# Euronext N.V. (ENX.PA)

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

Analysis as of: 2026-10-16T07:34:51.072Z. Financial observations: FY2011–FY2026.

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 165.80 per share; close as of 2026-10-15.

Estimated value: low EUR 95.82 per share, central EUR 107.18 per share, high EUR 122.29 per share. Buy at or below the central value EUR 107.18 per share. Valuation as of 2026-10-16T07:34:51.072Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.50×

- FY2018: 0.50×

- FY2019: 0.49×

- FY2020: 0.50×

- FY2021: 0.45×

- FY2022: 0.44×

- FY2023: 0.42×

- FY2024: 0.48×

- FY2025: 0.51×

- LTM to Jun 2026: 0.52×

### moat: fail

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

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

- ROIC, median of available years: 40.9%

- ROIC, second-lowest year: 6.5%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 75.7%

- Recent gross margin (lower of latest and 3-year median): 77.4%

- Years with nonpositive capital: 3

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 20.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 76.5%

- FY2018: 72.8%

- FY2019: 44.6%

- FY2020: 56.6%

- FY2021: 6.2%

- FY2022: 6.5%

- FY2023: 6.7%

- FY2024: 35.8%

- FY2025: 37.2%

### economics: fail

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

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.9B

- Net income, five-year total: EUR 2.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -202.1 pp

- Working capital / revenue, change between three-year averages: 136.9 pp

- Working capital / revenue, final three-year average: 138.9%

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

- FY2021: 1.13×

- FY2022: 1.12×

- FY2023: 1.11×

- FY2024: 1.15×

- FY2025: 1.08×

### 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: 76.5% vs 35.8%

- Per-share earnings: 2.58 to 5.63 (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: 3.0%

- Ordinary dilution, 5-year annual growth: 6.2%

- Market cap gain: EUR 10B

- Cumulative retained earnings: EUR 1.9B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 6.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.2%

- Per-share value change: EUR 3.05

- Per-share value, starting three-year median: EUR 2.58

- Per-share value, ending three-year median: EUR 5.63

- Buybacks concentrated in cheaper years (correlation): -0.57

- Average buyback yield: 0.8%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.6B

- Cumulative net income, 10 years: EUR 3.8B

- ROIC, first three-year median: 76.5%

- ROIC, last three-year median: 35.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.58

- FY2017: EUR 3.17

- FY2018: EUR 2.85

- FY2019: EUR 2.91

- FY2020: EUR 4.13

- FY2021: EUR 4.29

- FY2022: EUR 4.10

- FY2023: EUR 4.83

- FY2024: EUR 5.63

- FY2025: EUR 6.24

### accounting: pass

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.49×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.1%

- FY2017: 3.2%

- FY2018: -0.5%

- FY2019: -1.3%

- FY2020: 1.3%

- FY2021: -0.1%

- FY2022: -0.1%

- FY2023: -0.2%

- FY2024: -0.1%

- FY2025: -0.1%

## Holders

## Price story

Price needs cash profits to grow 7% a year for ten years · sales +8%

Story as of 2026-10-16T10:00:02.785Z; price observation 2026-10-15.

