# Sopra Steria Group (SOP.PA)

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

Analysis as of: 2026-10-16T07:38:24.915Z. Financial observations: FY2004–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 178.50 per share; close as of 2026-10-15.

Estimated value: low EUR 189.50 per share, central EUR 214.50 per share, high EUR 247.78 per share. Buy at or below the central value EUR 214.50 per share. Valuation as of 2026-10-16T07:38:24.915Z; scenarios are not confidence intervals.

Expected annual return: 11.5% at the stated quote. About 11.5% 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: 0.07×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.08×

- FY2025: 0.09×

### moat: pass

- ROIC, median of available years: 70.7%

- ROIC, second-lowest year: 48.5%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 14.4%

- Recent gross margin (lower of latest and 3-year median): 17.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: >100%

- FY2018: 77.5%

- FY2019: 48.5%

- FY2020: 56.3%

- FY2021: 61.2%

- FY2022: 63.9%

- FY2023: 32.6%

- FY2024: 91.3%

- FY2025: 95.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.29×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.5B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: 21.4%

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

- FY2021: 1.42×

- FY2022: 1.01×

- FY2023: 1.49×

- FY2024: 1.36×

- FY2025: 1.25×

### 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: 150.6% vs 91.3%

- Per-share earnings: 7.47 to 12.43 (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: -0.8%

- Market cap gain: EUR 842M

- Cumulative retained earnings: EUR 307M

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

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.6%

- Per-share value change: EUR 4.96

- Per-share value, starting three-year median: EUR 7.47

- Per-share value, ending three-year median: EUR 12.43

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.4B

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 91.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 7.47

- FY2017: EUR 8.49

- FY2018: EUR 6.15

- FY2019: EUR 7.86

- FY2020: EUR 5.26

- FY2021: EUR 9.12

- FY2022: EUR 12.05

- FY2023: EUR 8.83

- FY2024: EUR 12.43

- FY2025: EUR 15.23

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.22×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.77×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -1.7%

- FY2018: -2.6%

- FY2019: -5.8%

- FY2020: -6.3%

- FY2021: -5.8%

- FY2022: -5.2%

- FY2023: -7.2%

- FY2024: -7.2%

- FY2025: -4.0%

## Holders

## Price story

Down 25% since Feb 2024 · sales -2.2%

Story as of 2026-10-16T10:00:09.942Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.5% a year for ten years

- 2026-04-29: Sopra Steria: Rebound in business activity confirmed, with 3.4% revenue growth in Q1 2026 ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/sopra-steria-rebound-business-activity-050000231.html))

### Sales · FY2024–2025

sales -2.2%; source https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: EUR 3.7B 

- FY2017: EUR 3.8B 

- FY2018: EUR 4.1B 

- FY2019: EUR 4.4B 

- FY2020: EUR 4.3B 

- FY2021: EUR 4.7B 

- FY2022: EUR 5.1B 

- FY2023: EUR 5.8B 

- FY2024: EUR 5.8B 

- FY2025: EUR 5.6B 

### Gross margin · FY2025

gross margin 17.3%; source https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: 10.0% 

- FY2017: 12.6% 

- FY2018: 12.8% 

- FY2019: 15.5% 

- FY2020: 13.6% 

- FY2021: 14.2% 

- FY2022: 15.3% 

- FY2023: 14.7% 

- FY2024: 29.0% 

- FY2025: 17.3% 

## Owner memo

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

### How it makes money

Operates in information technology services; annual sales are EUR 5.6 billion.

- Source: https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: revenue 5648000000; grossProfit 977200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOP.PA: Sopra Steria Group SA provides consulting, digital, and software development services in France and internationally. The company offers digital transformation consulting services; artificial intelligence; technology services in the field of artificial intelligence, blockchain, cloud, data, internet of things, digital interactions, emerging technologies, 5G design center, industrial metaverse, and intelligent process automation; systems integration comprising smart application modernization and product lifecycle management; infrastructure management services, including consulting, cloud, end-user support, digital workplace, and legacy services; and cybersecurity services. It also provides software solution, such as HR solutions and innovations, and property management solutions; and information warfare solutions. In addition, the company offers business process services, such as creation or on-boarding, and operation of multi-function shared services; and operation of finance and administration, and human resource functions, as well as operation of specialized industry-specific business processes comprising operating and executing services in police control rooms, managing compliance in financial services, and managing customer services for large utilities. It serves aerospace, defense and security, energy and utilities, financial services, insurance and social, government, retail, telecommunication, media and entertainment, space, and transport industries. The company was formerly known as Sopra Group and changed its name to Sopra Steria Group SA in September 2014. Sopra Steria Group SA was incorporated in 1968 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 14.7% to 29% during 2023–25; it earns 70.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 29%.

