# Getlink SE (GET.PA)

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

Analysis as of: 2026-10-16T07:35:39.682Z. Financial observations: FY2005–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 19.19 per share; close as of 2026-10-15.

Estimated value: low EUR 9.38 per share, central EUR 10.34 per share, high EUR 11.61 per share. Buy at or below the central value EUR 10.34 per share. Valuation as of 2026-10-16T07:35:39.682Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.36×

- FY2017: 0.36×

- FY2018: 0.37×

- FY2019: 0.34×

- FY2020: 0.17×

- FY2021: 0.12×

- FY2022: 0.41×

- FY2023: 0.40×

- FY2024: 0.37×

- FY2025: 0.39×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 49.1%

- Recent gross margin (lower of latest and 3-year median): 48.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.3%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.4%

- FY2017: 6.6%

- FY2018: 6.4%

- FY2019: 6.2%

- FY2020: 1.9%

- FY2021: 1.2%

- FY2022: 9.5%

- FY2023: 9.1%

- FY2024: 9.6%

- FY2025: 9.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.2B

- Net income, five-year total: EUR 986M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 1.3%

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

- FY2021: 0.81×

- FY2022: 1.11×

- FY2023: 1.26×

- FY2024: 1.19×

- FY2025: 1.08×

### management: pass

- 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: 6.4% vs 9.6%

- Per-share earnings: 0.21 to 0.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: EUR 3.8B

- Cumulative retained earnings: EUR 921M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 13.7%

- Per-share value change: EUR 0.37

- Per-share value, starting three-year median: EUR 0.21

- Per-share value, ending three-year median: EUR 0.58

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 0.7%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 365M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 6.4%

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.25

- FY2017: EUR 0.21

- FY2018: EUR 0.24

- FY2019: EUR 0.29

- FY2020: EUR -0.21

- FY2021: EUR -0.42

- FY2022: EUR 0.47

- FY2023: EUR 0.60

- FY2024: EUR 0.58

- FY2025: EUR 0.58

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.08×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -5.6%

- FY2018: -5.5%

- FY2019: -5.5%

- FY2020: -6.0%

- FY2021: -7.1%

- FY2022: -10.0%

- FY2023: -7.9%

- FY2024: -5.9%

- FY2025: -3.8%

## Holders

## Price story

Price needs cash profits to grow 10.4% a year for ten years · sales -1.2%

Story as of 2026-10-16T10:00:05.759Z; price observation 2026-10-15.

Price needs cash profits to grow 10.4% a year for ten years

### Sales · FY2024–2025

sales -1.2%; source https://filings.xbrl.org/9695007ZEQ7M0OE74G82/2024-12-31/ESEF/FR/0/getlink-2024-12-31-fr/reports/getlink-2024-12-31-fr.xhtml; observed 2025-04-15.

- FY2016: EUR 1.0B 

- FY2017: EUR 1.0B 

- FY2018: EUR 1.1B 

- FY2019: EUR 1.1B 

- FY2020: EUR 816M 

- FY2021: EUR 774M 

- FY2022: EUR 1.6B 

- FY2023: EUR 1.8B 

- FY2024: EUR 1.6B 

- FY2025: EUR 1.6B 

### Gross margin · FY2025

gross margin 48%; source https://filings.xbrl.org/9695007ZEQ7M0OE74G82/2024-12-31/ESEF/FR/0/getlink-2024-12-31-fr/reports/getlink-2024-12-31-fr.xhtml; observed 2025-04-15.

- FY2016: 50.2% 

- FY2017: 50.9% 

- FY2018: 52.7% 

- FY2019: 51.6% 

- FY2020: 25.8% 

- FY2021: 21.5% 

- FY2022: 47.0% 

- FY2023: 40.2% 

- FY2024: 51.6% 

- FY2025: 48.0% 

## Owner memo

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

### How it makes money

Operates in railroads; annual sales are EUR 1.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 1595000000; grossProfit 765000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GET.PA: Getlink SE, together with its subsidiaries, engages in the design, finance, construction, and operation of fixed link infrastructure and transport system in France and the United Kingdom. It operates through Eurotunnel, Europorte, and ElecLink segments. The Eurotunnel segment operates tunnels of a length of approximately 50 kilometres each under the English Channel, as well as terminals at Folkestone in the United Kingdom and the Coquelles in France. It also provides passenger shuttle services for the transport of trucks, cars, motor homes, caravans, coaches, motorcycles, trailers, commercial vans, and other vehicles. In addition, this segment manages passenger trains and rail freight, as well as fixed equipment and related installations. Its Europorte segment offers a range of integrated rail freight services, including national and international haulage, local services for secondary lines, individual junction management, infrastructure maintenance, and wagon loading and unloading services. The ElecLink segment engages in the construction and operation of a 1-gigawatt electricity interconnector between France and the Great Britain. The company also engages in consultancy and custom services; professional training services for the rail sector; and third-party retail, telecommunication cables, and property businesses, as well as the sale of travel insurance products. The company was formerly known as Groupe Eurotunnel S.E. and changed its name to Getlink SE in April 2018. Getlink SE was founded in 1802 and is based in Paris, France.