Price needs cash profits to grow 7% a year for ten years

### Sales · FY2025–2026

sales +8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 532M 

- FY2018: EUR 615M 

- FY2019: EUR 679M 

- FY2020: EUR 884M 

- FY2021: EUR 1.3B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.5B 

- FY2024: EUR 1.6B 

- FY2025: EUR 1.8B 

- FY2026: EUR 2.0B 

### Gross margin · FY2025

gross margin 89%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 71.2% 

- FY2017: 76.5% 

- FY2018: 76.8% 

- FY2019: 75.8% 

- FY2020: 75.7% 

- FY2021: 74.4% 

- FY2022: 73.4% 

- FY2023: 74.8% 

- FY2024: 77.4% 

- FY2025: 89.0% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are EUR 1.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2025: revenue 1818700000; grossProfit 1618800000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 74.8% to 89% during 2023–25; it earns 40.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2023: grossProfit / revenue = 74.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2024: grossProfit / revenue = 77.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2025: grossProfit / revenue = 89%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); 10-year return on capital observations [[2016,1.367753888617768],[2017,0.7650603563785974],[2018,0.7281405688776186],[2019,0.4463569079228686],[2020,0.565739056164158],[2021,0.06209092530796935],[2022,0.06545085850281981],[2023,0.06702882532861605],[2024,0.3582481333961052],[2025,0.3718570814199847]]; median 0.40910699467142664. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 73% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); Gross margin observations: [[2021,0.7436140129019244],[2022,0.7338649273160516],[2023,0.7480821642633774]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 411 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2016: growth capex 0; upkeep 14767000; owner earnings 197334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2017: growth capex 1960971.980950687; upkeep 21916028.019049313; owner earnings 236312971.98095068. Growth capex / owner earnings = 0.008298198632569193.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2018: growth capex 0; upkeep 22265000; owner earnings 217103000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2019: growth capex 0; upkeep 26057000; owner earnings 228555000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2020: growth capex 0; upkeep 19218000; owner earnings 343851800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2021: growth capex 0; upkeep 67590000; owner earnings 465989200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2022: growth capex 0; upkeep 99517000; owner earnings 488478200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2023: growth capex 0; upkeep 103036000; owner earnings 568767400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2024: growth capex 0; upkeep 87241000; owner earnings 674675000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2025: growth capex 0; upkeep 129808000; owner earnings 695618000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); Dividend observations: [[2016,86210000],[2017,98809000],[2018,120441000],[2019,107239000],[2020,110620000],[2021,157165000],[2022,205985000],[2023,237191000],[2024,257268000],[2025,293362000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); FY2025: cash repurchases 410995000 EUR.

### Are managers owners

Insiders own 8.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENX.PA SharesStats.PercentInsiders = 8.474 percentage points; cache date 2026-10-16.

### What could break it

Euronext has been operating as an independent, publicly traded company since 20 June 2014.

- Source: https://filings.xbrl.org/724500QJ4QSZ3H9QU415/2025-12-31/ESEF/NL/0/eur-2025-12-31-en/reports/eur-2025-12-31-en.xhtml (filed 2026-04-07); Therefore, Euronext has one reportable segment. Euronext has been operating as an independent, publicly traded company since 20 June 2014. Prior to June 2014, Euronext’s businesses were part of ICE as a result of ICE’s acquisition of NYSE Euronext on 13 November 2013.

### What the price says

The price assumes cash profits grow 7% yearly over ten years; actual growth was 11.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:51.072Z); Ten-year compound average after fade. Initial solved rate 0.08730354581065114. Price 165.8; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.223838433563564 → FY2025 6.748986125933832. Closing-price date 2026-10-15.

