# Seb (SK.PA)

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

Analysis as of: 2026-10-16T07:38:40.491Z. 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 57.20 per share; close as of 2026-10-15.

Estimated value: low EUR 73.45 per share, central EUR 82.63 per share, high EUR 93.66 per share. Buy at or below the central value EUR 82.63 per share. Valuation as of 2026-10-16T07:38:40.491Z; scenarios are not confidence intervals.

Expected annual return: 14.3% at the stated quote. About 14.3% 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.10×

- FY2018: 0.09×

- FY2019: 0.09×

- FY2020: 0.08×

- FY2021: 0.10×

- FY2022: 0.08×

- FY2023: 0.08×

- FY2024: 0.07×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 17.8%

- ROIC, second-lowest year: 12.3%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 37.8%

- Recent gross margin (lower of latest and 3-year median): 40.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 7.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.9%

- FY2017: 22.5%

- FY2018: 22.5%

- FY2019: 18.6%

- FY2020: 19.5%

- FY2021: 21.6%

- FY2022: 14.1%

- FY2023: 16.2%

- FY2024: 11.3%

- FY2025: 12.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.7B

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

- Return on incremental invested capital: 43.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.0 pp

- Working capital / revenue, final three-year average: 21.0%

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

- FY2021: 0.97×

- FY2022: 0.90×

- FY2023: 1.09×

- FY2024: 1.25×

- FY2025: 0.89×

### 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: 22.5% vs 12.3%

- Per-share earnings: 4.64 to 4.45 (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: -0.2%

- Market cap gain: EUR -3.8B

- Cumulative retained earnings: EUR 187M

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

- Diluted shares, 5-year annual growth: -0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.5%

- Per-share value change: EUR -0.19

- Per-share value, starting three-year median: EUR 4.64

- Per-share value, ending three-year median: EUR 4.45

- Buybacks concentrated in cheaper years (correlation): 0.29

- Average buyback yield: 0.8%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.0B

- Cumulative net income, 10 years: EUR 3.4B

- ROIC, first three-year median: 22.5%

- ROIC, last three-year median: 12.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.64

- FY2017: EUR 6.84

- FY2018: EUR 7.63

- FY2019: EUR 6.89

- FY2020: EUR 5.42

- FY2021: EUR 8.23

- FY2022: EUR 5.72

- FY2023: EUR 6.94

- FY2024: EUR 4.22

- FY2025: EUR 4.45

### accounting: pass

- Sloan accruals: 0.4%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.8%

- FY2017: -1.2%

- FY2018: -4.3%

- FY2019: -3.9%

- FY2020: -7.1%

- FY2021: -1.2%

- FY2022: 0.4%

- FY2023: -6.9%

- FY2024: -3.2%

- FY2025: 0.4%

## Holders

## Price story

Down 58% since Dec 2021 · "Tefal Pan-Maker Groupe SEB to Cut 7% of Jobs, Citing AI Gains" (finance.yahoo.com, Feb 2026) · sales -1.2%

Story as of 2026-10-16T10:00:10.130Z; price observation 2026-10-15.

Price needs cash profits to shrink 4.6% a year for ten years

- 2025-10-06: Groupe SEB Shares Fall on Profit Warning, Guidance Cut ([finance.yahoo.com](https://finance.yahoo.com/m/479a293f-eff8-30b6-bb6a-f5451217e63b/groupe-seb-shares-fall-on.html))

- 2026-02-25: Tefal Pan-Maker Groupe SEB to Cut 7% of Jobs, Citing AI Gains ([finance.yahoo.com](https://finance.yahoo.com/m/99670385-294b-3586-afa7-5baa725dc468/tefal-pan-maker-groupe-seb-to.html))

### Sales · FY2024–2025

sales -1.2%; source https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml; observed 2026-04-07.

- FY2016: EUR 5.0B 

- FY2017: EUR 6.5B 

- FY2018: EUR 6.8B 

- FY2019: EUR 7.4B 

- FY2020: EUR 6.9B 

- FY2021: EUR 8.1B 

- FY2022: EUR 8.0B 

- FY2023: EUR 8.0B 

- FY2024: EUR 8.3B 

- FY2025: EUR 8.2B 

### Gross margin · FY2025

gross margin 40%; source https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml; observed 2026-04-07.

- FY2016: 12.7% 

- FY2017: 12.3% 

- FY2018: 12.0% 

- FY2019: 11.6% 

- FY2020: 38.0% 

- FY2021: 38.1% 

- FY2022: 37.6% 

- FY2023: 39.7% 

- FY2024: 40.6% 

- FY2025: 40.0% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are EUR 8.2 billion.

