# Gaztransport & Technigaz SAS (GTT.PA)

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

Analysis as of: 2026-10-16T07:36:11.960Z. Financial observations: FY2010–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 207.00 per share; close as of 2026-10-15.

Estimated value: low EUR 133.58 per share, central EUR 186.60 per share, high EUR 217.47 per share. Buy at or below the central value EUR 186.60 per share. Valuation as of 2026-10-16T07:36:11.960Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.61×

- FY2017: 0.64×

- FY2018: 0.67×

- FY2019: 0.59×

- FY2020: 0.60×

- FY2021: 0.52×

- FY2022: 0.50×

- FY2023: 0.52×

- FY2024: 0.58×

- FY2025: 0.64×

### moat: fail

- Recent gross margin fell 32.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: >100%

- ROIC, second-lowest year: >100%

- Typical minus recent gross margin: 32.0 pp

- Typical gross margin (annual median): 96.7%

- Recent gross margin (lower of latest and 3-year median): 64.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 105.6%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -7.2 pp

- Working capital / revenue, final three-year average: 30.8%

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

- FY2021: 0.94×

- FY2022: 0.91×

- FY2023: 0.89×

- FY2024: 0.92×

- FY2025: 0.99×

### 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: 333.9% vs 279.1%

- Per-share earnings: 3.23 to 9.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 4.3B

- Cumulative retained earnings: EUR 294M

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.2%

- Per-share value change: EUR 6.13

- Per-share value, starting three-year median: EUR 3.23

- Per-share value, ending three-year median: EUR 9.36

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 273M

- Cumulative net income, 10 years: EUR 2.0B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.23

- FY2017: EUR 3.34

- FY2018: EUR 3.84

- FY2019: EUR 3.85

- FY2020: EUR 5.34

- FY2021: EUR 3.63

- FY2022: EUR 3.47

- FY2023: EUR 5.42

- FY2024: EUR 9.36

- FY2025: EUR 11.12

### accounting: pass

- Sloan accruals: -1.9%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 12.3%

- FY2017: 3.0%

- FY2018: -12.0%

- FY2019: 4.3%

- FY2020: 12.4%

- FY2021: -19.0%

- FY2022: -2.3%

- FY2023: -3.3%

- FY2024: -1.7%

- FY2025: -1.9%

## Holders

## Price story

Price needs cash profits to grow 7.9% a year for ten years · sales +25.2%

Story as of 2026-10-16T10:00:07.053Z; price observation 2026-10-15.

Price needs cash profits to grow 7.9% a year for ten years

- 2026-07-28: GTT - First half 2026 results - Orderbook on high historical levels ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/gtt-first-half-2026-results-154500279.html))

### Sales · FY2024–2025

sales +25.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 236M 

- FY2017: EUR 232M 

- FY2018: EUR 246M 

- FY2019: EUR 288M 

- FY2020: EUR 396M 

- FY2021: EUR 315M 

- FY2022: EUR 307M 

- FY2023: EUR 428M 

- FY2024: EUR 641M 

- FY2025: EUR 803M 

### Gross margin · FY2025

gross margin 64.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 99.2% 

- FY2017: 99.2% 

- FY2018: 98.8% 

- FY2019: 97.5% 

- FY2020: 97.8% 

- FY2021: 96.0% 

- FY2022: 95.6% 

- FY2023: 93.4% 

- FY2024: 91.5% 

- FY2025: 64.8% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are EUR 803 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2025: revenue 803000000; grossProfit 520100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GTT.PA: Gaztransport & Technigaz SA, a technology and engineering company, provides cryogenic membrane containment systems for the maritime transportation and storage of liquefied gases in South Korea, China, and internationally. It operates through the Core Business and Hydrogen segments. The. company offers onshore membrane storage tank solutions for the storage of LNG (Liquefied Natural Gas); LNG floating storage solution; solutions for the transportation and storage of other liquefied gases such as ethane, ethylene, propane, butane, and propylene; solutions for the offshore LNG industry, including floating storage and regasification units (FSRUs), floating storage and unloading units (FLNGs), and floating storage units (FSUs); and consultancy services, engineering studies, operational support, and maintenance and repairs of GTT membrane systems. It also sells decision-making support tools for ship-owners and operators, including data analysis and vessel performance optimization; designs and assembles electrolysers to produce green hydrogen from renewable energy; and adapts containment technology for LNG-fuelled vessels. It serves ship-owners, gas companies, terminal operators, and shipyards. Gaztransport & Technigaz SA was founded in 1963 and is headquartered in Saint-Rémy-lès-Chevreuse, France.

