# Remy Cointreau (RCO.PA)

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

Analysis as of: 2026-10-16T07:39:24.462Z. Financial observations: FY2001–FY2026.

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 49.28 per share; close as of 2026-10-15.

Estimated value: low EUR 24.24 per share, central EUR 27.43 per share, high EUR 31.67 per share. Buy at or below the central value EUR 27.43 per share. Valuation as of 2026-10-16T07:39:24.462Z; scenarios are not confidence intervals.

Expected annual return: 6.8% at the stated quote. About 6.8% 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

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.21×

- FY2019: 0.23×

- FY2020: 0.21×

- FY2021: 0.23×

- FY2022: 0.24×

- FY2023: 0.28×

- FY2024: 0.24×

- FY2025: 0.21×

- FY2026: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 5.8%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 66.3%

- Recent gross margin (lower of latest and 3-year median): 65.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 10.2%

- FY2018: 10.6%

- FY2019: 10.8%

- FY2020: 7.7%

- FY2021: 8.4%

- FY2022: 11.2%

- FY2023: 13.9%

- FY2024: 8.6%

- FY2025: 5.8%

- FY2026: 4.6%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 827M

- Net income, five-year total: EUR 891M

- Return on incremental invested capital: -0.7%

- Working capital / revenue, annual change: 8.8 pp

- Working capital / revenue, change between three-year averages: 66.9 pp

- Working capital / revenue, final three-year average: 159.5%

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

- FY2022: 0.98×

- FY2023: 0.97×

- FY2024: 0.76×

- FY2025: 0.91×

- FY2026: 1.05×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.6% vs 5.8%

- Per-share earnings: 2.40 to 2.32 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

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

- Market cap gain: EUR -2.9B

- Cumulative retained earnings: EUR 977M

- Diluted shares, 10-year annual growth: 0.3%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: -0.4%

- Per-share value change: EUR -0.08

- Per-share value, starting three-year median: EUR 2.40

- Per-share value, ending three-year median: EUR 2.32

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 1.3%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 73M

- Cumulative net income, 10 years: EUR 1.6B

- ROIC, first three-year median: 10.6%

- ROIC, last three-year median: 5.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.40

- FY2018: EUR 2.81

- FY2019: EUR 3.03

- FY2020: EUR 2.16

- FY2021: EUR 2.80

- FY2022: EUR 4.11

- FY2023: EUR 5.76

- FY2024: EUR 3.59

- FY2025: EUR 2.32

- FY2026: EUR 1.49

### accounting: pass

- Sloan accruals: -0.4%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: -0.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.4%

- FY2018: -1.4%

- FY2019: 4.0%

- FY2020: 1.2%

- FY2021: -1.2%

- FY2022: 2.3%

- FY2023: 5.3%

- FY2024: 2.7%

- FY2025: 1.5%

- FY2026: -0.4%

## Holders

## Price story

Down 77% since Dec 2021 · "Remy Cointreau Cuts Outlook as Challenges in China, U.S. Persist" (finance.yahoo.com, Oct 2025) · sales -5%

Story as of 2026-10-16T10:00:10.757Z; price observation 2026-10-15.

Price needs cash profits to grow 8.5% a year for ten years

- 2025-04-30: Remy Cointreau says US cognac sales are rebounding, China weak ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/remy-cointreaus-us-sales-back-055034428.html))

- 2025-06-04: Remy Cointreau Pulls Long-Term Targets on Economic, Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/m/42c4cb49-3b86-355a-aa2e-b9b4e3364480/remy-cointreau-pulls.html))

- 2025-07-25: Cognac maker Remy Cointreau lifts guidance after China deal ([finance.yahoo.com](https://finance.yahoo.com/news/cognac-maker-remy-cointreau-lifts-073855062.html))

- 2025-09-11: Rémy Cointreau (ENXTPA:RCO) Revises Earnings Guidance for FY 2025-26 ([finance.yahoo.com](https://finance.yahoo.com/news/r-cointreau-enxtpa-rco-revises-180344107.html))

- 2025-10-30: Remy Cointreau Cuts Outlook as Challenges in China, U.S. Persist ([finance.yahoo.com](https://finance.yahoo.com/m/b1840226-9c98-3ef8-8f7c-6a0f6196e573/remy-cointreau-cuts-outlook.html))

