# Gecina (GFC.PA)

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

Analysis as of: 2026-10-16T07:37:27.755Z. 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 62.55 per share; close as of 2026-10-15.

## 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: 1.99×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.78×

- FY2017: 0.79×

- FY2018: 0.76×

- FY2019: 0.58×

- FY2020: 0.56×

- FY2021: 0.61×

- FY2022: 0.63×

- FY2023: -1.93×

- FY2024: 0.50×

- FY2025: 0.65×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.5%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 2.6 pp

- Typical gross margin (annual median): 77.0%

- Recent gross margin (lower of latest and 3-year median): 74.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 55.7%

- ROIC including acquisitions, ten-year median: 0.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.3%

- FY2017: 2.4%

- FY2018: 2.7%

- FY2019: 2.8%

- FY2020: 2.4%

- FY2021: 2.3%

- FY2022: 2.4%

- FY2023: -7.6%

- FY2024: 2.5%

- FY2025: 3.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -2.2B

- Net income, five-year total: EUR -10M

- Return on incremental invested capital: 4.1%

- Working capital / revenue, annual change: -10.1 pp

- Working capital / revenue, change between three-year averages: -64.4 pp

- Working capital / revenue, final three-year average: 54.0%

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

- FY2021: EUR 490M

- FY2022: EUR -132M

- FY2023: EUR -1.9B

- FY2024: EUR -115M

- FY2025: EUR -516M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.7% vs 2.5%

- Per-share earnings: 25.50 to 4.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.6%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -2.6B

- Cumulative retained earnings: EUR -365M

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -20.2%

- Per-share value change: EUR -21.33

- Per-share value, starting three-year median: EUR 25.50

- Per-share value, ending three-year median: EUR 4.18

- Buybacks concentrated in cheaper years (correlation): 0.90

- Average buyback yield: 0.6%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 394M

- Cumulative net income, 10 years: EUR 5.4B

- ROIC, first three-year median: 2.7%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 12.19

- FY2017: EUR 26.43

- FY2018: EUR 13.50

- FY2019: EUR 20.59

- FY2020: EUR 2.11

- FY2021: EUR 11.50

- FY2022: EUR 2.30

- FY2023: EUR -24.20

- FY2024: EUR 4.18

- FY2025: EUR 6.06

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.07×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.3%

- FY2017: 7.8%

- FY2018: 2.1%

- FY2019: 4.4%

- FY2020: -1.7%

- FY2021: 1.8%

- FY2022: -1.5%

- FY2023: -12.7%

- FY2024: -1.6%

- FY2025: -0.2%

## Holders

## Price story

Down 49% since Dec 2021 · sales +0.5%

Story as of 2026-10-16T10:00:09.114Z; price observation 2026-10-15.

- 2025-04-20: Gecina Nom (GECFF) Q1 2025 Earnings Call Highlights: Strong Rental Growth Amid Market Challenges ([finance.yahoo.com](https://finance.yahoo.com/news/gecina-nom-gecff-q1-2025-230022581.html))

### Sales · FY2024–2025

sales +0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 502M 

- FY2017: EUR 572M 

- FY2018: EUR 676M 

- FY2019: EUR 947M 

- FY2020: EUR 825M 

- FY2021: EUR 762M 

- FY2022: EUR 772M 

- FY2023: EUR 836M 

- FY2024: EUR 854M 

- FY2025: EUR 859M 

### Gross margin · FY2025

gross margin 77.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 98.1% 

- FY2017: 95.6% 

- FY2018: 96.4% 

- FY2019: 75.2% 

- FY2020: 76.8% 

- FY2021: 80.9% 

- FY2022: 73.8% 

- FY2023: 74.4% 

- FY2024: 73.6% 

- FY2025: 77.2% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 858.6 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2025: revenue 858577000; grossProfit 662725000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFC.PA: Gecina is a leading operator that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.4bn euros as at June 30, 2026. Strategically located in the most central areas of Paris and the Paris Region, Gecina's portfolio includes 1.2 million sq.m of office space and nearly 5,000 residential units. By combining long-term value creation with operational excellence, Gecina offers high-quality, sustainable living and working environments tailored to the evolving needs of urban users. As a committed operator, Gecina enhances its assets with high-value services and dynamic property and asset management, fostering vibrant communities. Gecina places user experience at the heart of its strategy. In line with its social responsibility commitments, the Fondation Gecina supports initiatives across four core pillars: disability inclusion, environmental protection, cultural heritage, and housing access. Gecina was incorporated in 10th February 1959 in France.

