# Eiffage (FGR.PA)

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

Analysis as of: 2026-10-16T07:35:43.822Z. Financial observations: FY1998–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 100.75 per share; close as of 2026-10-15.

Estimated value: low EUR 197.00 per share, central EUR 220.13 per share, high EUR 250.92 per share. Buy at or below the central value EUR 220.13 per share. Valuation as of 2026-10-16T07:35:43.822Z; scenarios are not confidence intervals.

Expected annual return: 22.5% at the stated quote. About 22.5% 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: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.10×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 34.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.5%

- ROIC, second-lowest year: 9.8%

- Typical minus recent gross margin: 34.5 pp

- Typical gross margin (annual median): 47.4%

- Recent gross margin (lower of latest and 3-year median): 12.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 7.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.4%

- FY2017: 10.1%

- FY2018: 10.2%

- FY2019: 9.8%

- FY2020: 6.1%

- FY2021: 10.6%

- FY2022: 11.8%

- FY2023: 12.9%

- FY2024: 13.6%

- FY2025: 13.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.31×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 6.2B

- Net income, five-year total: EUR 4.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 14.2%

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

- FY2021: 1.01×

- FY2022: 1.03×

- FY2023: 1.48×

- FY2024: 1.47×

- FY2025: 1.46×

### management: pass

- 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: 10.2% vs 13.3%

- Per-share earnings: 4.93 to 11.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.3%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR 4.9B

- Cumulative retained earnings: EUR 547M

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.6%

- Per-share value change: EUR 6.11

- Per-share value, starting three-year median: EUR 4.93

- Per-share value, ending three-year median: EUR 11.04

- Buybacks concentrated in cheaper years (correlation): 0.59

- Average buyback yield: 2.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 5.4B

- Cumulative net income, 10 years: EUR 7.5B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: 13.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.93

- FY2017: EUR 5.55

- FY2018: EUR 6.44

- FY2019: EUR 7.38

- FY2020: EUR 3.80

- FY2021: EUR 7.65

- FY2022: EUR 9.32

- FY2023: EUR 10.56

- FY2024: EUR 11.08

- FY2025: EUR 11.04

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -2.6%

- FY2018: -3.2%

- FY2019: -4.6%

- FY2020: -5.4%

- FY2021: -5.9%

- FY2022: -5.7%

- FY2023: -6.1%

- FY2024: -6.6%

- FY2025: -6.0%

## Holders

## Price story

Down 31% since Feb 2026 · "Eiffage, Vinci shares fall as France plans to raise motorway, airport tax" (finance.yahoo.com, Sep 2026) · sales +8.8%

Story as of 2026-10-16T10:00:05.939Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.6% a year for ten years

- 2025-08-27: Eiffage revenue rises in H1, but net income hit by French tax levy ([finance.yahoo.com](https://finance.yahoo.com/news/eiffage-revenue-rises-h1-net-170727812.html))

- 2026-09-29: Eiffage, Vinci shares fall as France plans to raise motorway, airport tax ([finance.yahoo.com](https://finance.yahoo.com/economy/policy/articles/eiffage-vinci-shares-fall-france-094555569.html))

### Sales · FY2024–2025

sales +8.8%; source https://filings.xbrl.org/969500OQXKE5WDM9M994/2023-12-31/ESEF/FR/0/969500OQXKE5WDM9M994-2023-12-31-fr/reports/969500OQXKE5WDM9M994-2023-12-31-fr.xhtml; observed 2024-04-04.

- FY2016: EUR 14B 

- FY2017: EUR 15B 

- FY2018: EUR 17B 

- FY2019: EUR 19B 

- FY2020: EUR 17B 

- FY2021: EUR 19B 

- FY2022: EUR 21B 

- FY2023: EUR 22B 

- FY2024: EUR 24B 

- FY2025: EUR 26B 

### Gross margin · FY2025

gross margin 12.9%; source https://filings.xbrl.org/969500OQXKE5WDM9M994/2023-12-31/ESEF/FR/0/969500OQXKE5WDM9M994-2023-12-31-fr/reports/969500OQXKE5WDM9M994-2023-12-31-fr.xhtml; observed 2024-04-04.

- FY2016: 82.6% 

- FY2017: 81.5% 

- FY2018: 82.0% 

- FY2019: 13.3% 

- FY2020: 10.4% 

- FY2021: 11.8% 

- FY2022: 12.7% 

- FY2023: 82.4% 

- FY2024: 83.6% 

- FY2025: 12.9% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 26.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: revenue 26119000000; grossProfit 3375000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FGR.PA: Eiffage SA, together with its subsidiaries, engages in the construction and concessions businesses in France, Germany, Europe, and internationally. It operates through five segments: Construction, Infrastructure, Energy Systems, Concessions, and Holding. The company constructs and renovates housing, offices, retail, hospitality, and public facilities; develops properties; and offers urban planning and regeneration. It also engages in the construction and maintenance of roads, motorways, ports, and airports, as well as industrial and commercial projects; civil engineering of transport infrastructure, water and waste treatment plants, energy production and transmission equipment, and hydraulic structures; and turnkey metal construction. In addition, the company designs, builds, implements, integrates, operates, and maintains systems and equipment related to electrical, industrial, climate control, and energy engineering. Further, it is involved in the construction and management of works under concession contracts and public-private partnerships; development and production of hydroelectric and photovoltaic energy; and management of equity investments and services. The company was founded in 1844 and is headquartered in Vélizy-Villacoublay, France.

