# Rubis SCA (RUI.PA)

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

Analysis as of: 2026-10-16T07:38:07.398Z. Financial observations: FY2004–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 35.16 per share; close as of 2026-10-15.

Estimated value: low EUR 26.87 per share, central EUR 29.90 per share, high EUR 33.93 per share. Buy at or below the central value EUR 29.90 per share. Valuation as of 2026-10-16T07:38:07.398Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.09×

- FY2018: 0.08×

- FY2019: 0.08×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.07×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.07×

### moat: fail

- Recent gross margin fell 9.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 15.4%

- ROIC, second-lowest year: 14.8%

- Typical minus recent gross margin: 9.6 pp

- Typical gross margin (annual median): 19.3%

- Recent gross margin (lower of latest and 3-year median): 9.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 6.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.5%

- FY2017: 17.5%

- FY2018: 14.5%

- FY2019: 15.3%

- FY2020: 15.6%

- FY2021: 14.8%

- FY2022: 15.0%

- FY2023: 20.4%

- FY2024: 18.5%

- FY2025: 14.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.6B

- Return on incremental invested capital: 16.9%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: 10.6%

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

- FY2021: 0.89×

- FY2022: 0.83×

- FY2023: 0.60×

- FY2024: 0.76×

- FY2025: 0.42×

### management: pass

- 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: 16.5% vs 18.5%

- Per-share earnings: 2.27 to 3.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.7%

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

- Market cap gain: EUR -262M

- Cumulative retained earnings: EUR 1.0B

- Diluted shares, 10-year annual growth: 1.7%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.8%

- Per-share value change: EUR 1.02

- Per-share value, starting three-year median: EUR 2.27

- Per-share value, ending three-year median: EUR 3.29

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 1.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.9B

- Cumulative net income, 10 years: EUR 2.9B

- ROIC, first three-year median: 16.5%

- ROIC, last three-year median: 18.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.27

- FY2017: EUR 2.80

- FY2018: EUR 2.63

- FY2019: EUR 3.07

- FY2020: EUR 2.71

- FY2021: EUR 2.86

- FY2022: EUR 2.55

- FY2023: EUR 3.40

- FY2024: EUR 3.29

- FY2025: EUR 2.97

### accounting: pass

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: -1.4%

- FY2018: -1.5%

- FY2019: -3.3%

- FY2020: -6.3%

- FY2021: -0.0%

- FY2022: -2.4%

- FY2023: -3.3%

- FY2024: -4.8%

- FY2025: -5.3%

## Holders

## Price story

Price needs cash profits to grow 3.3% a year for ten years · "Rubis Turns Expensive Oil Into a Guidance Upgrade" (finance.yahoo.com, Sep 2026) · sales -1.6%

Story as of 2026-10-16T10:00:09.756Z; price observation 2026-10-15.

Price needs cash profits to grow 3.3% a year for ten years

- 2026-09-08: Rubis Turns Expensive Oil Into a Guidance Upgrade ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/rubis-turns-expensive-oil-guidance-150910219.html))

### Sales · FY2024–2025

sales -1.6%; source https://filings.xbrl.org/969500MGFIKUGLTC9742/2026-12-31/ESEF/FR/0/rubis-2025-12-31-1-fr/reports/rubis-2025-12-31-1-fr.xhtml; observed 2026-04-29.

- FY2016: EUR 3.0B 

- FY2017: EUR 3.9B 

- FY2018: EUR 4.4B 

- FY2019: EUR 5.2B 

- FY2020: EUR 3.9B 

- FY2021: EUR 4.6B 

- FY2022: EUR 7.1B 

- FY2023: EUR 6.6B 

- FY2024: EUR 6.6B 

- FY2025: EUR 6.5B 

### Gross margin · FY2025

gross margin 9.7%; source https://filings.xbrl.org/969500MGFIKUGLTC9742/2026-12-31/ESEF/FR/0/rubis-2025-12-31-1-fr/reports/rubis-2025-12-31-1-fr.xhtml; observed 2026-04-29.

