# Trigano (TRI.PA)

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

Analysis as of: 2026-10-16T07:39:40.266Z. 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 126.60 per share; close as of 2026-10-15.

Estimated value: low EUR 242.62 per share, central EUR 335.60 per share, high EUR 389.74 per share. Buy at or below the central value EUR 335.60 per share. Valuation as of 2026-10-16T07:39:40.266Z; scenarios are not confidence intervals.

Expected annual return: 23.1% at the stated quote. About 23.1% 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: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.12×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.09×

### moat: fail

- Recent gross margin fell 23.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 27.9%

- ROIC, second-lowest year: 24.7%

- Typical minus recent gross margin: 23.4 pp

- Typical gross margin (annual median): 32.1%

- Recent gross margin (lower of latest and 3-year median): 8.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.9%

- ROIC including acquisitions, ten-year median: 19.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.7%

- FY2017: 29.2%

- FY2018: 32.3%

- FY2019: 24.8%

- FY2020: 26.6%

- FY2021: 51.3%

- FY2022: 30.2%

- FY2023: 29.7%

- FY2024: 24.9%

- FY2025: 17.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.4B

- Net income, five-year total: EUR 1.4B

- Return on incremental invested capital: 27.3%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 9.8 pp

- Working capital / revenue, final three-year average: 21.6%

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

- FY2021: 0.98×

- FY2022: 0.95×

- FY2023: 0.96×

- FY2024: 0.96×

- FY2025: 1.06×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 29.2% vs 24.9%

- Per-share earnings: 4.69 to 15.95 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

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

- Market cap gain: EUR 792M

- Cumulative retained earnings: EUR 927M

- Diluted shares, 10-year annual growth: 0.1%

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.5%

- Per-share value change: EUR 11.26

- Per-share value, starting three-year median: EUR 4.69

- Per-share value, ending three-year median: EUR 15.95

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 0.4%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 808M

- Cumulative net income, 10 years: EUR 2.1B

- ROIC, first three-year median: 29.2%

- ROIC, last three-year median: 24.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 4.69

- FY2017: EUR 6.59

- FY2018: EUR 9.72

- FY2019: EUR 8.68

- FY2020: EUR 7.23

- FY2021: EUR 11.55

- FY2022: EUR 14.42

- FY2023: EUR 15.95

- FY2024: EUR 19.40

- FY2025: EUR 12.38

### accounting: pass

- Sloan accruals: -10.0%

- 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: 2.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.27×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.7%

- FY2017: 1.1%

- FY2018: 1.3%

- FY2019: 2.0%

- FY2020: -8.5%

- FY2021: -7.6%

- FY2022: 4.6%

- FY2023: 4.2%

- FY2024: 11.1%

- FY2025: -10.0%

## Holders

## Price story

Down 28% since Dec 2025 · sales -6.8%

Story as of 2026-10-16T10:00:10.987Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.6% a year for ten years

### Sales · FY2024–2025

sales -6.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.3B 

- FY2017: EUR 1.7B 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.3B 

- FY2020: EUR 2.2B 

- FY2021: EUR 2.9B 

- FY2022: EUR 3.2B 

- FY2023: EUR 3.5B 

- FY2024: EUR 3.9B 

- FY2025: EUR 3.7B 

### Gross margin · FY2025

gross margin 8.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.2% 

- FY2017: 31.5% 

- FY2018: 32.1% 

- FY2019: 31.6% 

- FY2020: 7.9% 

- FY2021: 32.5% 

- FY2022: 32.5% 

- FY2023: 33.7% 

- FY2024: 34.5% 

- FY2025: 8.8% 

## Owner memo

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

### How it makes money

Operates in recreational vehicles; annual sales are EUR 3.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2025: revenue 3660200000; grossProfit 321500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRI.PA: Trigano S.A., together with its subsidiaries, designs, manufactures, and distributes leisure vehicles and trailers in France, Germany, the United Kingdom, Benelux, Italy, Spain, Northern Europe, and internationally. The company offers tents, caravans, motorhomes and mobile homes; accessories and other services; and mobile homes, trailers, garden equipment, camping equipment, and campsites. Trigano S.A. was founded in 1935 and is based in Paris, France.