### Why customers stay

Margins ranged from 73.6% to 77.2% during 2023–25; it earns 2.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2023: grossProfit / revenue = 74.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2024: grossProfit / revenue = 73.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2025: grossProfit / revenue = 77.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); 10-year return on capital observations [[2016,0.03299078662003962],[2017,0.02358030909919933],[2018,0.02688590234757597],[2019,0.02759232695316683],[2020,0.024033710396633143],[2021,0.02349142930305102],[2022,0.02399805095058288],[2023,-0.0763196407208782],[2024,0.025054567472243355],[2025,0.03245287064978713]]; median 0.02454413893443825. 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 2026-10-16T07:37:27.755Z); FY2016: growth capex 0; upkeep 405089000; owner earnings 413052000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2017: growth capex 388886000; upkeep 5505000; owner earnings 1895562000. Growth capex / owner earnings = 0.20515604343197427.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2018: growth capex 387036000; upkeep 18877000; owner earnings 1004985000. Growth capex / owner earnings = 0.3851161957641159.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2019: growth capex 537518000; upkeep 13399000; owner earnings 1505191000. Growth capex / owner earnings = 0.3571094964027821.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); FY2021: growth capex 0; upkeep 360656000; owner earnings 489633400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); Dividend observations: [[2016,313784000],[2017,322163000],[2018,280234000],[2019,405716000],[2020,389352000],[2021,390308000],[2022,390949000],[2023,391317000],[2024,392327000],[2025,403330000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GFC.PA SharesStats.PercentInsiders = 1.654 percentage points; cache date 2026-10-16.

### What the price says

The price is 5.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:27.755Z); Closing price 62.55 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 11.617620394300637; price multiple 5.38406299027344. FY2025 cash earnings/share -6.981295362193178. Closing-price date 2026-10-15.

