# Lisi (FII.PA)

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

Analysis as of: 2026-10-16T07:39:08.497Z. Financial observations: FY2002–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 60.70 per share; close as of 2026-10-15.

Estimated value: low EUR 15.99 per share, central EUR 17.85 per share, high EUR 20.00 per share. Buy at or below the central value EUR 17.85 per share. Valuation as of 2026-10-16T07:39:08.497Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.52×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.10×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: -0.02×

- FY2021: 0.06×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.05×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 23.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 5.3%

- Typical minus recent gross margin: 23.6 pp

- Typical gross margin (annual median): 30.5%

- Recent gross margin (lower of latest and 3-year median): 6.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.5%

- ROIC including acquisitions, ten-year median: 3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.4%

- FY2017: 14.4%

- FY2018: 10.8%

- FY2019: 11.4%

- FY2020: -2.5%

- FY2021: 5.3%

- FY2022: 6.6%

- FY2023: 5.7%

- FY2024: 6.3%

- FY2025: 11.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 255M

- Net income, five-year total: EUR 334M

- Return on incremental invested capital: 8.8%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 3.0 pp

- Working capital / revenue, final three-year average: 18.5%

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

- FY2021: 1.19×

- FY2022: 0.67×

- FY2023: 0.47×

- FY2024: 0.66×

- FY2025: 0.79×

### 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: 13.4% vs 6.3%

- Per-share earnings: 1.99 to 1.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: -1.3%

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

- Market cap gain: EUR 813M

- Cumulative retained earnings: EUR 33M

- Diluted shares, 10-year annual growth: -1.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.1%

- Per-share value change: EUR -0.79

- Per-share value, starting three-year median: EUR 1.99

- Per-share value, ending three-year median: EUR 1.20

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 11.2%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 642M

- Cumulative net income, 10 years: EUR 674M

- ROIC, first three-year median: 13.4%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.99

- FY2017: EUR 2.02

- FY2018: EUR 1.71

- FY2019: EUR 1.30

- FY2020: EUR -0.71

- FY2021: EUR 0.83

- FY2022: EUR 1.06

- FY2023: EUR 0.81

- FY2024: EUR 1.20

- FY2025: EUR 3.01

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.09×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.25×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.32×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -4.6%

- FY2018: -5.5%

- FY2019: -7.7%

- FY2020: -12.0%

- FY2021: -4.0%

- FY2022: -3.8%

- FY2023: -4.8%

- FY2024: -5.9%

- FY2025: -1.7%

## Holders

## Price story

Price needs cash profits to grow 19.9% a year for ten years · sales -2.6%

Story as of 2026-10-16T10:00:10.513Z; price observation 2026-10-15.

Price needs cash profits to grow 19.9% a year for ten years

### Sales · FY2024–2025

sales -2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.6B 

- FY2017: EUR 1.7B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.7B 

- FY2020: EUR 1.2B 

- FY2021: EUR 1.2B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.6B 

- FY2024: EUR 1.8B 

- FY2025: EUR 1.7B 

### Gross margin · FY2025

gross margin 6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 53.5% 

- FY2017: 53.2% 

- FY2018: 52.1% 

- FY2019: 15.0% 

- FY2020: 9.7% 

- FY2021: 11.3% 

- FY2022: 12.5% 

- FY2023: 46.1% 

- FY2024: 46.8% 

- FY2025: 6.9% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are EUR 1.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2025: revenue 1747926000; grossProfit 120853000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FII.PA: Lisi S.A. designs and produces assembly and component solutions for the aerospace, automotive, and medical sectors in France and internationally. The company operates through three segments: LISI Aerospace and LISI Automotive. It offers OPTIBLIND, high pressure hydraulic fitting, latch, RIB fitting, TYX, and O-ring products; and manufactures fastener and structural assembly components for aircraft manufacturers. The company also provides cable channel, guide rods and electric parking brakes, sealing screws, and standard automotive clop; and metal and plastic assembly solutions, and safety mechanical components for automotive manufacturers and suppliers. The company was formerly known as GFI Industries and changed its name to Lisi S.A. in 2002. Lisi S.A. was founded in 1777 and is headquartered in Belfort, France.

