# Mersen (MRN.PA)

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

Analysis as of: 2026-10-16T07:43:31.689Z. Financial observations: FY2001–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 40.04 per share; close as of 2026-10-15.

## 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: 1

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.08×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.02×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.11×

- FY2024: 0.09×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.8%

- ROIC, second-lowest year: 5.1%

- Typical minus recent gross margin: 1.7 pp

- Typical gross margin (annual median): 31.3%

- Recent gross margin (lower of latest and 3-year median): 29.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 2.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.1%

- FY2017: 12.2%

- FY2018: 15.1%

- FY2019: 13.1%

- FY2020: 2.3%

- FY2021: 11.5%

- FY2022: 12.1%

- FY2023: 12.6%

- FY2024: 8.3%

- FY2025: 7.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -38M

- Net income, five-year total: EUR 277M

- Return on incremental invested capital: 8.7%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.1 pp

- Working capital / revenue, final three-year average: 34.1%

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

- FY2021: 0.67×

- FY2022: 0.84×

- FY2023: -0.08×

- FY2024: -1.34×

- FY2025: -3.22×

### management: fail

- 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: 12.2% vs 8.3%

- Per-share earnings: 0.08 to 2.36 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 2.5%

- Market cap gain: EUR 165M

- Cumulative retained earnings: EUR 375M

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 2.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 51.8%

- Per-share value change: EUR 2.28

- Per-share value, starting three-year median: EUR 0.08

- Per-share value, ending three-year median: EUR 2.36

- Buybacks concentrated in cheaper years (correlation): 0.21

- Average buyback yield: 0.5%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 96M

- Cumulative net income, 10 years: EUR 418M

- ROIC, first three-year median: 12.2%

- ROIC, last three-year median: 8.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.08

- FY2017: EUR 1.70

- FY2018: EUR 2.68

- FY2019: EUR 2.58

- FY2020: EUR -0.56

- FY2021: EUR 2.47

- FY2022: EUR 3.09

- FY2023: EUR 3.27

- FY2024: EUR 2.36

- FY2025: EUR 0.58

### accounting: pass

- Sloan accruals: -8.9%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 11.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.9%

- FY2017: -2.8%

- FY2018: -3.2%

- FY2019: -5.5%

- FY2020: -12.1%

- FY2021: -4.8%

- FY2022: -2.6%

- FY2023: -6.4%

- FY2024: -7.5%

- FY2025: -8.9%

## Holders

## Price story

Up 28% since Oct 2023 · sales -4.6%

Story as of 2026-10-16T10:00:12.744Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -4.6%; source https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: EUR 759M 

- FY2017: EUR 809M 

- FY2018: EUR 879M 

- FY2019: EUR 950M 

- FY2020: EUR 847M 

- FY2021: EUR 923M 

- FY2022: EUR 1.1B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.2B 

### Gross margin · FY2025

gross margin 29.6%; source https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml; observed 2026-04-07.

- FY2016: 30.4% 

- FY2017: 31.6% 

- FY2018: 32.5% 

- FY2019: 31.6% 

- FY2020: 29.7% 

- FY2021: 31.4% 

- FY2022: 31.2% 

- FY2023: 31.8% 

- FY2024: 31.0% 

- FY2025: 29.6% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are EUR 1.2 billion.

- Source: https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: revenue 1186400000; grossProfit 351700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRN.PA: Mersen S.A. manufactures and sells electrical power products and advanced materials in France, North America, rest of Europe, the Asia-Pacific, and internationally. It operates through two segments, Electrical Power and Advanced Materials. The company offers fuses, fuse holders and systems, surge protection, accessories, power distribution blocks, IEC fuse switch disconnectors, low-voltage and high power switches, capacitors, cooling, power transfer for rail, isostatic and extruded graphite, bus bar, engineered panels, graphite bursting discs, and heat exchangers, as well as PTFE bellows, pipes, and fittings products and solutions. It also provides carbon brushes, brush-holders, carbon insulation, SSiC, process technologies, carbon/carbon composite, slip rings, DC protection for EV and batteries, corrosion resistant materials, brush gear assembly housing, signal and power transfer systems, dust collectors, industrial current collectors, and power stacks, as well as columns, reactors, and pressure vessels products and solutions. In addition, the company offers simulation tools, on-site maintenance, power stack design optimization, motor maintenance, wind services, electrical test lab, and knowledge center, as well as training for process industries and energy production solutions. It serves semiconductors; electric vehicles; battery energy storage system; solar; wind; railways and metros; aerospace; chemicals; building and infrastructure; electrical power distribution; and energy conversion. The company was formerly known as Groupe Carb/one Lorraine SA and changed its name to Mersen S.A. in May 2010. Mersen S.A. was founded in 1889 and is headquartered in Courbevoie, France.

