# Sofina Société Anonyme (SOF.BR)

Canonical: https://gigainvestors.com/s/SOF.BR

Analysis as of: 2026-10-16T07:35:51.875Z. Financial observations: FY2000–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 258.60 per share; close as of 2026-10-15.

Estimated value: low EUR 251.53 per share, central EUR 251.53 per share, high EUR 251.53 per share. Buy at or below the central value EUR 251.53 per share. Valuation as of 2026-10-16T07:35:51.875Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year.

## 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: 2

- Operating margin variation: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.86×

- FY2017: 0.99×

- FY2018: 0.96×

- FY2019: 0.97×

- FY2020: 0.97×

- FY2021: 0.98×

- FY2023: -0.19×

- FY2024: 1.07×

- FY2025: 0.96×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.5%

- ROIC, second-lowest year: -0.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.0%

- Typical minus recent gross margin: 0.6 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.0%

- FY2017: 10.2%

- FY2018: 13.7%

- FY2019: 16.3%

- FY2020: 16.0%

- FY2021: 21.8%

- FY2022: -16.0%

- FY2023: -0.8%

- FY2024: 12.7%

- FY2025: 1.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 407M

- Net income, five-year total: EUR 2.1B

- Return on incremental invested capital: 1.0%

- Working capital / revenue, annual change: -7.2 pp

- Working capital / revenue, change between three-year averages: -55.8 pp

- Working capital / revenue, final three-year average: -11.4%

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

- FY2021: 0.00×

- FY2022: 0.00×

- FY2023: 0.11×

- FY2024: -0.00×

- FY2025: 3.74×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.2% vs 1.2%

- Per-share earnings: 8.99 to 3.26 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

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

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 4.3B

- Cumulative retained earnings: EUR 5.0B

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

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -11.9%

- Per-share value change: EUR -5.73

- Per-share value, starting three-year median: EUR 8.99

- Per-share value, ending three-year median: EUR 3.26

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 802M

- Cumulative net income, 10 years: EUR 6.3B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 7.85

- FY2017: EUR 14.57

- FY2018: EUR 24.98

- FY2019: EUR 35.07

- FY2020: EUR 39.83

- FY2021: EUR 77.17

- FY2022: EUR -54.89

- FY2023: EUR -3.05

- FY2024: EUR 40.09

- FY2025: EUR 3.26

### accounting: pass

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.74×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.0%

- FY2017: 0.2%

- FY2018: 0.0%

- FY2019: 14.8%

- FY2020: 15.9%

- FY2021: 0.0%

- FY2022: 0.0%

- FY2023: -2.7%

- FY2024: 11.3%

- FY2025: -2.5%

## Holders

## Price story

Down 40% since Dec 2021 · sales -89.9%

Story as of 2026-10-16T10:00:06.253Z; price observation 2026-10-15.

The price assumes assets grow 8.2% yearly for ten years

### Sales · FY2024–2025

sales -89.9%; source https://filings.xbrl.org/5493000GMVR38VUO5D39/2025-12-31/ESEF/BE/0/5493000GMVR38VUO5D39-2025-12-31-1-fr/reports/5493000GMVR38VUO5D39-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2016: EUR 294M 

- FY2017: EUR 518M 

- FY2018: EUR 899M 

- FY2019: EUR 1.2B 

- FY2020: EUR 1.4B 

- FY2021: EUR 2.7B 

- FY2022: EUR -1.8B 

- FY2023: EUR 501M 

- FY2024: EUR 1.3B 

- FY2025: EUR 129M 

### Gross margin · FY2025

gross margin 97.2%; source https://filings.xbrl.org/5493000GMVR38VUO5D39/2025-12-31/ESEF/BE/0/5493000GMVR38VUO5D39-2025-12-31-1-fr/reports/5493000GMVR38VUO5D39-2025-12-31-1-fr.xhtml; observed 2026-04-07.

- FY2016: 99.8% 

- FY2017: 99.8% 

- FY2023: 99.4% 

- FY2024: 99.7% 

- FY2025: 97.2% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are EUR 129.3 million.

- Source: https://eodhd.com/api/fundamentals/SOF.BR.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 129326000.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 105.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,82444000],[2017,86128000],[2018,89878000],[2019,93933000],[2020,97715000],[2021,101550000],[2022,104885000],[2023,108030000],[2024,111236000],[2025,115792000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SOF.BR.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 105873000 EUR.

### Are managers owners

Insiders own 54.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOF.BR SharesStats.PercentInsiders = 54.596000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes assets grow 8.2% yearly for ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Price 258.6; FX 1; reported NAV 305.77; ten-year realization discounted at 0.1; required annual NAV growth 0.08172296500443643. Closing-price date 2026-10-15.