- FY2016: 32.4% 

- FY2017: 31.5% 

- FY2018: 25.9% 

- FY2019: 10.9% 

- FY2020: 13.2% 

- FY2021: 11.9% 

- FY2022: 9.5% 

- FY2023: 25.4% 

- FY2024: 25.6% 

- FY2025: 9.7% 

## Owner memo

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

### How it makes money

Operates in oil & gas refining & marketing; annual sales are EUR 6.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2025: revenue 6534460000; grossProfit 637101000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RUI.PA: Rubis, together with its subsidiaries, engages in the energy distribution business in Europe, Africa, and the Caribbean. The company operates through Energy Distribution and Renewable Electricity Production segments. It retails and distributes aviation and marine fuel, heating oils, lubricants, liquefied gases, and bitumen; and provides trading, supply, refining, logistics, and shipping activities. The company also engages in the operation of service stations that provide charging stations, convenience stores, catering, and car washing services; and production of photovoltaic electricity, which includes large ground-based facilities, parking canopies, and rooftop installations. It serves distributors, companies, and industrialists; and the transport, hotel, poultry farming, and construction sectors. Rubis was incorporated in 1954 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 9.7% to 25.6% during 2023–25; it earns 15.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: grossProfit / revenue = 25.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: grossProfit / revenue = 25.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2025: grossProfit / revenue = 9.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); 10-year return on capital observations [[2016,0.1653029136611094],[2017,0.17530721389454107],[2018,0.14523074233788505],[2019,0.15282921000508692],[2020,0.15553558176884794],[2021,0.14842859521836932],[2022,0.14969287054119815],[2023,0.20423763620461377],[2024,0.1849639525408435],[2025,0.14851362263618054]]; median 0.15418239588696742. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 5.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2016: growth capex 29785220.783954084; upkeep 132759779.21604592; owner earnings 188837220.78395408. Growth capex / owner earnings = 0.157729607861741.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2017: growth capex 79903000; upkeep 125814000; owner earnings 265583000. Growth capex / owner earnings = 0.3008588652135114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2018: growth capex 138635000; upkeep 94139000; owner earnings 254070000. Growth capex / owner earnings = 0.5456567087810446.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2019: growth capex 107317000; upkeep 122458000; owner earnings 270664400. Growth capex / owner earnings = 0.3964946997093079.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2020: growth capex 0; upkeep 245396000; owner earnings 140856200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2021: growth capex 61853000; upkeep 143829000; owner earnings 260185600. Growth capex / owner earnings = 0.23772645373149012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2022: growth capex 90729000; upkeep 167687000; owner earnings 217966200. Growth capex / owner earnings = 0.41625261164345667.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2023: growth capex 0; upkeep 283340000; owner earnings 210593400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2024: growth capex 4290069.018364042; upkeep 243571930.98163596; owner earnings 260171869.01836404. Growth capex / owner earnings = 0.016489365412758097.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2025: growth capex 0; upkeep 376105000; owner earnings 130105600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Dividend observations: [[2016,124900000],[2017,133009000],[2018,169265000],[2019,154522000],[2020,197965000],[2021,83577000],[2022,191061000],[2023,197524000],[2024,282284000],[2025,220714000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); FY2025: cash repurchases 5170000 EUR.

### Are managers owners

Insiders own 29.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RUI.PA SharesStats.PercentInsiders = 29.199 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.3% yearly over ten years; actual decline was 3.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-29); Ten-year compound average after fade. Initial solved rate 0.03412312412376528. Price 35.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8430955948990213 → FY2025 1.2506906860718852. Closing-price date 2026-10-15.

