# Engie (ENGI.PA)

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

Analysis as of: 2026-10-16T07:33:48.142Z. 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 23.21 per share; close as of 2026-10-15.

Estimated value: low EUR 10.62 per share, central EUR 11.52 per share, high EUR 12.73 per share. Buy at or below the central value EUR 11.52 per share. Valuation as of 2026-10-16T07:33:48.142Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% 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: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 3

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.07×

- FY2020: 0.08×

- FY2021: 0.09×

- FY2022: 0.03×

- FY2023: 0.07×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 9.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.8%

- ROIC, second-lowest year: 6.6%

- Typical minus recent gross margin: 9.3 pp

- Typical gross margin (annual median): 21.6%

- Recent gross margin (lower of latest and 3-year median): 12.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.2%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.1%

- FY2017: 8.5%

- FY2018: 8.5%

- FY2019: 6.6%

- FY2020: 7.2%

- FY2021: 7.0%

- FY2022: 4.7%

- FY2023: 10.3%

- FY2024: 11.2%

- FY2025: 10.8%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.9B

- Net income, five-year total: EUR 14B

- Return on incremental invested capital: 13.4%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 11.7 pp

- Working capital / revenue, final three-year average: 25.3%

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

- FY2021: 0.89×

- FY2022: -3.11×

- FY2023: 2.05×

- FY2024: -0.01×

- FY2025: 0.40×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.5% vs 10.8%

- Per-share earnings: -0.19 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: 2.1%

- Ordinary dilution, 5-year annual growth: 4.2%

- Market cap gain: EUR 37B

- Cumulative retained earnings: EUR 7.5B

- Diluted shares, 10-year annual growth: 2.1%

- Diluted shares, 5-year annual growth: 4.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 1.48

- Per-share value, starting three-year median: EUR -0.19

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

- Buybacks concentrated in cheaper years (correlation): -0.21

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 21B

- Cumulative net income, 10 years: EUR 13B

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 10.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.19

- FY2017: EUR 0.38

- FY2018: EUR -0.06

- FY2019: EUR 0.41

- FY2020: EUR -0.71

- FY2021: EUR 1.51

- FY2022: EUR 0.06

- FY2023: EUR 0.91

- FY2024: EUR 1.68

- FY2025: EUR 1.29

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 3.6%

- Receivables to sales index (DSRI): 0.66×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.64×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.7%

- FY2017: -5.6%

- FY2018: -5.2%

- FY2019: -4.5%

- FY2020: -6.1%

- FY2021: -1.6%

- FY2022: -3.6%

- FY2023: -5.6%

- FY2024: -4.8%

- FY2025: 3.6%

## Holders

## Price story

Price needs cash profits to grow 12.8% a year for ten years · "Engie Shares Drop After Earnings Hit by Lower Energy Prices, Volatility" (finance.yahoo.com, Aug 2025) · sales -2.5%

Story as of 2026-10-16T09:59:57.827Z; price observation 2026-10-15.

Price needs cash profits to grow 12.8% a year for ten years

- 2025-08-01: Engie Shares Drop After Earnings Hit by Lower Energy Prices, Volatility ([finance.yahoo.com](https://finance.yahoo.com/m/834a0410-6547-38ff-a842-9fb4d2f43120/engie-shares-drop-after.html))

- 2025-11-06: Engie Lifts 2025 Outlook as Cash Flow Stays Strong ([finance.yahoo.com](https://finance.yahoo.com/news/engie-lifts-2025-outlook-cash-070000379.html))

### Sales · FY2024–2025

sales -2.5%; source https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml; observed 2026-03-18.

- FY2016: EUR 65B 

- FY2017: EUR 60B 

- FY2018: EUR 57B 

- FY2019: EUR 60B 

- FY2020: EUR 44B 

- FY2021: EUR 58B 

- FY2022: EUR 94B 

- FY2023: EUR 83B 

- FY2024: EUR 74B 

- FY2025: EUR 72B 

### Gross margin · FY2025

gross margin 12.3%; source https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml; observed 2026-03-18.

- FY2016: 43.5% 

- FY2017: 47.2% 

- FY2018: 33.6% 

- FY2019: 6.4% 

- FY2020: 8.4% 

- FY2021: 10.9% 

- FY2022: 6.5% 

- FY2023: 31.0% 

- FY2024: 33.0% 

- FY2025: 12.3% 

## Owner memo

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

### How it makes money

Operates in utilities diversified; annual sales are EUR 71.9 billion.

