# Teleperformance SE (TEP.PA)

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

Analysis as of: 2026-10-16T07:37:32.688Z. Financial observations: FY2001–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 76.36 per share; close as of 2026-10-15.

Estimated value: low EUR 207.13 per share, central EUR 233.37 per share, high EUR 268.31 per share. Buy at or below the central value EUR 233.37 per share. Valuation as of 2026-10-16T07:37:32.688Z; scenarios are not confidence intervals.

Expected annual return: 29.9% at the stated quote. About 29.9% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.09×

- FY2017: 0.08×

- FY2018: 0.11×

- FY2019: 0.12×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.12×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: fail

- Recent gross margin fell 19.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.9%

- ROIC, second-lowest year: 15.4%

- Typical minus recent gross margin: 19.1 pp

- Typical gross margin (annual median): 30.9%

- Recent gross margin (lower of latest and 3-year median): 11.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 9.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.2%

- FY2017: 23.3%

- FY2018: 17.3%

- FY2019: 16.4%

- FY2020: 15.4%

- FY2021: 20.4%

- FY2022: 22.1%

- FY2023: 16.6%

- FY2024: 18.5%

- FY2025: 20.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 4.1B

- Net income, five-year total: EUR 2.8B

- Return on incremental invested capital: >100%

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

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 19.5%

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

- FY2021: 1.27×

- FY2022: 1.30×

- FY2023: 1.40×

- FY2024: 1.77×

- FY2025: 1.66×

### 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: 17.3% vs 18.5%

- Per-share earnings: 3.66 to 8.75 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -1.9B

- Cumulative retained earnings: EUR 2.8B

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

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.5%

- Per-share value change: EUR 5.09

- Per-share value, starting three-year median: EUR 3.66

- Per-share value, ending three-year median: EUR 8.75

- Buybacks concentrated in cheaper years (correlation): 0.75

- Average buyback yield: 1.5%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.3B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: 17.3%

- ROIC, last three-year median: 18.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.66

- FY2017: EUR 5.31

- FY2018: EUR 5.30

- FY2019: EUR 6.79

- FY2020: EUR 5.52

- FY2021: EUR 9.30

- FY2022: EUR 10.76

- FY2023: EUR 10.01

- FY2024: EUR 8.75

- FY2025: EUR 8.43

### accounting: pass

- Sloan accruals: -8.1%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.5%

- FY2018: -3.6%

- FY2019: -6.1%

- FY2020: -9.5%

- FY2021: -7.0%

- FY2022: -7.3%

- FY2023: -6.5%

- FY2024: -10.7%

- FY2025: -8.1%

## Holders

## Price story

Down 81% since Dec 2021 · sales -0.7%

Story as of 2026-10-16T10:00:09.193Z; price observation 2026-10-15.

Price needs cash profits to shrink 15.7% a year for ten years

### Sales · FY2024–2025

sales -0.7%; source https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: EUR 3.6B 

- FY2017: EUR 4.2B 

- FY2018: EUR 4.4B 

- FY2019: EUR 5.4B 

- FY2020: EUR 5.7B 

- FY2021: EUR 7.1B 

- FY2022: EUR 8.2B 

- FY2023: EUR 8.3B 

- FY2024: EUR 10B 

- FY2025: EUR 10B 

### Gross margin · FY2025

gross margin 11.8%; source https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml; observed 2026-03-18.

- FY2016: 32.9% 

- FY2017: 33.9% 

- FY2018: 32.3% 

- FY2019: 22.5% 

- FY2020: 30.7% 

- FY2021: 30.5% 

- FY2022: 22.3% 

- FY2023: 31.1% 

- FY2024: 32.6% 

- FY2025: 11.8% 

## Owner memo

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

### How it makes money

Operates in specialty business services; annual sales are EUR 10.2 billion.

- Source: https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: revenue 10209000000; grossProfit 1202000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEP.PA: Teleperformance SE, together with its subsidiaries, operates as a digital business services company in France and internationally. The company operates in Core Services and Specialized Services segments. The company offers customer relationship, technical assistance, and customer acquisition services; business processes management, and back office and digital platform services; online interpretation, visa application management, health management, recruitment process outsourcing advisory and assistance, and accounts receivable credit management services. It also provides digital CX, trust and safety, artificial intelligence, real-time speech understanding, StoryfAI application, TP microservices, and video CX; back-office processing, integrated sales, finance and accounting, smartshoring, work-at-home, multilingual services, ad sales, and rebadging solutions; advanced analytics, business process optimization, business transformation consulting, and technology services; and claims management, collection services, interpretation and translation, recruitment process outsourcing, visa and consular services, and healthcare support. The company serves automotive, energy and utilities, media, government, technology, travel, hospitality, cargo, banking and financial services, healthcare, insurance, retail and e-commerce, telecom, and video games industries. The company was incorporated in 1910 and is based in Paris, France.

