# Kering (KER.PA)

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

Analysis as of: 2026-10-16T07:34:20.271Z. Financial observations: FY2003–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 215.85 per share; close as of 2026-10-15.

Estimated value: low EUR 141.38 per share, central EUR 151.66 per share, high EUR 165.36 per share. Buy at or below the central value EUR 151.66 per share. Valuation as of 2026-10-16T07:34:20.271Z; scenarios are not confidence intervals.

Expected annual return: 6.9% at the stated quote. About 6.9% 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: 0.32×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.17×

- FY2018: 0.27×

- FY2019: 0.29×

- FY2020: 0.25×

- FY2021: 0.27×

- FY2022: 0.27×

- FY2023: 0.24×

- FY2024: 0.13×

- FY2025: 0.11×

### moat: fail

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

- Recent gross margin fell 20.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: 20.2 pp

- Typical gross margin (annual median): 73.9%

- Recent gross margin (lower of latest and 3-year median): 53.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.8%

- ROIC including acquisitions, ten-year median: 10.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.6%

- FY2017: 18.0%

- FY2018: 30.6%

- FY2019: 20.2%

- FY2020: 15.8%

- FY2021: 22.8%

- FY2022: 23.2%

- FY2023: 15.6%

- FY2024: 6.7%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.53×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.8B

- Net income, five-year total: EUR 11B

- Return on incremental invested capital: 178.8%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 18.6%

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

- FY2021: 0.88×

- FY2022: 0.88×

- FY2023: 0.37×

- FY2024: -1.13×

- FY2025: 0.61×

### management: pass

- 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: 18.0% vs 6.7%

- Per-share earnings: 6.46 to 9.24 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: EUR 12B

- Cumulative retained earnings: EUR 3.9B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.6%

- Per-share value change: EUR 2.78

- Per-share value, starting three-year median: EUR 6.46

- Per-share value, ending three-year median: EUR 9.24

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.4%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.0B

- Cumulative net income, 10 years: EUR 21B

- ROIC, first three-year median: 18.0%

- ROIC, last three-year median: 6.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.46

- FY2017: EUR 14.17

- FY2018: EUR 21.01

- FY2019: EUR 18.41

- FY2020: EUR 17.20

- FY2021: EUR 25.53

- FY2022: EUR 29.41

- FY2023: EUR 24.36

- FY2024: EUR 9.24

- FY2025: EUR 0.59

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 1.53×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 34.89×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.79×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.1%

- FY2017: -4.8%

- FY2018: -5.3%

- FY2019: -0.6%

- FY2020: -2.6%

- FY2021: -5.5%

- FY2022: -2.0%

- FY2023: -3.6%

- FY2024: -8.2%

- FY2025: -5.9%

## Holders

## Price story

Down 69% since Dec 2021 · "It’s faced investor scrutiny over debt and declining profitability since 2022." (finance.yahoo.com, Feb 2026) · sales -14.7%

Story as of 2026-10-16T10:00:00.140Z; price observation 2026-10-15.

Price needs cash profits to grow 8% a year for ten years

- 2025-07-29: Kering Q2 revenue falls 18% due to weak retail, wholesale sales and tourism slump ([finance.yahoo.com](https://finance.yahoo.com/news/kering-q2-revenue-falls-18-173043184.html))

- 2025-09-10: Kering delays full Valentino acquisition to 2028 amid debt concerns ([finance.yahoo.com](https://finance.yahoo.com/news/kering-delays-full-valentino-acquisition-160832125.html))

- 2025-10-20: Kering shares jump on sale of beauty division to L'Oreal ([finance.yahoo.com](https://finance.yahoo.com/news/kering-shares-jump-sale-beauty-073709292.html))

- 2026-04-15: Kering reports Q1 sales decline as Gucci weighs on performance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kering-reports-q1-sales-decline-091847452.html))

- 2026-05-09: Kering Faces Italian Strike As ReconKering Plan Meets Valuation Questions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kering-faces-italian-strike-reconkering-111035829.html))

- 2026-07-28: Kering surges as Gucci sales decline slows, revenue beats estimates ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kering-surges-gucci-sales-decline-171612564.html))

