# Ses (SESG.PA)

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

Analysis as of: 2026-10-16T07:41:33.549Z. 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 3.92 per share; close as of 2026-10-15.

Estimated value: low EUR 13.54 per share, central EUR 15.13 per share, high EUR 17.25 per share. Buy at or below the central value EUR 15.13 per share. Valuation as of 2026-10-16T07:41:33.549Z; scenarios are not confidence intervals.

Expected annual return: 55.7% at the stated quote. About 55.7% 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: fail

- 5 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: 5

- Years with a net loss: 4

- Operating margin variation: 1.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.30×

- FY2018: 0.20×

- FY2019: 0.19×

- FY2020: 0.17×

- FY2021: 0.19×

- FY2022: 0.20×

- FY2023: -0.34×

- FY2024: 0.03×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 14.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.5%

- ROIC, second-lowest year: 0.7%

- Typical minus recent gross margin: 14.9 pp

- Typical gross margin (annual median): 83.0%

- Recent gross margin (lower of latest and 3-year median): 68.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.4%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.6%

- FY2017: 8.2%

- FY2018: 5.0%

- FY2019: 5.1%

- FY2020: 3.9%

- FY2021: 5.0%

- FY2022: 3.6%

- FY2023: -12.8%

- FY2024: 0.9%

- FY2025: 0.7%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 856M

- Net income, five-year total: EUR -567M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.8 pp

- Working capital / revenue, change between three-year averages: -8.4 pp

- Working capital / revenue, final three-year average: 25.4%

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

- FY2021: EUR 836M

- FY2022: EUR -94M

- FY2023: EUR -626M

- FY2024: EUR 508M

- FY2025: EUR 232M

### 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: 8.2% vs 0.7%

- Per-share earnings: 1.06 to -0.23 (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: -2.2%

- Ordinary dilution, 5-year annual growth: -4.8%

- Market cap gain: EUR -9.7B

- Cumulative retained earnings: EUR -1.1B

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -4.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.29

- Per-share value, starting three-year median: EUR 1.06

- Per-share value, ending three-year median: EUR -0.23

- Buybacks concentrated in cheaper years (correlation): 0.26

- Average buyback yield: 2.2%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.2B

- Cumulative net income, 10 years: EUR 1.5B

- ROIC, first three-year median: 8.2%

- ROIC, last three-year median: 0.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.67

- FY2017: EUR 1.04

- FY2018: EUR 0.53

- FY2019: EUR 0.52

- FY2020: EUR -0.18

- FY2021: EUR 0.85

- FY2022: EUR -0.08

- FY2023: EUR -2.06

- FY2024: EUR 0.04

- FY2025: EUR -0.23

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.95×

- 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: 1.34×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -5.4%

- FY2018: -7.0%

- FY2019: -6.3%

- FY2020: -9.2%

- FY2021: -6.4%

- FY2022: -12.0%

- FY2023: -42.4%

- FY2024: -9.6%

- FY2025: -6.3%

## Holders

## Price story

Down 58% since May 2026 · "Adjusted Free Cash Flow: Negative EUR51 million, due to front-loaded CapEx." (finance.yahoo.com, May 2025) · sales +31.4%

Story as of 2026-10-16T10:00:11.975Z; price observation 2026-10-15.

