# OPmobility SE (OPM.PA)

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

Analysis as of: 2026-10-16T07:42:13.973Z. Financial observations: FY2002–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 9.44 per share; close as of 2026-10-15.

Estimated value: low EUR 25.27 per share, central EUR 28.37 per share, high EUR 32.27 per share. Buy at or below the central value EUR 28.37 per share. Valuation as of 2026-10-16T07:42:13.973Z; scenarios are not confidence intervals.

Expected annual return: 37.8% at the stated quote. About 37.8% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.05×

- FY2020: 0.01×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.04×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.2%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 10.2%

- Recent gross margin (lower of latest and 3-year median): 9.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.4%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.8%

- FY2017: 22.7%

- FY2018: 23.5%

- FY2019: 16.0%

- FY2020: 3.5%

- FY2021: 8.6%

- FY2022: 11.6%

- FY2023: 12.4%

- FY2024: 12.7%

- FY2025: 13.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.25×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 812M

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.9 pp

- Working capital / revenue, final three-year average: 4.9%

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

- FY2021: 1.95×

- FY2022: 1.36×

- FY2023: 0.62×

- FY2024: 0.54×

- FY2025: 1.89×

### 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: 22.7% vs 12.7%

- Per-share earnings: 2.09 to 1.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: EUR -2.2B

- Cumulative retained earnings: EUR -1.3B

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

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -6.9%

- Per-share value change: EUR -0.91

- Per-share value, starting three-year median: EUR 2.09

- Per-share value, ending three-year median: EUR 1.18

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 2.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.9B

- Cumulative net income, 10 years: EUR 2.1B

- ROIC, first three-year median: 22.7%

- ROIC, last three-year median: 12.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.09

- FY2017: EUR 2.86

- FY2018: EUR 3.68

- FY2019: EUR 1.76

- FY2020: EUR -1.72

- FY2021: EUR 0.87

- FY2022: EUR 1.16

- FY2023: EUR 1.13

- FY2024: EUR 1.18

- FY2025: EUR 1.29

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.03×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.99×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.4%

- FY2017: -3.4%

- FY2018: -3.5%

- FY2019: -6.6%

- FY2020: -10.6%

- FY2021: -6.6%

- FY2022: -3.8%

- FY2023: -7.2%

- FY2024: -7.6%

- FY2025: -7.3%

## Holders

## Price story

Down 61% since Oct 2021 · sales -2.6%

Story as of 2026-10-16T10:00:12.284Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.9% a year for ten years

### Sales · FY2024–2025

sales -2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 5.9B 

- FY2017: EUR 6.4B 

- FY2018: EUR 7.2B 

- FY2019: EUR 8.5B 

- FY2020: EUR 7.1B 

- FY2021: EUR 7.2B 

- FY2022: EUR 8.5B 

- FY2023: EUR 10B 

- FY2024: EUR 10B 

- FY2025: EUR 10B 

### Gross margin · FY2025

gross margin 9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 14.6% 

- FY2017: 13.9% 

- FY2018: 12.6% 

- FY2019: 9.6% 

- FY2020: 6.0% 

- FY2021: 8.5% 

- FY2022: 8.7% 

- FY2023: 11.0% 

- FY2024: 10.9% 

- FY2025: 9.4% 

## Owner memo

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

### How it makes money

Operates in auto parts; annual sales are EUR 10.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2025: revenue 10216000000; grossProfit 964000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OPM.PA: OPmobility SE designs and produces intelligent exterior systems, customized complex modules, lighting systems, energy storage systems, and electrification solutions for all mobility players in Europe, North America, China, rest of Asia, South America, the Middle East, and Africa. It operates through three segments: Exterior & Lighting, Modules, and Powertrain. The company develops complex exterior systems, including smart bumpers and tailgates, function integration, protection, as well as provides design and customization; and automotive lighting systems, such as headlights and signaling lighting, projection solutions, interior lighting, body lighting, front lighting and light signaling, and lighting electronics. It also provides module design, development, and assembly services. In addition, the company offers energy storage and emission reduction systems, such as various types of gasoline, diesel, and hybrid and plug in hybrid powertrains; designs and manufactures battery systems, electronics, and power electronics components for electric mobility of trucks, buses, trains, and construction machinery; and designs and manufactures hydrogen solutions, including high pressure fuel tanks, and fuel cell stacks and integrated systems. Further, it is involved in the provision of bumpers, body panels, tailgates, headlights, taillights, light panels, expanded front and rear lighting devices, cockpit, and center console; and development, assembly, and logistics of front end modules. The company was formerly known as Compagnie Plastic Omnium SE and changed its name to OPmobility SE in March 2024. The company was founded in 1946 and is headquartered in Levallois-Perret, France. OPmobility SE operates as a subsidiary of Burelle SA.