### Why customers stay

Margins ranged from 64.8% to 93.4% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2023: grossProfit / revenue = 93.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2024: grossProfit / revenue = 91.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2025: grossProfit / revenue = 64.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); 10-year return on capital observations [[2016,3.049195197165344],[2017,3.3385560731652397],[2018,33.62728952238226],[2019,4.615880214563879],[2020,2.13750985415633],[2021,3.9857992480243554],[2022,3.583929551635758],[2023,3.0925502306178614],[2024,2.7907927775542833],[2025,1.6962625165228875]]; median 3.2155531518915508. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.8% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2016: growth capex 0; upkeep 3151000; owner earnings 120034000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2017: growth capex 0; upkeep 3434000; owner earnings 123949000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2018: growth capex 0; upkeep 2890000; owner earnings 143204000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2019: growth capex 3094746.5173271783; upkeep 5926253.482672822; owner earnings 141459746.5173272. Growth capex / owner earnings = 0.02187722368743328.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2020: growth capex 7817016.827081874; upkeep 5920983.172918126; owner earnings 198805016.82708186. Growth capex / owner earnings = 0.03932001793436138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2021: growth capex 0; upkeep 16058000; owner earnings 125574000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2022: growth capex 0; upkeep 20514000; owner earnings 116620000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2023: growth capex 10851454.39458362; upkeep 32272545.60541638; owner earnings 179718454.3945836. Growth capex / owner earnings = 0.06038030112788831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2024: growth capex 20024843.354317293; upkeep 41673156.64568271; owner earnings 318636843.3543173. Growth capex / owner earnings = 0.06284534815093588.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); FY2025: growth capex 7400000; upkeep 32900000; owner earnings 410340000. Growth capex / owner earnings = 0.018033825608032364.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); Incremental return on capital 1.055708316272347, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); Dividend observations: [[2016,99654000],[2017,98592000],[2018,98549000],[2019,121980000],[2020,157569000],[2021,115744000],[2022,121783000],[2023,125640000],[2024,228891000],[2025,290200000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GTT.PA SharesStats.PercentInsiders = 1.476 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.9% yearly over ten years; actual growth was 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:11.960Z); Ten-year compound average after fade. Initial solved rate 0.09988610526129549. Price 207; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.052013648209344 → FY2025 11.033314511575382. Closing-price date 2026-10-15.