### Sales · FY2025–2026

sales -5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.1B 

- FY2018: EUR 1.1B 

- FY2019: EUR 1.1B 

- FY2020: EUR 1.0B 

- FY2021: EUR 1.0B 

- FY2022: EUR 1.3B 

- FY2023: EUR 1.5B 

- FY2024: EUR 1.2B 

- FY2025: EUR 985M 

- FY2026: EUR 935M 

### Gross margin · FY2026

gross margin 65.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 66.7% 

- FY2018: 67.5% 

- FY2019: 63.1% 

- FY2020: 62.8% 

- FY2021: 64.0% 

- FY2022: 65.6% 

- FY2023: 68.6% 

- FY2024: 71.2% 

- FY2025: 70.6% 

- FY2026: 65.8% 

## Owner memo

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

### How it makes money

Operates in beverages wineries & distilleries; annual sales are EUR 935.3 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2026: revenue 935300000; grossProfit 615800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RCO.PA: Rémy Cointreau SA, together with its subsidiaries, engages in the production, sale, and distribution of liqueurs and spirits. It operates through Rémy Martin, Liqueurs & Spirits, and Partner Brands segments. The company offers cognacs, liqueurs, single malt whiskies, gins, rums, brandies, wines, and champagnes primarily under the Cointreau, Metaxa, St-Rémy, Mount Gay, Bruichladdich, The Botanist, Westland, Le Domaine des Hautes Glaces, Belle de Brillet, Telmont, Port Charlotte, Octomore, Rémy Martin, and LOUIS XIII brands. It operates in Europe, the Middle East, Africa, the Americas, Asia, Australia, and New Zealand. The company was founded in 1724 and is headquartered in Cognac, France.

### Why customers stay

Margins ranged from 65.8% to 71.2% during 2024–26; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2024: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2025: grossProfit / revenue = 70.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2026: grossProfit / revenue = 65.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); 10-year return on capital observations [[2017,0.10186536942108423],[2018,0.1059117236020737],[2019,0.10767966668645883],[2020,0.07666977407326168],[2021,0.08431587006453024],[2022,0.11162385490953866],[2023,0.13855104669437396],[2024,0.08568098826819984],[2025,0.058373790034137084],[2026,0.045531385823407246]]; median 0.09377317884464204. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2017: growth capex 8686809.28253055; upkeep 28213190.71746945; owner earnings 117486809.28253055. Growth capex / owner earnings = 0.07393859221796244.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2018: growth capex 6761150.876138713; upkeep 26838849.123861287; owner earnings 142961150.87613872. Growth capex / owner earnings = 0.047293623720171096.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2019: growth capex 0; upkeep 44600000; owner earnings 138840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2020: growth capex 0; upkeep 64800000; owner earnings 77240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2021: growth capex 0; upkeep 54000000; owner earnings 120580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2022: growth capex 14500000; upkeep 40000000; owner earnings 207340000. Growth capex / owner earnings = 0.06993344265457703.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2023: growth capex 34600000; upkeep 41000000; owner earnings 286140000. Growth capex / owner earnings = 0.12091982945411336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2024: growth capex 0; upkeep 80900000; owner earnings 141360000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2025: growth capex 0; upkeep 51200000; owner earnings 109940000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); FY2026: growth capex 0; upkeep 37000000; owner earnings 82500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); Dividend observations: [[2017,13000000],[2018,24700000],[2019,9100000],[2020,132000000],[2021,9600000],[2022,93700000],[2023,111000000],[2024,152700000],[2025,41000000],[2026,58800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 60.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RCO.PA SharesStats.PercentInsiders = 60.94199999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.5% yearly over ten years; actual decline was 2.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:24.462Z); Ten-year compound average after fade. Initial solved rate 0.10901092436654503. Price 49.28; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.9983272538694439 → FY2026 1.5664457819887216. Closing-price date 2026-10-15.