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

- 2016-11: EUR 33.60 per share

- 2016-12: EUR 35.79 per share

- 2017-01: EUR 37.41 per share

- 2017-02: EUR 37.25 per share

- 2017-03: EUR 37.34 per share

- 2017-04: EUR 41.10 per share

- 2017-05: EUR 42.51 per share

- 2017-06: EUR 41.49 per share

- 2017-07: EUR 45.10 per share

- 2017-08: EUR 44.07 per share

- 2017-09: EUR 47.01 per share

- 2017-10: EUR 46.57 per share

- 2017-11: EUR 46.81 per share

- 2017-12: EUR 47.30 per share

- 2018-01: EUR 49.85 per share

- 2018-02: EUR 52.31 per share

- 2018-03: EUR 54.23 per share

- 2018-04: EUR 54.23 per share

- 2018-05: EUR 49.66 per share

- 2018-06: EUR 49.71 per share

- 2018-07: EUR 48.52 per share

- 2018-08: EUR 51.44 per share

- 2018-09: EUR 51.72 per share

- 2018-10: EUR 49.71 per share

- 2018-11: EUR 47.20 per share

- 2018-12: EUR 45.92 per share

- 2019-01: EUR 49.16 per share

- 2019-02: EUR 48.98 per share

- 2019-03: EUR 51.58 per share

- 2019-04: EUR 56.56 per share

- 2019-05: EUR 58.15 per share

- 2019-06: EUR 60.75 per share

- 2019-07: EUR 63.68 per share

- 2019-08: EUR 65.14 per share

- 2019-09: EUR 68.51 per share

- 2019-10: EUR 65.96 per share

- 2019-11: EUR 62.58 per share

- 2019-12: EUR 66.32 per share

- 2020-01: EUR 71.53 per share

- 2020-02: EUR 68.70 per share

- 2020-03: EUR 61.90 per share

- 2020-04: EUR 69.93 per share

- 2020-05: EUR 75.68 per share

- 2020-06: EUR 81.48 per share

- 2020-07: EUR 88.46 per share

- 2020-08: EUR 92.94 per share

- 2020-09: EUR 97.59 per share

- 2020-10: EUR 81.75 per share

- 2020-11: EUR 81.25 per share

- 2020-12: EUR 82.30 per share

- 2021-01: EUR 81.11 per share

- 2021-02: EUR 81.43 per share

- 2021-03: EUR 78.42 per share

- 2021-04: EUR 83.70 per share

- 2021-05: EUR 87.75 per share

- 2021-06: EUR 91.70 per share

- 2021-07: EUR 93.80 per share

- 2021-08: EUR 98.25 per share

- 2021-09: EUR 97.70 per share

- 2021-10: EUR 97.40 per share

- 2021-11: EUR 86.85 per share

- 2021-12: EUR 91.25 per share

- 2022-01: EUR 85.30 per share

- 2022-02: EUR 80.85 per share

- 2022-03: EUR 82.70 per share

- 2022-04: EUR 76.62 per share

- 2022-05: EUR 80.60 per share

- 2022-06: EUR 77.90 per share

- 2022-07: EUR 79.48 per share

- 2022-08: EUR 73.80 per share

- 2022-09: EUR 65.10 per share

- 2022-10: EUR 64.30 per share

- 2022-11: EUR 72.74 per share

- 2022-12: EUR 69.16 per share

- 2023-01: EUR 74.30 per share

- 2023-02: EUR 69.14 per share

- 2023-03: EUR 70.58 per share

- 2023-04: EUR 72.10 per share

- 2023-05: EUR 62.15 per share

- 2023-06: EUR 62.30 per share

- 2023-07: EUR 69.25 per share

- 2023-08: EUR 66.65 per share

- 2023-09: EUR 66.00 per share

- 2023-10: EUR 65.80 per share

- 2023-11: EUR 76.20 per share

- 2023-12: EUR 78.65 per share

- 2024-01: EUR 81.65 per share

- 2024-02: EUR 85.25 per share

- 2024-03: EUR 88.20 per share

- 2024-04: EUR 84.65 per share

- 2024-05: EUR 90.35 per share

- 2024-06: EUR 86.50 per share

- 2024-07: EUR 93.50 per share

- 2024-08: EUR 96.60 per share

- 2024-09: EUR 97.45 per share

- 2024-10: EUR 101.40 per share

- 2024-11: EUR 105.70 per share

- 2024-12: EUR 108.30 per share

- 2025-01: EUR 112.10 per share

- 2025-02: EUR 121.20 per share

- 2025-03: EUR 133.70 per share

- 2025-04: EUR 147.00 per share

- 2025-05: EUR 143.40 per share

- 2025-06: EUR 145.10 per share

- 2025-07: EUR 141.60 per share

- 2025-08: EUR 141.10 per share

- 2025-09: EUR 127.40 per share

- 2025-10: EUR 124.00 per share

- 2025-11: EUR 132.30 per share

- 2025-12: EUR 128.00 per share

- 2026-01: EUR 117.90 per share

- 2026-02: EUR 140.00 per share

- 2026-03: EUR 138.50 per share

- 2026-04: EUR 142.90 per share

- 2026-05: EUR 139.60 per share

- 2026-06: EUR 140.00 per share

- 2026-07: EUR 158.60 per share

- 2026-08: EUR 163.10 per share

- 2026-09: EUR 158.90 per share

- 2026-10: EUR 166.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 19.62 per share, central EUR 22.02 per share, high EUR 25.23 per share

- FY2017: low EUR 27.50 per share, central EUR 30.97 per share, high EUR 35.59 per share

- FY2018: low EUR 36.59 per share, central EUR 40.91 per share, high EUR 46.66 per share

- FY2019: low EUR 39.13 per share, central EUR 43.86 per share, high EUR 50.16 per share

- FY2020: low EUR 58.47 per share, central EUR 65.27 per share, high EUR 74.31 per share

- FY2021: low EUR 1,493.09 per share, central EUR 1,500.38 per share, high EUR 1,510.09 per share

- FY2022: low EUR 1,622.37 per share, central EUR 1,629.40 per share, high EUR 1,638.77 per share

- FY2023: low EUR 1,726.39 per share, central EUR 1,755.14 per share, high EUR 1,772.00 per share

- FY2024: low EUR 82.29 per share, central EUR 91.37 per share, high EUR 103.47 per share

- FY2025: low EUR 89.49 per share, central EUR 99.67 per share, high EUR 113.21 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

Prior published observations retained from 2026-10-15T06:40:36.696Z where newer inputs omit a numeric field or fiscal period.

## 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.