### Why customers stay

Margins ranged from 12.9% to 83.6% during 2023–25; it earns 10.5% on its capital.

- Source: https://filings.xbrl.org/969500OQXKE5WDM9M994/2023-12-31/ESEF/FR/0/969500OQXKE5WDM9M994-2023-12-31-fr/reports/969500OQXKE5WDM9M994-2023-12-31-fr.xhtml (filed 2024-04-04); FY2023: grossProfit / revenue = 82.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2024: grossProfit / revenue = 83.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); 10-year return on capital observations [[2016,0.10369678366475377],[2017,0.10149673822022935],[2018,0.10151600767646982],[2019,0.09845864192417501],[2020,0.060728028320763426],[2021,0.10560608453212735],[2022,0.11757668780260777],[2023,0.12911000577240836],[2024,0.13614130972012434],[2025,0.13333067283901348]]; median 0.10465143409844055. 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 151 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2016: growth capex 0; upkeep 241000000; owner earnings 1054000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2017: growth capex 0; upkeep 304000000; owner earnings 1082000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2018: growth capex 0; upkeep 318000000; owner earnings 1175000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2019: growth capex 0; upkeep 812000000; owner earnings 779600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2020: growth capex 0; upkeep 933000000; owner earnings 438000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2021: growth capex 0; upkeep 1044000000; owner earnings 757800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2022: growth capex 0; upkeep 1021000000; owner earnings 925491955.7195572. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500OQXKE5WDM9M994/2023-12-31/ESEF/FR/0/969500OQXKE5WDM9M994-2023-12-31-fr/reports/969500OQXKE5WDM9M994-2023-12-31-fr.xhtml (filed 2024-04-04); FY2023: growth capex 0; upkeep 462000000; owner earnings 1494637859.007833. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2024: growth capex 0; upkeep 501000000; owner earnings 1525068417.5968482. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: growth capex 0; upkeep 650000000; owner earnings 1491409406.9529653. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); Dividend observations: [[2016,142000000],[2017,144000000],[2018,197000000],[2019,550000000],[2020,319000000],[2021,620000000],[2022,752000000],[2023,350000000],[2024,395000000],[2025,416000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); FY2025: cash repurchases 151000000 EUR.

### Are managers owners

Insiders own 21% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FGR.PA SharesStats.PercentInsiders = 20.971999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.6% yearly over ten years; actual growth was 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-04-04); Ten-year compound average after fade. Initial solved rate -0.17412047619912535. Price 100.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.526228352272371 → FY2025 16.1047157013289. Closing-price date 2026-10-15.

