# Rexel (RXL.PA)

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

Analysis as of: 2026-10-16T07:35:42.159Z. Financial observations: FY2001–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 32.64 per share; close as of 2026-10-15.

Estimated value: low EUR 31.62 per share, central EUR 38.51 per share, high EUR 44.56 per share. Buy at or below the central value EUR 38.51 per share. Valuation as of 2026-10-16T07:35:42.159Z; scenarios are not confidence intervals.

Expected annual return: 11.4% at the stated quote. About 11.4% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.02×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.01×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.04×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: -0.1 pp

- Typical gross margin (annual median): 24.8%

- Recent gross margin (lower of latest and 3-year median): 24.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.4%

- FY2017: 9.1%

- FY2018: 8.4%

- FY2019: 9.2%

- FY2020: 1.8%

- FY2021: 18.0%

- FY2022: 22.6%

- FY2023: 18.3%

- FY2024: 10.1%

- FY2025: 13.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.2B

- Net income, five-year total: EUR 3.2B

- Return on incremental invested capital: 1384.5%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.9 pp

- Working capital / revenue, final three-year average: 17.6%

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

- FY2021: 0.95×

- FY2022: 0.97×

- FY2023: 0.92×

- FY2024: 1.16×

- FY2025: 0.99×

### 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: 9.1% vs 13.4%

- Per-share earnings: 0.35 to 2.00 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: EUR 5.2B

- Cumulative retained earnings: EUR 2.4B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.4%

- Per-share value change: EUR 1.65

- Per-share value, starting three-year median: EUR 0.35

- Per-share value, ending three-year median: EUR 2.00

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 1.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.5B

- Cumulative net income, 10 years: EUR 3.6B

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: 13.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.46

- FY2017: EUR 0.35

- FY2018: EUR 0.50

- FY2019: EUR 0.68

- FY2020: EUR -0.86

- FY2021: EUR 1.96

- FY2022: EUR 3.05

- FY2023: EUR 2.57

- FY2024: EUR 1.13

- FY2025: EUR 2.00

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.35×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -1.8%

- FY2018: -1.3%

- FY2019: -3.1%

- FY2020: -9.7%

- FY2021: -1.0%

- FY2022: 0.6%

- FY2023: -1.2%

- FY2024: -3.7%

- FY2025: -1.4%

## Holders

## Price story

Price needs cash profits to grow 0.7% a year for ten years · sales +0.7%

Story as of 2026-10-16T10:00:05.851Z; price observation 2026-10-15.

Price needs cash profits to grow 0.7% a year for ten years

### Sales · FY2024–2025

sales +0.7%; source https://filings.xbrl.org/969500N6AVPA51648T62/2023-12-31/ESEF/FR/0/rexel-2023-12-31AR/reports/rexel-2023-12-31AR.xhtml; observed 2024-03-18.

- FY2016: EUR 13B 

- FY2017: EUR 13B 

- FY2018: EUR 13B 

- FY2019: EUR 14B 

- FY2020: EUR 13B 

- FY2021: EUR 15B 

- FY2022: EUR 19B 

- FY2023: EUR 19B 

- FY2024: EUR 19B 

- FY2025: EUR 19B 

### Gross margin · FY2025

gross margin 25.1%; source https://filings.xbrl.org/969500N6AVPA51648T62/2023-12-31/ESEF/FR/0/rexel-2023-12-31AR/reports/rexel-2023-12-31AR.xhtml; observed 2024-03-18.

- FY2016: 24.1% 

- FY2017: 24.5% 

- FY2018: 24.6% 

- FY2019: 25.0% 

- FY2020: 24.6% 

- FY2021: 26.4% 

- FY2022: 26.0% 

- FY2023: 23.5% 

- FY2024: 24.9% 

- FY2025: 25.1% 

## Owner memo

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

### How it makes money

Operates in electronics & computer distribution; annual sales are EUR 19.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2025: revenue 19414600000; grossProfit 4873200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RXL.PA: Rexel S.A., together with its subsidiaries, engages in the distribution of low voltage electrical products for the residential, commercial, and industrial markets in France, rest of Europe, North America, and the Asia-Pacific. The company offers electrical supplies and solutions including industrial control, automation and specialty products. It also offers a range of digital channels: automated logistics, webshops, mobile apps, online tools for product configuration, and electronic data interchanges. The company was founded in 1967 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 23.5% to 25.1% during 2023–25; it earns 10.8% on its capital.

