# Forvia SE (FRVIA.PA)

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

Analysis as of: 2026-10-16T07:41:22.267Z. Financial observations: FY2004–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 8.80 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.06×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.02×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

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

- ROIC, median of available years: 16.5%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: -0.7 pp

- Typical gross margin (annual median): 12.7%

- Recent gross margin (lower of latest and 3-year median): 13.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: -1.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 34.4%

- FY2017: 34.3%

- FY2018: 37.9%

- FY2019: 21.5%

- FY2020: 5.8%

- FY2021: 10.7%

- FY2022: 9.9%

- FY2023: 12.7%

- FY2024: 13.7%

- FY2025: 19.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -3.7B

- Net income, five-year total: EUR -2.5B

- Return on incremental invested capital: 15.2%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: -4.8%

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

- FY2021: EUR -217M

- FY2022: EUR -642M

- FY2023: EUR 11M

- FY2024: EUR -1.2B

- FY2025: EUR -1.6B

### management: fail

- 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: 34.4% vs 13.7%

- Per-share earnings: 3.94 to -0.94 (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: 4.0%

- Ordinary dilution, 5-year annual growth: 4.1%

- Market cap gain: EUR -2.1B

- Cumulative retained earnings: EUR -1.4B

- Diluted shares, 10-year annual growth: 4.0%

- Diluted shares, 5-year annual growth: 4.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -4.88

- Per-share value, starting three-year median: EUR 3.94

- Per-share value, ending three-year median: EUR -0.94

- Buybacks concentrated in cheaper years (correlation): 0.29

- Average buyback yield: 0.8%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 7.9B

- Cumulative net income, 10 years: EUR -366M

- ROIC, first three-year median: 34.4%

- ROIC, last three-year median: 13.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.65

- FY2017: EUR 3.94

- FY2018: EUR 5.11

- FY2019: EUR 3.89

- FY2020: EUR -2.50

- FY2021: EUR -0.53

- FY2022: EUR -1.94

- FY2023: EUR 1.12

- FY2024: EUR -0.94

- FY2025: EUR -11.28

### accounting: pass

- Sloan accruals: -17.6%

- Receivables to sales index (DSRI): 1.08×

- 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: 3.75×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.2%

- FY2017: -8.8%

- FY2018: -7.0%

- FY2019: -7.0%

- FY2020: -7.9%

- FY2021: -6.8%

- FY2022: -8.8%

- FY2023: -7.8%

- FY2024: -9.3%

- FY2025: -17.6%

## Holders

## Price story

Down 78% since Oct 2021 · sales -20.9%

Story as of 2026-10-16T10:00:11.901Z; price observation 2026-10-15.

- 2026-03-02: Forvia Halts 2026 Dividend As Deleveraging Takes Priority Over Payouts ([finance.yahoo.com](https://finance.yahoo.com/news/forvia-halts-2026-dividend-deleveraging-020925480.html))

### Sales · FY2024–2025

sales -20.9%; source https://filings.xbrl.org/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml; observed 2024-02-27.

- FY2016: EUR 19B 

- FY2017: EUR 20B 

- FY2018: EUR 18B 

- FY2019: EUR 18B 

- FY2020: EUR 15B 

- FY2021: EUR 16B 

- FY2022: EUR 25B 

- FY2023: EUR 27B 

- FY2024: EUR 27B 

- FY2025: EUR 21B 

### Gross margin · FY2025

gross margin 14%; source https://filings.xbrl.org/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml; observed 2024-02-27.

- FY2016: 10.3% 

- FY2017: 10.5% 

- FY2018: 13.0% 

- FY2019: 14.0% 

- FY2020: 10.1% 

- FY2021: 12.1% 

- FY2022: 12.7% 

- FY2023: 12.7% 

- FY2024: 13.4% 

- FY2025: 14.0% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are EUR 21.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2025: revenue 21347000000; grossProfit 2980900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRVIA.PA: Forvia SE, together with its subsidiaries, manufactures and sells automotive technology solutions in France, Germany, other European countries, other Europe, the Middle East, Africa, the Americas, Asia, and internationally. It operates through Seating, Interiors, Clean Mobility, Electronics, Lighting, and Lifecycle Solutions segments. The Seating segment designs and manufactures vehicle seats, seating frames, and adjustment mechanisms. The Interiors segment designs, manufactures, and assembles instrument panels, door panels, and modules. The Clean Mobility segment designs and manufactures exhaust systems, solutions for fuel cell electric vehicles, and aftertreatment solutions for commercial vehicles. The Electronics segment designs and manufactures display technologies, driver assistance systems, and cockpit electronics, including HELLA electronics and Clarion electronics. The Lighting segment designs and manufactures lighting technologies. The Lifecycle Solutions segment provides solutions extending the vehicle lifecycle, as well as workshop equipment and special original equipment. The company was formerly known as Faurecia S.E. and changed its name to Forvia SE in June 2023. Forvia SE was founded in 1914 and is headquartered in Nanterre, France.

