# Nexans (NEX.PA)

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

Analysis as of: 2026-10-16T07:36:58.734Z. Financial observations: FY2001–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 127.20 per share; close as of 2026-10-15.

Estimated value: low EUR 75.86 per share, central EUR 82.21 per share, high EUR 90.66 per share. Buy at or below the central value EUR 82.21 per share. Valuation as of 2026-10-16T07:36:58.734Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.05×

### moat: fail

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

- ROIC, median of available years: 16.1%

- ROIC, second-lowest year: 8.8%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 11.8%

- Recent gross margin (lower of latest and 3-year median): 11.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.8%

- FY2017: 12.0%

- FY2018: 7.8%

- FY2019: 12.1%

- FY2020: 13.8%

- FY2021: 18.4%

- FY2022: 18.8%

- FY2023: 19.5%

- FY2024: 19.9%

- FY2025: 18.6%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.62×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 777M

- Net income, five-year total: EUR 1.3B

- Return on incremental invested capital: 41.6%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 12.5%

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

- FY2021: 0.89×

- FY2022: 0.93×

- FY2023: -0.12×

- FY2024: 0.88×

- FY2025: 0.52×

### 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: 8.8% vs 19.5%

- Per-share earnings: 1.38 to 6.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR 3.4B

- Cumulative retained earnings: EUR 991M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.7%

- Per-share value change: EUR 4.82

- Per-share value, starting three-year median: EUR 1.38

- Per-share value, ending three-year median: EUR 6.20

- Buybacks concentrated in cheaper years (correlation): -0.48

- Average buyback yield: 1.6%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 633M

- Cumulative net income, 10 years: EUR 1.4B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 19.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.38

- FY2017: EUR 2.58

- FY2018: EUR 0.32

- FY2019: EUR -2.69

- FY2020: EUR 1.78

- FY2021: EUR 3.66

- FY2022: EUR 5.43

- FY2023: EUR 4.91

- FY2024: EUR 6.20

- FY2025: EUR 7.97

### accounting: pass

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.3%

- FY2017: -0.8%

- FY2018: -4.9%

- FY2019: -8.1%

- FY2020: -7.2%

- FY2021: -4.2%

- FY2022: -4.7%

- FY2023: -7.3%

- FY2024: -6.5%

- FY2025: -5.2%

## Holders

## Price story

Price needs cash profits to grow 8.7% a year for ten years · "H1 2025: Outstanding delivery of Nexans’ model, 2025 guidance upgraded" (finance.yahoo.com, Jul 2025) · sales -8.6%

Story as of 2026-10-16T10:00:08.433Z; price observation 2026-10-15.

Price needs cash profits to grow 8.7% a year for ten years

- 2025-04-29: Nexans secures significant contract for Malta-Sicily second interconnector ([finance.yahoo.com](https://finance.yahoo.com/news/nexans-secures-significant-contract-malta-130000961.html))

- 2025-07-30: H1 2025: Outstanding delivery of Nexans’ model, 2025 guidance upgraded ([finance.yahoo.com](https://finance.yahoo.com/news/h1-2025-outstanding-delivery-nexans-045500974.html))

### Sales · FY2024–2025

sales -8.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.8B 

- FY2017: EUR 6.4B 

- FY2018: EUR 6.5B 

- FY2019: EUR 6.7B 

- FY2020: EUR 6.0B 

- FY2021: EUR 7.4B 

- FY2022: EUR 8.4B 

- FY2023: EUR 7.8B 

- FY2024: EUR 8.5B 

- FY2025: EUR 7.8B 

### Gross margin · FY2025

gross margin 11.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.0% 

- FY2017: 13.5% 

- FY2018: 11.7% 

- FY2019: 11.7% 

- FY2020: 11.0% 

- FY2021: 10.6% 

- FY2022: 11.9% 

- FY2023: 12.8% 

- FY2024: 13.7% 

- FY2025: 11.6% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are EUR 7.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2025: revenue 7810000000; grossProfit 907000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NEX.PA: Nexans S.A. manufactures and sells cables in France, Canada, Norway, Italy, and internationally. It operates through PWR-Grid & Connect, PWR-Transmission, and Other segments. The company provides cables for the energy distribution networks, as well as equipment cables for buildings. It also offers design, engineering, financing, asset management, and systems management solutions for offshore wind farms, subsea interconnections, onshore high voltage, and subsea data transmissions; and smart solutions for the oil and gas sector. In addition, the company offers wire rods and electrical wires; and engages in winding wire production operations. The company was formerly known as Atalec and changed its name to Nexans S.A. in October 2000. The company was incorporated in 1994 and is headquartered in Courbevoie, France.

