# Compagnie de Saint-Gobain (SGO.PA)

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

Analysis as of: 2026-10-16T07:34:09.476Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 66.54 per share; close as of 2026-10-15.

Estimated value: low EUR 66.77 per share, central EUR 74.61 per share, high EUR 85.05 per share. Buy at or below the central value EUR 74.61 per share. Valuation as of 2026-10-16T07:34:09.476Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% 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

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

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: 0.10×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 17.6%

- ROIC, second-lowest year: 11.8%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 25.5%

- Recent gross margin (lower of latest and 3-year median): 27.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.9%

- ROIC including acquisitions, ten-year median: 6.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.7%

- FY2017: 16.7%

- FY2018: 10.7%

- FY2019: 11.8%

- FY2020: 12.2%

- FY2021: 19.4%

- FY2022: 21.0%

- FY2023: 21.1%

- FY2024: 19.7%

- FY2025: 18.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 13B

- Net income, five-year total: EUR 14B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: 13.5%

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

- FY2021: 0.96×

- FY2022: 0.89×

- FY2023: 0.85×

- FY2024: 0.97×

- FY2025: 0.94×

### 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: 15.7% vs 19.7%

- Per-share earnings: 2.35 to 5.67 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.4%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: EUR 18B

- Cumulative retained earnings: EUR 13B

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.6%

- Per-share value change: EUR 3.32

- Per-share value, starting three-year median: EUR 2.35

- Per-share value, ending three-year median: EUR 5.67

- Buybacks concentrated in cheaper years (correlation): 0.08

- Average buyback yield: 2.3%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 20B

- Cumulative net income, 10 years: EUR 19B

- ROIC, first three-year median: 15.7%

- ROIC, last three-year median: 19.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.35

- FY2017: EUR 2.81

- FY2018: EUR 0.72

- FY2019: EUR 2.58

- FY2020: EUR 0.85

- FY2021: EUR 4.76

- FY2022: EUR 5.87

- FY2023: EUR 5.27

- FY2024: EUR 5.67

- FY2025: EUR 5.85

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.80×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -2.8%

- FY2018: -6.0%

- FY2019: -4.8%

- FY2020: -8.8%

- FY2021: -3.7%

- FY2022: -4.9%

- FY2023: -5.9%

- FY2024: -4.4%

- FY2025: -4.5%

## Holders

## Price story

Down 34% since Jul 2025 · sales -0.2%

Story as of 2026-10-16T09:59:59.367Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.8% a year for ten years

### Sales · FY2024–2025

sales -0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 39B 

- FY2017: EUR 41B 

- FY2018: EUR 42B 

- FY2019: EUR 43B 

- FY2020: EUR 38B 

- FY2021: EUR 44B 

- FY2022: EUR 51B 

- FY2023: EUR 48B 

- FY2024: EUR 47B 

- FY2025: EUR 46B 

### Gross margin · FY2025

gross margin 27.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.5% 

- FY2017: 25.5% 

- FY2018: 25.4% 

- FY2019: 25.5% 

- FY2020: 24.8% 

- FY2021: 26.4% 

- FY2022: 25.5% 

- FY2023: 26.4% 

- FY2024: 27.7% 

- FY2025: 27.2% 

## Owner memo

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

### How it makes money

Operates in building products & equipment; annual sales are EUR 46.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2025: revenue 46483000000; grossProfit 12649000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGO.PA: Compagnie de Saint-Gobain S.A., together with its subsidiaries, designs, manufactures, and distributes materials and solutions for the construction and industrial markets worldwide. It operates in five segments: High Performance Solutions; Northern Europe; Southern Europe " Middle East (ME) Americas; and Asia-Pacific. The company offers plaster-based products and systems for the construction and renovation markets under the Placo, Rigips, and Gyproc brands; insulation solutions for a range of applications, such as heating and air conditioning systems, insulation of pipes in industrial installations, engine and interior compartments of vehicles, household appliances, and photovoltaic panels under the Isover, CertainTeed, and Izocam brands; and mortars and construction chemicals under the Weber, Chryso, and GCP brands. It also provides ceilings under the Ecophon, CertainTeed, Eurocoustic, Gyptone, and Vinh Tuong brands; glazing solutions for buildings and mobility, including flat glass under the Saint-Gobain Glass, GlassSolutions, Vetrotech, and SageGlass brands; ductile cast iron pipe systems, covers, and gratings under the PAM brand; glass fiber materials and technical textiles; and abrasives, adhesives, sealants, adhesive tapes, foams, and films. In addition, the company offers ceramics and polymers; and exterior products comprising asphalt and composite shingles, solar roofing solutions, roll roofing systems, accessories, polymer shakes and shingles, and insulation cladding solutions under the CertainTeed brands. Further, it distributes heavy building materials; plumbing, heating, ventilation, and sanitaryware products; construction products; office partitions; timber and byproducts; home improvement products and services; bathrooms and kitchens; steel; and site equipment, PPEs, and tools. Compagnie de Saint-Gobain S.A. was founded in 1665 and is headquartered in Courbevoie, France.

