# Emeis (EMEIS.PA)

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

Analysis as of: 2026-10-16T07:41:18.973Z. Financial observations: FY2013–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 10.24 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 3

- Operating margin variation: 1.72×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.13×

- FY2018: 0.13×

- FY2019: 0.13×

- FY2020: 0.11×

- FY2021: 0.09×

- FY2022: -0.01×

- FY2023: -0.18×

- FY2024: -0.01×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.4%

- ROIC, second-lowest year: -0.4%

- Typical minus recent gross margin: -59.0 pp

- Typical gross margin (annual median): 21.0%

- Recent gross margin (lower of latest and 3-year median): 80.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 1.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.0%

- FY2017: 4.2%

- FY2018: 4.3%

- FY2019: 3.4%

- FY2020: 2.7%

- FY2021: 2.2%

- FY2022: -0.4%

- FY2023: -9.9%

- FY2024: -0.3%

- FY2025: 1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -5.5B

- Net income, five-year total: EUR -3.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 6.5 pp

- Working capital / revenue, final three-year average: 5.4%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -365M

- FY2022: EUR -4.3B

- FY2023: EUR 1.1B

- FY2024: EUR -963M

- FY2025: EUR -951M

### 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: 4.3% vs -0.3%

- Per-share earnings: 2101.95 to -1.83 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 120.4%

- Ordinary dilution, 5-year annual growth: 369.4%

- Market cap gain: EUR 2.0B

- Cumulative retained earnings: EUR -592M

- Diluted shares, 10-year annual growth: 120.4%

- Diluted shares, 5-year annual growth: 369.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -2K

- Per-share value, starting three-year median: EUR 2K

- Per-share value, ending three-year median: EUR -1.83

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.2B

- Cumulative net income, 10 years: EUR -2.3B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: -0.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5K

- FY2017: EUR 1K

- FY2018: EUR 3K

- FY2019: EUR 3K

- FY2020: EUR 2K

- FY2021: EUR 1K

- FY2022: EUR -59K

- FY2023: EUR 130.59

- FY2024: EUR -2.59

- FY2025: EUR -1.83

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: -3.2%

- FY2018: -1.7%

- FY2019: -3.9%

- FY2020: -3.6%

- FY2021: -4.0%

- FY2022: -30.6%

- FY2023: 7.1%

- FY2024: -6.6%

- FY2025: -7.7%

## Holders

## Price story

Down 100% since Oct 2021 · sales +4.6%

Story as of 2026-10-16T10:00:11.881Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +4.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.8B 