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

- 2016-10: EUR 73.90 per share

- 2016-11: EUR 79.23 per share

- 2016-12: EUR 81.02 per share

- 2017-01: EUR 84.09 per share

- 2017-02: EUR 83.85 per share

- 2017-03: EUR 91.77 per share

- 2017-04: EUR 92.62 per share

- 2017-05: EUR 97.48 per share

- 2017-06: EUR 102.25 per share

- 2017-07: EUR 97.27 per share

- 2017-08: EUR 95.93 per share

- 2017-09: EUR 100.20 per share

- 2017-10: EUR 111.50 per share

- 2017-11: EUR 111.80 per share

- 2017-12: EUR 115.50 per share

- 2018-01: EUR 106.00 per share

- 2018-02: EUR 111.90 per share

- 2018-03: EUR 115.80 per share

- 2018-04: EUR 114.10 per share

- 2018-05: EUR 126.70 per share

- 2018-06: EUR 111.00 per share

- 2018-07: EUR 116.80 per share

- 2018-08: EUR 120.70 per share

- 2018-09: EUR 112.20 per share

- 2018-10: EUR 104.90 per share

- 2018-11: EUR 102.30 per share

- 2018-12: EUR 98.95 per share

- 2019-01: EUR 101.50 per share

- 2019-02: EUR 114.50 per share

- 2019-03: EUR 118.90 per share

- 2019-04: EUR 118.80 per share

- 2019-05: EUR 123.00 per share

- 2019-06: EUR 126.80 per share

- 2019-07: EUR 133.90 per share

- 2019-08: EUR 137.40 per share

- 2019-09: EUR 121.80 per share

- 2019-10: EUR 119.90 per share

- 2019-11: EUR 116.90 per share

- 2019-12: EUR 109.50 per share

- 2020-01: EUR 95.20 per share

- 2020-02: EUR 91.25 per share

- 2020-03: EUR 99.65 per share

- 2020-04: EUR 101.80 per share

- 2020-05: EUR 106.80 per share

- 2020-06: EUR 121.20 per share

- 2020-07: EUR 135.90 per share

- 2020-08: EUR 137.90 per share

- 2020-09: EUR 155.80 per share

- 2020-10: EUR 145.00 per share

- 2020-11: EUR 149.00 per share

- 2020-12: EUR 152.30 per share

- 2021-01: EUR 153.10 per share

- 2021-02: EUR 158.00 per share

- 2021-03: EUR 157.50 per share

- 2021-04: EUR 166.20 per share

- 2021-05: EUR 170.90 per share

- 2021-06: EUR 174.10 per share

- 2021-07: EUR 185.20 per share

- 2021-08: EUR 166.80 per share

- 2021-09: EUR 167.50 per share

- 2021-10: EUR 174.60 per share

- 2021-11: EUR 207.00 per share

- 2021-12: EUR 214.00 per share

- 2022-01: EUR 184.50 per share

- 2022-02: EUR 172.70 per share

- 2022-03: EUR 187.00 per share

- 2022-04: EUR 189.50 per share

- 2022-05: EUR 171.30 per share

- 2022-06: EUR 166.70 per share

- 2022-07: EUR 192.60 per share

- 2022-08: EUR 185.30 per share

- 2022-09: EUR 170.90 per share

- 2022-10: EUR 155.10 per share

- 2022-11: EUR 164.80 per share

- 2022-12: EUR 157.60 per share

- 2023-01: EUR 172.60 per share

- 2023-02: EUR 166.40 per share

- 2023-03: EUR 168.00 per share

- 2023-04: EUR 156.85 per share

- 2023-05: EUR 143.75 per share

- 2023-06: EUR 146.95 per share

- 2023-07: EUR 156.15 per share

- 2023-08: EUR 142.95 per share

- 2023-09: EUR 115.65 per share

- 2023-10: EUR 107.15 per share

- 2023-11: EUR 109.25 per share

- 2023-12: EUR 115.00 per share

- 2024-01: EUR 94.28 per share

- 2024-02: EUR 98.00 per share

- 2024-03: EUR 93.44 per share

- 2024-04: EUR 89.40 per share

- 2024-05: EUR 85.50 per share

- 2024-06: EUR 77.90 per share

- 2024-07: EUR 73.10 per share

- 2024-08: EUR 73.80 per share

- 2024-09: EUR 69.85 per share

- 2024-10: EUR 57.35 per share

- 2024-11: EUR 58.35 per share

- 2024-12: EUR 58.40 per share

- 2025-01: EUR 55.25 per share

- 2025-02: EUR 50.85 per share

- 2025-03: EUR 43.14 per share

- 2025-04: EUR 47.34 per share

- 2025-05: EUR 47.18 per share

- 2025-06: EUR 43.32 per share

- 2025-07: EUR 52.25 per share

- 2025-08: EUR 52.40 per share

- 2025-09: EUR 45.98 per share

- 2025-10: EUR 42.98 per share

- 2025-11: EUR 39.66 per share

- 2025-12: EUR 36.64 per share

- 2026-01: EUR 40.08 per share

- 2026-02: EUR 41.70 per share

- 2026-03: EUR 36.78 per share

- 2026-04: EUR 39.98 per share

- 2026-05: EUR 39.94 per share

- 2026-06: EUR 43.08 per share

- 2026-07: EUR 48.48 per share

- 2026-08: EUR 45.74 per share

- 2026-09: EUR 43.88 per share

- 2026-10: EUR 45.64 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 23.99 per share, central EUR 27.89 per share, high EUR 32.26 per share

- FY2018: low EUR 26.63 per share, central EUR 30.76 per share, high EUR 35.28 per share

- FY2019: low EUR 29.40 per share, central EUR 34.62 per share, high EUR 39.83 per share

- FY2020: low EUR 27.64 per share, central EUR 30.80 per share, high EUR 35.00 per share

- FY2021: low EUR 29.06 per share, central EUR 32.58 per share, high EUR 37.27 per share

- FY2022: low EUR 37.69 per share, central EUR 44.83 per share, high EUR 51.92 per share

- FY2023: low EUR 44.30 per share, central EUR 53.49 per share, high EUR 62.20 per share

- FY2024: low EUR 32.31 per share, central EUR 37.40 per share, high EUR 43.26 per share

- FY2025: low EUR 25.77 per share, central EUR 29.16 per share, high EUR 33.67 per share

- FY2026: low EUR 24.10 per share, central EUR 27.27 per share, high EUR 31.49 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 2026-10-15T06:45:18.666Z 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.