### Why customers stay

Margins ranged from 12.7% to 14% during 2023–25; it earns 16.5% on its capital.

- Source: https://filings.xbrl.org/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml (filed 2024-02-27); FY2023: grossProfit / revenue = 12.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2024: grossProfit / revenue = 13.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2025: grossProfit / revenue = 14%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); 10-year return on capital observations [[2016,0.3435865115799183],[2017,0.3425138447572783],[2018,0.37864993423728893],[2019,0.21509352691857517],[2020,0.05763681072679611],[2021,0.10738851177178209],[2022,0.09851369024430964],[2023,0.12684987938974343],[2024,0.13650293433343752],[2025,0.1929030967254296]]; median 0.16470301552943356. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 13% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml (filed 2024-02-27); Gross margin observations: [[2021,0.12059316933242838],[2022,0.1266428891280609],[2023,0.12731990355220035]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2016: growth capex 0; upkeep 1044900000; owner earnings 262000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2017: growth capex 180614692.289729; upkeep 1026885307.710271; owner earnings 15014692.289729. Growth capex / owner earnings = 12.02919705609158.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2018: growth capex 0; upkeep 1266000000; owner earnings 305300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); FY2019: growth capex 37036224.97693372; upkeep 1329363775.0230663; owner earnings 377236224.9769337. Growth capex / owner earnings = 0.09817780617224212.

- Source: https://filings.xbrl.org/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml (filed 2024-02-27); FY2023: growth capex 315500000; upkeep 1867800000; owner earnings 11080000. Growth capex / owner earnings = 28.474729241877256.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); Dividend observations: [[2016,88800000],[2017,122600000],[2018,150900000],[2019,170200000],[2020,0],[2021,134800000],[2022,0],[2023,0],[2024,98200000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FRVIA.PA SharesStats.PercentInsiders = 19.021 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-02-27); Closing price 8.798 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 115.17129754518479; price multiple 0.07639056073452945. FY2025 cash earnings/share -8.874130024278392. Closing-price date 2026-10-15.