Price needs cash profits to shrink 24.9% a year for ten years

### Sales · FY2024–2025

sales +31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.1B 

- FY2017: EUR 2.0B 

- FY2018: EUR 1.9B 

- FY2019: EUR 1.9B 

- FY2020: EUR 1.8B 

- FY2021: EUR 1.8B 

- FY2022: EUR 1.9B 

- FY2023: EUR 2.0B 

- FY2024: EUR 2.0B 

- FY2025: EUR 2.6B 

### Gross margin · FY2025

gross margin 71.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 88.8% 

- FY2017: 86.5% 

- FY2018: 85.2% 

- FY2019: 86.1% 

- FY2020: 84.2% 

- FY2021: 81.8% 

- FY2022: 81.9% 

- FY2023: 68.2% 

- FY2024: 67.5% 

- FY2025: 71.2% 

## Owner memo

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

### How it makes money

Operates in broadcasting; annual sales are EUR 2.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2025: revenue 2630000000; grossProfit 1872000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SESG.PA: SES S.A. provides satellite-based data transmission capacity and ancillary services worldwide. The company offers content connectivity solutions, including network spanning satellite and ground infrastructure to create, deliver, and manage video and data solutions. It also provides data connectivity services through its fleet of geostationary earth orbit and medium earth orbit satellites, and ground infrastructures to the aviation, media and broadcast, cloud, cruise, energy, government, maritime, and telco and mobile network operator industries. In addition, the company provides linear video aggregation and distribution to direct-to-home, direct-to-cable, and internet protocol TV homes; channel management solutions comprising playout; and capacity, live feeds and redundancy features for sports and events organizations. It serves broadcasters, platform operators, and content owners. The company was formerly known as SES Global SA and changed its name to SES S.A. in December 2006. SES S.A. was founded in 1985 and is headquartered in Betzdorf, Luxembourg with an additional manufacturing facility in Kockelscheuer, Luxembourg.

### Why customers stay

Margins ranged from 67.5% to 71.2% during 2023–25; it earns 4.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2023: grossProfit / revenue = 68.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2024: grossProfit / revenue = 67.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2025: grossProfit / revenue = 71.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); 10-year return on capital observations [[2016,0.14607032936639133],[2017,0.0822656050011452],[2018,0.0497342251837534],[2019,0.050588398172504496],[2020,0.03933930024410089],[2021,0.0501861504095309],[2022,0.035820377568017765],[2023,-0.12820913177194226],[2024,0.00898488120950324],[2025,0.007187652315190902]]; median 0.04453676271392715. 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 2026-10-16T07:41:33.549Z); FY2016: growth capex 0; upkeep 620000000; owner earnings 973900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2017: growth capex 0; upkeep 481200000; owner earnings 828500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2018: growth capex 0; upkeep 328200000; owner earnings 672200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2019: growth capex 0; upkeep 305300000; owner earnings 736920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2020: growth capex 0; upkeep 210000000; owner earnings 407600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2021: growth capex 0; upkeep 280000000; owner earnings 836400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2024: growth capex 0; upkeep 303000000; owner earnings 507800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); FY2025: growth capex 0; upkeep 522000000; owner earnings 232000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); Dividend observations: [[2016,527500000],[2017,608300000],[2018,362900000],[2019,363900000],[2020,182000000],[2021,181000000],[2022,219000000],[2023,220000000],[2024,320000000],[2025,207000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SESG.PA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 24.9% yearly over ten years; actual decline was 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:33.549Z); Ten-year compound average after fade. Initial solved rate -0.3524524803013308. Price 3.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.1171905316259216 → FY2025 0.5597807203798788. Closing-price date 2026-10-15.