### Why customers stay

Margins ranged from 6.9% to 46.8% during 2023–25; it earns 8.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2023: grossProfit / revenue = 46.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2024: grossProfit / revenue = 46.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2025: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); 10-year return on capital observations [[2016,0.1338788962557521],[2017,0.14438879256025833],[2018,0.10817298390680855],[2019,0.11379513274443179],[2020,-0.02533021165439478],[2021,0.05292838760565338],[2022,0.06585290582316199],[2023,0.05739972519312925],[2024,0.0627011662213136],[2025,0.11600525192187915]]; median 0.08701294486498526. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2016: growth capex 40678509.87674031; upkeep 91930490.1232597; owner earnings 95949509.8767403. Growth capex / owner earnings = 0.42395745355028047.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2017: growth capex 25568975.425136447; upkeep 116125024.57486355; owner earnings 81971975.42513645. Growth capex / owner earnings = 0.3119233773802138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2018: growth capex 5251644.228515431; upkeep 128851355.77148457; owner earnings 62242644.22851543. Growth capex / owner earnings = 0.08437373272952112.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2019: growth capex 0; upkeep 118555000; owner earnings 53017800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2021: growth capex 0; upkeep 66637000; owner earnings 52549600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2022: growth capex 11590000; upkeep 98963000; owner earnings 37894800. Growth capex / owner earnings = 0.3058467124777014.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2023: growth capex 0; upkeep 98889000; owner earnings 17563600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2024: growth capex 0; upkeep 106801000; owner earnings 36783000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); FY2025: growth capex 0; upkeep 100679000; owner earnings 109827200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); Dividend observations: [[2016,20629000],[2017,23873000],[2018,25499000],[2019,23421000],[2020,7437000],[2021,7437000],[2022,15418000],[2023,7996000],[2024,14195000],[2025,17897000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FII.PA SharesStats.PercentInsiders = 57.29 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.9% yearly over ten years; actual growth was 4.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:08.497Z); Ten-year compound average after fade. Initial solved rate 0.2763276605578514. Price 60.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.5485899354154435 → FY2025 2.3671695835847917. Closing-price date 2026-10-15.