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

- 2016-11: EUR 120.95 per share

- 2016-12: EUR 128.32 per share

- 2017-01: EUR 116.46 per share

- 2017-02: EUR 117.24 per share

- 2017-03: EUR 124.17 per share

- 2017-04: EUR 127.49 per share

- 2017-05: EUR 133.59 per share

- 2017-06: EUR 134.08 per share

- 2017-07: EUR 127.60 per share

- 2017-08: EUR 130.90 per share

- 2017-09: EUR 137.20 per share

- 2017-10: EUR 139.30 per share

- 2017-11: EUR 140.00 per share

- 2017-12: EUR 153.90 per share

- 2018-01: EUR 157.20 per share

- 2018-02: EUR 144.10 per share

- 2018-03: EUR 141.10 per share

- 2018-04: EUR 143.60 per share

- 2018-05: EUR 148.00 per share

- 2018-06: EUR 143.30 per share

- 2018-07: EUR 145.90 per share

- 2018-08: EUR 147.90 per share

- 2018-09: EUR 143.80 per share

- 2018-10: EUR 129.70 per share

- 2018-11: EUR 123.50 per share

- 2018-12: EUR 113.00 per share

- 2019-01: EUR 128.20 per share

- 2019-02: EUR 130.40 per share

- 2019-03: EUR 131.80 per share

- 2019-04: EUR 133.10 per share

- 2019-05: EUR 128.00 per share

- 2019-06: EUR 131.60 per share

- 2019-07: EUR 138.60 per share

- 2019-08: EUR 144.20 per share

- 2019-09: EUR 144.20 per share

- 2019-10: EUR 153.80 per share

- 2019-11: EUR 156.80 per share

- 2019-12: EUR 159.60 per share

- 2020-01: EUR 170.40 per share

- 2020-02: EUR 160.70 per share

- 2020-03: EUR 120.70 per share

- 2020-04: EUR 119.10 per share

- 2020-05: EUR 115.70 per share

- 2020-06: EUR 110.00 per share

- 2020-07: EUR 109.50 per share

- 2020-08: EUR 115.20 per share

- 2020-09: EUR 112.70 per share

- 2020-10: EUR 106.60 per share

- 2020-11: EUR 127.30 per share

- 2020-12: EUR 126.30 per share

- 2021-01: EUR 117.60 per share

- 2021-02: EUR 114.70 per share

- 2021-03: EUR 117.40 per share

- 2021-04: EUR 121.65 per share

- 2021-05: EUR 130.50 per share

- 2021-06: EUR 129.20 per share

- 2021-07: EUR 133.85 per share

- 2021-08: EUR 131.55 per share

- 2021-09: EUR 116.55 per share

- 2021-10: EUR 121.05 per share

- 2021-11: EUR 119.40 per share

- 2021-12: EUR 122.90 per share

- 2022-01: EUR 120.10 per share

- 2022-02: EUR 113.50 per share

- 2022-03: EUR 114.30 per share

- 2022-04: EUR 107.60 per share

- 2022-05: EUR 109.40 per share

- 2022-06: EUR 89.00 per share

- 2022-07: EUR 100.00 per share

- 2022-08: EUR 88.95 per share

- 2022-09: EUR 80.45 per share

- 2022-10: EUR 90.25 per share

- 2022-11: EUR 93.25 per share

- 2022-12: EUR 95.15 per share

- 2023-01: EUR 108.60 per share

- 2023-02: EUR 109.10 per share

- 2023-03: EUR 95.55 per share

- 2023-04: EUR 100.90 per share

- 2023-05: EUR 95.75 per share

- 2023-06: EUR 97.55 per share

- 2023-07: EUR 98.35 per share

- 2023-08: EUR 98.85 per share

- 2023-09: EUR 96.75 per share

- 2023-10: EUR 92.60 per share

- 2023-11: EUR 101.60 per share

- 2023-12: EUR 110.10 per share

- 2024-01: EUR 102.70 per share

- 2024-02: EUR 89.30 per share

- 2024-03: EUR 94.65 per share

- 2024-04: EUR 96.00 per share

- 2024-05: EUR 99.00 per share

- 2024-06: EUR 85.95 per share

- 2024-07: EUR 91.70 per share

- 2024-08: EUR 99.50 per share

- 2024-09: EUR 103.40 per share

- 2024-10: EUR 98.05 per share

- 2024-11: EUR 95.35 per share

- 2024-12: EUR 90.45 per share

- 2025-01: EUR 94.25 per share

- 2025-02: EUR 90.55 per share

- 2025-03: EUR 86.85 per share

- 2025-04: EUR 90.50 per share

- 2025-05: EUR 96.90 per share

- 2025-06: EUR 93.30 per share

- 2025-07: EUR 86.20 per share

- 2025-08: EUR 83.85 per share

- 2025-09: EUR 85.30 per share

- 2025-10: EUR 80.55 per share

- 2025-11: EUR 79.90 per share

- 2025-12: EUR 80.90 per share

- 2026-01: EUR 77.45 per share

- 2026-02: EUR 78.45 per share

- 2026-03: EUR 67.80 per share

- 2026-04: EUR 71.85 per share

- 2026-05: EUR 73.45 per share

- 2026-06: EUR 73.55 per share

- 2026-07: EUR 74.95 per share

- 2026-08: EUR 68.40 per share

- 2026-09: EUR 62.25 per share

- 2026-10: EUR 63.10 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 73.26 per share, central EUR 83.14 per share, high EUR 96.31 per share

- FY2018: low EUR 147.85 per share, central EUR 168.20 per share, high EUR 195.30 per share

- FY2019: low EUR 244.28 per share, central EUR 304.74 per share, high EUR 355.60 per share

- FY2020: low EUR 184.42 per share, central EUR 209.55 per share, high EUR 243.01 per share

- FY2021: low EUR 167.76 per share, central EUR 190.89 per share, high EUR 221.68 per share

- FY2022: low EUR 74.00 per share, central EUR 84.14 per share, high EUR 97.63 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

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.