### Why customers stay

Margins ranged from 26.4% to 27.7% during 2023–25; it earns 17.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2023: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2024: grossProfit / revenue = 27.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2025: grossProfit / revenue = 27.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); 10-year return on capital observations [[2016,0.15683705796729172],[2017,0.16695339445438584],[2018,0.10658062799361362],[2019,0.11811351414979226],[2020,0.1217525289743418],[2021,0.1937582547737438],[2022,0.21033377522775382],[2023,0.21058133042473348],[2024,0.1967128269122254],[2025,0.1852522247918216]]; median 0.1761028096231037. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 26% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); Gross margin observations: [[2021,0.26422101449275365],[2022,0.2553860577768229],[2023,0.26393292174203237]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 778 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2016: growth capex 0; upkeep 1320000000; owner earnings 1266000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2017: growth capex 317000000; upkeep 1206000000; owner earnings 1566000000. Growth capex / owner earnings = 0.20242656449553.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2018: growth capex 0; upkeep 1654000000; owner earnings 647000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2019: growth capex 0; upkeep 1818000000; owner earnings 845600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2020: growth capex 0; upkeep 1236000000; owner earnings 548400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2021: growth capex 0; upkeep 1461000000; owner earnings 2415000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2022: growth capex 0; upkeep 1921000000; owner earnings 2661800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2023: growth capex 0; upkeep 1971000000; owner earnings 2271200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2024: growth capex 0; upkeep 2083000000; owner earnings 2756400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2025: growth capex 0; upkeep 2174000000; owner earnings 2703200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); Dividend observations: [[2016,680000000],[2017,693000000],[2018,707000000],[2019,716000000],[2020,1029000000],[2021,697000000],[2022,833000000],[2023,1013000000],[2024,1045000000],[2025,1085000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); FY2025: cash repurchases 778000000 EUR.

### Are managers owners

Insiders own 8.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SGO.PA SharesStats.PercentInsiders = 8.770999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.8% yearly over ten years; actual growth was 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:09.476Z); Ten-year compound average after fade. Initial solved rate -0.023649478828928372. Price 66.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8056220021565881 → FY2025 5.483142056218838. Closing-price date 2026-10-15.