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

- 2016-10: EUR 126.33 per share

- 2016-11: EUR 126.08 per share

- 2016-12: EUR 124.39 per share

- 2017-01: EUR 124.64 per share

- 2017-02: EUR 127.02 per share

- 2017-03: EUR 128.91 per share

- 2017-04: EUR 130.75 per share

- 2017-05: EUR 129.21 per share

- 2017-06: EUR 124.79 per share

- 2017-07: EUR 124.84 per share

- 2017-08: EUR 121.22 per share

- 2017-09: EUR 129.01 per share

- 2017-10: EUR 128.12 per share

- 2017-11: EUR 128.26 per share

- 2017-12: EUR 130.15 per share

- 2018-01: EUR 139.33 per share

- 2018-02: EUR 138.73 per share

- 2018-03: EUR 136.75 per share

- 2018-04: EUR 143.70 per share

- 2018-05: EUR 143.10 per share

- 2018-06: EUR 146.87 per share

- 2018-07: EUR 153.82 per share

- 2018-08: EUR 169.30 per share

- 2018-09: EUR 170.49 per share

- 2018-10: EUR 167.71 per share

- 2018-11: EUR 176.44 per share

- 2018-12: EUR 164.54 per share

- 2019-01: EUR 171.88 per share

- 2019-02: EUR 170.69 per share

- 2019-03: EUR 172.08 per share

- 2019-04: EUR 182.00 per share

- 2019-05: EUR 171.88 per share

- 2019-06: EUR 166.32 per share

- 2019-07: EUR 173.86 per share

- 2019-08: EUR 174.26 per share

- 2019-09: EUR 202.44 per share

- 2019-10: EUR 196.69 per share

- 2019-11: EUR 195.30 per share

- 2019-12: EUR 191.13 per share

- 2020-01: EUR 204.93 per share

- 2020-02: EUR 193.71 per share

- 2020-03: EUR 184.38 per share

- 2020-04: EUR 213.36 per share

- 2020-05: EUR 244.12 per share

- 2020-06: EUR 233.21 per share

- 2020-07: EUR 236.19 per share

- 2020-08: EUR 249.58 per share

- 2020-09: EUR 231.22 per share

- 2020-10: EUR 221.30 per share

- 2020-11: EUR 263.97 per share

- 2020-12: EUR 274.89 per share

- 2021-01: EUR 264.96 per share

- 2021-02: EUR 272.41 per share

- 2021-03: EUR 286.30 per share

- 2021-04: EUR 313.79 per share

- 2021-05: EUR 337.21 per share

- 2021-06: EUR 361.03 per share

- 2021-07: EUR 392.19 per share

- 2021-08: EUR 371.55 per share

- 2021-09: EUR 340.58 per share

- 2021-10: EUR 379.48 per share

- 2021-11: EUR 405.68 per share

- 2021-12: EUR 428.71 per share

- 2022-01: EUR 349.71 per share

- 2022-02: EUR 344.55 per share

- 2022-03: EUR 327.68 per share

- 2022-04: EUR 291.76 per share

- 2022-05: EUR 217.73 per share

- 2022-06: EUR 193.51 per share

- 2022-07: EUR 226.66 per share

- 2022-08: EUR 198.67 per share

- 2022-09: EUR 176.15 per share

- 2022-10: EUR 195.99 per share

- 2022-11: EUR 204.03 per share

- 2022-12: EUR 204.03 per share

- 2023-01: EUR 215.94 per share

- 2023-02: EUR 234.60 per share

- 2023-03: EUR 204.83 per share

- 2023-04: EUR 206.22 per share

- 2023-05: EUR 191.53 per share

- 2023-06: EUR 188.25 per share

- 2023-07: EUR 214.55 per share

- 2023-08: EUR 206.02 per share

- 2023-09: EUR 190.34 per share

- 2023-10: EUR 177.64 per share

- 2023-11: EUR 202.64 per share

- 2023-12: EUR 223.68 per share

- 2024-01: EUR 220.90 per share

- 2024-02: EUR 208.99 per share

- 2024-03: EUR 206.41 per share

- 2024-04: EUR 219.12 per share

- 2024-05: EUR 220.51 per share

- 2024-06: EUR 211.57 per share

- 2024-07: EUR 216.73 per share

- 2024-08: EUR 218.32 per share

- 2024-09: EUR 251.67 per share

- 2024-10: EUR 222.89 per share

- 2024-11: EUR 217.93 per share

- 2024-12: EUR 216.73 per share

- 2025-01: EUR 239.76 per share

- 2025-02: EUR 235.59 per share

- 2025-03: EUR 234.20 per share

- 2025-04: EUR 243.73 per share

- 2025-05: EUR 252.86 per share

- 2025-06: EUR 277.87 per share

- 2025-07: EUR 267.54 per share

- 2025-08: EUR 256.63 per share

- 2025-09: EUR 251.00 per share

- 2025-10: EUR 238.40 per share

- 2025-11: EUR 243.20 per share

- 2025-12: EUR 247.00 per share

- 2026-01: EUR 246.00 per share

- 2026-02: EUR 251.80 per share

- 2026-03: EUR 208.00 per share

- 2026-04: EUR 218.00 per share

- 2026-05: EUR 223.00 per share

- 2026-06: EUR 222.60 per share

- 2026-07: EUR 245.80 per share

- 2026-08: EUR 246.80 per share

- 2026-09: EUR 243.00 per share

- 2026-10: EUR 252.80 per share

## Annual estimated value (EUR per share)

- FY2024: low EUR 294.92 per share, central EUR 294.92 per share, high EUR 294.92 per share

- FY2025: low EUR 251.53 per share, central EUR 251.53 per share, high EUR 251.53 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 2026-10-15T06:41:39.197Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493000GMVR38VUO5D39/2025-12-31/ESEF/BE/0/5493000GMVR38VUO5D39-2025-12-31-1-fr/reports/5493000GMVR38VUO5D39-2025-12-31-1-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.