- FY2017: EUR 3.1B 

- FY2018: EUR 3.4B 

- FY2019: EUR 3.7B 

- FY2020: EUR 3.9B 

- FY2021: EUR 4.3B 

- FY2022: EUR 4.7B 

- FY2023: EUR 5.2B 

- FY2024: EUR 5.6B 

- FY2025: EUR 5.9B 

### Gross margin · FY2025

gross margin 80.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.6% 

- FY2017: 20.3% 

- FY2018: 20.5% 

- FY2019: 27.9% 

- FY2020: 24.6% 

- FY2021: 21.5% 

- FY2022: 15.2% 

- FY2023: 12.6% 

- FY2024: 80.0% 

- FY2025: 80.8% 

## Owner memo

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

### How it makes money

Operates in medical care facilities; annual sales are EUR 5.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2025: revenue 5895389000; grossProfit 4761109000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 12.6% to 80.8% during 2023–25; it earns 2.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2023: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2024: grossProfit / revenue = 80%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2025: grossProfit / revenue = 80.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); 10-year return on capital observations [[2016,0.06991535808237263],[2017,0.04161569182507873],[2018,0.04311435217254489],[2019,0.03430839093747945],[2020,0.026765788995655466],[2021,0.021536671434138142],[2022,-0.0040359894632621685],[2023,-0.09918689428826478],[2024,-0.0034453971095948794],[2025,0.01635445227536205]]; median 0.024151230214896804. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2016: growth capex 0; upkeep 130857000; owner earnings 302347000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2017: growth capex 3432000; upkeep 161308000; owner earnings 89789000. Growth capex / owner earnings = 0.03822294490416421.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2018: growth capex 82163000; upkeep 182104000; owner earnings 220391000. Growth capex / owner earnings = 0.37280560458457923.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2019: growth capex 69461000; upkeep 206690000; owner earnings 233990000. Growth capex / owner earnings = 0.296854566434463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2020: growth capex 279704000; upkeep 214735000; owner earnings 160046000. Growth capex / owner earnings = 1.7476475513289929.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); FY2023: growth capex 0; upkeep 149248000; owner earnings 1120260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); Dividend observations: [[2016,54246000],[2017,60531000],[2018,71045000],[2019,77539000],[2020,0],[2021,58168000],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### 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); EMEIS.PA SharesStats.PercentInsiders = 0.001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:18.973Z); Closing price 10.24 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 36.21484958787702; price multiple 0.2827569385633416. FY2025 cash earnings/share -5.840002773647148. Closing-price date 2026-10-15.