- Source: https://filings.xbrl.org/969500N6AVPA51648T62/2023-12-31/ESEF/FR/0/rexel-2023-12-31AR/reports/rexel-2023-12-31AR.xhtml (filed 2024-03-18); FY2023: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2024: grossProfit / revenue = 24.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2025: grossProfit / revenue = 25.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); 10-year return on capital observations [[2016,0.11400485973050585],[2017,0.09127129351283057],[2018,0.0838881365540264],[2019,0.09238231598632499],[2020,0.01839074236989917],[2021,0.18032328828921848],[2022,0.2256707630536232],[2023,0.18345352419456512],[2024,0.10126807256653467],[2025,0.13366228824180648]]; median 0.10763646614852027. 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 96.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2016: growth capex 0; upkeep 120800000; owner earnings 132900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2017: growth capex 0; upkeep 113800000; owner earnings 110800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2018: growth capex 0; upkeep 117800000; owner earnings 313300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2019: growth capex 0; upkeep 124300000; owner earnings 174000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2021: growth capex 0; upkeep 109300000; owner earnings 569740000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2022: growth capex 0; upkeep 131400000; owner earnings 895680000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500N6AVPA51648T62/2023-12-31/ESEF/FR/0/rexel-2023-12-31AR/reports/rexel-2023-12-31AR.xhtml (filed 2024-03-18); FY2023: growth capex 0; upkeep 158200000; owner earnings 715520000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2024: growth capex 0; upkeep 132100000; owner earnings 393240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2025: growth capex 0; upkeep 145500000; owner earnings 582540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); Dividend observations: [[2016,120300000],[2017,120800000],[2018,126800000],[2019,133000000],[2020,139600000],[2021,139600000],[2022,230100000],[2023,362200000],[2024,357200000],[2025,354600000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); FY2025: cash repurchases 96600000 EUR.

### Are managers owners

Insiders own 1.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RXL.PA SharesStats.PercentInsiders = 1.557 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.7% yearly over ten years; actual growth was 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2024-03-18); Ten-year compound average after fade. Initial solved rate -0.0031603640002775824. Price 32.64; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.4864977797528047 → FY2025 1.976641602649366. Closing-price date 2026-10-15.

