# Pluxee NV (PLX.PA)

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

Analysis as of: 2026-10-16T07:40:13.320Z. Financial observations: FY2019–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 15.22 per share; close as of 2026-10-15.

Estimated value: low EUR 37.03 per share, central EUR 39.15 per share, high EUR 41.98 per share. Buy at or below the central value EUR 39.15 per share. Valuation as of 2026-10-16T07:40:13.320Z; scenarios are not confidence intervals.

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.24×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.31×

- FY2020: 0.26×

- FY2021: 0.20×

- FY2022: 0.22×

- FY2023: 0.13×

- FY2024: 0.21×

- FY2025: 0.26×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC, median of available years: 11.3%

- ROIC, second-lowest year: 11.1%

- Years with nonpositive capital: 5

- Capital spending / revenue: 9.6%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 11.1%

- FY2022: 11.4%

- FY2023: 6.5%

- FY2024: 11.3%

- FY2025: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 614M

- Net income, five-year total: EUR 702M

- Working capital / revenue, annual change: -37.8 pp

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

- FY2021: 0.94×

- FY2022: 0.93×

- FY2023: 0.54×

- FY2024: 0.76×

- FY2025: 1.00×

### management: unclear

- buybacks unrelated to price (informational)

- Management verdict uses per-share economic progress: Yes

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2021: EUR 0.79

- FY2022: EUR 1.18

- FY2023: EUR 0.55

- FY2024: EUR 0.90

- FY2025: EUR 1.35

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.58×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.56×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -1.4%

- FY2022: -0.9%

- FY2023: -8.4%

- FY2024: -5.1%

- FY2025: -4.9%

## Holders

## Price story

Down 47% since Apr 2024 · sales +6.4%

Story as of 2026-10-16T10:00:11.304Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: EUR 892M 

- FY2020: EUR 773M 

- FY2021: EUR 731M 

- FY2022: EUR 842M 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.3B 

### Gross margin · FY2025

gross margin 28%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: 38.6% 

- FY2022: 39.3% 

- FY2023: 42.3% 

- FY2024: 35.5% 

- FY2025: 28.0% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are EUR 1.3 billion.

- Source: https://filings.xbrl.org/213800RQNIQT48SEEO85/2025-08-31/ESEF/NL/0/plx-2025-08-31-1-en.json (filed 2026-10-16T07:40:13.320Z); FY2025: revenue 1287000000; grossProfit 361000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PLX.PA: Pluxee N.V. offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally. The company provides employee benefits comprising meal, food, gift, mobility, training, insurance, and wellness benefits as well as engagement solutions; health, mental and physical well-being, leisure and culture, hybrid work, training, and uniforms; and other products and services, including rewards and recognition, public benefits, and fuel, fleet and expense management solutions. Its products are distributed through pre-paid cards, unreimbursed cards, digital solutions, paper vouchers. Pluxee N.V. was formerly known as Sodexo Asset Management 2 B.V. and changed its name to Pluxee N.V. in December 2023. The company was incorporated in 2022 and is headquartered in Issy-les-Moulineaux, France.

### Why customers stay

Margins ranged from 28% to 42.3% during 2023–25; it earns 11.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2023-08-31 (filed 2026-10-16T07:40:13.320Z); FY2023: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2024-08-31 (filed 2026-10-16T07:40:13.320Z); FY2024: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2025-08-31 (filed 2026-10-16T07:40:13.320Z); FY2025: grossProfit / revenue = 28%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:13.320Z); 7-year return on capital observations [[2021,0.1114407334643091],[2022,0.11444545869465998],[2023,0.065],[2024,0.11292564280750521],[2025,0.1384292272756567]]; median 0.11292564280750521. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 5 years; bought back EUR 12 million of shares.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2021-08-31 (filed 2026-10-16T07:40:13.320Z); FY2021: growth capex 0; upkeep 71000000; owner earnings 110000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2022-08-31 (filed 2026-10-16T07:40:13.320Z); FY2022: growth capex 6690546.090833172; upkeep 71309453.90916683; owner earnings 162090546.0908332. Growth capex / owner earnings = 0.04127659664422308.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2023-08-31 (filed 2026-10-16T07:40:13.320Z); FY2023: growth capex 9636245.23222956; upkeep 106363754.76777044; owner earnings 43951034.5037421. Growth capex / owner earnings = 0.21924956581873192.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2024-08-31 (filed 2026-10-16T07:40:13.320Z); FY2024: growth capex 6057843.457785264; upkeep 109942156.54221474; owner earnings 101097073.2365859. Growth capex / owner earnings = 0.05992105670169884.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2025-08-31 (filed 2026-10-16T07:40:13.320Z); FY2025: growth capex 0; upkeep 98000000; owner earnings 197180733.94495413. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:13.320Z); Dividend observations: [[2021,45000000],[2022,195000000],[2023,143000000],[2024,0],[2025,51000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/PLX.PA.json#2025-08-31 (filed 2026-10-16T07:40:13.320Z); FY2025: cash repurchases 12000000 EUR.

### Are managers owners

Insiders own 48.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PLX.PA SharesStats.PercentInsiders = 48.076 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:13.320Z); Closing price 15.22 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 8.809703021967717; price multiple 1.7276405302253302. FY2025 cash earnings/share 1.349730930620571. Closing-price date 2026-10-15.

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

- 2024-02: EUR 26.44 per share

- 2024-03: EUR 27.40 per share

- 2024-04: EUR 28.89 per share

- 2024-05: EUR 28.75 per share

- 2024-06: EUR 26.20 per share

- 2024-07: EUR 21.66 per share

- 2024-08: EUR 21.45 per share

- 2024-09: EUR 18.94 per share

- 2024-10: EUR 19.17 per share

- 2024-11: EUR 20.34 per share

- 2024-12: EUR 18.72 per share

- 2025-01: EUR 22.43 per share

- 2025-02: EUR 21.72 per share

- 2025-03: EUR 18.84 per share

- 2025-04: EUR 19.78 per share

- 2025-05: EUR 19.80 per share

- 2025-06: EUR 18.49 per share

- 2025-07: EUR 17.83 per share

- 2025-08: EUR 17.40 per share

- 2025-09: EUR 15.11 per share

- 2025-10: EUR 16.75 per share

- 2025-11: EUR 13.84 per share

- 2025-12: EUR 13.41 per share

- 2026-01: EUR 11.17 per share

- 2026-02: EUR 11.32 per share

- 2026-03: EUR 10.51 per share

- 2026-04: EUR 12.07 per share

- 2026-05: EUR 11.86 per share

- 2026-06: EUR 11.47 per share

- 2026-07: EUR 14.18 per share

- 2026-08: EUR 16.06 per share

- 2026-09: EUR 14.09 per share

- 2026-10: EUR 14.96 per share

## Annual estimated value (EUR per share)

- FY2025: low EUR 23.49 per share, central EUR 25.49 per share, high EUR 28.15 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

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.