- Source: https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml (filed 2026-04-07); FY2025: revenue 8169400000; grossProfit 3271500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SK.PA: SEB SA designs, manufactures, and markets small domestic equipment in Western Europe, rest of Europe, the Middle East, Africa, North and South America, China, and rest of Asia. It operates through Consumer Business and Professional Business segments. The company provides flagship products, such as cookeo, rice cooker IH spherical, optiGrill, garment steamer, thermal-spot titanium pro fumeless wok, and crep maker billig products. It also offers electrical cooking, food preparation, and beverage preparation products, such as deep fryers, rice and pressure cookers, informal meal appliances, waffle makers, grills, toasters, multicookers, filter and pod coffee makers, espresso machines, kettles, home beer-taps, soymilk makers, blenders, cooking food processors, kitchen and juice machines, mixers, beaters, countertop ovens, and induction hobs. In addition, the company provides linen, home and personal care products that include irons and steam generators, garment steamers, canister vacuum cleaners with or without dust bag, steam and upright vacuum cleaners, vacuum weepers, fans, heaters, air treatment and hair care appliances, depilators, and bathroom scales. Further, it offers frying pans, saucepans pots, bakeware, food storage containers, carafes, flasks, thermo mugs, cutlery, and kitchen utensils. Additionally, the company designs, produces, and markets crepe and waffle makers, planchas, and grills for professionals and consumers. It sells its products under the Arno, Asia Vina, Calor, Clock, DASH, EMSA, imusa, Kaiser, Krupus, Maharaj Whiteline, MIRRO, Moulinex, OBH NORDICA, PANEX, PEBBLY, Rochedo, Rowenta, Samurai, Seb, SUPOR, Tefal T-fal, umco, WearEver, 32 DUMAS, All-Clad, de Buyer, Krampouz, LACANCHE, Lagostina, Open'Cook, SABATIER, Silit, WMF, and Forge Adour, Air'T, Ambassade de Bourgogne, Charvet, HEPP, La San Marco, Pacojet, Scaritech, Schaerer, Wilbur Curtis, and Zummo brands. SEB SA was founded in 1857 and is headquartered in Ecully, France.

### Why customers stay

Margins ranged from 39.7% to 40.6% during 2023–25; it earns 17.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 40.6%.

- Source: https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml (filed 2026-04-07); FY2025: grossProfit / revenue = 40%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.16937874840429376],[2017,0.2249077949946007],[2018,0.2253310882703493],[2019,0.18608611642871523],[2020,0.19497604702566063],[2021,0.21642217118126178],[2022,0.1410887600186157],[2023,0.16150836626327317],[2024,0.11285714308948828],[2025,0.12327818753511449]]; median 0.1777324324165045. 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 2026-04-07); FY2016: growth capex 30736376.56172149; upkeep 124863623.43827851; owner earnings 256636376.5617215. Growth capex / owner earnings = 0.11976625049617366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 163300000; owner earnings 389600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 6700000; upkeep 168700000; owner earnings 419000000. Growth capex / owner earnings = 0.015990453460620526.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 266300000; owner earnings 324760000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 0; upkeep 182500000; owner earnings 320720000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 212900000; owner earnings 440420000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2022: growth capex 0; upkeep 232800000; owner earnings 283400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: growth capex 0; upkeep 175700000; owner earnings 422660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: growth capex 0; upkeep 173500000; owner earnings 291140000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml (filed 2026-04-07); FY2025: growth capex 0; upkeep 221600000; owner earnings 218480000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,92000000],[2017,101100000],[2018,126600000],[2019,137300000],[2020,101000000],[2021,151500000],[2022,203700000],[2023,139300000],[2024,193900000],[2025,206600000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SK.PA SharesStats.PercentInsiders = 46.497 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 4.6% yearly over ten years; actual growth was 0.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate -0.07749741835244434. Price 57.2; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.7670744157284046 → FY2025 3.978874521945001. Closing-price date 2026-10-15.