### Why customers stay

Margins ranged from 29.6% to 31.8% during 2023–25; it earns 11.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 31%.

- Source: https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 29.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.05141242937853107],[2017,0.1223811042829211],[2018,0.15051138008918746],[2019,0.13093594115491924],[2020,0.023330550918196996],[2021,0.11497895363063904],[2022,0.12101045159188809],[2023,0.12636697548445341],[2024,0.08260474356451417],[2025,0.077735368956743]]; median 0.11799470261126356. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 31% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.3140442132639792],[2022,0.31216361679224974],[2023,0.3182756627302007]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 3.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 30400000; owner earnings 8200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 34900000; owner earnings 41000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 17700000; upkeep 37500000; owner earnings 56500000. Growth capex / owner earnings = 0.31327433628318585.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 18700000; upkeep 51200000; owner earnings 47680000. Growth capex / owner earnings = 0.3921979865771812.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 30654030.313172013; upkeep 62045969.68682799; owner earnings 36534030.31317201. Growth capex / owner earnings = 0.8390541654015101.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 38600000; upkeep 64800000; owner earnings 56620000. Growth capex / owner earnings = 0.6817379018014835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,10500000],[2017,12300000],[2018,15800000],[2019,22100000],[2020,100000],[2021,15300000],[2022,23000000],[2023,30200000],[2024,30900000],[2025,21900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml (filed 2026-04-07); FY2025: cash repurchases 3200000 EUR.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MRN.PA SharesStats.PercentInsiders = 2.632 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 40.04 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 48.58710787124252; price multiple 0.8240869184086311. FY2025 cash earnings/share -1.8592841346547628. Closing-price date 2026-10-15.