### Why customers stay

Margins ranged from 9.4% to 11% during 2023–25; it earns 13.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2023: grossProfit / revenue = 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2024: grossProfit / revenue = 10.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2025: grossProfit / revenue = 9.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); 10-year return on capital observations [[2016,0.19827159901354355],[2017,0.22682417328114132],[2018,0.23521182900485205],[2019,0.16042678909310532],[2020,0.03505947075890764],[2021,0.086373339238498],[2022,0.11618120256978164],[2023,0.12394806487279819],[2024,0.12658611186820506],[2025,0.1382937660119556]]; median 0.13243993894008033. 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 1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2016: growth capex 106625000; upkeep 265207000; owner earnings 312112000. Growth capex / owner earnings = 0.3416241605577485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2017: growth capex 126054388.05645573; upkeep 354308611.94354427; owner earnings 360871388.05645573. Growth capex / owner earnings = 0.3493055759708371.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2018: growth capex 184271752.77012503; upkeep 458507247.22987497; owner earnings 408714752.77012503. Growth capex / owner earnings = 0.4508566219379061.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2019: growth capex 39855000; upkeep 493640000; owner earnings 212484000. Growth capex / owner earnings = 0.18756706387304456.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2021: growth capex 0; upkeep 307618000; owner earnings 246273000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2022: growth capex 0; upkeep 380417000; owner earnings 227438600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2023: growth capex 48059000; upkeep 518000000; owner earnings 100595600. Growth capex / owner earnings = 0.47774455343971306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2024: growth capex 35799303.595157266; upkeep 523200696.40484273; owner earnings 90999303.59515727. Growth capex / owner earnings = 0.39340195123276095.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2025: growth capex 0; upkeep 291000000; owner earnings 349000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); Dividend observations: [[2016,60512000],[2017,72275000],[2018,98822000],[2019,123536000],[2020,94290000],[2021,87031000],[2022,51565000],[2023,34056000],[2024,95000000],[2025,31000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); FY2025: cash repurchases 1000000 EUR.

### Are managers owners

Insiders own 62.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OPM.PA SharesStats.PercentInsiders = 62.336999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 18.9% yearly over ten years; actual growth was 3.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:13.973Z); Ten-year compound average after fade. Initial solved rate -0.27348882141887987. Price 9.435; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7175787679519667 → FY2025 2.441891381312884. Closing-price date 2026-10-15.

