# Ipsos (IPS.PA)

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

Analysis as of: 2026-10-16T07:41:41.875Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 36.32 per share; close as of 2026-10-15.

Estimated value: low EUR 61.09 per share, central EUR 68.72 per share, high EUR 78.87 per share. Buy at or below the central value EUR 68.72 per share. Valuation as of 2026-10-16T07:41:41.875Z; scenarios are not confidence intervals.

Expected annual return: 17.9% at the stated quote. About 17.9% 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: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.13×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 57.0%

- ROIC, second-lowest year: 38.0%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 65.1%

- Recent gross margin (lower of latest and 3-year median): 67.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 9.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 61.2%

- FY2017: 57.5%

- FY2018: 40.1%

- FY2019: 24.6%

- FY2020: 38.0%

- FY2021: 67.4%

- FY2022: 74.8%

- FY2023: 56.4%

- FY2024: 64.1%

- FY2025: 56.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 992M

- Net income, five-year total: EUR 950M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.4 pp

- Working capital / revenue, final three-year average: 15.3%

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

- FY2021: 1.05×

- FY2022: 1.03×

- FY2023: 1.24×

- FY2024: 0.99×

- FY2025: 0.95×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 57.5% vs 56.4%

- Per-share earnings: 2.38 to 4.26 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.5%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: EUR 156M

- Cumulative retained earnings: EUR 150M

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.6%

- Per-share value change: EUR 1.89

- Per-share value, starting three-year median: EUR 2.38

- Per-share value, ending three-year median: EUR 4.26

- Buybacks concentrated in cheaper years (correlation): -0.33

- Average buyback yield: 1.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 564M

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 57.5%

- ROIC, last three-year median: 56.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.38

- FY2017: EUR 2.93

- FY2018: EUR 2.37

- FY2019: EUR 2.32

- FY2020: EUR 2.43

- FY2021: EUR 4.02

- FY2022: EUR 4.74

- FY2023: EUR 3.60

- FY2024: EUR 4.63

- FY2025: EUR 4.26

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 6.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: 1.4%

- FY2018: -2.6%

- FY2019: -2.7%

- FY2020: -10.5%

- FY2021: -5.9%

- FY2022: -3.9%

- FY2023: -4.5%

- FY2024: -4.6%

- FY2025: -3.7%

## Holders

## Price story

Down 46% since May 2024 · sales +3.4%

Story as of 2026-10-16T10:00:12.072Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.2% a year for ten years

### Sales · FY2024–2025

sales +3.4%; source https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml; observed 2026-04-21.

- FY2016: EUR 1.8B 

- FY2017: EUR 1.8B 

- FY2018: EUR 1.7B 

- FY2019: EUR 2.0B 

- FY2020: EUR 1.8B 

- FY2021: EUR 2.1B 

- FY2022: EUR 2.4B 

- FY2023: EUR 2.4B 

- FY2024: EUR 2.4B 

- FY2025: EUR 2.5B 

### Gross margin · FY2025

gross margin 67.8%; source https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml; observed 2026-04-21.

- FY2016: 65.1% 

- FY2017: 65.0% 

- FY2018: 65.1% 

- FY2019: 64.3% 

- FY2020: 64.2% 

- FY2021: 64.7% 

- FY2022: 66.3% 

- FY2023: 67.5% 

- FY2024: 68.7% 

- FY2025: 67.8% 

## Owner memo

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

### How it makes money

Operates in consulting services; annual sales are EUR 2.5 billion.

- Source: https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml (filed 2026-04-21); FY2025: revenue 2524714000; grossProfit 1710992000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IPS.PA: Ipsos SA, through its subsidiaries, provides survey-based research services for companies and institutions in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company offers services in the information production and analysis chain, including data collection, data processing and integration, data analysis, information delivery and presentation, and information activation. It also provides audience measurement, automotive and mobility development, brand health tracking, channel performance, corporate reputation, creative excellence, customer experience, healthcare, innovation, Ipsos MMA, Ipsos UU, market strategy and understanding, observer, public affairs, social intelligence analytics, and other specialist services, as well as research methodologies, such as device agnosticism, programmatic sampling, and digital face-to-face interview. In addition, the company offers online and mobile integrated services and device agnostic solutions that include online surveys adapted to laptops, smartphones, and tablets; and qualitative research services, as well as operates Ipsos.Digital, a do-it-yourself platform. Further, it provides artificial intelligence and data science solutions that develops and provides analytical tools based on data science, machine learning, big analytics, and modelling; and behavioral science and neuroscience solutions, as well as operates Ipsos Knowledge Centre for teams and clients. Ipsos SA was incorporated in 1975 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 67.5% to 68.7% during 2023–25; it earns 57% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2023: grossProfit / revenue = 67.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2024: grossProfit / revenue = 68.7%.