- Source: https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,8.496374468672133],[2017,1.5063265761458533],[2018,0.77464046021093],[2019,0.48503511035281466],[2020,0.562720594235656],[2021,0.6123490503244824],[2022,0.6392266568830419],[2023,0.3264844701583435],[2024,0.9127138933544628],[2025,0.956098455060848]]; median 0.706933558546986. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 15% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml (filed 2026-03-18); Gross margin observations: [[2021,0.14222260186213376],[2022,0.152787579393084],[2023,0.14671076430158647]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 63.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 40100000; owner earnings 180100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 2200000; upkeep 43200000; owner earnings 172500000. Growth capex / owner earnings = 0.012753623188405797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 61900000; owner earnings 143600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2019: growth capex 0; upkeep 49800000; owner earnings 228880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 0; upkeep 53600000; owner earnings 213500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 0; upkeep 54600000; owner earnings 265840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 0; upkeep 94200000; owner earnings 249500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 0; upkeep 100600000; owner earnings 274120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 74800000; owner earnings 341860000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 34400000; owner earnings 369800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,34000000],[2017,44500000],[2018,48700000],[2019,37600000],[2020,46300000],[2021,40700000],[2022,65000000],[2023,87500000],[2024,93900000],[2025,90200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: cash repurchases 63700000 EUR.

### Are managers owners

Insiders own 29.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SOP.PA SharesStats.PercentInsiders = 29.576999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.5% yearly over ten years; actual growth was 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate -0.034022752326523686. Price 178.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.44994878057396 → FY2025 18.974806300990302. Closing-price date 2026-10-15.