### Sales · FY2024–2025

sales -14.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 12B 

- FY2017: EUR 15B 

- FY2018: EUR 14B 

- FY2019: EUR 16B 

- FY2020: EUR 13B 

- FY2021: EUR 18B 

- FY2022: EUR 20B 

- FY2023: EUR 20B 

- FY2024: EUR 17B 

- FY2025: EUR 15B 

### Gross margin · FY2025

gross margin 53.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 62.9% 

- FY2017: 65.5% 

- FY2018: 74.6% 

- FY2019: 74.1% 

- FY2020: 72.6% 

- FY2021: 74.1% 

- FY2022: 74.7% 

- FY2023: 76.3% 

- FY2024: 73.8% 

- FY2025: 53.7% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are EUR 14.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2025: revenue 14675000000; grossProfit 7883000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KER.PA: Kering SA manages the development of a collection of renowned houses in fashion, leather goods, and jewelry in the Asia Pacific, Western Europe, North America, Japan, and internationally. The company provides ready-to-wear products, accessories, and beauty products for men and women. It also offers leather goods and shoes; watches and jewelry; eyewear products; and fragrances and cosmetics. The company provides its products under the Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, and Ginori 1735, as well as Kering Eyewear and Kering Beauté brands. Kering SA was formerly known as PPR SA. and changed its name to Kering SA in May 2013. The company was founded in 1963 and is based in Paris, France.

### Why customers stay

Margins ranged from 53.7% to 76.3% during 2023–25; it earns 16.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2023: grossProfit / revenue = 76.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2024: grossProfit / revenue = 73.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2025: grossProfit / revenue = 53.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); 10-year return on capital observations [[2016,0.0862893917177759],[2017,0.18013173023616394],[2018,0.30604481465226596],[2019,0.20184915726931005],[2020,0.1582700457660103],[2021,0.22780553248786384],[2022,0.2315573100895008],[2023,0.15646417018697678],[2024,0.06681350038530652],[2025,0.03496191010124328]]; median 0.16920088800108712. 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 2026-10-16T07:34:20.271Z); FY2016: growth capex 137480455.4505775; upkeep 473519544.5494225; owner earnings 771980455.4505775. Growth capex / owner earnings = 0.17808800012991916.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2017: growth capex 319900000; upkeep 432100000; owner earnings 1785600000. Growth capex / owner earnings = 0.1791554659498208.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2018: growth capex 0; upkeep 828000000; owner earnings 2310300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2019: growth capex 0; upkeep 955800000; owner earnings 1644720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2020: growth capex 0; upkeep 786900000; owner earnings 1985740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2021: growth capex 0; upkeep 934000000; owner earnings 2794980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2022: growth capex 0; upkeep 1071000000; owner earnings 3162600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2023: growth capex 0; upkeep 2611000000; owner earnings 1116000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); FY2025: growth capex 0; upkeep 830000000; owner earnings 43600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); Dividend observations: [[2016,504900000],[2017,580900000],[2018,757600000],[2019,1320100000],[2020,1000100000],[2021,998300000],[2022,1483000000],[2023,1712000000],[2024,1716000000],[2025,736000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 42.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KER.PA SharesStats.PercentInsiders = 42.529 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8% yearly over ten years; actual decline was 23.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:20.271Z); Ten-year compound average after fade. Initial solved rate 0.10137077857437704. Price 215.85; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.3855184533245435 → FY2025 0.35465608121298886. Closing-price date 2026-10-15.