- Source: https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml (filed 2026-04-21); FY2025: grossProfit / revenue = 67.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); 10-year return on capital observations [[2016,0.6117488311963046],[2017,0.5752925335495819],[2018,0.40126580322745947],[2019,0.2455784994657297],[2020,0.37951111441345725],[2021,0.6739502133047724],[2022,0.7478309930444723],[2023,0.5644428823899023],[2024,0.6408823730444081],[2025,0.5643886659931158]]; median 0.5698677079697421. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 14.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2016: growth capex 0; upkeep 17631000; owner earnings 115236000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2017: growth capex 0; upkeep 17518000; owner earnings 135899000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2018: growth capex 0; upkeep 49006000; owner earnings 91212000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2019: growth capex 0; upkeep 43232000; owner earnings 101713000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2020: growth capex 0; upkeep 35069000; owner earnings 123815600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2021: growth capex 0; upkeep 43681000; owner earnings 192596200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2022: growth capex 0; upkeep 54823000; owner earnings 222089200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2023: growth capex 0; upkeep 58561000; owner earnings 197943400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); FY2024: growth capex 0; upkeep 70337000; owner earnings 202858400. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml (filed 2026-04-21); FY2025: growth capex 0; upkeep 83088000; owner earnings 176923400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Dividend observations: [[2016,36358000],[2017,36414000],[2018,37831000],[2019,38649000],[2020,19771000],[2021,39820000],[2022,51066000],[2023,58963000],[2024,71241000],[2025,79835000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml (filed 2026-04-21); FY2025: cash repurchases 14223000 EUR.

### Are managers owners

Insiders own 15.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IPS.PA SharesStats.PercentInsiders = 15.193000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.2% yearly over ten years; actual growth was 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-21); Ten-year compound average after fade. Initial solved rate -0.12803573906954163. Price 36.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.111307612895357 → FY2025 4.043963428571429. Closing-price date 2026-10-15.

