# Spie (SPIE.PA)

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

Analysis as of: 2026-10-16T07:36:23.808Z. Financial observations: FY2010–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 41.72 per share; close as of 2026-10-15.

Estimated value: low EUR 29.34 per share, central EUR 33.21 per share, high EUR 38.36 per share. Buy at or below the central value EUR 33.21 per share. Valuation as of 2026-10-16T07:36:23.808Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.05×

- FY2020: 0.03×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.06×

- FY2025: 0.06×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 6.5%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 6.5%

- Recent gross margin (lower of latest and 3-year median): 4.9%

- Years with nonpositive capital: 9

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 8.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 4.9%

- FY2018: 6.7%

- FY2019: 5.6%

- FY2020: 3.2%

- FY2021: 5.2%

- FY2022: 6.2%

- FY2023: 7.0%

- FY2024: 7.6%

- FY2025: 7.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.76×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.8B

- Net income, five-year total: EUR 1.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.0 pp

- Working capital / revenue, final three-year average: 15.9%

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

- FY2021: 1.57×

- FY2022: 1.76×

- FY2023: 1.60×

- FY2024: 1.57×

- FY2025: 2.46×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.7% vs 7.6%

- Per-share earnings: 0.71 to 1.44 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 14.1%

- Ordinary dilution, 5-year annual growth: 28.8%

- Market cap gain: EUR 25B

- Cumulative retained earnings: EUR 505M

- Diluted shares, 10-year annual growth: 14.1%

- Diluted shares, 5-year annual growth: 28.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.3%

- Per-share value change: EUR 0.73

- Per-share value, starting three-year median: EUR 0.71

- Per-share value, ending three-year median: EUR 1.44

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.6B

- Cumulative net income, 10 years: EUR 1.7B

- ROIC, first three-year median: 6.7%

- ROIC, last three-year median: 7.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.19

- FY2017: EUR 0.71

- FY2018: EUR 1.04

- FY2019: EUR 0.96

- FY2020: EUR 0.34

- FY2021: EUR 1.04

- FY2022: EUR 0.92

- FY2023: EUR 1.44

- FY2024: EUR 1.61

- FY2025: EUR 0.31

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.4%

- FY2018: -2.6%

- FY2019: -3.4%

- FY2020: -6.1%

- FY2021: -4.0%

- FY2022: -4.8%

- FY2023: -5.2%

- FY2024: -6.5%

- FY2025: -6.3%

## Holders

## Price story

Down 21% since Feb 2026 · sales +4.8%

Story as of 2026-10-16T10:00:07.412Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

### Sales · FY2024–2025

sales +4.8%; source https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html; observed 2026-04-07.

- FY2016: EUR 5.2B 

- FY2017: EUR 6.1B 

- FY2018: EUR 6.7B 

- FY2019: EUR 7.0B 

- FY2020: EUR 6.7B 

- FY2021: EUR 7.0B 

- FY2022: EUR 8.1B 

- FY2023: EUR 8.7B 

- FY2024: EUR 9.9B 

- FY2025: EUR 10B 

### Gross margin · FY2025

gross margin 4.9%; source https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html; observed 2026-04-07.

- FY2016: 9.0% 

- FY2017: 3.9% 

- FY2018: 3.8% 

- FY2019: 4.1% 

- FY2020: 3.5% 

- FY2021: 87.1% 

- FY2022: 86.4% 

- FY2023: 8.1% 

- FY2024: 86.3% 

- FY2025: 4.9% 

## Owner memo

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

### How it makes money

Operates in engineering & construction; annual sales are EUR 10.4 billion.

- Source: https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html (filed 2026-04-07); FY2025: revenue 10397000000; grossProfit 504700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPIE.PA: SPIE SA provides multi-technical services in the areas of energy and communications in France, Germany, the Netherlands, and internationally. It operates through five segments: France, Germany, North-Western Europe, Central Europe, and Global Services Energy. The company provides design, ICT consultancy and engineering, installation, maintenance and maintenance durability, technical facility management, and managed services. It also offers E-Mobility, smart packing, barriers, smart FM 360, energy efficiency, modernization, maintid, fabloop, IoT and data management, control room, ergonomie, and cybersecurity products. SPIE SA was founded in 1900 and is headquartered in Cergy-Pontoise, France.