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

- 2016-10: EUR 40.45 per share

- 2016-11: EUR 40.93 per share

- 2016-12: EUR 44.26 per share

- 2017-01: EUR 45.50 per share

- 2017-02: EUR 45.23 per share

- 2017-03: EUR 48.14 per share

- 2017-04: EUR 49.55 per share

- 2017-05: EUR 49.78 per share

- 2017-06: EUR 46.78 per share

- 2017-07: EUR 46.89 per share

- 2017-08: EUR 46.08 per share

- 2017-09: EUR 50.42 per share

- 2017-10: EUR 50.36 per share

- 2017-11: EUR 47.87 per share

- 2017-12: EUR 45.98 per share

- 2018-01: EUR 46.82 per share

- 2018-02: EUR 46.75 per share

- 2018-03: EUR 42.86 per share

- 2018-04: EUR 43.50 per share

- 2018-05: EUR 42.88 per share

- 2018-06: EUR 38.27 per share

- 2018-07: EUR 38.08 per share

- 2018-08: EUR 37.07 per share

- 2018-09: EUR 37.15 per share

- 2018-10: EUR 33.24 per share

- 2018-11: EUR 32.74 per share

- 2018-12: EUR 29.17 per share

- 2019-01: EUR 30.12 per share

- 2019-02: EUR 31.66 per share

- 2019-03: EUR 32.31 per share

- 2019-04: EUR 36.44 per share

- 2019-05: EUR 32.42 per share

- 2019-06: EUR 34.28 per share

- 2019-07: EUR 34.76 per share

- 2019-08: EUR 32.82 per share

- 2019-09: EUR 36.00 per share

- 2019-10: EUR 36.47 per share

- 2019-11: EUR 36.75 per share

- 2019-12: EUR 36.50 per share

- 2020-01: EUR 34.24 per share

- 2020-02: EUR 31.60 per share

- 2020-03: EUR 22.17 per share

- 2020-04: EUR 24.21 per share

- 2020-05: EUR 29.07 per share

- 2020-06: EUR 32.05 per share

- 2020-07: EUR 31.17 per share

- 2020-08: EUR 33.98 per share

- 2020-09: EUR 36.01 per share

- 2020-10: EUR 33.50 per share

- 2020-11: EUR 39.82 per share

- 2020-12: EUR 37.50 per share

- 2021-01: EUR 41.08 per share

- 2021-02: EUR 44.42 per share

- 2021-03: EUR 50.32 per share

- 2021-04: EUR 52.50 per share

- 2021-05: EUR 54.82 per share

- 2021-06: EUR 55.54 per share

- 2021-07: EUR 60.25 per share

- 2021-08: EUR 61.39 per share

- 2021-09: EUR 58.24 per share

- 2021-10: EUR 59.56 per share

- 2021-11: EUR 56.18 per share

- 2021-12: EUR 61.87 per share

- 2022-01: EUR 59.65 per share

- 2022-02: EUR 55.95 per share

- 2022-03: EUR 54.27 per share

- 2022-04: EUR 56.33 per share

- 2022-05: EUR 55.10 per share

- 2022-06: EUR 40.95 per share

- 2022-07: EUR 45.33 per share

- 2022-08: EUR 40.35 per share

- 2022-09: EUR 37.05 per share

- 2022-10: EUR 41.40 per share

- 2022-11: EUR 43.75 per share

- 2022-12: EUR 45.65 per share

- 2023-01: EUR 52.55 per share

- 2023-02: EUR 56.33 per share

- 2023-03: EUR 52.32 per share

- 2023-04: EUR 52.42 per share

- 2023-05: EUR 51.80 per share

- 2023-06: EUR 55.73 per share

- 2023-07: EUR 61.48 per share

- 2023-08: EUR 60.16 per share

- 2023-09: EUR 56.88 per share

- 2023-10: EUR 51.40 per share

- 2023-11: EUR 59.81 per share

- 2023-12: EUR 66.66 per share

- 2024-01: EUR 65.84 per share

- 2024-02: EUR 71.20 per share

- 2024-03: EUR 71.93 per share

- 2024-04: EUR 74.66 per share

- 2024-05: EUR 80.58 per share

- 2024-06: EUR 72.62 per share

- 2024-07: EUR 79.44 per share

- 2024-08: EUR 79.08 per share

- 2024-09: EUR 81.72 per share

- 2024-10: EUR 82.98 per share

- 2024-11: EUR 86.34 per share

- 2024-12: EUR 85.70 per share

- 2025-01: EUR 90.58 per share

- 2025-02: EUR 96.72 per share

- 2025-03: EUR 91.70 per share

- 2025-04: EUR 95.50 per share

- 2025-05: EUR 98.84 per share

- 2025-06: EUR 99.64 per share

- 2025-07: EUR 100.30 per share

- 2025-08: EUR 92.20 per share

- 2025-09: EUR 91.66 per share

- 2025-10: EUR 84.06 per share

- 2025-11: EUR 85.94 per share

- 2025-12: EUR 86.96 per share

- 2026-01: EUR 83.22 per share

- 2026-02: EUR 86.24 per share

- 2026-03: EUR 70.06 per share

- 2026-04: EUR 77.64 per share

- 2026-05: EUR 78.26 per share

- 2026-06: EUR 79.16 per share

- 2026-07: EUR 81.28 per share

- 2026-08: EUR 78.32 per share

- 2026-09: EUR 69.04 per share

- 2026-10: EUR 65.32 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 19.47 per share, central EUR 21.43 per share, high EUR 24.03 per share

- FY2017: low EUR 21.20 per share, central EUR 23.52 per share, high EUR 26.59 per share

- FY2018: low EUR 17.68 per share, central EUR 19.65 per share, high EUR 22.28 per share

- FY2019: low EUR 24.54 per share, central EUR 26.88 per share, high EUR 29.99 per share

- FY2020: low EUR 29.59 per share, central EUR 31.71 per share, high EUR 34.52 per share

- FY2021: low EUR 29.53 per share, central EUR 32.02 per share, high EUR 35.34 per share

- FY2022: low EUR 31.73 per share, central EUR 34.73 per share, high EUR 38.72 per share

- FY2023: low EUR 64.10 per share, central EUR 70.85 per share, high EUR 79.85 per share

- FY2024: low EUR 67.79 per share, central EUR 75.07 per share, high EUR 84.76 per share

- FY2025: low EUR 70.16 per share, central EUR 77.93 per share, high EUR 88.27 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.