# Prysmian (PRY.MI)

Canonical: https://gigainvestors.com/s/PRY.MI

Analysis as of: 2026-10-16T07:34:01.457Z. Financial observations: FY2013–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 113.15 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.03×

- FY2019: 0.05×

- FY2020: 0.04×

- FY2021: 0.04×

- FY2022: 0.05×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.07×

### moat: fail

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

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 7.1%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 36.7%

- Recent gross margin (lower of latest and 3-year median): 36.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 7.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.9%

- FY2017: 17.9%

- FY2018: 7.1%

- FY2019: 12.0%

- FY2020: 5.7%

- FY2021: 11.3%

- FY2022: 15.9%

- FY2023: 17.7%

- FY2024: 15.5%

- FY2025: 19.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.1B

- Net income, five-year total: EUR 3.3B

- Return on incremental invested capital: 54.0%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 0.1 pp

- Working capital / revenue, final three-year average: 14.5%

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

- FY2021: 1.03×

- FY2022: 0.92×

- FY2023: 0.79×

- FY2024: 0.91×

- FY2025: 0.94×

### 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: 17.9% vs 17.7%

- Per-share earnings: 0.94 to 2.51 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: EUR 19B

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.0%

- Per-share value change: EUR 1.56

- Per-share value, starting three-year median: EUR 0.94

- Per-share value, ending three-year median: EUR 2.51

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 7.6B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: 17.9%

- ROIC, last three-year median: 17.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.94

- FY2017: EUR 1.06

- FY2018: EUR 0.49

- FY2019: EUR 1.11

- FY2020: EUR 0.68

- FY2021: EUR 1.17

- FY2022: EUR 1.90

- FY2023: EUR 1.84

- FY2024: EUR 2.51

- FY2025: EUR 4.30

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.81×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: -5.6%

- FY2018: -3.3%

- FY2019: -4.6%

- FY2020: -5.3%

- FY2021: -3.9%

- FY2022: -4.2%

- FY2023: -6.7%

- FY2024: -6.6%

- FY2025: -4.4%

## Holders

## Price story

Down 24% since May 2026 · sales +14.5%

Story as of 2026-10-16T09:59:58.811Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +14.5%; source https://filings.xbrl.org/529900X0H1IO3RS1A464/2024-12-31/ESEF/IT/0/529900X0H1IO3RS1A464-2024-12-31-en/reports/529900X0H1IO3RS1A464-2024-12-31-en.xhtml; observed 2025-03-18.

- FY2016: EUR 7.6B 

- FY2017: EUR 7.9B 

- FY2018: EUR 10B 

- FY2019: EUR 12B 

- FY2020: EUR 10B 

- FY2021: EUR 13B 

- FY2022: EUR 16B 

- FY2023: EUR 15B 

- FY2024: EUR 17B 

- FY2025: EUR 20B 

### Gross margin · FY2025

gross margin 38.2%; source https://filings.xbrl.org/529900X0H1IO3RS1A464/2024-12-31/ESEF/IT/0/529900X0H1IO3RS1A464-2024-12-31-en/reports/529900X0H1IO3RS1A464-2024-12-31-en.xhtml; observed 2025-03-18.