### Why customers stay

Margins ranged from 11.8% to 32.6% during 2023–25; it earns 17.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 32.6%.

- Source: https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: grossProfit / revenue = 11.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.15173886138613862],[2017,0.23324572930354795],[2018,0.17327557671015534],[2019,0.16390911358426472],[2020,0.15389829464051885],[2021,0.204224814059949],[2022,0.22144732877007187],[2023,0.1663220953539175],[2024,0.18512766517504606],[2025,0.20353356890459365]]; median 0.1792016209426007. 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 114 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 1000000; upkeep 191000000; owner earnings 214000000. Growth capex / owner earnings = 0.004672897196261682.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 148000000; owner earnings 415000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2018: growth capex 0; upkeep 197000000; owner earnings 362000000. 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 252000000; owner earnings 484600000. 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 258000000; owner earnings 428200000. 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 232000000; owner earnings 705600000. 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 298000000; owner earnings 838400000. 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 233000000; owner earnings 831600000. 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 219000000; owner earnings 923800000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: growth capex 0; upkeep 253000000; owner earnings 826400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,68000000],[2017,75000000],[2018,107000000],[2019,111000000],[2020,141000000],[2021,141000000],[2022,194000000],[2023,227000000],[2024,231000000],[2025,248000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-FR.xhtml (filed 2026-03-18); FY2025: cash repurchases 114000000 EUR.

### Are managers owners

Insiders own 18.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEP.PA SharesStats.PercentInsiders = 18.142 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 15.7% yearly over ten years; actual growth was 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate -0.23013497051377568. Price 76.36; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.4013836828821966 → FY2025 14.014856018722654. Closing-price date 2026-10-15.