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

- 2016-10: EUR 29.68 per share

- 2016-11: EUR 28.74 per share

- 2016-12: EUR 30.33 per share

- 2017-01: EUR 31.40 per share

- 2017-02: EUR 31.88 per share

- 2017-03: EUR 34.14 per share

- 2017-04: EUR 35.91 per share

- 2017-05: EUR 33.08 per share

- 2017-06: EUR 31.94 per share

- 2017-07: EUR 32.50 per share

- 2017-08: EUR 31.84 per share

- 2017-09: EUR 36.20 per share

- 2017-10: EUR 35.80 per share

- 2017-11: EUR 36.38 per share

- 2017-12: EUR 37.90 per share

- 2018-01: EUR 41.41 per share

- 2018-02: EUR 38.62 per share

- 2018-03: EUR 38.90 per share

- 2018-04: EUR 39.84 per share

- 2018-05: EUR 39.52 per share

- 2018-06: EUR 36.21 per share

- 2018-07: EUR 35.87 per share

- 2018-08: EUR 34.12 per share

- 2018-09: EUR 32.48 per share

- 2018-10: EUR 24.60 per share

- 2018-11: EUR 23.44 per share

- 2018-12: EUR 20.17 per share

- 2019-01: EUR 24.01 per share

- 2019-02: EUR 24.68 per share

- 2019-03: EUR 23.73 per share

- 2019-04: EUR 26.99 per share

- 2019-05: EUR 20.60 per share

- 2019-06: EUR 22.93 per share

- 2019-07: EUR 23.87 per share

- 2019-08: EUR 22.04 per share

- 2019-09: EUR 25.16 per share

- 2019-10: EUR 24.50 per share

- 2019-11: EUR 24.66 per share

- 2019-12: EUR 24.90 per share

- 2020-01: EUR 22.70 per share

- 2020-02: EUR 19.96 per share

- 2020-03: EUR 12.82 per share

- 2020-04: EUR 17.36 per share

- 2020-05: EUR 18.53 per share

- 2020-06: EUR 18.13 per share

- 2020-07: EUR 17.07 per share

- 2020-08: EUR 18.91 per share

- 2020-09: EUR 22.56 per share

- 2020-10: EUR 19.55 per share

- 2020-11: EUR 28.96 per share

- 2020-12: EUR 28.22 per share

- 2021-01: EUR 32.40 per share

- 2021-02: EUR 29.72 per share

- 2021-03: EUR 31.24 per share

- 2021-04: EUR 27.96 per share

- 2021-05: EUR 28.04 per share

- 2021-06: EUR 26.34 per share

- 2021-07: EUR 26.76 per share

- 2021-08: EUR 25.52 per share

- 2021-09: EUR 22.18 per share

- 2021-10: EUR 23.96 per share

- 2021-11: EUR 22.12 per share

- 2021-12: EUR 22.86 per share

- 2022-01: EUR 20.50 per share

- 2022-02: EUR 18.96 per share

- 2022-03: EUR 16.50 per share

- 2022-04: EUR 15.56 per share

- 2022-05: EUR 17.43 per share

- 2022-06: EUR 16.53 per share

- 2022-07: EUR 18.21 per share

- 2022-08: EUR 18.54 per share

- 2022-09: EUR 13.52 per share

- 2022-10: EUR 14.19 per share

- 2022-11: EUR 14.83 per share

- 2022-12: EUR 13.58 per share

- 2023-01: EUR 16.04 per share

- 2023-02: EUR 17.08 per share

- 2023-03: EUR 16.78 per share

- 2023-04: EUR 16.03 per share

- 2023-05: EUR 15.13 per share

- 2023-06: EUR 16.09 per share

- 2023-07: EUR 17.72 per share

- 2023-08: EUR 16.22 per share

- 2023-09: EUR 15.40 per share

- 2023-10: EUR 10.60 per share

- 2023-11: EUR 11.40 per share

- 2023-12: EUR 12.00 per share

- 2024-01: EUR 10.68 per share

- 2024-02: EUR 11.03 per share

- 2024-03: EUR 12.08 per share

- 2024-04: EUR 11.48 per share

- 2024-05: EUR 10.87 per share

- 2024-06: EUR 9.08 per share

- 2024-07: EUR 9.71 per share

- 2024-08: EUR 8.71 per share

- 2024-09: EUR 8.97 per share

- 2024-10: EUR 8.98 per share

- 2024-11: EUR 8.71 per share

- 2024-12: EUR 10.03 per share

- 2025-01: EUR 10.95 per share

- 2025-02: EUR 10.32 per share

- 2025-03: EUR 9.12 per share

- 2025-04: EUR 9.82 per share

- 2025-05: EUR 10.77 per share

- 2025-06: EUR 10.86 per share

- 2025-07: EUR 13.46 per share

- 2025-08: EUR 13.78 per share

- 2025-09: EUR 13.66 per share

- 2025-10: EUR 14.16 per share

- 2025-11: EUR 14.67 per share

- 2025-12: EUR 15.97 per share

- 2026-01: EUR 16.17 per share

- 2026-02: EUR 17.03 per share

- 2026-03: EUR 14.98 per share

- 2026-04: EUR 14.34 per share

- 2026-05: EUR 16.67 per share

- 2026-06: EUR 13.64 per share

- 2026-07: EUR 12.80 per share

- 2026-08: EUR 12.61 per share

- 2026-09: EUR 12.04 per share

- 2026-10: EUR 9.57 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 19.96 per share, central EUR 26.64 per share, high EUR 30.97 per share

- FY2017: low EUR 34.43 per share, central EUR 44.89 per share, high EUR 51.67 per share

- FY2018: low EUR 39.34 per share, central EUR 51.89 per share, high EUR 59.93 per share

- FY2019: low EUR 48.62 per share, central EUR 66.46 per share, high EUR 76.90 per share

- FY2020: low EUR 33.00 per share, central EUR 36.89 per share, high EUR 42.08 per share

- FY2021: low EUR 23.71 per share, central EUR 26.27 per share, high EUR 29.68 per share

- FY2022: low EUR 21.06 per share, central EUR 24.90 per share, high EUR 28.55 per share

- FY2023: low EUR 22.56 per share, central EUR 25.26 per share, high EUR 28.85 per share

- FY2024: low EUR 10.98 per share, central EUR 12.05 per share, high EUR 13.47 per share

- FY2025: low EUR 24.67 per share, central EUR 27.77 per share, high EUR 31.67 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 2026-10-15T06:47:58.135Z 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.

## Reported holder observations