# Puig Brands (PUIG.MC)

Canonical: https://gigainvestors.com/s/PUIG.MC

Analysis as of: 2026-10-16T07:35:33.025Z. Financial observations: FY2018–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 19.33 per share; close as of 2026-10-15.

Estimated value: low EUR 5.20 per share, central EUR 5.87 per share, high EUR 6.78 per share. Buy at or below the central value EUR 5.87 per share. Valuation as of 2026-10-16T07:35:33.025Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.71×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.20×

- FY2019: 0.16×

- FY2020: 0.67×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.16×

- FY2024: 0.13×

- FY2025: 0.35×

### moat: fail

- Recent gross margin fell 34.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 44.5%

- ROIC, second-lowest year: 21.2%

- Typical minus recent gross margin: 34.7 pp

- Typical gross margin (annual median): 71.2%

- Recent gross margin (lower of latest and 3-year median): 36.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 15.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 44.5%

- FY2022: 71.8%

- FY2023: 97.7%

- FY2024: 21.2%

- FY2025: 18.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.3B

- Net income, five-year total: EUR 2.2B

- Working capital / revenue, annual change: 5.8 pp

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

- FY2021: 1.10×

- FY2022: 0.98×

- FY2023: 0.98×

- FY2024: 1.01×

- FY2025: 1.13×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.40 to 1.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

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

- Per-share value growth: 21.5%

- Per-share value change: EUR 0.66

- Per-share value, starting three-year median: EUR 0.40

- Per-share value, ending three-year median: EUR 1.05

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR 0.43

- FY2019: EUR 0.40

- FY2020: EUR -0.12

- FY2021: EUR 0.39

- FY2022: EUR 2.18

- FY2023: EUR 2.54

- FY2024: EUR 0.94

- FY2025: EUR 1.05

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 2.35×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.52×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.18×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -5.7%

- FY2022: -0.3%

- FY2023: -1.2%

- FY2024: -2.4%

- FY2025: -3.6%

## Holders

## Price story

Down 26% since Jun 2024 · sales -51%

Story as of 2026-10-16T10:00:05.526Z; price observation 2026-10-15.

Price needs cash profits to grow 16.4% a year for ten years

### Sales · FY2024–2025

sales -51%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: EUR 1.9B 

- FY2019: EUR 2.0B 

- FY2020: EUR 1.5B 

- FY2021: EUR 2.6B 

- FY2022: EUR 3.6B 

- FY2023: EUR 4.3B 

- FY2024: EUR 4.8B 

- FY2025: EUR 2.3B 

### Gross margin · FY2025

gross margin 36.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 72.9% 

- FY2019: 71.9% 

- FY2020: 66.9% 

- FY2021: 68.8% 

- FY2022: 70.5% 

- FY2023: 74.8% 

- FY2024: 74.9% 

- FY2025: 36.5% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are EUR 2.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2025: revenue 2347171000; grossProfit 856336000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PUIG.MC: Puig Brands, S.A. operates in the beauty and fashion industry in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. The company operates through three segments: Fragrance and Fashion, Makeup, and Skincare. The Fragrance and Fashion segment designs, develops, and markets fragrances in various forms, including eau de parfum sprays and colognes, lotions, powders, creams, candles, and soaps, that are based on a particular fragrance, as well as clothing, footwear and accessories under the Carolina Herrera, Jean Paul Gaultier, Nina Ricci, Rabanne, Byredo, Christian Louboutin, Dries Van Noten, L'Artisan Parfumeur, Penhaligon's, Adolfo Domínguez, and Banderas brands. The Makeup segment engages in the creation, marketing, and sale of a range of cosmetic products, such as foundations, concealers, lipsticks, lip glosses, eyeliners, blushes, mascaras, and eyeshadows under the Carolina Herrera, Charlotte Tilbury, Rabanne, Byredo, Christian Louboutin, and Dries Van Noten brands. The Skincare segment offers cleansers, toners, moisturizers, serums, body care, exfoliators, acne, and oil correctors, facial masks, and sun care products under the Uriage, Apivita, Dr.Barbara Sturm, Kama Ayurveda, Loto del Sur, and Charlotte Tilbury brands. It sells its products in department stores, warehouses, pharmacies, drug stores, travel retail, spas, and Puig's own shops through digital channels, brands' own e-commerce, and distributors. The company was incorporated in 1914 and is based in Barcelona, Spain. Puig Brands, S.A. is a subsidiary of Puig, S.L.

### Why customers stay

Margins ranged from 36.5% to 74.9% during 2023–25; it earns 44.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2023: grossProfit / revenue = 74.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2024: grossProfit / revenue = 74.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2025: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); 8-year return on capital observations [[2021,0.44537370154547756],[2022,0.7182998385807676],[2023,0.9767575198915844],[2024,0.21229034632138932],[2025,0.1816970076486112]]; median 0.44537370154547756. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 5 of 5 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2021: growth capex 0; upkeep 77218000; owner earnings 242887800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2022: growth capex 10703000; upkeep 140884000; owner earnings 390706800. Growth capex / owner earnings = 0.027393943489081838.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2023: growth capex 3840000; upkeep 174079000; owner earnings 453594200. Growth capex / owner earnings = 0.008465716713308945.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2024: growth capex 0; upkeep 190919000; owner earnings 535324800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); FY2025: growth capex 0; upkeep 145115000; owner earnings 668869000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); Dividend observations: [[2021,20482000],[2022,132005000],[2023,181323000],[2024,192519000],[2025,212260000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 16.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PUIG.MC SharesStats.PercentInsiders = 16.805999999999997 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:33.025Z); Ten-year compound average after fade. Initial solved rate 0.22514947865987633. Price 19.33; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2024-05: EUR 26.00 per share

- 2024-06: EUR 26.10 per share

- 2024-07: EUR 25.80 per share

- 2024-08: EUR 25.36 per share

- 2024-09: EUR 20.61 per share

- 2024-10: EUR 21.20 per share

- 2024-11: EUR 19.92 per share

- 2024-12: EUR 17.84 per share

- 2025-01: EUR 19.42 per share

- 2025-02: EUR 17.81 per share

- 2025-03: EUR 15.74 per share

- 2025-04: EUR 16.43 per share

- 2025-05: EUR 16.61 per share

- 2025-06: EUR 16.76 per share

- 2025-07: EUR 16.35 per share

- 2025-08: EUR 16.10 per share

- 2025-09: EUR 13.68 per share

- 2025-10: EUR 14.89 per share

- 2025-11: EUR 14.61 per share

- 2025-12: EUR 14.87 per share

- 2026-01: EUR 16.81 per share

- 2026-02: EUR 16.36 per share

- 2026-03: EUR 16.89 per share

- 2026-04: EUR 17.66 per share

- 2026-05: EUR 16.13 per share

- 2026-06: EUR 16.13 per share

- 2026-07: EUR 16.69 per share

- 2026-08: EUR 18.44 per share

- 2026-09: EUR 18.09 per share

- 2026-10: EUR 18.52 per share

## Annual estimated value (EUR per share)

- FY2024: low EUR 11.17 per share, central EUR 12.52 per share, high EUR 14.31 per share

- FY2025: low EUR 6.67 per share, central EUR 7.35 per share, high EUR 8.25 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 2026-10-15T06:41:21.732Z 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.