# Renault (RNO.PA)

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

Analysis as of: 2026-10-16T07:36:12.376Z. Financial observations: FY2002–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 26.70 per share; close as of 2026-10-15.

Estimated value: low EUR 102.80 per share, central EUR 107.39 per share, high EUR 113.49 per share. Buy at or below the central value EUR 107.39 per share. Valuation as of 2026-10-16T07:36:12.376Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 3.02×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.06×

- FY2018: 0.05×

- FY2019: 0.04×

- FY2020: -0.05×

- FY2021: 0.02×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: -0.14×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 2.2%

- ROIC, second-lowest year: -2.4%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 20.2%

- Recent gross margin (lower of latest and 3-year median): 19.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.3%

- FY2017: 4.8%

- FY2018: 3.4%

- FY2019: 1.8%

- FY2020: -2.4%

- FY2021: 0.9%

- FY2022: 2.3%

- FY2023: 2.7%

- FY2024: 2.1%

- FY2025: -8.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -4.1B

- Net income, five-year total: EUR -7.4B

- Return on incremental invested capital: -20.5%

- Working capital / revenue, annual change: 8.6 pp

- Working capital / revenue, change between three-year averages: 58.0 pp

- Working capital / revenue, final three-year average: 97.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 633M

- FY2022: EUR 2.4B

- FY2023: EUR 2.1B

- FY2024: EUR 643M

- FY2025: EUR -9.8B

### 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: 4.3% vs 2.1%

- Per-share earnings: 12.47 to 2.72 (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: -0.0%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: EUR -13B

- Cumulative retained earnings: EUR -14B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -17.3%

- Per-share value change: EUR -9.76

- Per-share value, starting three-year median: EUR 12.47

- Per-share value, ending three-year median: EUR 2.72

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.7%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.6B

- Cumulative net income, 10 years: EUR -3.7B

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 12.47

- FY2017: EUR 19.01

- FY2018: EUR 12.11

- FY2019: EUR -0.48

- FY2020: EUR -27.50

- FY2021: EUR 3.24

- FY2022: EUR -1.30

- FY2023: EUR 7.57

- FY2024: EUR 2.72

- FY2025: EUR -40.00

### accounting: pass

- Sloan accruals: -11.0%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.9%

- FY2017: -0.4%

- FY2018: -2.6%

- FY2019: -4.7%

- FY2020: -11.9%

- FY2021: -1.3%

- FY2022: -3.4%

- FY2023: -1.9%

- FY2024: -5.0%

- FY2025: -11.0%

## Holders

## Price story

Down 50% since May 2024 · "Renault forecasts 2026 margin drop as price pressure dents profit" (finance.yahoo.com, Feb 2026) · sales +3%

Story as of 2026-10-16T10:00:07.065Z; price observation 2026-10-15.

- 2025-05-13: Renault Expects $2.44 Billion Hit From Nissan’s Restructure ([finance.yahoo.com](https://finance.yahoo.com/m/d2eff802-9fc0-3a91-86a2-2afba673b6b9/renault-expects-%242.44-billion.html))

- 2025-07-16: Renault shares crash 17% after the automaker's profit warning ([finance.yahoo.com](https://finance.yahoo.com/news/renault-shares-crash-17-automakers-083204494.html))

- 2025-10-06: Renault targets 3,000 job cuts amid cost-saving measures – report ([finance.yahoo.com](https://finance.yahoo.com/news/renault-targets-3-000-job-111249134.html))

- 2026-03-13: Renault (ENXTPA:RNO) Valuation Check As futuREady Transformation Plan Resets Long Term Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/renault-enxtpa-rno-valuation-check-002557404.html))

- 2026-04-23: Renault Q1 sales beat forecasts on strong demand from partners ([finance.yahoo.com](https://finance.yahoo.com/video/renault-q1-sales-beat-forecasts-111725710.html))

- 2026-07-23: Hyundai misses Q2 forecast, Renault slips on China competition ([finance.yahoo.com](https://finance.yahoo.com/video/hyundai-misses-q2-forecast-renault-105035428.html))