### Why customers stay

Margins ranged from 4.9% to 86.3% during 2023–25; it earns 6.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2023: grossProfit / revenue = 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2024: grossProfit / revenue = 86.3%.

- Source: https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html (filed 2026-04-07); FY2025: grossProfit / revenue = 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,2.612766134519526],[2017,0.04876031961984618],[2018,0.06694332781379812],[2019,0.05582115129360193],[2020,0.032463715895074054],[2021,0.05231139867415245],[2022,0.06213513261341396],[2023,0.07036042119719906],[2024,0.07634161937536584],[2025,0.07871350107023141]]; median 0.06453923021360604. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 39.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2016: growth capex 0; upkeep 36449000; owner earnings 195485000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2017: growth capex 0; upkeep 44819000; owner earnings 194241000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2018: growth capex 0; upkeep 53057000; owner earnings 189854000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2019: growth capex 0; upkeep 69931000; owner earnings 189756600. 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 65736000; owner earnings 159089200. 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 66908000; owner earnings 264928000. 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 65818000; owner earnings 266592000. 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 61676000; owner earnings 381328600. 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 88553000; owner earnings 429890000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html (filed 2026-04-07); FY2025: growth capex 0; upkeep 75000000; owner earnings 433880000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,77038000],[2017,106312000],[2018,88074000],[2019,90271000],[2020,91280000],[2021,91280000],[2022,105894000],[2023,126728000],[2024,143541000],[2025,176500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html (filed 2026-04-07); FY2025: cash repurchases 39200000 EUR.

### Are managers owners

Insiders own 12.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SPIE.PA SharesStats.PercentInsiders = 12.518 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years; actual growth was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.04221485982435423. Price 41.72; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3926488426579818 → FY2025 0.7743902221365517. Closing-price date 2026-10-15.