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

- 2016-10: EUR 29.75 per share

- 2016-11: EUR 27.41 per share

- 2016-12: EUR 29.85 per share

- 2017-01: EUR 30.67 per share

- 2017-02: EUR 30.38 per share

- 2017-03: EUR 29.10 per share

- 2017-04: EUR 29.44 per share

- 2017-05: EUR 35.00 per share

- 2017-06: EUR 32.85 per share

- 2017-07: EUR 29.17 per share

- 2017-08: EUR 26.24 per share

- 2017-09: EUR 29.29 per share

- 2017-10: EUR 31.73 per share

- 2017-11: EUR 30.35 per share

- 2017-12: EUR 30.70 per share

- 2018-01: EUR 30.76 per share

- 2018-02: EUR 31.52 per share

- 2018-03: EUR 31.92 per share

- 2018-04: EUR 31.50 per share

- 2018-05: EUR 29.12 per share

- 2018-06: EUR 29.28 per share

- 2018-07: EUR 28.62 per share

- 2018-08: EUR 27.30 per share

- 2018-09: EUR 26.36 per share

- 2018-10: EUR 23.54 per share

- 2018-11: EUR 22.44 per share

- 2018-12: EUR 20.54 per share

- 2019-01: EUR 20.28 per share

- 2019-02: EUR 23.20 per share

- 2019-03: EUR 22.32 per share

- 2019-04: EUR 25.85 per share

- 2019-05: EUR 24.65 per share

- 2019-06: EUR 23.20 per share

- 2019-07: EUR 24.75 per share

- 2019-08: EUR 24.50 per share

- 2019-09: EUR 26.15 per share

- 2019-10: EUR 27.00 per share

- 2019-11: EUR 29.00 per share

- 2019-12: EUR 28.95 per share

- 2020-01: EUR 29.30 per share

- 2020-02: EUR 27.85 per share

- 2020-03: EUR 19.00 per share

- 2020-04: EUR 17.60 per share

- 2020-05: EUR 21.85 per share

- 2020-06: EUR 22.30 per share

- 2020-07: EUR 22.35 per share

- 2020-08: EUR 22.10 per share

- 2020-09: EUR 21.35 per share

- 2020-10: EUR 21.10 per share

- 2020-11: EUR 26.90 per share

- 2020-12: EUR 27.60 per share

- 2021-01: EUR 26.40 per share

- 2021-02: EUR 32.05 per share

- 2021-03: EUR 32.20 per share

- 2021-04: EUR 34.60 per share

- 2021-05: EUR 33.50 per share

- 2021-06: EUR 35.55 per share

- 2021-07: EUR 39.15 per share

- 2021-08: EUR 41.00 per share

- 2021-09: EUR 39.35 per share

- 2021-10: EUR 40.45 per share

- 2021-11: EUR 40.00 per share

- 2021-12: EUR 41.25 per share

- 2022-01: EUR 40.40 per share

- 2022-02: EUR 42.90 per share

- 2022-03: EUR 45.20 per share

- 2022-04: EUR 46.10 per share

- 2022-05: EUR 45.20 per share

- 2022-06: EUR 45.30 per share

- 2022-07: EUR 50.00 per share

- 2022-08: EUR 45.35 per share

- 2022-09: EUR 45.90 per share

- 2022-10: EUR 49.00 per share

- 2022-11: EUR 54.60 per share

- 2022-12: EUR 58.50 per share

- 2023-01: EUR 59.50 per share

- 2023-02: EUR 58.10 per share

- 2023-03: EUR 57.10 per share

- 2023-04: EUR 49.16 per share

- 2023-05: EUR 45.78 per share

- 2023-06: EUR 50.95 per share

- 2023-07: EUR 45.46 per share

- 2023-08: EUR 46.22 per share

- 2023-09: EUR 43.54 per share

- 2023-10: EUR 45.86 per share

- 2023-11: EUR 49.42 per share

- 2023-12: EUR 56.75 per share

- 2024-01: EUR 60.85 per share

- 2024-02: EUR 64.45 per share

- 2024-03: EUR 65.35 per share

- 2024-04: EUR 62.90 per share

- 2024-05: EUR 66.85 per share

- 2024-06: EUR 58.90 per share

- 2024-07: EUR 57.15 per share

- 2024-08: EUR 55.60 per share

- 2024-09: EUR 56.45 per share

- 2024-10: EUR 45.08 per share

- 2024-11: EUR 44.20 per share

- 2024-12: EUR 45.92 per share

- 2025-01: EUR 45.82 per share

- 2025-02: EUR 47.88 per share

- 2025-03: EUR 41.66 per share

- 2025-04: EUR 41.58 per share

- 2025-05: EUR 44.94 per share

- 2025-06: EUR 45.50 per share

- 2025-07: EUR 39.50 per share

- 2025-08: EUR 35.50 per share

- 2025-09: EUR 37.86 per share

- 2025-10: EUR 33.24 per share

- 2025-11: EUR 32.08 per share

- 2025-12: EUR 34.26 per share

- 2026-01: EUR 35.84 per share

- 2026-02: EUR 34.46 per share

- 2026-03: EUR 33.64 per share

- 2026-04: EUR 36.02 per share

- 2026-05: EUR 38.80 per share

- 2026-06: EUR 34.84 per share

- 2026-07: EUR 35.74 per share

- 2026-08: EUR 38.60 per share

- 2026-09: EUR 35.42 per share

- 2026-10: EUR 36.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 27.94 per share, central EUR 33.28 per share, high EUR 38.30 per share

- FY2017: low EUR 30.69 per share, central EUR 36.48 per share, high EUR 42.11 per share

- FY2018: low EUR 28.50 per share, central EUR 32.02 per share, high EUR 36.72 per share

- FY2019: low EUR 30.70 per share, central EUR 36.55 per share, high EUR 42.13 per share

- FY2020: low EUR 32.85 per share, central EUR 36.83 per share, high EUR 42.13 per share

- FY2021: low EUR 40.15 per share, central EUR 44.91 per share, high EUR 51.25 per share

- FY2022: low EUR 46.47 per share, central EUR 51.86 per share, high EUR 59.02 per share

- FY2023: low EUR 53.94 per share, central EUR 60.67 per share, high EUR 69.61 per share

- FY2024: low EUR 56.88 per share, central EUR 63.81 per share, high EUR 73.02 per share

- FY2025: low EUR 58.53 per share, central EUR 65.76 per share, high EUR 75.38 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/9695002OY2X35E9X8W87/2025-12-31/ESEF/FR/0/ipsos-2025-12-31-fr/reports/ipsos-2025-12-31-fr.xhtml); period 2025-12-31, filed 2026-04-21.

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.