- FY2016: 41.4% 

- FY2017: 38.6% 

- FY2018: 34.8% 

- FY2019: 37.2% 

- FY2020: 36.2% 

- FY2021: 31.1% 

- FY2022: 33.8% 

- FY2023: 36.8% 

- FY2024: 36.6% 

- FY2025: 38.2% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are EUR 19.6 billion.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2025-12-31 (filed 2025-03-18); FY2025: revenue 19650000000; grossProfit 7505000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36.6% to 38.2% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2023-12-31 (filed 2025-03-18); FY2023: grossProfit / revenue = 36.8%.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2024-12-31 (filed 2025-03-18); FY2024: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2025-12-31 (filed 2025-03-18); FY2025: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); 10-year return on capital observations [[2016,0.17877719110084425],[2017,0.1789367775238137],[2018,0.07096474953617811],[2019,0.1200045029832264],[2020,0.05718667835232252],[2021,0.11264620756073825],[2022,0.15907631846700465],[2023,0.17713837292669554],[2024,0.1548862444041642],[2025,0.19315664789249243]]; median 0.15698128143558443. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 45.3% of cash earnings; earns 54% on new investment.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2016-12-31 (filed 2025-03-18); FY2016: growth capex 0; upkeep 233000000; owner earnings 382000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2017-12-31 (filed 2025-03-18); FY2017: growth capex 0; upkeep 237000000; owner earnings 370000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2018-12-31 (filed 2025-03-18); FY2018: growth capex 0; upkeep 267000000; owner earnings 195000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2019-12-31 (filed 2025-03-18); FY2019: growth capex 0; upkeep 240000000; owner earnings 370200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2020-12-31 (filed 2025-03-18); FY2020: growth capex 0; upkeep 240000000; owner earnings 292000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); FY2021: growth capex 0; upkeep 283000000; owner earnings 317800000. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/PRY.MI (filed 2025-03-18); FY2022: growth capex 51000000; upkeep 403000000; owner earnings 461200000. Growth capex / owner earnings = 0.11058109280138768.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2023-12-31 (filed 2025-03-18); FY2023: growth capex 0; upkeep 624000000; cash acquisitions 0; owner earnings 418200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2024-12-31 (filed 2025-03-18); FY2024: growth capex 328000000; upkeep 465000000; cash acquisitions 4126000000; owner earnings 667000000. Growth capex plus acquisitions / owner earnings = 6.677661169415292.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2025-12-31 (filed 2025-03-18); FY2025: growth capex 153000000; upkeep 638000000; cash acquisitions 386000000; owner earnings 1190200000. Growth capex plus acquisitions / owner earnings = 0.45286506469500926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Incremental return on capital 0.5403616184457024, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Dividend observations: [[2016,102000000],[2017,91000000],[2018,96000000],[2019,113000000],[2020,66000000],[2021,134000000],[2022,148000000],[2023,165000000],[2024,202000000],[2025,239000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/AEU.F.json#2025-12-31 (filed 2025-03-18); FY2025: cash repurchases 47000000 EUR.

### What the price says

The price is 1.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-18); Closing price 113.1500015258789 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 66.53149611014042; price multiple 1.7006982878990617. FY2025 cash earnings/share 4.029811026477819. Closing-price date 2026-10-14.