- Source: https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml (filed 2026-03-18); FY2025: revenue 71944000000; grossProfit 8857000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENGI.PA: Engie SA engages in renewables and decentralized and low-carbon energy networks in France, Europe, North America, Asia, the Middle East, Oceania, South America, Africa, and internationally. The Renewables & Flex Power segment comprises renewable energy generation activities, including financing, construction, operation, and maintenance of renewable energy, such as hydroelectric, onshore wind, photovoltaic solar, biomass, offshore wind, geothermal, and battery storage. It also offers flexible thermal generation and electricity, pumping, and battery storage facilities; solutions for decarbonizing industry with low-carbon hydrogen; and operation of desalination plants. The Networks segment comprises the gas and power infrastructure activities, including the management and development of gas and electricity transportation networks and natural gas distribution networks in and outside of Europe, natural gas underground storage, and regasification infrastructure. The Local Energy Infrastructures provides the construction and management of decentralized energy networks, including heating and cooling networks, distributed power generation plants, distributed solar power parks, low-carbon mobility, low-carbon cities and public lighting, energy efficiency, technical maintenance, and sustainable development consulting. The Supply & Energy Management segment optimizes the Group's energy assets, manages market and portfolio risks, and supplies natural gas, green and low-carbon gas, and electricity to residential, business, industrial customers, develops green energy contracts, and digital consumption management. The Other segment manages nuclear power production and holds drawing rights, focusing on operational management, safety, and decommissioning. It offers renewable electricity, green gas, energy management. The company was formerly known as GDF SUEZ S.A. and changed its name to Engie SA in April 2015. Engie SA was founded in 1880 and is based in La Garenne-Colombes, France.

### Why customers stay

Margins ranged from 12.3% to 33% during 2023–25; it earns 7.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 31%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 33%.

- Source: https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.07102223040456575],[2017,0.08461996666410102],[2018,0.08490593855045114],[2019,0.06555129365797875],[2020,0.0715321912499666],[2021,0.07013312620442837],[2022,0.047041768178924956],[2023,0.10288712680017806],[2024,0.11249451946635947],[2025,0.10807224121964917]]; median 0.0780760789570338. 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 22 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 1461000000; upkeep 5063000000; owner earnings 481400000. Growth capex / owner earnings = 3.0348982135438307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 990000000; upkeep 5000000000; owner earnings 3252400000. Growth capex / owner earnings = 0.30439060386176364.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 7328000000; owner earnings 4537390561.488115. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 7267000000; owner earnings 1529187952.8222408. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,3155000000],[2017,2871000000],[2018,2659000000],[2019,2522000000],[2020,622000000],[2021,1859000000],[2022,2665000000],[2023,4067000000],[2024,4147000000],[2025,4529000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml (filed 2026-03-18); FY2025: cash repurchases 22000000 EUR.

### Are managers owners

Insiders own 26.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENGI.PA SharesStats.PercentInsiders = 26.655 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 12.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate 0.17116171340325292. Price 23.21; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.6778779719807444 → FY2025 0.5155305832608479. Closing-price date 2026-10-15.