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

- 2016-11: EUR 30.65 per share

- 2016-12: EUR 33.38 per share

- 2017-01: EUR 36.41 per share

- 2017-02: EUR 37.60 per share

- 2017-03: EUR 40.41 per share

- 2017-04: EUR 40.62 per share

- 2017-05: EUR 42.35 per share

- 2017-06: EUR 40.30 per share

- 2017-07: EUR 42.53 per share

- 2017-08: EUR 44.28 per share

- 2017-09: EUR 53.23 per share

- 2017-10: EUR 56.56 per share

- 2017-11: EUR 58.26 per share

- 2017-12: EUR 59.03 per share

- 2018-01: EUR 65.60 per share

- 2018-02: EUR 62.79 per share

- 2018-03: EUR 59.56 per share

- 2018-04: EUR 61.45 per share

- 2018-05: EUR 65.71 per share

- 2018-06: EUR 55.39 per share

- 2018-07: EUR 52.69 per share

- 2018-08: EUR 47.83 per share

- 2018-09: EUR 46.98 per share

- 2018-10: EUR 38.89 per share

- 2018-11: EUR 31.19 per share

- 2018-12: EUR 29.97 per share

- 2019-01: EUR 34.58 per share

- 2019-02: EUR 38.01 per share

- 2019-03: EUR 33.97 per share

- 2019-04: EUR 41.04 per share

- 2019-05: EUR 29.97 per share

- 2019-06: EUR 36.99 per share

- 2019-07: EUR 38.97 per share

- 2019-08: EUR 36.02 per share

- 2019-09: EUR 39.44 per share

- 2019-10: EUR 37.86 per share

- 2019-11: EUR 43.63 per share

- 2019-12: EUR 43.53 per share

- 2020-01: EUR 39.12 per share

- 2020-02: EUR 37.05 per share

- 2020-03: EUR 24.74 per share

- 2020-04: EUR 29.96 per share

- 2020-05: EUR 31.41 per share

- 2020-06: EUR 31.51 per share

- 2020-07: EUR 29.81 per share

- 2020-08: EUR 33.09 per share

- 2020-09: EUR 33.46 per share

- 2020-10: EUR 29.49 per share

- 2020-11: EUR 37.79 per share

- 2020-12: EUR 37.98 per share

- 2021-01: EUR 39.29 per share

- 2021-02: EUR 38.80 per share

- 2021-03: EUR 41.17 per share

- 2021-04: EUR 40.69 per share

- 2021-05: EUR 40.08 per share

- 2021-06: EUR 37.49 per share

- 2021-07: EUR 34.10 per share

- 2021-08: EUR 37.01 per share

- 2021-09: EUR 37.07 per share

- 2021-10: EUR 40.83 per share

- 2021-11: EUR 34.35 per share

- 2021-12: EUR 37.91 per share

- 2022-01: EUR 35.01 per share

- 2022-02: EUR 30.86 per share

- 2022-03: EUR 21.43 per share

- 2022-04: EUR 19.10 per share

- 2022-05: EUR 23.40 per share

- 2022-06: EUR 18.92 per share

- 2022-07: EUR 17.55 per share

- 2022-08: EUR 14.39 per share

- 2022-09: EUR 11.23 per share

- 2022-10: EUR 15.12 per share

- 2022-11: EUR 15.76 per share

- 2022-12: EUR 14.13 per share

- 2023-01: EUR 18.14 per share

- 2023-02: EUR 20.71 per share

- 2023-03: EUR 19.94 per share

- 2023-04: EUR 18.75 per share

- 2023-05: EUR 19.33 per share

- 2023-06: EUR 21.57 per share

- 2023-07: EUR 22.82 per share

- 2023-08: EUR 19.64 per share

- 2023-09: EUR 19.61 per share

- 2023-10: EUR 15.84 per share

- 2023-11: EUR 18.03 per share

- 2023-12: EUR 20.42 per share

- 2024-01: EUR 16.06 per share

- 2024-02: EUR 13.16 per share

- 2024-03: EUR 14.06 per share

- 2024-04: EUR 15.00 per share

- 2024-05: EUR 15.04 per share

- 2024-06: EUR 11.06 per share

- 2024-07: EUR 10.84 per share

- 2024-08: EUR 9.24 per share

- 2024-09: EUR 9.23 per share

- 2024-10: EUR 8.68 per share

- 2024-11: EUR 8.04 per share

- 2024-12: EUR 8.68 per share

- 2025-01: EUR 10.14 per share

- 2025-02: EUR 8.44 per share

- 2025-03: EUR 7.51 per share

- 2025-04: EUR 6.78 per share

- 2025-05: EUR 8.28 per share

- 2025-06: EUR 8.61 per share

- 2025-07: EUR 11.24 per share

- 2025-08: EUR 11.39 per share

- 2025-09: EUR 11.41 per share

- 2025-10: EUR 11.11 per share

- 2025-11: EUR 12.10 per share

- 2025-12: EUR 13.62 per share

- 2026-01: EUR 13.81 per share

- 2026-02: EUR 12.08 per share

- 2026-03: EUR 9.69 per share

- 2026-04: EUR 9.97 per share

- 2026-05: EUR 11.40 per share

- 2026-06: EUR 8.73 per share

- 2026-07: EUR 8.88 per share

- 2026-08: EUR 9.14 per share

- 2026-09: EUR 8.74 per share

- 2026-10: EUR 8.74 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 8.74 per share, central EUR 8.89 per share, high EUR 9.09 per share

- FY2018: low EUR 16.68 per share, central EUR 17.21 per share, high EUR 17.92 per share

- FY2019: low EUR 30.89 per share, central EUR 33.36 per share, high EUR 36.65 per share

- FY2020: low EUR 33.24 per share, central EUR 35.27 per share, high EUR 37.99 per share

- FY2021: low EUR 31.57 per share, central EUR 31.69 per share, high EUR 31.84 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/969500F0VMZLK2IULV85/2023-12-31/ESEF/FR/0/969500F0VMZLK2IULV85-2023-12-31-fr/reports/969500F0VMZLK2IULV85-2023-12-31-fr.xhtml); period 2023-12-31, filed 2024-02-27.

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.

## Reported holder observations