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

- 2016-10: EUR 30.80 per share

- 2016-11: EUR 32.06 per share

- 2016-12: EUR 41.10 per share

- 2017-01: EUR 38.20 per share

- 2017-02: EUR 34.82 per share

- 2017-03: EUR 35.25 per share

- 2017-04: EUR 34.27 per share

- 2017-05: EUR 35.15 per share

- 2017-06: EUR 34.98 per share

- 2017-07: EUR 40.24 per share

- 2017-08: EUR 42.83 per share

- 2017-09: EUR 46.00 per share

- 2017-10: EUR 42.02 per share

- 2017-11: EUR 44.70 per share

- 2017-12: EUR 50.10 per share

- 2018-01: EUR 55.75 per share

- 2018-02: EUR 52.55 per share

- 2018-03: EUR 50.90 per share

- 2018-04: EUR 51.35 per share

- 2018-05: EUR 50.90 per share

- 2018-06: EUR 52.50 per share

- 2018-07: EUR 56.05 per share

- 2018-08: EUR 58.90 per share

- 2018-09: EUR 65.30 per share

- 2018-10: EUR 65.40 per share

- 2018-11: EUR 66.00 per share

- 2018-12: EUR 67.15 per share

- 2019-01: EUR 73.75 per share

- 2019-02: EUR 79.10 per share

- 2019-03: EUR 81.10 per share

- 2019-04: EUR 80.65 per share

- 2019-05: EUR 81.50 per share

- 2019-06: EUR 88.15 per share

- 2019-07: EUR 82.15 per share

- 2019-08: EUR 85.10 per share

- 2019-09: EUR 90.85 per share

- 2019-10: EUR 81.65 per share

- 2019-11: EUR 80.20 per share

- 2019-12: EUR 85.40 per share

- 2020-01: EUR 91.50 per share

- 2020-02: EUR 80.10 per share

- 2020-03: EUR 67.00 per share

- 2020-04: EUR 66.20 per share

- 2020-05: EUR 66.60 per share

- 2020-06: EUR 67.90 per share

- 2020-07: EUR 78.25 per share

- 2020-08: EUR 78.90 per share

- 2020-09: EUR 81.55 per share

- 2020-10: EUR 82.25 per share

- 2020-11: EUR 82.70 per share

- 2020-12: EUR 79.20 per share

- 2021-01: EUR 75.40 per share

- 2021-02: EUR 69.60 per share

- 2021-03: EUR 68.00 per share

- 2021-04: EUR 71.05 per share

- 2021-05: EUR 68.60 per share

- 2021-06: EUR 68.10 per share

- 2021-07: EUR 67.60 per share

- 2021-08: EUR 70.55 per share

- 2021-09: EUR 64.75 per share

- 2021-10: EUR 71.40 per share

- 2021-11: EUR 71.10 per share

- 2021-12: EUR 82.25 per share

- 2022-01: EUR 81.15 per share

- 2022-02: EUR 85.70 per share

- 2022-03: EUR 101.50 per share

- 2022-04: EUR 114.20 per share

- 2022-05: EUR 122.00 per share

- 2022-06: EUR 119.50 per share

- 2022-07: EUR 134.50 per share

- 2022-08: EUR 127.00 per share

- 2022-09: EUR 113.30 per share

- 2022-10: EUR 117.70 per share

- 2022-11: EUR 119.30 per share

- 2022-12: EUR 99.80 per share

- 2023-01: EUR 101.50 per share

- 2023-02: EUR 98.95 per share

- 2023-03: EUR 94.20 per share

- 2023-04: EUR 96.95 per share

- 2023-05: EUR 93.55 per share

- 2023-06: EUR 93.25 per share

- 2023-07: EUR 110.90 per share

- 2023-08: EUR 114.30 per share

- 2023-09: EUR 116.50 per share

- 2023-10: EUR 120.70 per share

- 2023-11: EUR 123.60 per share

- 2023-12: EUR 119.90 per share

- 2024-01: EUR 130.10 per share

- 2024-02: EUR 143.00 per share

- 2024-03: EUR 138.50 per share

- 2024-04: EUR 131.00 per share

- 2024-05: EUR 133.90 per share

- 2024-06: EUR 121.90 per share

- 2024-07: EUR 136.40 per share

- 2024-08: EUR 133.30 per share

- 2024-09: EUR 126.70 per share

- 2024-10: EUR 133.40 per share

- 2024-11: EUR 137.70 per share

- 2024-12: EUR 128.60 per share

- 2025-01: EUR 147.90 per share

- 2025-02: EUR 147.00 per share

- 2025-03: EUR 140.30 per share

- 2025-04: EUR 143.80 per share

- 2025-05: EUR 163.70 per share

- 2025-06: EUR 168.20 per share

- 2025-07: EUR 165.00 per share

- 2025-08: EUR 159.40 per share

- 2025-09: EUR 157.60 per share

- 2025-10: EUR 171.60 per share

- 2025-11: EUR 172.30 per share

- 2025-12: EUR 156.60 per share

- 2026-01: EUR 181.50 per share

- 2026-02: EUR 192.60 per share

- 2026-03: EUR 203.20 per share

- 2026-04: EUR 207.00 per share

- 2026-05: EUR 197.90 per share

- 2026-06: EUR 185.90 per share

- 2026-07: EUR 195.70 per share

- 2026-08: EUR 209.80 per share

- 2026-09: EUR 214.40 per share

- 2026-10: EUR 215.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 36.84 per share, central EUR 41.63 per share, high EUR 48.01 per share

- FY2017: low EUR 37.32 per share, central EUR 42.11 per share, high EUR 48.49 per share

- FY2018: low EUR 41.35 per share, central EUR 46.42 per share, high EUR 53.18 per share

- FY2019: low EUR 47.50 per share, central EUR 53.45 per share, high EUR 61.36 per share

- FY2020: low EUR 82.41 per share, central EUR 118.57 per share, high EUR 138.73 per share

- FY2021: low EUR 67.35 per share, central EUR 95.80 per share, high EUR 111.66 per share

- FY2022: low EUR 59.42 per share, central EUR 76.98 per share, high EUR 89.19 per share

- FY2023: low EUR 66.29 per share, central EUR 83.10 per share, high EUR 95.94 per share

- FY2024: low EUR 107.49 per share, central EUR 149.74 per share, high EUR 174.34 per share

- FY2025: low EUR 132.24 per share, central EUR 185.09 per share, high EUR 215.87 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 2026-10-15T06:41:52.526Z 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.

## Reported holder observations