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

- 2016-10: EUR 92.66 per share

- 2016-11: EUR 94.53 per share

- 2016-12: EUR 107.85 per share

- 2017-01: EUR 107.35 per share

- 2017-02: EUR 119.25 per share

- 2017-03: EUR 133.65 per share

- 2017-04: EUR 137.70 per share

- 2017-05: EUR 141.10 per share

- 2017-06: EUR 139.75 per share

- 2017-07: EUR 146.05 per share

- 2017-08: EUR 145.50 per share

- 2017-09: EUR 157.05 per share

- 2017-10: EUR 161.05 per share

- 2017-11: EUR 150.30 per share

- 2017-12: EUR 155.85 per share

- 2018-01: EUR 163.50 per share

- 2018-02: EUR 159.70 per share

- 2018-03: EUR 165.70 per share

- 2018-04: EUR 176.90 per share

- 2018-05: EUR 170.50 per share

- 2018-06: EUR 174.60 per share

- 2018-07: EUR 151.40 per share

- 2018-08: EUR 153.40 per share

- 2018-09: EUR 138.10 per share

- 2018-10: EUR 98.00 per share

- 2018-11: EUR 90.00 per share

- 2018-12: EUR 80.65 per share

- 2019-01: EUR 88.30 per share

- 2019-02: EUR 103.40 per share

- 2019-03: EUR 103.50 per share

- 2019-04: EUR 113.80 per share

- 2019-05: EUR 101.90 per share

- 2019-06: EUR 102.50 per share

- 2019-07: EUR 116.60 per share

- 2019-08: EUR 116.60 per share

- 2019-09: EUR 114.30 per share

- 2019-10: EUR 122.90 per share

- 2019-11: EUR 137.30 per share

- 2019-12: EUR 143.50 per share

- 2020-01: EUR 144.60 per share

- 2020-02: EUR 145.70 per share

- 2020-03: EUR 99.95 per share

- 2020-04: EUR 108.10 per share

- 2020-05: EUR 106.10 per share

- 2020-06: EUR 109.70 per share

- 2020-07: EUR 126.40 per share

- 2020-08: EUR 136.30 per share

- 2020-09: EUR 135.60 per share

- 2020-10: EUR 102.00 per share

- 2020-11: EUR 127.80 per share

- 2020-12: EUR 132.20 per share

- 2021-01: EUR 136.90 per share

- 2021-02: EUR 134.70 per share

- 2021-03: EUR 142.50 per share

- 2021-04: EUR 154.80 per share

- 2021-05: EUR 152.80 per share

- 2021-06: EUR 162.20 per share

- 2021-07: EUR 167.60 per share

- 2021-08: EUR 172.40 per share

- 2021-09: EUR 160.50 per share

- 2021-10: EUR 170.10 per share

- 2021-11: EUR 156.60 per share

- 2021-12: EUR 157.50 per share

- 2022-01: EUR 155.10 per share

- 2022-02: EUR 160.00 per share

- 2022-03: EUR 168.90 per share

- 2022-04: EUR 169.70 per share

- 2022-05: EUR 166.00 per share

- 2022-06: EUR 142.60 per share

- 2022-07: EUR 162.20 per share

- 2022-08: EUR 138.00 per share

- 2022-09: EUR 130.50 per share

- 2022-10: EUR 134.00 per share

- 2022-11: EUR 144.00 per share

- 2022-12: EUR 141.20 per share

- 2023-01: EUR 152.40 per share

- 2023-02: EUR 187.10 per share

- 2023-03: EUR 193.30 per share

- 2023-04: EUR 196.00 per share

- 2023-05: EUR 175.60 per share

- 2023-06: EUR 182.80 per share

- 2023-07: EUR 197.70 per share

- 2023-08: EUR 203.20 per share

- 2023-09: EUR 195.90 per share

- 2023-10: EUR 169.30 per share

- 2023-11: EUR 189.10 per share

- 2023-12: EUR 197.80 per share

- 2024-01: EUR 217.80 per share

- 2024-02: EUR 236.80 per share

- 2024-03: EUR 224.40 per share

- 2024-04: EUR 206.00 per share

- 2024-05: EUR 217.40 per share

- 2024-06: EUR 181.10 per share

- 2024-07: EUR 171.60 per share

- 2024-08: EUR 174.50 per share

- 2024-09: EUR 188.40 per share

- 2024-10: EUR 175.80 per share

- 2024-11: EUR 178.80 per share

- 2024-12: EUR 171.00 per share

- 2025-01: EUR 179.60 per share

- 2025-02: EUR 152.40 per share

- 2025-03: EUR 171.10 per share

- 2025-04: EUR 180.00 per share

- 2025-05: EUR 189.80 per share

- 2025-06: EUR 206.80 per share

- 2025-07: EUR 189.40 per share

- 2025-08: EUR 158.60 per share

- 2025-09: EUR 161.80 per share

- 2025-10: EUR 134.90 per share

- 2025-11: EUR 131.70 per share

- 2025-12: EUR 154.60 per share

- 2026-01: EUR 154.20 per share

- 2026-02: EUR 131.20 per share

- 2026-03: EUR 119.70 per share

- 2026-04: EUR 132.50 per share

- 2026-05: EUR 149.00 per share

- 2026-06: EUR 139.60 per share

- 2026-07: EUR 183.00 per share

- 2026-08: EUR 178.70 per share

- 2026-09: EUR 162.70 per share

- 2026-10: EUR 173.80 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 119.98 per share, central EUR 152.44 per share, high EUR 176.62 per share

- FY2017: low EUR 113.89 per share, central EUR 143.71 per share, high EUR 167.17 per share

- FY2018: low EUR 110.85 per share, central EUR 135.08 per share, high EUR 156.78 per share

- FY2019: low EUR 113.32 per share, central EUR 129.46 per share, high EUR 149.56 per share

- FY2020: low EUR 118.32 per share, central EUR 133.55 per share, high EUR 153.82 per share

- FY2021: low EUR 131.38 per share, central EUR 149.60 per share, high EUR 172.83 per share

- FY2022: low EUR 148.20 per share, central EUR 166.93 per share, high EUR 191.86 per share

- FY2023: low EUR 166.12 per share, central EUR 200.83 per share, high EUR 233.44 per share

- FY2024: low EUR 171.93 per share, central EUR 193.53 per share, high EUR 222.29 per share

- FY2025: low EUR 200.29 per share, central EUR 225.08 per share, high EUR 258.09 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

[Original ESEF filing](https://filings.xbrl.org/96950020QIOHAAK9V551/2025-12-31/ESEF/FR/0/96950020QIOHAAK9V551-2025-12-31-1-FR/reports/96950020QIOHAAK9V551-2025-12-31-1-FR.xhtml); period 2025-12-31, filed 2026-03-18.

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