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

- 2016-10: EUR 187.93 per share

- 2016-11: EUR 190.67 per share

- 2016-12: EUR 198.39 per share

- 2017-01: EUR 204.81 per share

- 2017-02: EUR 213.70 per share

- 2017-03: EUR 225.51 per share

- 2017-04: EUR 264.67 per share

- 2017-05: EUR 273.83 per share

- 2017-06: EUR 277.36 per share

- 2017-07: EUR 274.85 per share

- 2017-08: EUR 293.27 per share

- 2017-09: EUR 313.50 per share

- 2017-10: EUR 366.00 per share

- 2017-11: EUR 346.70 per share

- 2017-12: EUR 365.54 per share

- 2018-01: EUR 379.30 per share

- 2018-02: EUR 360.89 per share

- 2018-03: EUR 361.63 per share

- 2018-04: EUR 446.09 per share

- 2018-05: EUR 489.70 per share

- 2018-06: EUR 483.60 per share

- 2018-07: EUR 456.00 per share

- 2018-08: EUR 468.00 per share

- 2018-09: EUR 461.70 per share

- 2018-10: EUR 393.60 per share

- 2018-11: EUR 384.00 per share

- 2018-12: EUR 411.60 per share

- 2019-01: EUR 437.50 per share

- 2019-02: EUR 480.10 per share

- 2019-03: EUR 511.20 per share

- 2019-04: EUR 527.00 per share

- 2019-05: EUR 465.95 per share

- 2019-06: EUR 520.10 per share

- 2019-07: EUR 469.50 per share

- 2019-08: EUR 440.40 per share

- 2019-09: EUR 467.55 per share

- 2019-10: EUR 510.20 per share

- 2019-11: EUR 546.70 per share

- 2019-12: EUR 585.20 per share

- 2020-01: EUR 555.00 per share

- 2020-02: EUR 505.80 per share

- 2020-03: EUR 475.90 per share

- 2020-04: EUR 460.20 per share

- 2020-05: EUR 469.60 per share

- 2020-06: EUR 484.25 per share

- 2020-07: EUR 481.75 per share

- 2020-08: EUR 514.60 per share

- 2020-09: EUR 567.60 per share

- 2020-10: EUR 518.50 per share

- 2020-11: EUR 605.00 per share

- 2020-12: EUR 594.40 per share

- 2021-01: EUR 541.60 per share

- 2021-02: EUR 524.90 per share

- 2021-03: EUR 588.60 per share

- 2021-04: EUR 666.50 per share

- 2021-05: EUR 748.30 per share

- 2021-06: EUR 737.00 per share

- 2021-07: EUR 756.20 per share

- 2021-08: EUR 674.00 per share

- 2021-09: EUR 616.00 per share

- 2021-10: EUR 648.20 per share

- 2021-11: EUR 681.40 per share

- 2021-12: EUR 706.90 per share

- 2022-01: EUR 656.30 per share

- 2022-02: EUR 637.10 per share

- 2022-03: EUR 575.70 per share

- 2022-04: EUR 513.10 per share

- 2022-05: EUR 509.70 per share

- 2022-06: EUR 490.10 per share

- 2022-07: EUR 556.90 per share

- 2022-08: EUR 503.00 per share

- 2022-09: EUR 458.55 per share

- 2022-10: EUR 463.70 per share

- 2022-11: EUR 567.40 per share

- 2022-12: EUR 475.50 per share

- 2023-01: EUR 570.50 per share

- 2023-02: EUR 555.00 per share

- 2023-03: EUR 600.00 per share

- 2023-04: EUR 579.70 per share

- 2023-05: EUR 498.35 per share

- 2023-06: EUR 505.60 per share

- 2023-07: EUR 523.60 per share

- 2023-08: EUR 494.20 per share

- 2023-09: EUR 431.90 per share

- 2023-10: EUR 383.20 per share

- 2023-11: EUR 393.70 per share

- 2023-12: EUR 399.00 per share

- 2024-01: EUR 383.25 per share

- 2024-02: EUR 425.05 per share

- 2024-03: EUR 366.35 per share

- 2024-04: EUR 330.00 per share

- 2024-05: EUR 317.20 per share

- 2024-06: EUR 338.50 per share

- 2024-07: EUR 284.50 per share

- 2024-08: EUR 259.00 per share

- 2024-09: EUR 256.85 per share

- 2024-10: EUR 228.85 per share

- 2024-11: EUR 220.75 per share

- 2024-12: EUR 238.25 per share

- 2025-01: EUR 253.45 per share

- 2025-02: EUR 271.10 per share

- 2025-03: EUR 190.92 per share

- 2025-04: EUR 178.34 per share

- 2025-05: EUR 172.36 per share

- 2025-06: EUR 184.56 per share

- 2025-07: EUR 216.50 per share

- 2025-08: EUR 229.15 per share

- 2025-09: EUR 282.55 per share

- 2025-10: EUR 306.80 per share

- 2025-11: EUR 292.80 per share

- 2025-12: EUR 301.00 per share

- 2026-01: EUR 264.15 per share

- 2026-02: EUR 285.90 per share

- 2026-03: EUR 256.60 per share

- 2026-04: EUR 232.65 per share

- 2026-05: EUR 255.35 per share

- 2026-06: EUR 247.30 per share

- 2026-07: EUR 284.20 per share

- 2026-08: EUR 254.05 per share

- 2026-09: EUR 223.40 per share

- 2026-10: EUR 210.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 70.33 per share, central EUR 79.01 per share, high EUR 90.56 per share

- FY2017: low EUR 94.40 per share, central EUR 105.24 per share, high EUR 119.68 per share

- FY2018: low EUR 89.82 per share, central EUR 100.01 per share, high EUR 113.58 per share

- FY2019: low EUR 159.37 per share, central EUR 179.13 per share, high EUR 205.45 per share

- FY2020: low EUR 157.58 per share, central EUR 175.80 per share, high EUR 200.06 per share

- FY2021: low EUR 298.10 per share, central EUR 365.10 per share, high EUR 419.68 per share

- FY2022: low EUR 368.42 per share, central EUR 493.50 per share, high EUR 573.10 per share

- FY2023: low EUR 335.95 per share, central EUR 437.14 per share, high EUR 506.84 per share

- FY2024: low EUR 258.55 per share, central EUR 290.58 per share, high EUR 333.23 per share

- FY2025: low EUR 107.12 per share, central EUR 117.38 per share, high EUR 131.04 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 2026-10-15T06:40:07.013Z 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.