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

- 2016-10: EUR 20.95 per share

- 2016-11: EUR 20.40 per share

- 2016-12: EUR 20.93 per share

- 2017-01: EUR 18.01 per share

- 2017-02: EUR 19.27 per share

- 2017-03: EUR 21.81 per share

- 2017-04: EUR 20.08 per share

- 2017-05: EUR 22.02 per share

- 2017-06: EUR 20.53 per share

- 2017-07: EUR 19.88 per share

- 2017-08: EUR 19.21 per share

- 2017-09: EUR 18.51 per share

- 2017-10: EUR 13.96 per share

- 2017-11: EUR 13.88 per share

- 2017-12: EUR 13.01 per share

- 2018-01: EUR 12.57 per share

- 2018-02: EUR 13.13 per share

- 2018-03: EUR 10.99 per share

- 2018-04: EUR 12.80 per share

- 2018-05: EUR 14.78 per share

- 2018-06: EUR 15.69 per share

- 2018-07: EUR 17.10 per share

- 2018-08: EUR 17.28 per share

- 2018-09: EUR 18.90 per share

- 2018-10: EUR 18.98 per share

- 2018-11: EUR 19.15 per share

- 2018-12: EUR 16.71 per share

- 2019-01: EUR 17.82 per share

- 2019-02: EUR 17.67 per share

- 2019-03: EUR 13.87 per share

- 2019-04: EUR 15.17 per share

- 2019-05: EUR 13.52 per share

- 2019-06: EUR 13.75 per share

- 2019-07: EUR 14.96 per share

- 2019-08: EUR 14.66 per share

- 2019-09: EUR 16.73 per share

- 2019-10: EUR 17.37 per share

- 2019-11: EUR 12.05 per share

- 2019-12: EUR 12.50 per share

- 2020-01: EUR 11.11 per share

- 2020-02: EUR 10.38 per share

- 2020-03: EUR 5.35 per share

- 2020-04: EUR 6.10 per share

- 2020-05: EUR 6.65 per share

- 2020-06: EUR 6.08 per share

- 2020-07: EUR 6.00 per share

- 2020-08: EUR 5.95 per share

- 2020-09: EUR 6.06 per share

- 2020-10: EUR 6.85 per share

- 2020-11: EUR 7.63 per share

- 2020-12: EUR 7.72 per share

- 2021-01: EUR 7.04 per share

- 2021-02: EUR 6.62 per share

- 2021-03: EUR 6.77 per share

- 2021-04: EUR 6.30 per share

- 2021-05: EUR 7.06 per share

- 2021-06: EUR 6.44 per share

- 2021-07: EUR 6.50 per share

- 2021-08: EUR 7.07 per share

- 2021-09: EUR 7.73 per share

- 2021-10: EUR 7.77 per share

- 2021-11: EUR 6.89 per share

- 2021-12: EUR 6.97 per share

- 2022-01: EUR 6.82 per share

- 2022-02: EUR 7.05 per share

- 2022-03: EUR 8.26 per share

- 2022-04: EUR 8.54 per share

- 2022-05: EUR 8.89 per share

- 2022-06: EUR 8.34 per share

- 2022-07: EUR 7.37 per share

- 2022-08: EUR 7.00 per share

- 2022-09: EUR 5.62 per share

- 2022-10: EUR 7.18 per share

- 2022-11: EUR 6.57 per share

- 2022-12: EUR 6.09 per share

- 2023-01: EUR 7.12 per share

- 2023-02: EUR 6.37 per share

- 2023-03: EUR 6.04 per share

- 2023-04: EUR 5.62 per share

- 2023-05: EUR 5.55 per share

- 2023-06: EUR 5.40 per share

- 2023-07: EUR 5.89 per share

- 2023-08: EUR 6.72 per share

- 2023-09: EUR 6.20 per share

- 2023-10: EUR 5.51 per share

- 2023-11: EUR 5.46 per share

- 2023-12: EUR 5.96 per share

- 2024-01: EUR 5.70 per share

- 2024-02: EUR 5.99 per share

- 2024-03: EUR 6.18 per share

- 2024-04: EUR 4.56 per share

- 2024-05: EUR 5.25 per share

- 2024-06: EUR 4.76 per share

- 2024-07: EUR 5.01 per share

- 2024-08: EUR 4.87 per share

- 2024-09: EUR 4.50 per share

- 2024-10: EUR 3.67 per share

- 2024-11: EUR 3.26 per share

- 2024-12: EUR 3.06 per share

- 2025-01: EUR 3.14 per share

- 2025-02: EUR 4.20 per share

- 2025-03: EUR 5.46 per share

- 2025-04: EUR 4.66 per share

- 2025-05: EUR 5.02 per share

- 2025-06: EUR 6.04 per share

- 2025-07: EUR 6.05 per share

- 2025-08: EUR 5.97 per share

- 2025-09: EUR 6.49 per share

- 2025-10: EUR 6.65 per share

- 2025-11: EUR 5.56 per share

- 2025-12: EUR 5.53 per share

- 2026-01: EUR 6.92 per share

- 2026-02: EUR 6.33 per share

- 2026-03: EUR 6.12 per share

- 2026-04: EUR 7.03 per share

- 2026-05: EUR 9.45 per share

- 2026-06: EUR 7.17 per share

- 2026-07: EUR 5.76 per share

- 2026-08: EUR 4.89 per share

- 2026-09: EUR 4.32 per share

- 2026-10: EUR 3.58 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 16.08 per share, central EUR 19.39 per share, high EUR 22.44 per share

- FY2017: low EUR 15.39 per share, central EUR 18.11 per share, high EUR 21.00 per share

- FY2018: low EUR 15.29 per share, central EUR 17.18 per share, high EUR 19.70 per share

- FY2019: low EUR 16.25 per share, central EUR 18.22 per share, high EUR 20.83 per share

- FY2020: low EUR 16.48 per share, central EUR 18.45 per share, high EUR 21.09 per share

- FY2021: low EUR 15.59 per share, central EUR 17.48 per share, high EUR 19.99 per share

- FY2022: low EUR 19.16 per share, central EUR 21.48 per share, high EUR 24.58 per share

- FY2023: low EUR 17.75 per share, central EUR 19.29 per share, high EUR 21.35 per share

- FY2024: low EUR 19.45 per share, central EUR 21.07 per share, high EUR 23.23 per share

- FY2025: low EUR 8.59 per share, central EUR 9.43 per share, high EUR 10.55 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 2026-10-15T06:47:26.822Z 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.