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

- 2016-10: EUR 17.23 per share

- 2016-11: EUR 17.44 per share

- 2016-12: EUR 20.02 per share

- 2017-01: EUR 21.00 per share

- 2017-02: EUR 22.80 per share

- 2017-03: EUR 22.62 per share

- 2017-04: EUR 25.45 per share

- 2017-05: EUR 24.82 per share

- 2017-06: EUR 26.30 per share

- 2017-07: EUR 23.73 per share

- 2017-08: EUR 23.80 per share

- 2017-09: EUR 23.28 per share

- 2017-10: EUR 22.58 per share

- 2017-11: EUR 23.24 per share

- 2017-12: EUR 21.71 per share

- 2018-01: EUR 20.02 per share

- 2018-02: EUR 20.30 per share

- 2018-03: EUR 17.97 per share

- 2018-04: EUR 18.73 per share

- 2018-05: EUR 16.42 per share

- 2018-06: EUR 17.38 per share

- 2018-07: EUR 16.23 per share

- 2018-08: EUR 16.32 per share

- 2018-09: EUR 17.14 per share

- 2018-10: EUR 13.87 per share

- 2018-11: EUR 12.59 per share

- 2018-12: EUR 11.59 per share

- 2019-01: EUR 13.16 per share

- 2019-02: EUR 13.97 per share

- 2019-03: EUR 15.76 per share

- 2019-04: EUR 17.20 per share

- 2019-05: EUR 15.40 per share

- 2019-06: EUR 16.33 per share

- 2019-07: EUR 16.79 per share

- 2019-08: EUR 16.50 per share

- 2019-09: EUR 18.37 per share

- 2019-10: EUR 18.90 per share

- 2019-11: EUR 18.40 per share

- 2019-12: EUR 18.16 per share

- 2020-01: EUR 17.54 per share

- 2020-02: EUR 17.20 per share

- 2020-03: EUR 9.16 per share

- 2020-04: EUR 13.78 per share

- 2020-05: EUR 13.92 per share

- 2020-06: EUR 13.30 per share

- 2020-07: EUR 13.75 per share

- 2020-08: EUR 14.23 per share

- 2020-09: EUR 15.35 per share

- 2020-10: EUR 13.54 per share

- 2020-11: EUR 17.13 per share

- 2020-12: EUR 17.81 per share

- 2021-01: EUR 18.30 per share

- 2021-02: EUR 18.62 per share

- 2021-03: EUR 20.42 per share

- 2021-04: EUR 21.02 per share

- 2021-05: EUR 19.64 per share

- 2021-06: EUR 19.40 per share

- 2021-07: EUR 19.97 per share

- 2021-08: EUR 20.08 per share

- 2021-09: EUR 19.66 per share

- 2021-10: EUR 21.00 per share

- 2021-11: EUR 22.08 per share

- 2021-12: EUR 22.72 per share

- 2022-01: EUR 20.44 per share

- 2022-02: EUR 21.04 per share

- 2022-03: EUR 21.48 per share

- 2022-04: EUR 22.56 per share

- 2022-05: EUR 22.64 per share

- 2022-06: EUR 20.70 per share

- 2022-07: EUR 23.40 per share

- 2022-08: EUR 21.76 per share

- 2022-09: EUR 21.58 per share

- 2022-10: EUR 23.68 per share

- 2022-11: EUR 23.60 per share

- 2022-12: EUR 24.36 per share

- 2023-01: EUR 25.04 per share

- 2023-02: EUR 25.98 per share

- 2023-03: EUR 26.74 per share

- 2023-04: EUR 28.28 per share

- 2023-05: EUR 27.74 per share

- 2023-06: EUR 29.60 per share

- 2023-07: EUR 27.28 per share

- 2023-08: EUR 27.66 per share

- 2023-09: EUR 27.52 per share

- 2023-10: EUR 24.84 per share

- 2023-11: EUR 26.84 per share

- 2023-12: EUR 28.30 per share

- 2024-01: EUR 30.70 per share

- 2024-02: EUR 30.78 per share

- 2024-03: EUR 34.82 per share

- 2024-04: EUR 34.18 per share

- 2024-05: EUR 37.94 per share

- 2024-06: EUR 33.78 per share

- 2024-07: EUR 35.76 per share

- 2024-08: EUR 36.50 per share

- 2024-09: EUR 34.30 per share

- 2024-10: EUR 33.18 per share

- 2024-11: EUR 29.80 per share

- 2024-12: EUR 30.04 per share

- 2025-01: EUR 32.20 per share

- 2025-02: EUR 34.28 per share

- 2025-03: EUR 39.34 per share

- 2025-04: EUR 43.04 per share

- 2025-05: EUR 44.74 per share

- 2025-06: EUR 47.70 per share

- 2025-07: EUR 51.55 per share

- 2025-08: EUR 47.34 per share

- 2025-09: EUR 45.80 per share

- 2025-10: EUR 44.12 per share

- 2025-11: EUR 46.72 per share

- 2025-12: EUR 49.26 per share

- 2026-01: EUR 46.20 per share

- 2026-02: EUR 52.50 per share

- 2026-03: EUR 42.84 per share

- 2026-04: EUR 49.30 per share

- 2026-05: EUR 48.90 per share

- 2026-06: EUR 50.40 per share

- 2026-07: EUR 46.52 per share

- 2026-08: EUR 43.54 per share

- 2026-09: EUR 42.26 per share

- 2026-10: EUR 42.02 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 7.34 per share, central EUR 7.93 per share, high EUR 8.72 per share

- FY2017: low EUR 7.82 per share, central EUR 8.52 per share, high EUR 9.45 per share

- FY2018: low EUR 17.57 per share, central EUR 19.41 per share, high EUR 21.86 per share

- FY2019: low EUR 18.52 per share, central EUR 20.42 per share, high EUR 22.95 per share

- FY2020: low EUR 19.79 per share, central EUR 21.59 per share, high EUR 23.98 per share

- FY2021: low EUR 20.20 per share, central EUR 22.04 per share, high EUR 24.50 per share

- FY2022: low EUR 22.13 per share, central EUR 24.24 per share, high EUR 27.06 per share

- FY2023: low EUR 25.18 per share, central EUR 27.79 per share, high EUR 31.26 per share

- FY2024: low EUR 27.34 per share, central EUR 30.68 per share, high EUR 35.14 per share

- FY2025: low EUR 9.51 per share, central EUR 10.67 per share, high EUR 12.23 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/969500TJNS5GSFWJ8X85/2025-12-31/ESEF/FR/0/spie-2025-12-31-1-fr/reports/spie-2025-12-31-1-fr.html); 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.