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

- 2016-10: EUR 41.54 per share

- 2016-11: EUR 38.54 per share

- 2016-12: EUR 39.17 per share

- 2017-01: EUR 38.97 per share

- 2017-02: EUR 44.25 per share

- 2017-03: EUR 45.94 per share

- 2017-04: EUR 46.64 per share

- 2017-05: EUR 51.58 per share

- 2017-06: EUR 49.62 per share

- 2017-07: EUR 53.76 per share

- 2017-08: EUR 54.61 per share

- 2017-09: EUR 53.93 per share

- 2017-10: EUR 53.88 per share

- 2017-11: EUR 59.76 per share

- 2017-12: EUR 58.98 per share

- 2018-01: EUR 59.40 per share

- 2018-02: EUR 58.85 per share

- 2018-03: EUR 58.65 per share

- 2018-04: EUR 64.50 per share

- 2018-05: EUR 60.35 per share

- 2018-06: EUR 53.50 per share

- 2018-07: EUR 50.45 per share

- 2018-08: EUR 51.00 per share

- 2018-09: EUR 46.62 per share

- 2018-10: EUR 45.70 per share

- 2018-11: EUR 47.58 per share

- 2018-12: EUR 46.88 per share

- 2019-01: EUR 52.05 per share

- 2019-02: EUR 52.05 per share

- 2019-03: EUR 48.62 per share

- 2019-04: EUR 48.80 per share

- 2019-05: EUR 44.68 per share

- 2019-06: EUR 49.52 per share

- 2019-07: EUR 50.90 per share

- 2019-08: EUR 52.60 per share

- 2019-09: EUR 53.30 per share

- 2019-10: EUR 51.95 per share

- 2019-11: EUR 51.70 per share

- 2019-12: EUR 54.75 per share

- 2020-01: EUR 55.85 per share

- 2020-02: EUR 48.80 per share

- 2020-03: EUR 38.06 per share

- 2020-04: EUR 40.96 per share

- 2020-05: EUR 42.90 per share

- 2020-06: EUR 42.78 per share

- 2020-07: EUR 39.96 per share

- 2020-08: EUR 39.58 per share

- 2020-09: EUR 34.24 per share

- 2020-10: EUR 28.18 per share

- 2020-11: EUR 35.88 per share

- 2020-12: EUR 37.98 per share

- 2021-01: EUR 37.34 per share

- 2021-02: EUR 37.96 per share

- 2021-03: EUR 40.40 per share

- 2021-04: EUR 39.05 per share

- 2021-05: EUR 39.55 per share

- 2021-06: EUR 37.49 per share

- 2021-07: EUR 33.82 per share

- 2021-08: EUR 32.81 per share

- 2021-09: EUR 29.89 per share

- 2021-10: EUR 27.69 per share

- 2021-11: EUR 24.28 per share

- 2021-12: EUR 26.26 per share

- 2022-01: EUR 28.66 per share

- 2022-02: EUR 27.97 per share

- 2022-03: EUR 26.67 per share

- 2022-04: EUR 25.44 per share

- 2022-05: EUR 28.20 per share

- 2022-06: EUR 22.28 per share

- 2022-07: EUR 23.79 per share

- 2022-08: EUR 23.57 per share

- 2022-09: EUR 21.39 per share

- 2022-10: EUR 23.00 per share

- 2022-11: EUR 24.20 per share

- 2022-12: EUR 24.60 per share

- 2023-01: EUR 25.67 per share

- 2023-02: EUR 26.16 per share

- 2023-03: EUR 24.67 per share

- 2023-04: EUR 26.78 per share

- 2023-05: EUR 25.50 per share

- 2023-06: EUR 22.24 per share

- 2023-07: EUR 22.42 per share

- 2023-08: EUR 22.52 per share

- 2023-09: EUR 21.24 per share

- 2023-10: EUR 20.54 per share

- 2023-11: EUR 22.30 per share

- 2023-12: EUR 22.50 per share

- 2024-01: EUR 23.46 per share

- 2024-02: EUR 24.32 per share

- 2024-03: EUR 32.74 per share

- 2024-04: EUR 32.50 per share

- 2024-05: EUR 32.70 per share

- 2024-06: EUR 26.26 per share

- 2024-07: EUR 28.96 per share

- 2024-08: EUR 29.12 per share

- 2024-09: EUR 24.52 per share

- 2024-10: EUR 22.48 per share

- 2024-11: EUR 22.72 per share

- 2024-12: EUR 23.88 per share

- 2025-01: EUR 25.28 per share

- 2025-02: EUR 26.50 per share

- 2025-03: EUR 26.04 per share

- 2025-04: EUR 28.56 per share

- 2025-05: EUR 28.68 per share

- 2025-06: EUR 27.42 per share

- 2025-07: EUR 27.86 per share

- 2025-08: EUR 28.28 per share

- 2025-09: EUR 31.78 per share

- 2025-10: EUR 31.48 per share

- 2025-11: EUR 32.88 per share

- 2025-12: EUR 32.06 per share

- 2026-01: EUR 34.20 per share

- 2026-02: EUR 36.64 per share

- 2026-03: EUR 34.46 per share

- 2026-04: EUR 35.12 per share

- 2026-05: EUR 35.48 per share

- 2026-06: EUR 30.70 per share

- 2026-07: EUR 33.48 per share

- 2026-08: EUR 33.60 per share

- 2026-09: EUR 35.22 per share

- 2026-10: EUR 35.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 21.94 per share, central EUR 25.85 per share, high EUR 28.79 per share

- FY2017: low EUR 37.13 per share, central EUR 46.81 per share, high EUR 53.46 per share

- FY2018: low EUR 39.07 per share, central EUR 48.16 per share, high EUR 55.12 per share

- FY2019: low EUR 45.48 per share, central EUR 57.58 per share, high EUR 66.10 per share

- FY2020: low EUR 33.47 per share, central EUR 36.75 per share, high EUR 41.11 per share

- FY2021: low EUR 36.52 per share, central EUR 41.91 per share, high EUR 47.53 per share

- FY2022: low EUR 47.78 per share, central EUR 56.36 per share, high EUR 64.60 per share

- FY2023: low EUR 31.05 per share, central EUR 36.64 per share, high EUR 41.96 per share

- FY2024: low EUR 32.15 per share, central EUR 38.10 per share, high EUR 43.55 per share

- FY2025: low EUR 27.83 per share, central EUR 30.83 per share, high EUR 34.84 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 2026-10-15T06:43:50.450Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500MGFIKUGLTC9742/2026-12-31/ESEF/FR/0/rubis-2025-12-31-1-fr/reports/rubis-2025-12-31-1-fr.xhtml); period 2026-12-31, filed 2026-04-29.

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.