### Why customers stay

Margins ranged from 11.6% to 13.7% during 2023–25; it earns 16.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2023: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2024: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2025: grossProfit / revenue = 11.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); 10-year return on capital observations [[2016,0.08777372262773722],[2017,0.12016447368421053],[2018,0.07779745042492918],[2019,0.12086230876216968],[2020,0.1376075731497418],[2021,0.18355417761014237],[2022,0.1877881834063637],[2023,0.19544248239256914],[2024,0.19894082374303548],[2025,0.18630053082890974]]; median 0.1605808753799421. 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 31 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2016: growth capex 0; upkeep 146000000; owner earnings 48000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2017: growth capex 30000000; upkeep 139000000; owner earnings 125000000. Growth capex / owner earnings = 0.24.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2021: growth capex 44000000; upkeep 162000000; owner earnings 145800000. Growth capex / owner earnings = 0.3017832647462277.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2022: growth capex 118000000; upkeep 180000000; owner earnings 228600000. Growth capex / owner earnings = 0.5161854768153981.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2024: growth capex 143000000; upkeep 176000000; owner earnings 244800000. Growth capex / owner earnings = 0.5841503267973857.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2025: growth capex 0; upkeep 383000000; owner earnings 183800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); Dividend observations: [[2016,1000000],[2017,23000000],[2018,33000000],[2019,15000000],[2020,4000000],[2021,32000000],[2022,54000000],[2023,92000000],[2024,102000000],[2025,116000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); FY2025: cash repurchases 31000000 EUR.

### Are managers owners

Insiders own 8.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NEX.PA SharesStats.PercentInsiders = 8.088 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:58.734Z); Ten-year compound average after fade. Initial solved rate 0.11175137250310233. Price 127.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.114532476869364 → FY2025 4.159971029581513. Closing-price date 2026-10-15.

