Margins varied 13.9% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 21.5%
- Worst year
- 18.4%
- Latest · 2025
- 21.9%
# LVMH Moët Hennessy - Louis Vuitton (MC.PA) Canonical: https://gigainvestors.com/s/MC.PA Analysis as of: 2026-10-16T07:33:32.826Z. Financial observations: FY2001–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 398.30 per share; close as of 2026-10-15. Estimated value: low EUR 312.87 per share, central EUR 416.01 per share, high EUR 483.77 per share. Buy at or below the central value EUR 416.01 per share. Valuation as of 2026-10-16T07:33:32.826Z; scenarios are not confidence intervals. Expected annual return: 10.3% at the stated quote. About 10.3% 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: 0.14× Chart: Operating margin; fiscal year observations. - FY2016: 0.18× - FY2017: 0.19× - FY2018: 0.21× - FY2019: 0.21× - FY2020: 0.19× - FY2021: 0.27× - FY2022: 0.27× - FY2023: 0.26× - FY2024: 0.22× - FY2025: 0.22× ### moat: pass - ROIC, median of available years: 24.0% - ROIC, second-lowest year: 16.4% - Typical minus recent gross margin: 0.2 pp - Typical gross margin (annual median): 66.4% - Recent gross margin (lower of latest and 3-year median): 66.2% - Years with nonpositive capital: 0 - Capital spending / revenue: 6.4% - ROIC including acquisitions, ten-year median: 12.4% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 22.3% - FY2017: 26.0% - FY2018: 28.0% - FY2019: 19.9% - FY2020: 14.1% - FY2021: 26.9% - FY2022: 27.5% - FY2023: 25.8% - FY2024: 18.1% - FY2025: 16.4% ### economics: pass - Owner earnings / net income, 5-yr: 0.86× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: EUR 56B - Net income, five-year total: EUR 65B - Return on incremental invested capital: 646.0% - Working capital / revenue, annual change: -0.4 pp - Working capital / revenue, change between three-year averages: -2.9 pp - Working capital / revenue, final three-year average: 23.8% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 0.91× - FY2022: 0.82× - FY2023: 0.78× - FY2024: 0.89× - FY2025: 0.95× ### 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: 26.0% vs 18.1% - Per-share earnings: 8.06 to 25.13 (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: -0.2% - Market cap gain: EUR 230B - Cumulative retained earnings: EUR 6.8B - Diluted shares, 10-year annual growth: -0.1% - Diluted shares, 5-year annual growth: -0.2% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 15.3% - Per-share value change: EUR 17.07 - Per-share value, starting three-year median: EUR 8.06 - Per-share value, ending three-year median: EUR 25.13 - Buybacks concentrated in cheaper years (correlation): 0.28 - Average buyback yield: 0.2% - Buyback history: 10 years - Debt-funded buybacks: No - Acquisition spending: EUR 27B - Cumulative net income, 10 years: EUR 92B - ROIC, first three-year median: 26.0% - ROIC, last three-year median: 18.1% Chart: Earnings per share; fiscal year observations. - FY2016: EUR 8.06 - FY2017: EUR 10.65 - FY2018: EUR 12.61 - FY2019: EUR 14.25 - FY2020: EUR 9.33 - FY2021: EUR 23.89 - FY2022: EUR 28.06 - FY2023: EUR 30.37 - FY2024: EUR 25.13 - FY2025: EUR 21.84 ### accounting: pass - Sloan accruals: -5.6% - Receivables to sales index (DSRI): 0.92× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 0.0% - Earnings backed by cash: Yes - Operating cash / earnings: 1.74× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.61× Chart: Sloan accruals; fiscal year observations. - FY2016: -3.5% - FY2017: -2.3% - FY2018: -2.9% - FY2019: -4.6% - FY2020: -5.7% - FY2021: -5.3% - FY2022: -2.8% - FY2023: -2.2% - FY2024: -4.3% - FY2025: -5.6% ## Holders ## Price story Down 54% since Apr 2023 · "LVMH Stock Falls as Fashion Growth Misses Recovery Hopes" (finance.yahoo.com, Jul 2026) · sales -4.6% Story as of 2026-10-16T09:59:56.639Z; price observation 2026-10-15. Price needs cash profits to grow 4.6% a year for ten years - 2025-04-14: LVMH shares slump as Q1 sales fall ([finance.yahoo.com](https://finance.yahoo.com/news/lvmh-shares-slump-q1-sales-164900933.html)) - 2025-07-24: LVMH Misses on Sales and Profit. It’s