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

- 2016-11: EUR 4,655.69 per share

- 2016-12: EUR 4,902.21 per share

- 2017-01: EUR 4,815.35 per share

- 2017-02: EUR 5,233.02 per share

- 2017-03: EUR 5,746.49 per share

- 2017-04: EUR 5,987.89 per share

- 2017-05: EUR 6,450.27 per share

- 2017-06: EUR 6,231.85 per share

- 2017-07: EUR 6,188.43 per share

- 2017-08: EUR 6,501.36 per share

- 2017-09: EUR 6,399.18 per share

- 2017-10: EUR 6,568.42 per share

- 2017-11: EUR 6,466.24 per share

- 2017-12: EUR 6,277.84 per share

- 2018-01: EUR 6,424.72 per share

- 2018-02: EUR 6,302.10 per share

- 2018-03: EUR 6,593.96 per share

- 2018-04: EUR 6,791.94 per share

- 2018-05: EUR 7,171.93 per share

- 2018-06: EUR 7,299.66 per share

- 2018-07: EUR 7,513.61 per share

- 2018-08: EUR 7,440.16 per share

- 2018-09: EUR 7,114.46 per share

- 2018-10: EUR 6,951.60 per share

- 2018-11: EUR 5,977.68 per share

- 2018-12: EUR 5,697.95 per share

- 2019-01: EUR 5,537.01 per share

- 2019-02: EUR 6,619.51 per share

- 2019-03: EUR 6,833.45 per share

- 2019-04: EUR 6,942.02 per share

- 2019-05: EUR 6,507.75 per share

- 2019-06: EUR 6,775.98 per share

- 2019-07: EUR 7,235.80 per share

- 2019-08: EUR 7,331.59 per share

- 2019-09: EUR 7,159.16 per share

- 2019-10: EUR 6,890.93 per share

- 2019-11: EUR 7,171.93 per share

- 2019-12: EUR 7,299.66 per share

- 2020-01: EUR 7,510.41 per share

- 2020-02: EUR 7,440.16 per share

- 2020-03: EUR 6,083.05 per share

- 2020-04: EUR 6,482.20 per share

- 2020-05: EUR 6,744.04 per share

- 2020-06: EUR 6,571.61 per share

- 2020-07: EUR 6,910.09 per share

- 2020-08: EUR 6,427.92 per share

- 2020-09: EUR 6,198.65 per share

- 2020-10: EUR 5,475.70 per share

- 2020-11: EUR 6,692.95 per share

- 2020-12: EUR 6,868.58 per share

- 2021-01: EUR 7,286.89 per share

- 2021-02: EUR 6,353.20 per share

- 2021-03: EUR 6,309.77 per share

- 2021-04: EUR 6,836.65 per share

- 2021-05: EUR 6,546.07 per share

- 2021-06: EUR 6,849.42 per share

- 2021-07: EUR 6,836.65 per share

- 2021-08: EUR 6,807.91 per share

- 2021-09: EUR 6,431.11 per share

- 2021-10: EUR 5,760.54 per share

- 2021-11: EUR 5,326.26 per share

- 2021-12: EUR 5,626.42 per share

- 2022-01: EUR 2,477.93 per share

- 2022-02: EUR 2,365.52 per share

- 2022-03: EUR 2,514.97 per share

- 2022-04: EUR 2,176.49 per share

- 2022-05: EUR 1,651.52 per share

- 2022-06: EUR 1,484.20 per share

- 2022-07: EUR 1,550.62 per share

- 2022-08: EUR 1,388.40 per share

- 2022-09: EUR 717.83 per share

- 2022-10: EUR 524.45 per share

- 2022-11: EUR 417.16 per share

- 2022-12: EUR 394.17 per share

- 2023-01: EUR 454.71 per share

- 2023-02: EUR 163.94 per share

- 2023-03: EUR 125.62 per share

- 2023-04: EUR 170.90 per share

- 2023-05: EUR 126.39 per share

- 2023-06: EUR 120.67 per share

- 2023-07: EUR 112.56 per share

- 2023-08: EUR 109.91 per share

- 2023-09: EUR 90.97 per share

- 2023-10: EUR 61.18 per share

- 2023-11: EUR 18.08 per share

- 2023-12: EUR 16.79 per share

- 2024-01: EUR 13.80 per share

- 2024-02: EUR 12.90 per share

- 2024-03: EUR 10.14 per share

- 2024-04: EUR 12.80 per share

- 2024-05: EUR 12.94 per share

- 2024-06: EUR 11.49 per share

- 2024-07: EUR 10.35 per share

- 2024-08: EUR 8.98 per share

- 2024-09: EUR 5.63 per share

- 2024-10: EUR 6.09 per share

- 2024-11: EUR 5.84 per share

- 2024-12: EUR 6.06 per share

- 2025-01: EUR 6.35 per share

- 2025-02: EUR 10.97 per share

- 2025-03: EUR 10.97 per share

- 2025-04: EUR 11.29 per share

- 2025-05: EUR 10.19 per share

- 2025-06: EUR 11.24 per share

- 2025-07: EUR 13.64 per share

- 2025-08: EUR 12.21 per share

- 2025-09: EUR 14.76 per share

- 2025-10: EUR 14.31 per share

- 2025-11: EUR 13.37 per share

- 2025-12: EUR 14.33 per share

- 2026-01: EUR 13.62 per share

- 2026-02: EUR 15.38 per share

- 2026-03: EUR 13.04 per share

- 2026-04: EUR 14.33 per share

- 2026-05: EUR 14.90 per share

- 2026-06: EUR 14.05 per share

- 2026-07: EUR 14.56 per share

- 2026-08: EUR 13.08 per share

- 2026-09: EUR 10.83 per share

- 2026-10: EUR 10.10 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 38,097.23 per share, central EUR 42,097.57 per share, high EUR 47,422.88 per share

- FY2018: low EUR 46,816.43 per share, central EUR 51,761.22 per share, high EUR 58,343.79 per share

- FY2019: low EUR 48,588.37 per share, central EUR 53,738.63 per share, high EUR 60,594.71 per share

- FY2020: low EUR 48,989.10 per share, central EUR 54,168.50 per share, high EUR 61,063.37 per share

- FY2021: low EUR 43,194.35 per share, central EUR 47,288.33 per share, high EUR 52,738.30 per share

- FY2022: low EUR 42,353.34 per share, central EUR 46,561.46 per share, high EUR 52,163.34 per share

- FY2023: low EUR 280.21 per share, central EUR 311.02 per share, high EUR 352.03 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.