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

- 2016-10: EUR 26.97 per share

- 2016-11: EUR 28.36 per share

- 2016-12: EUR 30.65 per share

- 2017-01: EUR 33.51 per share

- 2017-02: EUR 34.50 per share

- 2017-03: EUR 33.90 per share

- 2017-04: EUR 36.00 per share

- 2017-05: EUR 39.08 per share

- 2017-06: EUR 41.71 per share

- 2017-07: EUR 40.73 per share

- 2017-08: EUR 36.94 per share

- 2017-09: EUR 44.34 per share

- 2017-10: EUR 39.40 per share

- 2017-11: EUR 38.90 per share

- 2017-12: EUR 40.10 per share

- 2018-01: EUR 38.80 per share

- 2018-02: EUR 36.50 per share

- 2018-03: EUR 32.70 per share

- 2018-04: EUR 30.60 per share

- 2018-05: EUR 33.90 per share

- 2018-06: EUR 32.45 per share

- 2018-07: EUR 29.65 per share

- 2018-08: EUR 35.40 per share

- 2018-09: EUR 31.05 per share

- 2018-10: EUR 25.75 per share

- 2018-11: EUR 27.10 per share

- 2018-12: EUR 20.50 per share

- 2019-01: EUR 27.70 per share

- 2019-02: EUR 27.00 per share

- 2019-03: EUR 27.40 per share

- 2019-04: EUR 29.85 per share

- 2019-05: EUR 26.40 per share

- 2019-06: EUR 28.45 per share

- 2019-07: EUR 26.20 per share

- 2019-08: EUR 24.30 per share

- 2019-09: EUR 25.40 per share

- 2019-10: EUR 31.50 per share

- 2019-11: EUR 32.10 per share

- 2019-12: EUR 30.05 per share

- 2020-01: EUR 27.45 per share

- 2020-02: EUR 28.10 per share

- 2020-03: EUR 16.74 per share

- 2020-04: EUR 14.80 per share

- 2020-05: EUR 17.14 per share

- 2020-06: EUR 18.50 per share

- 2020-07: EUR 19.06 per share

- 2020-08: EUR 19.00 per share

- 2020-09: EUR 16.96 per share

- 2020-10: EUR 13.88 per share

- 2020-11: EUR 21.45 per share

- 2020-12: EUR 20.15 per share

- 2021-01: EUR 18.86 per share

- 2021-02: EUR 20.40 per share

- 2021-03: EUR 24.85 per share

- 2021-04: EUR 26.85 per share

- 2021-05: EUR 29.05 per share

- 2021-06: EUR 27.55 per share

- 2021-07: EUR 28.75 per share

- 2021-08: EUR 28.00 per share

- 2021-09: EUR 25.65 per share

- 2021-10: EUR 24.05 per share

- 2021-11: EUR 21.80 per share

- 2021-12: EUR 28.35 per share

- 2022-01: EUR 27.95 per share

- 2022-02: EUR 26.40 per share

- 2022-03: EUR 21.65 per share

- 2022-04: EUR 21.50 per share

- 2022-05: EUR 20.40 per share

- 2022-06: EUR 18.28 per share

- 2022-07: EUR 23.00 per share

- 2022-08: EUR 21.10 per share

- 2022-09: EUR 17.92 per share

- 2022-10: EUR 19.98 per share

- 2022-11: EUR 20.30 per share

- 2022-12: EUR 19.46 per share

- 2023-01: EUR 20.40 per share

- 2023-02: EUR 25.10 per share

- 2023-03: EUR 24.40 per share

- 2023-04: EUR 25.70 per share

- 2023-05: EUR 24.95 per share

- 2023-06: EUR 26.30 per share

- 2023-07: EUR 23.75 per share

- 2023-08: EUR 22.55 per share

- 2023-09: EUR 22.25 per share

- 2023-10: EUR 21.85 per share

- 2023-11: EUR 22.40 per share

- 2023-12: EUR 23.60 per share

- 2024-01: EUR 21.80 per share

- 2024-02: EUR 23.70 per share

- 2024-03: EUR 23.65 per share

- 2024-04: EUR 24.60 per share

- 2024-05: EUR 26.40 per share

- 2024-06: EUR 23.20 per share

- 2024-07: EUR 25.45 per share

- 2024-08: EUR 28.50 per share

- 2024-09: EUR 26.50 per share

- 2024-10: EUR 22.30 per share

- 2024-11: EUR 20.85 per share

- 2024-12: EUR 22.00 per share

- 2025-01: EUR 27.40 per share

- 2025-02: EUR 26.60 per share

- 2025-03: EUR 29.15 per share

- 2025-04: EUR 27.65 per share

- 2025-05: EUR 32.65 per share

- 2025-06: EUR 37.80 per share

- 2025-07: EUR 47.40 per share

- 2025-08: EUR 45.40 per share

- 2025-09: EUR 46.20 per share

- 2025-10: EUR 50.80 per share

- 2025-11: EUR 49.05 per share

- 2025-12: EUR 53.10 per share

- 2026-01: EUR 53.50 per share

- 2026-02: EUR 56.00 per share

- 2026-03: EUR 52.40 per share

- 2026-04: EUR 62.20 per share

- 2026-05: EUR 67.70 per share

- 2026-06: EUR 65.70 per share

- 2026-07: EUR 63.30 per share

- 2026-08: EUR 60.70 per share

- 2026-09: EUR 61.70 per share

- 2026-10: EUR 57.70 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 24.42 per share, central EUR 32.12 per share, high EUR 37.27 per share

- FY2017: low EUR 24.28 per share, central EUR 28.56 per share, high EUR 32.76 per share

- FY2018: low EUR 24.24 per share, central EUR 31.28 per share, high EUR 36.22 per share

- FY2019: low EUR 23.44 per share, central EUR 29.44 per share, high EUR 33.80 per share

- FY2020: low EUR 13.49 per share, central EUR 14.79 per share, high EUR 16.51 per share

- FY2021: low EUR 12.51 per share, central EUR 13.74 per share, high EUR 15.36 per share

- FY2022: low EUR 10.99 per share, central EUR 12.21 per share, high EUR 13.84 per share

- FY2023: low EUR 12.60 per share, central EUR 14.01 per share, high EUR 15.90 per share

- FY2024: low EUR 11.94 per share, central EUR 13.13 per share, high EUR 14.71 per share

- FY2025: low EUR 16.26 per share, central EUR 18.09 per share, high EUR 20.21 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 2026-10-15T06:45:06.307Z 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.