### Why customers stay

Margins ranged from 40.2% to 51.6% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 40.2%.

- Source: https://filings.xbrl.org/9695007ZEQ7M0OE74G82/2024-12-31/ESEF/FR/0/getlink-2024-12-31-fr/reports/getlink-2024-12-31-fr.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 51.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 48%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.06384632068023186],[2017,0.06554869894831951],[2018,0.06372099769981425],[2019,0.06198508296563059],[2020,0.019325469673105368],[2021,0.012231049773587853],[2022,0.0951268351352034],[2023,0.09081987270231678],[2024,0.09618787196396976],[2025,0.09949463044851548]]; median 0.06469750981427569. 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 2025-04-15); FY2016: growth capex 0; upkeep 145271000; owner earnings 140520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 57257654.48739272; upkeep 217982345.51260728; owner earnings 47539654.48739272. Growth capex / owner earnings = 1.2044188184534905.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 94727000; upkeep 173944000; owner earnings 130320000. Growth capex / owner earnings = 0.7268799877225292.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 35532967.71374071; upkeep 211050032.2862593; owner earnings 122546767.7137407. Growth capex / owner earnings = 0.2899543445873891.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 0; upkeep 187779000; owner earnings 278854600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 0; upkeep 144000000; owner earnings 411000000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695007ZEQ7M0OE74G82/2024-12-31/ESEF/FR/0/getlink-2024-12-31-fr/reports/getlink-2024-12-31-fr.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 155000000; owner earnings 377200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: growth capex 0; upkeep 192000000; owner earnings 344000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,118154000],[2017,139005000],[2018,160385000],[2019,193014000],[2020,462845000],[2021,26953000],[2022,54057000],[2023,271000000],[2024,298000000],[2025,314000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GET.PA SharesStats.PercentInsiders = 46.793 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.4% yearly over ten years; actual growth was 12.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate 0.13620434471336085. Price 19.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2004433607716064 → FY2025 0.6255148223374253. Closing-price date 2026-10-15.

