 22.50 per share

- 2018-02: EUR 21.08 per share

- 2018-03: EUR 20.10 per share

- 2018-04: EUR 19.82 per share

- 2018-05: EUR 18.47 per share

- 2018-06: EUR 19.64 per share

- 2018-07: EUR 19.66 per share

- 2018-08: EUR 19.95 per share

- 2018-09: EUR 20.28 per share

- 2018-10: EUR 17.83 per share

- 2018-11: EUR 17.30 per share

- 2018-12: EUR 14.55 per share

- 2019-01: EUR 14.13 per share

- 2019-02: EUR 13.78 per share

- 2019-03: EUR 14.33 per share

- 2019-04: EUR 15.90 per share

- 2019-05: EUR 15.00 per share

- 2019-06: EUR 15.95 per share

- 2019-07: EUR 16.78 per share

- 2019-08: EUR 16.18 per share

- 2019-09: EUR 16.22 per share

- 2019-10: EUR 17.13 per share

- 2019-11: EUR 18.11 per share

- 2019-12: EUR 18.50 per share

- 2020-01: EUR 17.61 per share

- 2020-02: EUR 15.75 per share

- 2020-03: EUR 8.64 per share

- 2020-04: EUR 11.30 per share

- 2020-05: EUR 11.10 per share

- 2020-06: EUR 10.39 per share

- 2020-07: EUR 10.32 per share

- 2020-08: EUR 10.85 per share

- 2020-09: EUR 10.81 per share

- 2020-10: EUR 9.41 per share

- 2020-11: EUR 13.67 per share

- 2020-12: EUR 13.63 per share

- 2021-01: EUR 12.44 per share

- 2021-02: EUR 14.34 per share

- 2021-03: EUR 13.92 per share

- 2021-04: EUR 14.88 per share

- 2021-05: EUR 15.38 per share

- 2021-06: EUR 15.89 per share

- 2021-07: EUR 15.12 per share

- 2021-08: EUR 14.98 per share

- 2021-09: EUR 16.57 per share

- 2021-10: EUR 16.39 per share

- 2021-11: EUR 13.85 per share

- 2021-12: EUR 15.22 per share

- 2022-01: EUR 16.10 per share

- 2022-02: EUR 14.39 per share

- 2022-03: EUR 13.40 per share

- 2022-04: EUR 13.75 per share

- 2022-05: EUR 14.77 per share

- 2022-06: EUR 12.70 per share

- 2022-07: EUR 14.56 per share

- 2022-08: EUR 12.77 per share

- 2022-09: EUR 10.39 per share

- 2022-10: EUR 11.61 per share

- 2022-11: EUR 12.50 per share

- 2022-12: EUR 13.82 per share

- 2023-01: EUR 16.10 per share

- 2023-02: EUR 17.00 per share

- 2023-03: EUR 17.64 per share

- 2023-04: EUR 18.00 per share

- 2023-05: EUR 16.18 per share

- 2023-06: EUR 17.80 per share

- 2023-07: EUR 18.79 per share

- 2023-08: EUR 17.64 per share

- 2023-09: EUR 16.66 per share

- 2023-10: EUR 15.47 per share

- 2023-11: EUR 17.68 per share

- 2023-12: EUR 18.89 per share

- 2024-01: EUR 20.42 per share

- 2024-02: EUR 21.10 per share

- 2024-03: EUR 21.06 per share

- 2024-04: EUR 21.12 per share

- 2024-05: EUR 23.26 per share

- 2024-06: EUR 20.22 per share

- 2024-07: EUR 21.38 per share

- 2024-08: EUR 22.36 per share

- 2024-09: EUR 18.74 per share

- 2024-10: EUR 20.80 per share

- 2024-11: EUR 19.26 per share

- 2024-12: EUR 18.90 per share

- 2025-01: EUR 19.74 per share

- 2025-02: EUR 19.61 per share

- 2025-03: EUR 20.54 per share

- 2025-04: EUR 22.56 per share

- 2025-05: EUR 23.98 per share

- 2025-06: EUR 24.34 per share

- 2025-07: EUR 24.24 per share

- 2025-08: EUR 23.40 per share

- 2025-09: EUR 24.48 per share

- 2025-10: EUR 24.16 per share

- 2025-11: EUR 24.50 per share

- 2025-12: EUR 24.26 per share

- 2026-01: EUR 24.50 per share

- 2026-02: EUR 27.16 per share

- 2026-03: EUR 24.28 per share

- 2026-04: EUR 26.26 per share

- 2026-05: EUR 27.12 per share

- 2026-06: EUR 27.10 per share

- 2026-07: EUR 24.78 per share

- 2026-08: EUR 23.94 per share

- 2026-09: EUR 21.52 per share

- 2026-10: EUR 21.90 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 2.90 per share, central EUR 2.99 per share, high EUR 3.11 per share

- FY2018: low EUR 3.35 per share, central EUR 3.74 per share, high EUR 4.25 per share

- FY2019: low EUR 5.82 per share, central EUR 6.56 per share, high EUR 7.55 per share

- FY2020: low EUR 5.62 per share, central EUR 6.34 per share, high EUR 7.31 per share

- FY2021: low EUR 5.78 per share, central EUR 6.52 per share, high EUR 7.50 per share

- FY2022: low EUR 7.21 per share, central EUR 8.09 per share, high EUR 9.26 per share

- FY2023: low EUR 10.41 per share, central EUR 11.56 per share, high EUR 13.09 per share

- FY2024: low EUR 13.24 per share, central EUR 14.79 per share, high EUR 16.84 per share

- FY2025: low EUR 14.44 per share, central EUR 16.27 per share, high EUR 18.70 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.

## Reported holder observations