a Warning for Luxury Demand. ([finance.yahoo.com](https://finance.yahoo.com/m/28eeadaf-2c2f-3fa1-aee4-e55aff8ba66a/lvmh-misses-on-sales-and.html)) - 2025-10-15: LVMH sales beat on higher China demand sparks luxury share rally ([finance.yahoo.com](https://finance.yahoo.com/video/lvmh-sales-beat-higher-china-142306592.html)) - 2026-01-22: LVMH (ENXTPA:MC) Is Down 8.3% After Rising US Tariff Threats On European Luxury Exports ([finance.yahoo.com](https://finance.yahoo.com/news/lvmh-enxtpa-mc-down-8-031703794.html)) - 2026-04-14: LVMH shares fall after Iran war hits first-quarter sales ([finance.yahoo.com](https://finance.yahoo.com/video/lvmh-shares-fall-iran-war-115735929.html)) - 2026-07-28: LVMH Stock Falls as Fashion Growth Misses Recovery Hopes ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lvmh-stock-falls-fashion-growth-191310787.html)) ### Sales · FY2024–2025 sales -4.6%; source https://filings.xbrl.org/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-fr.xhtml; observed 2025-04-15. - FY2016: EUR 38B - FY2017: EUR 43B - FY2018: EUR 47B - FY2019: EUR 54B - FY2020: EUR 45B - FY2021: EUR 64B - FY2022: EUR 79B - FY2023: EUR 86B - FY2024: EUR 85B - FY2025: EUR 81B ### Gross margin · FY2025 gross margin 66.2%; source https://filings.xbrl.org/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-fr.xhtml; observed 2025-04-15. - FY2016: 65.3% - FY2017: 65.3% - FY2018: 66.6% - FY2019: 66.2% - FY2020: 64.4% - FY2021: 68.3% - FY2022: 68.4% - FY2023: 68.8% - FY2024: 67.0% - FY2025: 66.2% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in luxury goods; annual sales are EUR 80.8 billion. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: revenue 80807000000; grossProfit 53528000000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MC.PA: LVMH Moët Hennessy - Louis Vuitton, Société Européenne, together with its subsidiaries, operates as a luxury goods company worldwide. It offers wine and spirit products under the Ao Yun, Ardbeg, Armand de Brignac, Belvedere, Bodega Numanthia, Chandon, Cheval des Andes, Château Cheval Blanc, Château Galoupet, Château d'Yquem, Château d'Esclans, Cloudy Bay, Colgin Cellars, Dom Pérignon, Domaine des Lambrays, Eminente, Glenmorangie, Hennessy, Joseph Phelps, Krug, Mercier, Minuty, Moët & Chandon, Newton Vineyard, Ruinart, SirDavis, Terrazas de los Andes, Veuve Clicquot, Volcan de mi Tierra, and Woodinville brands; fashion and leather products under Barton Perreira,Berluti, Celine, Christian Dior, Fendi, Givenchy, Kenzo, Loewe, Loro Piana, Louis Vuitton, Marc Jacobs, Moynat, Patou, Pucci, Rimowa, and Vuarnet brands; and perfumes and cosmetics products under the Acqua di Parma, Benefit Cosmetics, Fenty Beauty by Rihanna, Fresh, Givenchy Parfums, Guerlain, Kenzo Parfums, Loewe Perfumes, Maison Francis Kurkdjian, Make Up For Ever, OLEHENRIKSEN, Officine Universelle Buly, and Parfums Christian Dior brands. The company also provides watches and jewelry under the Bvlgari, Chaumet, DANIEL ROTH, Fred, Gérald Genta, Hublot, L'Epée 1839, Repossi, TAG Heuer, Tiffany & Co., and Zenith brands; and selective retailing under the 24S, DFS, La Grande Épicerie de Paris, Le Bon Marché Rive Gauche, Samaritaine, and Sephora brands. In addition, it offers french business and cultural publications under the Les Echos group brand; custom-designed yachts under the Feadship brand; hotels under the Cheval Blanc and Belmond brands; and other activities under the Connaissance des Arts, Cova, Investir, Jardin d'Acclimatation, Le Parisien, Paris Match, and Radio Classique brands. LVMH Moët Hennessy - Louis Vuitton, Société Européenne was founded in 1365 and is headquartered in Paris, France. ### Why customers stay Margins ranged from 66.2% to 68.8% during 2023–25; it earns 24% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: grossProfit / revenue = 68.8%. - Source: https://filings.xbrl.org/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-fr.xhtml (filed 2025-04-15); FY2024: grossProfit / revenue = 67%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: grossProfit / revenue = 66.