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

- 2016-10: EUR 67.44 per share

- 2016-11: EUR 62.28 per share

- 2016-12: EUR 66.25 per share

- 2017-01: EUR 66.58 per share

- 2017-02: EUR 67.42 per share

- 2017-03: EUR 73.42 per share

- 2017-04: EUR 77.76 per share

- 2017-05: EUR 80.95 per share

- 2017-06: EUR 79.56 per share

- 2017-07: EUR 81.85 per share

- 2017-08: EUR 86.80 per share

- 2017-09: EUR 87.60 per share

- 2017-10: EUR 89.69 per share

- 2017-11: EUR 92.19 per share

- 2017-12: EUR 91.34 per share

- 2018-01: EUR 97.66 per share

- 2018-02: EUR 89.10 per share

- 2018-03: EUR 92.48 per share

- 2018-04: EUR 98.70 per share

- 2018-05: EUR 96.40 per share

- 2018-06: EUR 93.18 per share

- 2018-07: EUR 95.72 per share

- 2018-08: EUR 96.96 per share

- 2018-09: EUR 96.16 per share

- 2018-10: EUR 86.42 per share

- 2018-11: EUR 84.02 per share

- 2018-12: EUR 72.96 per share

- 2019-01: EUR 81.92 per share

- 2019-02: EUR 85.78 per share

- 2019-03: EUR 85.66 per share

- 2019-04: EUR 93.10 per share

- 2019-05: EUR 85.58 per share

- 2019-06: EUR 86.94 per share

- 2019-07: EUR 89.36 per share

- 2019-08: EUR 94.24 per share

- 2019-09: EUR 95.12 per share

- 2019-10: EUR 96.32 per share

- 2019-11: EUR 99.10 per share

- 2019-12: EUR 102.00 per share

- 2020-01: EUR 104.75 per share

- 2020-02: EUR 96.42 per share

- 2020-03: EUR 64.50 per share

- 2020-04: EUR 74.70 per share

- 2020-05: EUR 82.00 per share

- 2020-06: EUR 81.40 per share

- 2020-07: EUR 74.00 per share

- 2020-08: EUR 77.22 per share

- 2020-09: EUR 69.82 per share

- 2020-10: EUR 62.32 per share

- 2020-11: EUR 82.14 per share

- 2020-12: EUR 79.04 per share

- 2021-01: EUR 74.94 per share

- 2021-02: EUR 85.16 per share

- 2021-03: EUR 85.36 per share

- 2021-04: EUR 91.12 per share

- 2021-05: EUR 90.34 per share

- 2021-06: EUR 85.80 per share

- 2021-07: EUR 85.94 per share

- 2021-08: EUR 88.02 per share

- 2021-09: EUR 87.68 per share

- 2021-10: EUR 88.96 per share

- 2021-11: EUR 82.22 per share

- 2021-12: EUR 90.46 per share

- 2022-01: EUR 92.76 per share

- 2022-02: EUR 91.32 per share

- 2022-03: EUR 93.24 per share

- 2022-04: EUR 94.44 per share

- 2022-05: EUR 92.10 per share

- 2022-06: EUR 85.88 per share

- 2022-07: EUR 91.46 per share

- 2022-08: EUR 87.86 per share

- 2022-09: EUR 82.52 per share

- 2022-10: EUR 91.54 per share

- 2022-11: EUR 93.94 per share

- 2022-12: EUR 91.92 per share

- 2023-01: EUR 97.96 per share

- 2023-02: EUR 104.00 per share

- 2023-03: EUR 99.74 per share

- 2023-04: EUR 107.90 per share

- 2023-05: EUR 99.62 per share

- 2023-06: EUR 95.58 per share

- 2023-07: EUR 94.62 per share

- 2023-08: EUR 91.32 per share

- 2023-09: EUR 90.04 per share

- 2023-10: EUR 85.70 per share

- 2023-11: EUR 93.00 per share

- 2023-12: EUR 97.02 per share

- 2024-01: EUR 97.08 per share

- 2024-02: EUR 100.65 per share

- 2024-03: EUR 105.15 per share

- 2024-04: EUR 100.30 per share

- 2024-05: EUR 101.35 per share

- 2024-06: EUR 85.76 per share

- 2024-07: EUR 92.10 per share

- 2024-08: EUR 94.80 per share

- 2024-09: EUR 86.64 per share

- 2024-10: EUR 85.46 per share

- 2024-11: EUR 85.40 per share

- 2024-12: EUR 84.72 per share

- 2025-01: EUR 86.32 per share

- 2025-02: EUR 96.58 per share

- 2025-03: EUR 107.25 per share

- 2025-04: EUR 119.75 per share

- 2025-05: EUR 121.10 per share

- 2025-06: EUR 119.25 per share

- 2025-07: EUR 117.65 per share

- 2025-08: EUR 107.50 per share

- 2025-09: EUR 108.70 per share

- 2025-10: EUR 106.70 per share

- 2025-11: EUR 119.00 per share

- 2025-12: EUR 122.40 per share

- 2026-01: EUR 124.95 per share

- 2026-02: EUR 146.20 per share

- 2026-03: EUR 131.15 per share

- 2026-04: EUR 137.00 per share

- 2026-05: EUR 124.75 per share

- 2026-06: EUR 129.10 per share

- 2026-07: EUR 123.25 per share

- 2026-08: EUR 109.00 per share

- 2026-09: EUR 100.15 per share

- 2026-10: EUR 99.86 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 152.11 per share, central EUR 167.08 per share, high EUR 187.00 per share

- FY2017: low EUR 162.81 per share, central EUR 179.26 per share, high EUR 201.15 per share

- FY2018: low EUR 166.16 per share, central EUR 184.33 per share, high EUR 208.52 per share

- FY2019: low EUR 185.85 per share, central EUR 205.80 per share, high EUR 232.35 per share

- FY2020: low EUR 178.28 per share, central EUR 195.98 per share, high EUR 219.54 per share

- FY2021: low EUR 134.48 per share, central EUR 146.74 per share, high EUR 163.06 per share

- FY2022: low EUR 129.24 per share, central EUR 142.89 per share, high EUR 161.05 per share

- FY2023: low EUR 137.75 per share, central EUR 152.40 per share, high EUR 171.91 per share

- FY2024: low EUR 164.74 per share, central EUR 181.82 per share, high EUR 204.56 per share

- FY2025: low EUR 216.84 per share, central EUR 241.11 per share, high EUR 273.42 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 2026-10-15T06:41:28.140Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500OQXKE5WDM9M994/2023-12-31/ESEF/FR/0/969500OQXKE5WDM9M994-2023-12-31-fr/reports/969500OQXKE5WDM9M994-2023-12-31-fr.xhtml); period 2023-12-31, filed 2024-04-04.

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.