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

- 2016-10: EUR 8.53 per share

- 2016-11: EUR 8.30 per share

- 2016-12: EUR 9.03 per share

- 2017-01: EUR 8.61 per share

- 2017-02: EUR 8.80 per share

- 2017-03: EUR 9.43 per share

- 2017-04: EUR 10.09 per share

- 2017-05: EUR 10.49 per share

- 2017-06: EUR 9.34 per share

- 2017-07: EUR 9.36 per share

- 2017-08: EUR 10.02 per share

- 2017-09: EUR 10.20 per share

- 2017-10: EUR 10.79 per share

- 2017-11: EUR 11.17 per share

- 2017-12: EUR 10.72 per share

- 2018-01: EUR 11.30 per share

- 2018-02: EUR 10.57 per share

- 2018-03: EUR 11.60 per share

- 2018-04: EUR 11.69 per share

- 2018-05: EUR 11.59 per share

- 2018-06: EUR 11.75 per share

- 2018-07: EUR 11.30 per share

- 2018-08: EUR 10.85 per share

- 2018-09: EUR 11.00 per share

- 2018-10: EUR 11.12 per share

- 2018-11: EUR 11.48 per share

- 2018-12: EUR 11.73 per share

- 2019-01: EUR 12.78 per share

- 2019-02: EUR 12.98 per share

- 2019-03: EUR 13.52 per share

- 2019-04: EUR 14.35 per share

- 2019-05: EUR 13.81 per share

- 2019-06: EUR 14.09 per share

- 2019-07: EUR 13.05 per share

- 2019-08: EUR 12.80 per share

- 2019-09: EUR 13.78 per share

- 2019-10: EUR 15.01 per share

- 2019-11: EUR 15.31 per share

- 2019-12: EUR 15.51 per share

- 2020-01: EUR 15.95 per share

- 2020-02: EUR 14.58 per share

- 2020-03: EUR 10.99 per share

- 2020-04: EUR 11.63 per share

- 2020-05: EUR 12.98 per share

- 2020-06: EUR 12.84 per share

- 2020-07: EUR 12.73 per share

- 2020-08: EUR 12.84 per share

- 2020-09: EUR 11.60 per share

- 2020-10: EUR 11.54 per share

- 2020-11: EUR 13.95 per share

- 2020-12: EUR 14.18 per share

- 2021-01: EUR 12.72 per share

- 2021-02: EUR 13.57 per share

- 2021-03: EUR 13.08 per share

- 2021-04: EUR 13.23 per share

- 2021-05: EUR 13.10 per share

- 2021-06: EUR 13.15 per share

- 2021-07: EUR 13.51 per share

- 2021-08: EUR 13.62 per share

- 2021-09: EUR 13.54 per share

- 2021-10: EUR 13.29 per share

- 2021-11: EUR 13.05 per share

- 2021-12: EUR 14.56 per share

- 2022-01: EUR 13.95 per share

- 2022-02: EUR 14.64 per share

- 2022-03: EUR 16.35 per share

- 2022-04: EUR 17.48 per share

- 2022-05: EUR 17.93 per share

- 2022-06: EUR 16.83 per share

- 2022-07: EUR 19.53 per share

- 2022-08: EUR 18.79 per share

- 2022-09: EUR 15.91 per share

- 2022-10: EUR 16.03 per share

- 2022-11: EUR 15.84 per share

- 2022-12: EUR 14.98 per share

- 2023-01: EUR 15.53 per share

- 2023-02: EUR 15.93 per share

- 2023-03: EUR 15.19 per share

- 2023-04: EUR 16.96 per share

- 2023-05: EUR 15.88 per share

- 2023-06: EUR 15.58 per share

- 2023-07: EUR 16.00 per share

- 2023-08: EUR 15.46 per share

- 2023-09: EUR 15.11 per share

- 2023-10: EUR 15.24 per share

- 2023-11: EUR 16.77 per share

- 2023-12: EUR 16.57 per share

- 2024-01: EUR 16.00 per share

- 2024-02: EUR 15.79 per share

- 2024-03: EUR 15.78 per share

- 2024-04: EUR 16.00 per share

- 2024-05: EUR 16.19 per share

- 2024-06: EUR 15.45 per share

- 2024-07: EUR 16.48 per share

- 2024-08: EUR 16.32 per share

- 2024-09: EUR 16.02 per share

- 2024-10: EUR 15.59 per share

- 2024-11: EUR 15.47 per share

- 2024-12: EUR 15.41 per share

- 2025-01: EUR 15.46 per share

- 2025-02: EUR 15.97 per share

- 2025-03: EUR 15.95 per share

- 2025-04: EUR 16.68 per share

- 2025-05: EUR 16.85 per share

- 2025-06: EUR 16.39 per share

- 2025-07: EUR 15.90 per share

- 2025-08: EUR 16.15 per share

- 2025-09: EUR 15.66 per share

- 2025-10: EUR 15.83 per share

- 2025-11: EUR 15.58 per share

- 2025-12: EUR 15.73 per share

- 2026-01: EUR 16.71 per share

- 2026-02: EUR 18.42 per share

- 2026-03: EUR 18.57 per share

- 2026-04: EUR 19.07 per share

- 2026-05: EUR 18.76 per share

- 2026-06: EUR 18.60 per share

- 2026-07: EUR 18.48 per share

- 2026-08: EUR 18.85 per share

- 2026-09: EUR 18.42 per share

- 2026-10: EUR 19.05 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 2.79 per share, central EUR 3.09 per share, high EUR 3.49 per share

- FY2017: low EUR 3.30 per share, central EUR 3.60 per share, high EUR 4.01 per share

- FY2018: low EUR 3.38 per share, central EUR 3.70 per share, high EUR 4.12 per share

- FY2019: low EUR 3.40 per share, central EUR 3.74 per share, high EUR 4.20 per share

- FY2020: low EUR 3.01 per share, central EUR 3.27 per share, high EUR 3.61 per share

- FY2021: low EUR 2.02 per share, central EUR 2.12 per share, high EUR 2.26 per share

- FY2022: low EUR 5.81 per share, central EUR 6.32 per share, high EUR 6.99 per share

- FY2023: low EUR 6.98 per share, central EUR 7.55 per share, high EUR 8.32 per share

- FY2024: low EUR 8.71 per share, central EUR 9.49 per share, high EUR 10.53 per share

- FY2025: low EUR 9.50 per share, central EUR 10.45 per share, high EUR 11.70 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 2026-10-15T06:41:22.977Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9695007ZEQ7M0OE74G82/2024-12-31/ESEF/FR/0/getlink-2024-12-31-fr/reports/getlink-2024-12-31-fr.xhtml); period 2024-12-31, filed 2025-04-15.

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.