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

- 2016-11: EUR 115.18 per share

- 2016-12: EUR 117.05 per share

- 2017-01: EUR 105.95 per share

- 2017-02: EUR 113.05 per share

- 2017-03: EUR 119.00 per share

- 2017-04: EUR 134.55 per share

- 2017-05: EUR 142.00 per share

- 2017-06: EUR 142.95 per share

- 2017-07: EUR 136.68 per share

- 2017-08: EUR 138.73 per share

- 2017-09: EUR 141.09 per share

- 2017-10: EUR 145.45 per share

- 2017-11: EUR 140.73 per share

- 2017-12: EUR 140.41 per share

- 2018-01: EUR 151.27 per share

- 2018-02: EUR 152.64 per share

- 2018-03: EUR 141.09 per share

- 2018-04: EUR 144.45 per share

- 2018-05: EUR 140.45 per share

- 2018-06: EUR 136.00 per share

- 2018-07: EUR 147.82 per share

- 2018-08: EUR 146.00 per share

- 2018-09: EUR 133.27 per share

- 2018-10: EUR 115.18 per share

- 2018-11: EUR 115.09 per share

- 2018-12: EUR 102.55 per share

- 2019-01: EUR 121.82 per share

- 2019-02: EUR 137.64 per share

- 2019-03: EUR 136.36 per share

- 2019-04: EUR 148.36 per share

- 2019-05: EUR 133.00 per share

- 2019-06: EUR 143.73 per share

- 2019-07: EUR 131.82 per share

- 2019-08: EUR 128.64 per share

- 2019-09: EUR 126.64 per share

- 2019-10: EUR 123.73 per share

- 2019-11: EUR 128.18 per share

- 2019-12: EUR 120.36 per share

- 2020-01: EUR 105.55 per share

- 2020-02: EUR 108.36 per share

- 2020-03: EUR 103.18 per share

- 2020-04: EUR 99.82 per share

- 2020-05: EUR 112.18 per share

- 2020-06: EUR 133.73 per share

- 2020-07: EUR 127.36 per share

- 2020-08: EUR 133.73 per share

- 2020-09: EUR 126.27 per share

- 2020-10: EUR 126.91 per share

- 2020-11: EUR 135.64 per share

- 2020-12: EUR 135.45 per share

- 2021-01: EUR 142.64 per share

- 2021-02: EUR 135.18 per share

- 2021-03: EUR 150.40 per share

- 2021-04: EUR 151.50 per share

- 2021-05: EUR 152.30 per share

- 2021-06: EUR 152.40 per share

- 2021-07: EUR 140.10 per share

- 2021-08: EUR 133.20 per share

- 2021-09: EUR 121.90 per share

- 2021-10: EUR 135.30 per share

- 2021-11: EUR 130.90 per share

- 2021-12: EUR 136.90 per share

- 2022-01: EUR 134.10 per share

- 2022-02: EUR 130.70 per share

- 2022-03: EUR 126.60 per share

- 2022-04: EUR 114.70 per share

- 2022-05: EUR 99.20 per share

- 2022-06: EUR 91.55 per share

- 2022-07: EUR 82.05 per share

- 2022-08: EUR 74.00 per share

- 2022-09: EUR 64.70 per share

- 2022-10: EUR 65.90 per share

- 2022-11: EUR 75.20 per share

- 2022-12: EUR 78.25 per share

- 2023-01: EUR 95.85 per share

- 2023-02: EUR 109.40 per share

- 2023-03: EUR 104.80 per share

- 2023-04: EUR 103.80 per share

- 2023-05: EUR 87.80 per share

- 2023-06: EUR 94.65 per share

- 2023-07: EUR 101.90 per share

- 2023-08: EUR 101.50 per share

- 2023-09: EUR 88.65 per share

- 2023-10: EUR 93.15 per share

- 2023-11: EUR 104.50 per share

- 2023-12: EUR 113.00 per share

- 2024-01: EUR 113.50 per share

- 2024-02: EUR 109.40 per share

- 2024-03: EUR 118.60 per share

- 2024-04: EUR 111.20 per share

- 2024-05: EUR 113.40 per share

- 2024-06: EUR 95.60 per share

- 2024-07: EUR 92.55 per share

- 2024-08: EUR 94.60 per share

- 2024-09: EUR 102.50 per share

- 2024-10: EUR 96.40 per share

- 2024-11: EUR 89.80 per share

- 2024-12: EUR 87.50 per share

- 2025-01: EUR 91.85 per share

- 2025-02: EUR 85.10 per share

- 2025-03: EUR 86.85 per share

- 2025-04: EUR 82.70 per share

- 2025-05: EUR 87.40 per share

- 2025-06: EUR 80.10 per share

- 2025-07: EUR 64.40 per share

- 2025-08: EUR 62.20 per share

- 2025-09: EUR 62.45 per share

- 2025-10: EUR 47.98 per share

- 2025-11: EUR 48.72 per share

- 2025-12: EUR 49.30 per share

- 2026-01: EUR 47.64 per share

- 2026-02: EUR 52.15 per share

- 2026-03: EUR 43.80 per share

- 2026-04: EUR 52.10 per share

- 2026-05: EUR 49.98 per share

- 2026-06: EUR 46.08 per share

- 2026-07: EUR 58.25 per share

- 2026-08: EUR 59.90 per share

- 2026-09: EUR 57.40 per share

- 2026-10: EUR 55.50 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 58.34 per share, central EUR 70.05 per share, high EUR 80.17 per share

- FY2017: low EUR 78.10 per share, central EUR 96.03 per share, high EUR 110.25 per share

- FY2018: low EUR 90.83 per share, central EUR 111.98 per share, high EUR 128.57 per share

- FY2019: low EUR 96.41 per share, central EUR 121.39 per share, high EUR 139.94 per share

- FY2020: low EUR 116.32 per share, central EUR 132.69 per share, high EUR 147.81 per share

- FY2021: low EUR 134.11 per share, central EUR 156.87 per share, high EUR 176.46 per share

- FY2022: low EUR 99.27 per share, central EUR 116.66 per share, high EUR 132.46 per share

- FY2023: low EUR 102.40 per share, central EUR 119.87 per share, high EUR 135.68 per share

- FY2024: low EUR 98.87 per share, central EUR 116.66 per share, high EUR 133.03 per share

- FY2025: low EUR 76.25 per share, central EUR 85.42 per share, high EUR 96.44 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 2026-10-15T06:44:28.083Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/969500WP61NBK098AC47/2025-12-31/ESEF/FR/0/969500WP61NBK098AC47-2025-12-31-1-FR/reports/969500WP61NBK098AC47-2025-12-31-1-FR.xhtml); period 2025-12-31, filed 2026-04-07.

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.