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

- 2016-10: EUR 51.78 per share

- 2016-11: EUR 49.26 per share

- 2016-12: EUR 49.21 per share

- 2017-01: EUR 53.71 per share

- 2017-02: EUR 48.68 per share

- 2017-03: EUR 48.60 per share

- 2017-04: EUR 51.05 per share

- 2017-05: EUR 48.69 per share

- 2017-06: EUR 47.90 per share

- 2017-07: EUR 48.38 per share

- 2017-08: EUR 46.89 per share

- 2017-09: EUR 50.17 per share

- 2017-10: EUR 56.20 per share

- 2017-11: EUR 55.15 per share

- 2017-12: EUR 51.11 per share

- 2018-01: EUR 48.92 per share

- 2018-02: EUR 43.48 per share

- 2018-03: EUR 42.00 per share

- 2018-04: EUR 43.79 per share

- 2018-05: EUR 38.15 per share

- 2018-06: EUR 29.53 per share

- 2018-07: EUR 28.64 per share

- 2018-08: EUR 27.50 per share

- 2018-09: EUR 27.08 per share

- 2018-10: EUR 25.56 per share

- 2018-11: EUR 27.86 per share

- 2018-12: EUR 24.33 per share

- 2019-01: EUR 26.10 per share

- 2019-02: EUR 28.36 per share

- 2019-03: EUR 26.53 per share

- 2019-04: EUR 31.23 per share

- 2019-05: EUR 25.63 per share

- 2019-06: EUR 29.52 per share

- 2019-07: EUR 30.61 per share

- 2019-08: EUR 29.20 per share

- 2019-09: EUR 33.86 per share

- 2019-10: EUR 36.44 per share

- 2019-11: EUR 35.92 per share

- 2019-12: EUR 43.49 per share

- 2020-01: EUR 44.03 per share

- 2020-02: EUR 41.20 per share

- 2020-03: EUR 27.02 per share

- 2020-04: EUR 32.50 per share

- 2020-05: EUR 36.68 per share

- 2020-06: EUR 41.34 per share

- 2020-07: EUR 44.20 per share

- 2020-08: EUR 47.08 per share

- 2020-09: EUR 49.52 per share

- 2020-10: EUR 41.64 per share

- 2020-11: EUR 52.95 per share

- 2020-12: EUR 59.25 per share

- 2021-01: EUR 61.45 per share

- 2021-02: EUR 64.35 per share

- 2021-03: EUR 75.50 per share

- 2021-04: EUR 68.35 per share

- 2021-05: EUR 72.70 per share

- 2021-06: EUR 76.85 per share

- 2021-07: EUR 80.60 per share

- 2021-08: EUR 84.75 per share

- 2021-09: EUR 80.90 per share

- 2021-10: EUR 86.65 per share

- 2021-11: EUR 81.80 per share

- 2021-12: EUR 85.85 per share

- 2022-01: EUR 79.75 per share

- 2022-02: EUR 86.70 per share

- 2022-03: EUR 85.05 per share

- 2022-04: EUR 87.60 per share

- 2022-05: EUR 93.45 per share

- 2022-06: EUR 73.95 per share

- 2022-07: EUR 93.60 per share

- 2022-08: EUR 91.10 per share

- 2022-09: EUR 91.90 per share

- 2022-10: EUR 94.60 per share

- 2022-11: EUR 84.10 per share

- 2022-12: EUR 84.45 per share

- 2023-01: EUR 97.10 per share

- 2023-02: EUR 91.30 per share

- 2023-03: EUR 91.50 per share

- 2023-04: EUR 77.85 per share

- 2023-05: EUR 72.00 per share

- 2023-06: EUR 79.35 per share

- 2023-07: EUR 80.70 per share

- 2023-08: EUR 76.05 per share

- 2023-09: EUR 77.05 per share

- 2023-10: EUR 66.70 per share

- 2023-11: EUR 72.10 per share

- 2023-12: EUR 79.25 per share

- 2024-01: EUR 84.75 per share

- 2024-02: EUR 95.00 per share

- 2024-03: EUR 96.90 per share

- 2024-04: EUR 100.40 per share

- 2024-05: EUR 111.10 per share

- 2024-06: EUR 102.90 per share

- 2024-07: EUR 119.60 per share

- 2024-08: EUR 116.70 per share

- 2024-09: EUR 131.60 per share

- 2024-10: EUR 127.50 per share

- 2024-11: EUR 107.40 per share

- 2024-12: EUR 104.20 per share

- 2025-01: EUR 94.15 per share

- 2025-02: EUR 100.00 per share

- 2025-03: EUR 90.40 per share

- 2025-04: EUR 96.20 per share

- 2025-05: EUR 101.30 per share

- 2025-06: EUR 110.90 per share

- 2025-07: EUR 126.50 per share

- 2025-08: EUR 130.20 per share

- 2025-09: EUR 126.00 per share

- 2025-10: EUR 122.00 per share

- 2025-11: EUR 124.70 per share

- 2025-12: EUR 125.80 per share

- 2026-01: EUR 132.90 per share

- 2026-02: EUR 122.30 per share

- 2026-03: EUR 114.90 per share

- 2026-04: EUR 158.10 per share

- 2026-05: EUR 158.40 per share

- 2026-06: EUR 145.30 per share

- 2026-07: EUR 131.80 per share

- 2026-08: EUR 139.50 per share

- 2026-09: EUR 131.90 per share

- 2026-10: EUR 131.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 24.14 per share, central EUR 24.64 per share, high EUR 25.30 per share

- FY2017: low EUR 17.55 per share, central EUR 18.04 per share, high EUR 18.70 per share

- FY2018: low EUR 21.49 per share, central EUR 22.04 per share, high EUR 22.78 per share

- FY2024: low EUR 67.21 per share, central EUR 75.87 per share, high EUR 84.41 per share

- FY2025: low EUR 78.92 per share, central EUR 85.19 per share, high EUR 93.53 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 2026-10-15T06:42:39.710Z 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.