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.222848604458049],[2017,0.25973690788642506],[2018,0.28011924470982325],[2019,0.1988253049220257],[2020,0.14141050976569833],[2021,0.26918762442115834],[2022,0.27485570779859053],[2023,0.25758379946123344],[2024,0.1807464315463785],[2025,0.16414720410175607]]; median 0.24021620195964122. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 68% gross margin through 2022 cost inflation. - Source: https://filings.xbrl.org/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-fr.xhtml (filed 2025-04-15); Gross margin observations: [[2021,0.682877832282177],[2022,0.684431198221863],[2023,0.6880433647116178]]; range within 2 percentage points. ### Where the cash goes Paid dividends in 10 of 10 years; bought back EUR 1.6 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2016: growth capex 625577095.66893; upkeep 1964422904.33107; owner earnings 3717577095.66893. Growth capex / owner earnings = 0.1682754868480718. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2017: growth capex 522000000; upkeep 1817000000; owner earnings 5365000000. Growth capex / owner earnings = 0.0972972972972973. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2018: growth capex 1169000000; upkeep 1958000000; owner earnings 6354000000. Growth capex / owner earnings = 0.18397859615989928. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2019: growth capex 0; upkeep 3388000000; owner earnings 6382000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 0; upkeep 2465000000; owner earnings 5721400000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 0; upkeep 3255000000; owner earnings 10983200000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2022: growth capex 0; upkeep 5082000000; owner earnings 11530400000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2023: growth capex 1847000000; upkeep 5960000000; owner earnings 11866400000. Growth capex / owner earnings = 0.1556495651587676. - Source: https://filings.xbrl.org/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-fr.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 5552000000; owner earnings 11141600000. 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 3851000000; owner earnings 10371600000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,1810000000],[2017,2110000000],[2018,2715000000],[2019,3678000000],[2020,2317000000],[2021,3527000000],[2022,6025000000],[2023,6251000000],[2024,6492000000],[2025,6709000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2025: cash repurchases 1640000000 EUR. ### Are managers owners Insiders own 50.3% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MC.PA SharesStats.PercentInsiders = 50.329 percentage points; cache date 2026-10-16. ### What the price says The price assumes cash profits grow 4.6% yearly over ten years; actual growth was 11.3%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Ten-year compound average after fade. Initial solved rate 0.05261730502268647. Price 398.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.125853582815427 → FY2025 20.827505577074884. Closing-price date 2026-10-15. ## Monthly share-price history (EUR per share) - 2016-10: EUR 165.55 per share - 2016-11: EUR 171.70 per share - 2016-12: EUR 181.40 per share - 2017-01: EUR 186.60 per share - 2017-02: EUR 189.45 per share - 2017-03: EUR 205.85 per share - 2017-04: EUR 226.50 per share - 2017-05: EUR 227.15 per share - 2017-06: EUR 218.30 per share - 2017-07: EUR 212.70 per share - 2017-08: EUR 220.25 per share - 2017-09: EUR 233.45 per share - 2017-10: EUR 256.10 per share - 2017-11: EUR 244.50 per share - 2017-12: EUR 245.40 per share - 2018-01: EUR 252.60 per share - 2018-02: EUR 246.50 per share - 2018-03: EUR 250.20 per share - 2018-04: EUR 289.30 per share - 2018-05: EUR 297.05 per share - 2018-06: EUR 285.20 per share - 2018-07: EUR 298.85 per share - 2018-08: EUR 301.85 per share - 2018-09: EUR 304.60 per share - 2018-10: EUR 268.80 per share - 2018-11: EUR 252.55 per share - 2018-12: EUR 258.20 per share - 2019-01: EUR 279.75 per share - 2019-02: EUR 302.00 per share - 2019-03: EUR 327.90 per share - 2019-04: EUR 349.05 per share - 2019-05: EUR 338.60 per share - 2019-06: EUR 374.30 per share - 2019-07: EUR 375.30 per share - 2019-08: EUR 362.40 per share - 2019-09: EUR 364.65 per share - 2019-10: EUR 382.50 per share - 2019-11: EUR 407.30 per share - 2019-12: EUR 414.20 per share - 2020-01: EUR 395.30 per share - 2020-02: EUR 370.85 per share - 2020-03: EUR 338.45 per share - 2020-04: EUR 352.45 per share - 2020-05: EUR 375.00 per share - 2020-06: EUR 390.50 per share - 2020-07: EUR 366.75 per share - 2020-08: EUR 392.80 per share - 2020-09: EUR 399.40 per share - 2020-10: EUR 402.30 per share - 2020-11: EUR 482.90 per share - 2020-12: EUR 510.90 per share - 2021-01: EUR 498.30 per share - 2021-02: EUR 525.00 per share - 2021-03: EUR 568.10 per share - 2021-04: EUR 626.20 per share - 2021-05: EUR 652.00 per share - 2021-06: EUR 661.30 per share - 2021-07: EUR 673.90 per share - 2021-08: EUR 626.80 per share - 2021-09: EUR 620.10 per share - 2021-10: EUR 677.20 per share - 2021-11: EUR 686.60 per share - 2021-12: EUR 727.00 per share - 2022-01: EUR 722.60 per share - 2022-02: EUR 659.90 per share - 2022-03: EUR 649.40 per share - 2022-04: EUR 619.50 per share - 2022-05: EUR 597.20 per share - 2022-06: EUR 581.70 per share - 2022-07: EUR 675.00 per share - 2022-08: EUR 647.50 per share - 2022-09: EUR 610.40 per share - 2022-10: EUR 639.00 per share - 2022-11: EUR 737.30 per share - 2022-12: EUR 679.90 per share - 2023-01: EUR 800.00 per share - 2023-02: EUR 789.00 per share - 2023-03: EUR 844.40 per share - 2023-04: EUR 871.00 per share - 2023-05: EUR 813.90 per share - 2023-06: EUR 863.00 per share - 2023-07: EUR 848.10 per share - 2023-08: EUR 782.20 per share - 2023-09: EUR 716.40 per share - 2023-10: EUR 674.50 per share - 2023-11: EUR 702.70 per share - 2023-12: EUR 733.60 per share - 2024-01: EUR 773.60 per share - 2024-02: EUR 842.80 per share - 2024-03: EUR 833.70 per share - 2024-04: EUR 774.40 per share - 2024-05: EUR 734.90 per share - 2024-06: EUR 713.60 per share - 2024-07: EUR 653.00 per share - 2024-08: EUR 674.30 per share - 2024-09: EUR 688.50 per share - 2024-10: EUR 609.80 per share - 2024-11: EUR 592.50 per share - 2024-12: EUR 635.50 per share - 2025-01: EUR 703.50 per share - 2025-02: EUR 694.90 per share - 2025-03: EUR 571.70 per share - 2025-04: EUR 487.90 per share - 2025-05: EUR 478.25 per share - 2025-06: EUR 444.60 per share - 2025-07: EUR 472.35 per share - 2025-08: EUR 504.10 per share - 2025-09: EUR 520.50 per share - 2025-10: EUR 612.10 per share - 2025-11: EUR 635.50 per share - 2025-12: EUR 645.00 per share - 2026-01: EUR 546.90 per share - 2026-02: EUR 544.10 per share - 2026-03: EUR 463.10 per share - 2026-04: EUR 451.40 per share - 2026-05: EUR 473.05 per share - 2026-06: EUR 484.10 per share - 2026-07: EUR 475.15 per share - 2026-08: EUR 453.30 per share - 2026-09: EUR 390.00 per share - 2026-10: EUR 384.05 per share ## Annual estimated value (EUR per share) - FY2016: low EUR 106.38 per share, central EUR 141.18 per share, high EUR 164.31 per share - FY2017: low EUR 117.96 per share, central EUR 153.38 per share, high EUR 178.34 per share - FY2018: low EUR 158.95 per share, central EUR 211.23 per share, high EUR 245.98 per share - FY2019: low EUR 183.05 per share, central EUR 256.95 per share, high EUR 299.98 per share - FY2020: low EUR 180.01 per share, central EUR 225.43 per share, high EUR 257.15 per share - FY2021: low EUR 230.00 per share, central EUR 306.06 per share, high EUR 355.52 per share - FY2022: low EUR 301.07 per share, central EUR 410.03 per share, high EUR 477.77 per share - FY2023: low EUR 340.27 per share, central EUR 475.47 per share, high EUR 555.05 per share - FY2024: low EUR 333.99 per share, central EUR 456.36 per share, high EUR 531.35 per share - FY2025: low EUR 312.33 per share, central EUR 414.43 per share, high EUR 481.51 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/IOG4E947OATN0KJYSD45/2024-12-31/ESEF/FR/0/IOG4E947OATN0KJYSD45-2024-12-31-0-fr/reports/IOG4E947OATN0KJYSD45-2024-12-31-0-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.