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

- 2016-10: EUR 96.27 per share

- 2016-11: EUR 92.14 per share

- 2016-12: EUR 95.30 per share

- 2017-01: EUR 99.11 per share

- 2017-02: EUR 104.50 per share

- 2017-03: EUR 101.25 per share

- 2017-04: EUR 115.35 per share

- 2017-05: EUR 116.45 per share

- 2017-06: EUR 112.15 per share

- 2017-07: EUR 117.65 per share

- 2017-08: EUR 115.60 per share

- 2017-09: EUR 126.30 per share

- 2017-10: EUR 125.40 per share

- 2017-11: EUR 124.35 per share

- 2017-12: EUR 119.45 per share

- 2018-01: EUR 122.10 per share

- 2018-02: EUR 117.10 per share

- 2018-03: EUR 126.00 per share

- 2018-04: EUR 132.90 per share

- 2018-05: EUR 135.20 per share

- 2018-06: EUR 151.30 per share

- 2018-07: EUR 156.80 per share

- 2018-08: EUR 165.50 per share

- 2018-09: EUR 162.50 per share

- 2018-10: EUR 145.60 per share

- 2018-11: EUR 146.20 per share

- 2018-12: EUR 139.60 per share

- 2019-01: EUR 150.30 per share

- 2019-02: EUR 157.00 per share

- 2019-03: EUR 160.20 per share

- 2019-04: EUR 171.30 per share

- 2019-05: EUR 172.00 per share

- 2019-06: EUR 176.20 per share

- 2019-07: EUR 189.60 per share

- 2019-08: EUR 198.60 per share

- 2019-09: EUR 198.90 per share

- 2019-10: EUR 203.20 per share

- 2019-11: EUR 215.00 per share

- 2019-12: EUR 217.40 per share

- 2020-01: EUR 226.80 per share

- 2020-02: EUR 219.80 per share

- 2020-03: EUR 189.80 per share

- 2020-04: EUR 204.50 per share

- 2020-05: EUR 213.10 per share

- 2020-06: EUR 225.90 per share

- 2020-07: EUR 247.30 per share

- 2020-08: EUR 258.40 per share

- 2020-09: EUR 263.60 per share

- 2020-10: EUR 257.70 per share

- 2020-11: EUR 279.20 per share

- 2020-12: EUR 271.30 per share

- 2021-01: EUR 270.20 per share

- 2021-02: EUR 293.10 per share

- 2021-03: EUR 310.80 per share

- 2021-04: EUR 321.10 per share

- 2021-05: EUR 314.60 per share

- 2021-06: EUR 342.30 per share

- 2021-07: EUR 355.60 per share

- 2021-08: EUR 374.40 per share

- 2021-09: EUR 340.10 per share

- 2021-10: EUR 361.10 per share

- 2021-11: EUR 362.70 per share

- 2021-12: EUR 392.00 per share

- 2022-01: EUR 333.40 per share

- 2022-02: EUR 331.90 per share

- 2022-03: EUR 346.30 per share

- 2022-04: EUR 342.70 per share

- 2022-05: EUR 308.70 per share

- 2022-06: EUR 293.30 per share

- 2022-07: EUR 326.30 per share

- 2022-08: EUR 284.30 per share

- 2022-09: EUR 260.90 per share

- 2022-10: EUR 271.30 per share

- 2022-11: EUR 215.40 per share

- 2022-12: EUR 222.70 per share

- 2023-01: EUR 255.00 per share

- 2023-02: EUR 246.00 per share

- 2023-03: EUR 221.70 per share

- 2023-04: EUR 180.80 per share

- 2023-05: EUR 139.90 per share

- 2023-06: EUR 153.45 per share

- 2023-07: EUR 131.75 per share

- 2023-08: EUR 127.85 per share

- 2023-09: EUR 119.40 per share

- 2023-10: EUR 108.15 per share

- 2023-11: EUR 128.55 per share

- 2023-12: EUR 132.05 per share

- 2024-01: EUR 145.65 per share

- 2024-02: EUR 114.55 per share

- 2024-03: EUR 90.08 per share

- 2024-04: EUR 85.48 per share

- 2024-05: EUR 104.40 per share

- 2024-06: EUR 98.34 per share

- 2024-07: EUR 119.20 per share

- 2024-08: EUR 98.86 per share

- 2024-09: EUR 93.00 per share

- 2024-10: EUR 96.90 per share

- 2024-11: EUR 89.02 per share

- 2024-12: EUR 83.12 per share

- 2025-01: EUR 90.64 per share

- 2025-02: EUR 92.66 per share

- 2025-03: EUR 92.48 per share

- 2025-04: EUR 96.46 per share

- 2025-05: EUR 89.04 per share

- 2025-06: EUR 82.32 per share

- 2025-07: EUR 85.72 per share

- 2025-08: EUR 65.92 per share

- 2025-09: EUR 63.34 per share

- 2025-10: EUR 61.96 per share

- 2025-11: EUR 59.24 per share

- 2025-12: EUR 61.84 per share

- 2026-01: EUR 54.60 per share

- 2026-02: EUR 51.48 per share

- 2026-03: EUR 50.28 per share

- 2026-04: EUR 57.54 per share

- 2026-05: EUR 63.04 per share

- 2026-06: EUR 45.98 per share

- 2026-07: EUR 69.00 per share

- 2026-08: EUR 69.70 per share

- 2026-09: EUR 70.22 per share

- 2026-10: EUR 74.62 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 42.90 per share, central EUR 50.55 per share, high EUR 58.20 per share

- FY2017: low EUR 52.59 per share, central EUR 63.06 per share, high EUR 72.81 per share

- FY2018: low EUR 56.06 per share, central EUR 67.53 per share, high EUR 78.03 per share

- FY2019: low EUR 97.13 per share, central EUR 123.47 per share, high EUR 143.33 per share

- FY2020: low EUR 114.39 per share, central EUR 142.97 per share, high EUR 164.39 per share

- FY2021: low EUR 144.25 per share, central EUR 183.11 per share, high EUR 212.12 per share

- FY2022: low EUR 145.93 per share, central EUR 164.54 per share, high EUR 189.31 per share

- FY2023: low EUR 165.02 per share, central EUR 186.10 per share, high EUR 214.17 per share

- FY2024: low EUR 201.27 per share, central EUR 226.96 per share, high EUR 261.17 per share

- FY2025: low EUR 203.17 per share, central EUR 229.04 per share, high EUR 263.49 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 2026-10-15T06:43:20.297Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9695004GI61FHFFNRG61/2025-12-31/ESEF/FR/0/9695004GI61FHFFNRG61-2025-12-31-1-FR/reports/9695004GI61FHFFNRG61-2025-12-31-1-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