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

- 2016-10: EUR 13.14 per share

- 2016-11: EUR 11.65 per share

- 2016-12: EUR 12.12 per share

- 2017-01: EUR 11.07 per share

- 2017-02: EUR 11.54 per share

- 2017-03: EUR 13.28 per share

- 2017-04: EUR 12.95 per share

- 2017-05: EUR 13.59 per share

- 2017-06: EUR 13.22 per share

- 2017-07: EUR 13.61 per share

- 2017-08: EUR 14.02 per share

- 2017-09: EUR 14.37 per share

- 2017-10: EUR 14.51 per share

- 2017-11: EUR 14.71 per share

- 2017-12: EUR 14.34 per share

- 2018-01: EUR 13.98 per share

- 2018-02: EUR 12.88 per share

- 2018-03: EUR 13.56 per share

- 2018-04: EUR 14.55 per share

- 2018-05: EUR 13.54 per share

- 2018-06: EUR 13.13 per share

- 2018-07: EUR 13.82 per share

- 2018-08: EUR 12.63 per share

- 2018-09: EUR 12.67 per share

- 2018-10: EUR 11.78 per share

- 2018-11: EUR 12.42 per share

- 2018-12: EUR 12.53 per share

- 2019-01: EUR 13.99 per share

- 2019-02: EUR 13.25 per share

- 2019-03: EUR 13.28 per share

- 2019-04: EUR 13.21 per share

- 2019-05: EUR 12.45 per share

- 2019-06: EUR 13.34 per share

- 2019-07: EUR 13.92 per share

- 2019-08: EUR 13.83 per share

- 2019-09: EUR 14.98 per share

- 2019-10: EUR 15.00 per share

- 2019-11: EUR 14.36 per share

- 2019-12: EUR 14.40 per share

- 2020-01: EUR 15.56 per share

- 2020-02: EUR 15.03 per share

- 2020-03: EUR 9.41 per share

- 2020-04: EUR 9.90 per share

- 2020-05: EUR 10.64 per share

- 2020-06: EUR 11.00 per share

- 2020-07: EUR 11.29 per share

- 2020-08: EUR 11.66 per share

- 2020-09: EUR 11.42 per share

- 2020-10: EUR 10.39 per share

- 2020-11: EUR 12.37 per share

- 2020-12: EUR 12.52 per share

- 2021-01: EUR 12.82 per share

- 2021-02: EUR 12.09 per share

- 2021-03: EUR 12.11 per share

- 2021-04: EUR 12.37 per share

- 2021-05: EUR 12.15 per share

- 2021-06: EUR 11.55 per share

- 2021-07: EUR 11.25 per share

- 2021-08: EUR 12.13 per share

- 2021-09: EUR 11.34 per share

- 2021-10: EUR 12.30 per share

- 2021-11: EUR 12.81 per share

- 2021-12: EUR 13.01 per share

- 2022-01: EUR 13.55 per share

- 2022-02: EUR 14.27 per share

- 2022-03: EUR 11.93 per share

- 2022-04: EUR 11.32 per share

- 2022-05: EUR 12.50 per share

- 2022-06: EUR 10.97 per share

- 2022-07: EUR 12.06 per share

- 2022-08: EUR 11.87 per share

- 2022-09: EUR 11.84 per share

- 2022-10: EUR 13.15 per share

- 2022-11: EUR 14.52 per share

- 2022-12: EUR 13.39 per share

- 2023-01: EUR 13.02 per share

- 2023-02: EUR 13.84 per share

- 2023-03: EUR 14.57 per share

- 2023-04: EUR 14.52 per share

- 2023-05: EUR 14.04 per share

- 2023-06: EUR 15.23 per share

- 2023-07: EUR 14.91 per share

- 2023-08: EUR 14.89 per share

- 2023-09: EUR 14.53 per share

- 2023-10: EUR 15.00 per share

- 2023-11: EUR 15.92 per share

- 2023-12: EUR 15.92 per share

- 2024-01: EUR 14.81 per share

- 2024-02: EUR 14.84 per share

- 2024-03: EUR 15.51 per share

- 2024-04: EUR 16.27 per share

- 2024-05: EUR 15.54 per share

- 2024-06: EUR 13.34 per share

- 2024-07: EUR 14.54 per share

- 2024-08: EUR 15.93 per share

- 2024-09: EUR 15.52 per share

- 2024-10: EUR 15.42 per share

- 2024-11: EUR 15.09 per share

- 2024-12: EUR 15.31 per share

- 2025-01: EUR 15.92 per share

- 2025-02: EUR 17.24 per share

- 2025-03: EUR 18.04 per share

- 2025-04: EUR 18.19 per share

- 2025-05: EUR 18.99 per share

- 2025-06: EUR 19.93 per share

- 2025-07: EUR 19.62 per share

- 2025-08: EUR 17.69 per share

- 2025-09: EUR 18.26 per share

- 2025-10: EUR 20.30 per share

- 2025-11: EUR 21.90 per share

- 2025-12: EUR 22.41 per share

- 2026-01: EUR 25.10 per share

- 2026-02: EUR 28.93 per share

- 2026-03: EUR 27.71 per share

- 2026-04: EUR 28.07 per share

- 2026-05: EUR 26.47 per share

- 2026-06: EUR 27.59 per share

- 2026-07: EUR 27.11 per share

- 2026-08: EUR 24.60 per share

- 2026-09: EUR 22.81 per share

- 2026-10: EUR 23.02 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 7.92 per share, central EUR 8.33 per share, high EUR 8.88 per share

- FY2025: low EUR 9.42 per share, central EUR 10.20 per share, high EUR 11.23 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/LAXUQCHT4FH58LRZDY46/2025-12-31/ESEF/FR/0/engie-2025-12-31-1-fr/reports/engie-2025-12-31-1-fr.xhtml); period 2025-12-31, filed 2026-03-18.

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.