← Companies
LVMH Moët Hennessy - Louis Vuitton
MC · PA
Euro Stoxx 50 · STOXX Europe 600 · CAC 40 · SBF 120
A wonderful business at a fair price
Passes the quality tests.
- Share price
- EUR 398.30
- Buy up to
- EUR 416.01
- Expected / yr
- 10.3% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Can it raise prices
- Where the cash goes
- Are managers owners
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 24% (minimum 15%), and the second-worst year 16.4% (minimum 10%).
- 10y median
- 24.0%
- Worst year
- 14.1%
- Latest · 2025
- 16.4%
Each $1 of profit left $0.86 for owners over five years (minimum $0.80).
- Five-year totals
- 0.86×
- Annual median
- 0.89×
- Latest · 2025
- 0.95×
Per-share value rose from 8.06 to 25.13, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- EUR 18.05
- Worst year
- EUR 8.06
- Latest · 2025
- EUR 21.84
Profits were backed by cash: accruals were -5.6% of assets (limit 10%).
- 10y median
- -3.9%
- Worst year
- -2.2%
- Latest · 2025
- -5.6%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 22.2%, three-year average owner earnings per share 22.29 EUR.
2. Is the price low enough?
| Value range | EUR 312.87 – EUR 483.77 |
|---|---|
| Buy at or below | Central value EUR 416.01 |
| Discount to value | 1 − 398.30 / 416.01 = 4.3% |
| Return / year | About 10.3% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash EUR 22.58/share; 6.1% growth for 5 years, then fades to 3.0%; excess cash EUR 21.47/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
RevenueEUR 81B
FY2016 · Revenue: EUR 38B; FY2017 · Revenue: EUR 43B; FY2018 · Revenue: EUR 47B; FY2019 · Revenue: EUR 54B; FY2020 · Revenue: EUR 45B; FY2021 · Revenue: EUR 64B; FY2022 · Revenue: EUR 79B; FY2023 · Revenue: EUR 86B; FY2024 · Revenue: EUR 85B; FY2025 · Revenue: EUR 81B
Owner earningsEUR 10B
FY2016 · Owner earnings: EUR 3.7B; FY2017 · Owner earnings: EUR 5.4B; FY2018 · Owner earnings: EUR 6.4B; FY2019 · Owner earnings: EUR 6.4B; FY2020 · Owner earnings: EUR 5.7B; FY2021 · Owner earnings: EUR 11B; FY2022 · Owner earnings: EUR 12B; FY2023 · Owner earnings: EUR 12B; FY2024 · Owner earnings: EUR 11B; FY2025 · Owner earnings: EUR 10B
Operating margin21.9%
FY2016 · Operating margin: 18.4%; FY2017 · Operating margin: 19.0%; FY2018 · Operating margin: 21.1%; FY2019 · Operating margin: 21.0%; FY2020 · Operating margin: 18.6%; FY2021 · Operating margin: 26.7%; FY2022 · Operating margin: 26.5%; FY2023 · Operating margin: 26.2%; FY2024 · Operating margin: 22.3%; FY2025 · Operating margin: 21.9%
Net cash / debtEUR -23B
FY2016 · Net cash / debt: EUR -3.4B; FY2017 · Net cash / debt: EUR -7.3B; FY2018 · Net cash / debt: EUR -5.7B; FY2019 · Net cash / debt: EUR -19B; FY2020 · Net cash / debt: EUR -17B; FY2021 · Net cash / debt: EUR -24B; FY2022 · Net cash / debt: EUR -24B; FY2023 · Net cash / debt: EUR -28B; FY2024 · Net cash / debt: EUR -28B; FY2025 · Net cash / debt: EUR -23B
Diluted shares498M
FY2016 · Diluted shares: 504M; FY2017 · Diluted shares: 504M; FY2018 · Diluted shares: 504M; FY2019 · Diluted shares: 503M; FY2020 · Diluted shares: 504M; FY2021 · Diluted shares: 504M; FY2022 · Diluted shares: 502M; FY2023 · Diluted shares: 500M; FY2024 · Diluted shares: 499M; FY2025 · Diluted shares: 498M
Prices 15 Oct 2026 · FY2025Original filing ↗ ·