### Sales · FY2024–2025

sales +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 51B 

- FY2017: EUR 59B 

- FY2018: EUR 57B 

- FY2019: EUR 56B 

- FY2020: EUR 43B 

- FY2021: EUR 42B 

- FY2022: EUR 46B 

- FY2023: EUR 52B 

- FY2024: EUR 56B 

- FY2025: EUR 58B 

### Gross margin · FY2025

gross margin 19.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.5% 

- FY2017: 20.9% 

- FY2018: 20.9% 

- FY2019: 19.6% 

- FY2020: 16.6% 

- FY2021: 19.0% 

- FY2022: 19.6% 

- FY2023: 20.8% 

- FY2024: 20.8% 

- FY2025: 19.1% 

## Owner memo

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

### How it makes money

Operates in auto manufacturers; annual sales are EUR 57.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2025: revenue 57922000000; grossProfit 11047000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RNO.PA: Renault SA engages in the design, manufacture, sale, repair, maintenance, and leasing of motor vehicles in Europe, Eurasia, Africa, the Middle East, the Asia Pacific, and the Americas. The company operates through Automotive, Sales Financing, and Mobility Services segments. The Automotive segment produces, sells, and distributes passenger cars and light commercial vehicles. The Sale Financing segment is involved in the sales financing, rental, maintenance, and service contracts under the Mobilize Financial Services trade name. The Mobility Services segment provides mobility and energy solutions for electric vehicle users under the Mobilize Beyond Automotive brand. It offers used vehicles and spare parts; and engages in the business-to-business powertrain activities, and research and advanced engineering activities. The company also engages in the design and production of parts and equipment used for manufacturing and operation of vehicles. It serves commercial, light commercial and passenger vehicles, tractors, farm machinery and construction equipment under the Renault, Dacia, and Alpine brands. The company was founded in 1898 and is based in Boulogne-Billancourt, France.

### Why customers stay

Margins ranged from 19.1% to 20.8% during 2023–25; it earns 2.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2023: grossProfit / revenue = 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2024: grossProfit / revenue = 20.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2025: grossProfit / revenue = 19.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); 10-year return on capital observations [[2016,0.04288757439124514],[2017,0.048470136490823816],[2018,0.0344719695814394],[2019,0.017975144182135867],[2020,-0.02370225284044006],[2021,0.008939759772609187],[2022,0.02337329411247666],[2023,0.027095285539242422],[2024,0.02134706834784604],[2025,-0.08917453439320458]]; median 0.022360181230161348. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 20% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); Gross margin observations: [[2021,0.19023500324059628],[2022,0.19554049386979797],[2023,0.20805330685810294]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back EUR 64 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2016: growth capex 193000000; upkeep 2023000000; owner earnings 3419000000. Growth capex / owner earnings = 0.05644925416788535.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2017: growth capex 246000000; upkeep 2174000000; owner earnings 5212000000. Growth capex / owner earnings = 0.04719877206446661.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2018: growth capex 0; upkeep 2636000000; owner earnings 2836000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2021: growth capex 0; upkeep 2686000000; owner earnings 633400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2022: growth capex 0; upkeep 2684000000; owner earnings 2391400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2023: growth capex 380000000; upkeep 2684000000; owner earnings 2087000000. Growth capex / owner earnings = 0.18207954000958312.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2024: growth capex 189000000; upkeep 2861000000; owner earnings 643200000. Growth capex / owner earnings = 0.29384328358208955.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); Dividend observations: [[2016,701000000],[2017,916000000],[2018,1027000000],[2019,1035000000],[2020,0],[2021,0],[2022,0],[2023,73000000],[2024,536000000],[2025,635000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); FY2025: cash repurchases 64000000 EUR.

### Are managers owners

Insiders own 36.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RNO.PA SharesStats.PercentInsiders = 36.147 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:12.376Z); Closing price 26.7 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 211.95499039429146; price multiple 0.1259701408791133. FY2025 cash earnings/share -36.03256792608179. Closing-price date 2026-10-15.