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

- 2016-11: EUR 21.82 per share

- 2016-12: EUR 23.59 per share

- 2017-01: EUR 23.26 per share

- 2017-02: EUR 23.21 per share

- 2017-03: EUR 23.96 per share

- 2017-04: EUR 25.63 per share

- 2017-05: EUR 23.95 per share

- 2017-06: EUR 24.90 per share

- 2017-07: EUR 26.15 per share

- 2017-08: EUR 25.54 per share

- 2017-09: EUR 27.63 per share

- 2017-10: EUR 28.62 per share

- 2017-11: EUR 27.05 per share

- 2017-12: EUR 26.29 per share

- 2018-01: EUR 27.40 per share

- 2018-02: EUR 25.06 per share

- 2018-03: EUR 24.65 per share

- 2018-04: EUR 23.57 per share

- 2018-05: EUR 23.01 per share

- 2018-06: EUR 20.62 per share

- 2018-07: EUR 21.95 per share

- 2018-08: EUR 22.22 per share

- 2018-09: EUR 20.06 per share

- 2018-10: EUR 17.16 per share

- 2018-11: EUR 16.17 per share

- 2018-12: EUR 16.87 per share

- 2019-01: EUR 18.73 per share

- 2019-02: EUR 17.95 per share

- 2019-03: EUR 16.86 per share

- 2019-04: EUR 17.19 per share

- 2019-05: EUR 14.93 per share

- 2019-06: EUR 18.15 per share

- 2019-07: EUR 18.67 per share

- 2019-08: EUR 19.91 per share

- 2019-09: EUR 19.70 per share

- 2019-10: EUR 20.71 per share

- 2019-11: EUR 20.69 per share

- 2019-12: EUR 21.49 per share

- 2020-01: EUR 20.08 per share

- 2020-02: EUR 21.38 per share

- 2020-03: EUR 14.60 per share

- 2020-04: EUR 17.17 per share

- 2020-05: EUR 19.15 per share

- 2020-06: EUR 20.62 per share

- 2020-07: EUR 21.63 per share

- 2020-08: EUR 23.44 per share

- 2020-09: EUR 24.84 per share

- 2020-10: EUR 23.34 per share

- 2020-11: EUR 27.43 per share

- 2020-12: EUR 29.08 per share

- 2021-01: EUR 26.64 per share

- 2021-02: EUR 26.69 per share

- 2021-03: EUR 27.71 per share

- 2021-04: EUR 26.05 per share

- 2021-05: EUR 28.23 per share

- 2021-06: EUR 30.23 per share

- 2021-07: EUR 30.22 per share

- 2021-08: EUR 31.87 per share

- 2021-09: EUR 30.32 per share

- 2021-10: EUR 32.70 per share

- 2021-11: EUR 32.79 per share

- 2021-12: EUR 33.11 per share

- 2022-01: EUR 29.73 per share

- 2022-02: EUR 29.52 per share

- 2022-03: EUR 30.96 per share

- 2022-04: EUR 31.22 per share

- 2022-05: EUR 30.06 per share

- 2022-06: EUR 26.21 per share

- 2022-07: EUR 30.95 per share

- 2022-08: EUR 30.61 per share

- 2022-09: EUR 29.62 per share

- 2022-10: EUR 32.99 per share

- 2022-11: EUR 33.40 per share

- 2022-12: EUR 34.66 per share

- 2023-01: EUR 37.40 per share

- 2023-02: EUR 36.37 per share

- 2023-03: EUR 38.70 per share

- 2023-04: EUR 37.07 per share

- 2023-05: EUR 34.67 per share

- 2023-06: EUR 38.28 per share

- 2023-07: EUR 36.25 per share

- 2023-08: EUR 37.79 per share

- 2023-09: EUR 38.15 per share

- 2023-10: EUR 35.29 per share

- 2023-11: EUR 35.33 per share

- 2023-12: EUR 41.17 per share

- 2024-01: EUR 40.99 per share

- 2024-02: EUR 46.05 per share

- 2024-03: EUR 48.39 per share

- 2024-04: EUR 51.18 per share

- 2024-05: EUR 60.02 per share

- 2024-06: EUR 57.82 per share

- 2024-07: EUR 63.54 per share

- 2024-08: EUR 63.40 per share

- 2024-09: EUR 65.20 per share

- 2024-10: EUR 64.82 per share

- 2024-11: EUR 62.42 per share

- 2024-12: EUR 61.66 per share

- 2025-01: EUR 67.34 per share

- 2025-02: EUR 57.04 per share

- 2025-03: EUR 50.36 per share

- 2025-04: EUR 47.94 per share

- 2025-05: EUR 56.60 per share

- 2025-06: EUR 60.04 per share

- 2025-07: EUR 70.38 per share

- 2025-08: EUR 74.72 per share

- 2025-09: EUR 84.18 per share

- 2025-10: EUR 89.82 per share

- 2025-11: EUR 86.30 per share

- 2025-12: EUR 86.38 per share

- 2026-01: EUR 100.45 per share

- 2026-02: EUR 102.50 per share

- 2026-03: EUR 98.78 per share

- 2026-04: EUR 127.95 per share

- 2026-05: EUR 148.00 per share

- 2026-06: EUR 146.05 per share

- 2026-07: EUR 120.20 per share

- 2026-08: EUR 120.20 per share

- 2026-09: EUR 124.00 per share

- 2026-10: EUR 109.80 per share

## Annual estimated value (EUR 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/529900X0H1IO3RS1A464/2024-12-31/ESEF/IT/0/529900X0H1IO3RS1A464-2024-12-31-en/reports/529900X0H1IO3RS1A464-2024-12-31-en.xhtml); period 2024-12-31, filed 2025-03-18.

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.