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

- 2016-10: EUR 12.64 per share

- 2016-11: EUR 14.59 per share

- 2016-12: EUR 15.64 per share

- 2017-01: EUR 16.11 per share

- 2017-02: EUR 15.27 per share

- 2017-03: EUR 17.02 per share

- 2017-04: EUR 16.40 per share

- 2017-05: EUR 15.68 per share

- 2017-06: EUR 14.33 per share

- 2017-07: EUR 13.39 per share

- 2017-08: EUR 12.55 per share

- 2017-09: EUR 14.64 per share

- 2017-10: EUR 15.33 per share

- 2017-11: EUR 15.50 per share

- 2017-12: EUR 15.12 per share

- 2018-01: EUR 14.52 per share

- 2018-02: EUR 14.48 per share

- 2018-03: EUR 13.75 per share

- 2018-04: EUR 12.85 per share

- 2018-05: EUR 12.59 per share

- 2018-06: EUR 12.32 per share

- 2018-07: EUR 13.39 per share

- 2018-08: EUR 13.55 per share

- 2018-09: EUR 12.94 per share

- 2018-10: EUR 11.27 per share

- 2018-11: EUR 10.60 per share

- 2018-12: EUR 9.30 per share

- 2019-01: EUR 9.96 per share

- 2019-02: EUR 10.96 per share

- 2019-03: EUR 10.06 per share

- 2019-04: EUR 11.98 per share

- 2019-05: EUR 9.67 per share

- 2019-06: EUR 11.17 per share

- 2019-07: EUR 10.12 per share

- 2019-08: EUR 9.65 per share

- 2019-09: EUR 9.82 per share

- 2019-10: EUR 11.10 per share

- 2019-11: EUR 11.08 per share

- 2019-12: EUR 11.85 per share

- 2020-01: EUR 10.82 per share

- 2020-02: EUR 11.10 per share

- 2020-03: EUR 6.78 per share

- 2020-04: EUR 8.55 per share

- 2020-05: EUR 9.08 per share

- 2020-06: EUR 10.17 per share

- 2020-07: EUR 9.99 per share

- 2020-08: EUR 11.21 per share

- 2020-09: EUR 10.74 per share

- 2020-10: EUR 9.03 per share

- 2020-11: EUR 11.33 per share

- 2020-12: EUR 12.90 per share

- 2021-01: EUR 12.57 per share

- 2021-02: EUR 15.56 per share

- 2021-03: EUR 16.90 per share

- 2021-04: EUR 16.37 per share

- 2021-05: EUR 16.69 per share

- 2021-06: EUR 17.64 per share

- 2021-07: EUR 17.78 per share

- 2021-08: EUR 17.72 per share

- 2021-09: EUR 16.77 per share

- 2021-10: EUR 17.16 per share

- 2021-11: EUR 16.23 per share

- 2021-12: EUR 17.83 per share

- 2022-01: EUR 19.63 per share

- 2022-02: EUR 19.80 per share

- 2022-03: EUR 19.43 per share

- 2022-04: EUR 19.64 per share

- 2022-05: EUR 19.79 per share

- 2022-06: EUR 14.68 per share

- 2022-07: EUR 17.32 per share

- 2022-08: EUR 16.20 per share

- 2022-09: EUR 15.48 per share

- 2022-10: EUR 18.11 per share

- 2022-11: EUR 17.45 per share

- 2022-12: EUR 18.44 per share

- 2023-01: EUR 20.26 per share

- 2023-02: EUR 23.55 per share

- 2023-03: EUR 21.95 per share

- 2023-04: EUR 21.00 per share

- 2023-05: EUR 19.12 per share

- 2023-06: EUR 22.61 per share

- 2023-07: EUR 21.92 per share

- 2023-08: EUR 21.70 per share

- 2023-09: EUR 21.30 per share

- 2023-10: EUR 19.24 per share

- 2023-11: EUR 22.13 per share

- 2023-12: EUR 24.77 per share

- 2024-01: EUR 24.79 per share

- 2024-02: EUR 23.70 per share

- 2024-03: EUR 25.03 per share

- 2024-04: EUR 24.43 per share

- 2024-05: EUR 27.81 per share

- 2024-06: EUR 24.16 per share

- 2024-07: EUR 23.52 per share

- 2024-08: EUR 22.84 per share

- 2024-09: EUR 25.97 per share

- 2024-10: EUR 25.18 per share

- 2024-11: EUR 24.44 per share

- 2024-12: EUR 24.60 per share

- 2025-01: EUR 25.58 per share

- 2025-02: EUR 26.06 per share

- 2025-03: EUR 24.78 per share

- 2025-04: EUR 24.39 per share

- 2025-05: EUR 24.73 per share

- 2025-06: EUR 26.14 per share

- 2025-07: EUR 26.58 per share

- 2025-08: EUR 27.68 per share

- 2025-09: EUR 27.84 per share

- 2025-10: EUR 30.00 per share

- 2025-11: EUR 32.79 per share

- 2025-12: EUR 33.59 per share

- 2026-01: EUR 35.54 per share

- 2026-02: EUR 36.87 per share

- 2026-03: EUR 33.28 per share

- 2026-04: EUR 35.76 per share

- 2026-05: EUR 36.81 per share

- 2026-06: EUR 38.21 per share

- 2026-07: EUR 35.84 per share

- 2026-08: EUR 35.94 per share

- 2026-09: EUR 35.26 per share

- 2026-10: EUR 34.17 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 9.84 per share, central EUR 11.03 per share, high EUR 12.62 per share

- FY2017: low EUR 6.19 per share, central EUR 6.91 per share, high EUR 7.86 per share

- FY2018: low EUR 6.16 per share, central EUR 6.88 per share, high EUR 7.84 per share

- FY2019: low EUR 6.17 per share, central EUR 6.91 per share, high EUR 7.90 per share

- FY2020: low EUR 6.01 per share, central EUR 6.64 per share, high EUR 7.48 per share

- FY2021: low EUR 7.58 per share, central EUR 8.50 per share, high EUR 9.72 per share

- FY2022: low EUR 18.39 per share, central EUR 21.76 per share, high EUR 25.07 per share

- FY2023: low EUR 27.69 per share, central EUR 31.27 per share, high EUR 36.03 per share

- FY2024: low EUR 27.95 per share, central EUR 31.57 per share, high EUR 36.40 per share

- FY2025: low EUR 31.26 per share, central EUR 38.07 per share, high EUR 44.04 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 2026-10-15T06:41:21.004Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500N6AVPA51648T62/2023-12-31/ESEF/FR/0/rexel-2023-12-31AR/reports/rexel-2023-12-31AR.xhtml); period 2023-12-31, filed 2024-03-18.

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.

## Reported holder observations