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

- 2016-10: EUR 79.11 per share

- 2016-11: EUR 74.34 per share

- 2016-12: EUR 84.51 per share

- 2017-01: EUR 83.38 per share

- 2017-02: EUR 83.71 per share

- 2017-03: EUR 81.43 per share

- 2017-04: EUR 85.61 per share

- 2017-05: EUR 83.09 per share

- 2017-06: EUR 79.25 per share

- 2017-07: EUR 76.16 per share

- 2017-08: EUR 74.35 per share

- 2017-09: EUR 83.11 per share

- 2017-10: EUR 85.14 per share

- 2017-11: EUR 85.38 per share

- 2017-12: EUR 83.91 per share

- 2018-01: EUR 88.57 per share

- 2018-02: EUR 89.48 per share

- 2018-03: EUR 98.50 per share

- 2018-04: EUR 89.84 per share

- 2018-05: EUR 82.63 per share

- 2018-06: EUR 72.83 per share

- 2018-07: EUR 75.29 per share

- 2018-08: EUR 74.20 per share

- 2018-09: EUR 74.50 per share

- 2018-10: EUR 66.07 per share

- 2018-11: EUR 62.05 per share

- 2018-12: EUR 54.55 per share

- 2019-01: EUR 61.85 per share

- 2019-02: EUR 60.23 per share

- 2019-03: EUR 58.91 per share

- 2019-04: EUR 60.82 per share

- 2019-05: EUR 53.92 per share

- 2019-06: EUR 55.29 per share

- 2019-07: EUR 50.54 per share

- 2019-08: EUR 52.16 per share

- 2019-09: EUR 52.66 per share

- 2019-10: EUR 45.76 per share

- 2019-11: EUR 43.46 per share

- 2019-12: EUR 42.18 per share

- 2020-01: EUR 35.25 per share

- 2020-02: EUR 26.50 per share

- 2020-03: EUR 17.71 per share

- 2020-04: EUR 18.11 per share

- 2020-05: EUR 20.21 per share

- 2020-06: EUR 22.58 per share

- 2020-07: EUR 20.06 per share

- 2020-08: EUR 23.84 per share

- 2020-09: EUR 22.20 per share

- 2020-10: EUR 21.26 per share

- 2020-11: EUR 33.36 per share

- 2020-12: EUR 35.76 per share

- 2021-01: EUR 35.24 per share

- 2021-02: EUR 37.13 per share

- 2021-03: EUR 36.93 per share

- 2021-04: EUR 33.53 per share

- 2021-05: EUR 33.84 per share

- 2021-06: EUR 34.09 per share

- 2021-07: EUR 32.03 per share

- 2021-08: EUR 31.45 per share

- 2021-09: EUR 30.90 per share

- 2021-10: EUR 31.06 per share

- 2021-11: EUR 28.46 per share

- 2021-12: EUR 30.55 per share

- 2022-01: EUR 34.92 per share

- 2022-02: EUR 28.54 per share

- 2022-03: EUR 23.88 per share

- 2022-04: EUR 23.58 per share

- 2022-05: EUR 25.55 per share

- 2022-06: EUR 23.79 per share

- 2022-07: EUR 28.75 per share

- 2022-08: EUR 28.61 per share

- 2022-09: EUR 27.97 per share

- 2022-10: EUR 31.17 per share

- 2022-11: EUR 34.81 per share

- 2022-12: EUR 31.28 per share

- 2023-01: EUR 37.24 per share

- 2023-02: EUR 42.47 per share

- 2023-03: EUR 37.60 per share

- 2023-04: EUR 33.63 per share

- 2023-05: EUR 31.29 per share

- 2023-06: EUR 38.58 per share

- 2023-07: EUR 39.91 per share

- 2023-08: EUR 37.34 per share

- 2023-09: EUR 38.88 per share

- 2023-10: EUR 33.05 per share

- 2023-11: EUR 35.99 per share

- 2023-12: EUR 36.91 per share

- 2024-01: EUR 35.07 per share

- 2024-02: EUR 38.53 per share

- 2024-03: EUR 46.80 per share

- 2024-04: EUR 46.74 per share

- 2024-05: EUR 53.58 per share

- 2024-06: EUR 47.84 per share

- 2024-07: EUR 44.84 per share

- 2024-08: EUR 42.95 per share

- 2024-09: EUR 38.99 per share

- 2024-10: EUR 41.90 per share

- 2024-11: EUR 40.53 per share

- 2024-12: EUR 47.05 per share

- 2025-01: EUR 49.65 per share

- 2025-02: EUR 49.84 per share

- 2025-03: EUR 46.55 per share

- 2025-04: EUR 46.63 per share

- 2025-05: EUR 45.38 per share

- 2025-06: EUR 39.13 per share

- 2025-07: EUR 32.71 per share

- 2025-08: EUR 33.60 per share

- 2025-09: EUR 34.80 per share

- 2025-10: EUR 33.70 per share

- 2025-11: EUR 34.47 per share

- 2025-12: EUR 35.42 per share

- 2026-01: EUR 31.88 per share

- 2026-02: EUR 32.11 per share

- 2026-03: EUR 29.02 per share

- 2026-04: EUR 29.77 per share

- 2026-05: EUR 29.59 per share

- 2026-06: EUR 25.08 per share

- 2026-07: EUR 27.26 per share

- 2026-08: EUR 29.72 per share

- 2026-09: EUR 25.90 per share

- 2026-10: EUR 27.26 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 159.69 per share, central EUR 179.67 per share, high EUR 200.42 per share

- FY2017: low EUR 211.61 per share, central EUR 250.63 per share, high EUR 283.74 per share

- FY2018: low EUR 212.62 per share, central EUR 253.12 per share, high EUR 286.34 per share

- FY2019: low EUR 195.95 per share, central EUR 233.48 per share, high EUR 263.85 per share

- FY2020: low EUR 153.59 per share, central EUR 164.70 per share, high EUR 179.50 per share

- FY2021: low EUR 105.61 per share, central EUR 109.09 per share, high EUR 113.74 per share

- FY2022: low EUR 107.28 per share, central EUR 111.19 per share, high EUR 116.39 per share

- FY2023: low EUR 100.42 per share, central EUR 106.12 per share, high EUR 112.15 per share

- FY2024: low EUR 113.13 per share, central EUR 117.79 per share, high EUR 123.99 per share

- FY2025: low EUR 101.55 per share, central EUR 106.40 per share, high EUR 112.87 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.