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

- 2016-11: EUR 17.73 per share

- 2016-12: EUR 19.47 per share

- 2017-01: EUR 21.75 per share

- 2017-02: EUR 21.44 per share

- 2017-03: EUR 24.25 per share

- 2017-04: EUR 25.40 per share

- 2017-05: EUR 25.45 per share

- 2017-06: EUR 27.55 per share

- 2017-07: EUR 29.93 per share

- 2017-08: EUR 29.61 per share

- 2017-09: EUR 29.19 per share

- 2017-10: EUR 36.08 per share

- 2017-11: EUR 35.75 per share

- 2017-12: EUR 35.78 per share

- 2018-01: EUR 37.66 per share

- 2018-02: EUR 38.48 per share

- 2018-03: EUR 35.41 per share

- 2018-04: EUR 37.37 per share

- 2018-05: EUR 34.88 per share

- 2018-06: EUR 32.68 per share

- 2018-07: EUR 33.92 per share

- 2018-08: EUR 32.25 per share

- 2018-09: EUR 28.99 per share

- 2018-10: EUR 27.94 per share

- 2018-11: EUR 24.20 per share

- 2018-12: EUR 22.52 per share

- 2019-01: EUR 27.41 per share

- 2019-02: EUR 27.26 per share

- 2019-03: EUR 27.60 per share

- 2019-04: EUR 30.38 per share

- 2019-05: EUR 28.41 per share

- 2019-06: EUR 32.34 per share

- 2019-07: EUR 31.10 per share

- 2019-08: EUR 29.61 per share

- 2019-09: EUR 27.41 per share

- 2019-10: EUR 27.94 per share

- 2019-11: EUR 28.85 per share

- 2019-12: EUR 32.73 per share

- 2020-01: EUR 28.37 per share

- 2020-02: EUR 25.40 per share

- 2020-03: EUR 16.00 per share

- 2020-04: EUR 19.21 per share

- 2020-05: EUR 19.69 per share

- 2020-06: EUR 20.32 per share

- 2020-07: EUR 21.71 per share

- 2020-08: EUR 24.44 per share

- 2020-09: EUR 25.16 per share

- 2020-10: EUR 21.32 per share

- 2020-11: EUR 23.38 per share

- 2020-12: EUR 23.72 per share

- 2021-01: EUR 24.15 per share

- 2021-02: EUR 27.26 per share

- 2021-03: EUR 28.46 per share

- 2021-04: EUR 27.70 per share

- 2021-05: EUR 29.80 per share

- 2021-06: EUR 31.48 per share

- 2021-07: EUR 32.01 per share

- 2021-08: EUR 31.58 per share

- 2021-09: EUR 30.62 per share

- 2021-10: EUR 31.10 per share

- 2021-11: EUR 30.76 per share

- 2021-12: EUR 35.36 per share

- 2022-01: EUR 35.31 per share

- 2022-02: EUR 31.82 per share

- 2022-03: EUR 32.20 per share

- 2022-04: EUR 30.33 per share

- 2022-05: EUR 31.39 per share

- 2022-06: EUR 27.26 per share

- 2022-07: EUR 32.87 per share

- 2022-08: EUR 28.27 per share

- 2022-09: EUR 27.36 per share

- 2022-10: EUR 31.43 per share

- 2022-11: EUR 35.27 per share

- 2022-12: EUR 36.18 per share

- 2023-01: EUR 38.96 per share

- 2023-02: EUR 42.79 per share

- 2023-03: EUR 39.34 per share

- 2023-04: EUR 36.60 per share

- 2023-05: EUR 35.55 per share

- 2023-06: EUR 41.50 per share

- 2023-07: EUR 42.80 per share

- 2023-08: EUR 42.00 per share

- 2023-09: EUR 37.80 per share

- 2023-10: EUR 31.30 per share

- 2023-11: EUR 33.45 per share

- 2023-12: EUR 35.20 per share

- 2024-01: EUR 33.80 per share

- 2024-02: EUR 35.10 per share

- 2024-03: EUR 36.45 per share

- 2024-04: EUR 34.80 per share

- 2024-05: EUR 38.25 per share

- 2024-06: EUR 31.85 per share

- 2024-07: EUR 32.10 per share

- 2024-08: EUR 30.95 per share

- 2024-09: EUR 28.40 per share

- 2024-10: EUR 21.30 per share

- 2024-11: EUR 19.78 per share

- 2024-12: EUR 20.60 per share

- 2025-01: EUR 21.85 per share

- 2025-02: EUR 21.00 per share

- 2025-03: EUR 18.34 per share

- 2025-04: EUR 18.84 per share

- 2025-05: EUR 20.45 per share

- 2025-06: EUR 22.10 per share

- 2025-07: EUR 24.10 per share

- 2025-08: EUR 24.25 per share

- 2025-09: EUR 25.10 per share

- 2025-10: EUR 21.90 per share

- 2025-11: EUR 21.75 per share

- 2025-12: EUR 23.85 per share

- 2026-01: EUR 25.85 per share

- 2026-02: EUR 27.85 per share

- 2026-03: EUR 22.20 per share

- 2026-04: EUR 31.92 per share

- 2026-05: EUR 41.82 per share

- 2026-06: EUR 41.66 per share

- 2026-07: EUR 37.24 per share

- 2026-08: EUR 38.00 per share

- 2026-09: EUR 41.60 per share

- 2026-10: EUR 40.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 4.45 per share, central EUR 4.94 per share, high EUR 5.58 per share

- FY2017: low EUR 5.72 per share, central EUR 6.87 per share, high EUR 7.85 per share

- FY2018: low EUR 6.74 per share, central EUR 7.55 per share, high EUR 8.53 per share

- FY2019: low EUR 31.06 per share, central EUR 43.41 per share, high EUR 50.65 per share

- FY2020: low EUR 27.14 per share, central EUR 30.12 per share, high EUR 34.08 per share

- FY2021: low EUR 26.11 per share, central EUR 29.51 per share, high EUR 33.81 per share

- FY2022: low EUR 38.20 per share, central EUR 53.09 per share, high EUR 61.76 per share

- FY2023: low EUR 24.23 per share, central EUR 29.47 per share, high EUR 34.10 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/OQXDLNM5DTBULYMF5U27/2025-12-31/ESEF/FR/0/mersen-2025-12-31-1-fr/reports/mersen-2025-12-31-fr.xhtml); period 2025-12-31, filed 2026-04-07.

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.