### Why customers stay

Margins ranged from 8.8% to 34.5% during 2023–25; it earns 27.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2023: grossProfit / revenue = 33.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2024: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2025: grossProfit / revenue = 8.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); 10-year return on capital observations [[2016,0.2469386723173114],[2017,0.29220668264012256],[2018,0.32328357440194605],[2019,0.24793634473337564],[2020,0.2664255523719418],[2021,0.5126717516921191],[2022,0.3018743657090452],[2023,0.2967468164690998],[2024,0.24926800799256138],[2025,0.17938086184411053]]; median 0.2793161175060322. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 32% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); Gross margin observations: [[2021,0.32482218976310717],[2022,0.32490872466322546],[2023,0.3374518705821504]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2016: growth capex 12514000; upkeep 14240000; owner earnings 89791000. Growth capex / owner earnings = 0.13936808811573542.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2017: growth capex 24498000; upkeep 16269000; owner earnings 127169000. Growth capex / owner earnings = 0.1926412883643026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2018: growth capex 29139000; upkeep 23490000; owner earnings 187410000. Growth capex / owner earnings = 0.15548263166319834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2019: growth capex 1421499.2013111934; upkeep 41283500.79868881; owner earnings 151003099.2013112. Growth capex / owner earnings = 0.009413708783659522.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2020: growth capex 0; upkeep 47260000; owner earnings 119789400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2021: growth capex 3938000; upkeep 35762000; owner earnings 218291200. Growth capex / owner earnings = 0.018040122551893984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2022: growth capex 7400000; upkeep 53800000; owner earnings 264220000. Growth capex / owner earnings = 0.028006963893724927.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2023: growth capex 0; upkeep 53600000; owner earnings 295860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2024: growth capex 0; upkeep 60800000; owner earnings 360560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2025: growth capex 0; upkeep 41100000; owner earnings 253180000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); Dividend observations: [[2016,13407000],[2017,19151000],[2018,24897000],[2019,38606000],[2020,38566000],[2021,42400000],[2022,95100000],[2023,67600000],[2024,67600000],[2025,67500000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); FY2025: cash repurchases 1900000 EUR.

### Are managers owners

Insiders own 57.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TRI.PA SharesStats.PercentInsiders = 57.875 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 7.6% yearly over ten years; actual growth was 15.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:40.266Z); Ten-year compound average after fade. Initial solved rate -0.11968347003879137. Price 126.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.1104311137104186 → FY2025 13.102113477819868. Closing-price date 2026-10-15.

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

- 2016-10: EUR 64.45 per share

- 2016-11: EUR 70.51 per share

- 2016-12: EUR 74.33 per share

- 2017-01: EUR 83.00 per share

- 2017-02: EUR 84.82 per share

- 2017-03: EUR 90.19 per share

- 2017-04: EUR 97.05 per share

- 2017-05: EUR 97.18 per share

- 2017-06: EUR 104.35 per share

- 2017-07: EUR 111.20 per share

- 2017-08: EUR 109.90 per share

- 2017-09: EUR 131.00 per share

- 2017-10: EUR 138.50 per share

- 2017-11: EUR 132.85 per share

- 2017-12: EUR 147.30 per share

- 2018-01: EUR 156.20 per share

- 2018-02: EUR 146.90 per share

- 2018-03: EUR 146.70 per share

- 2018-04: EUR 156.40 per share

- 2018-05: EUR 170.00 per share

- 2018-06: EUR 152.20 per share

- 2018-07: EUR 123.00 per share

- 2018-08: EUR 126.10 per share

- 2018-09: EUR 94.20 per share

- 2018-10: EUR 89.75 per share

- 2018-11: EUR 93.25 per share

- 2018-12: EUR 80.65 per share

- 2019-01: EUR 84.50 per share

- 2019-02: EUR 87.10 per share

- 2019-03: EUR 69.50 per share

- 2019-04: EUR 85.40 per share

- 2019-05: EUR 67.65 per share

- 2019-06: EUR 80.20 per share

- 2019-07: EUR 91.05 per share

- 2019-08: EUR 87.25 per share

- 2019-09: EUR 73.75 per share

- 2019-10: EUR 80.75 per share

- 2019-11: EUR 96.00 per share

- 2019-12: EUR 94.10 per share

- 2020-01: EUR 85.75 per share

- 2020-02: EUR 68.50 per share

- 2020-03: EUR 58.10 per share

- 2020-04: EUR 67.35 per share

- 2020-05: EUR 82.40 per share

- 2020-06: EUR 93.25 per share

- 2020-07: EUR 96.80 per share

- 2020-08: EUR 106.50 per share

- 2020-09: EUR 131.80 per share

- 2020-10: EUR 114.10 per share

- 2020-11: EUR 136.80 per share

- 2020-12: EUR 144.80 per share

- 2021-01: EUR 145.00 per share

- 2021-02: EUR 155.50 per share

- 2021-03: EUR 159.40 per share

- 2021-04: EUR 148.60 per share

- 2021-05: EUR 173.00 per share

- 2021-06: EUR 174.20 per share

- 2021-07: EUR 182.30 per share

- 2021-08: EUR 176.20 per share

- 2021-09: EUR 162.60 per share

- 2021-10: EUR 161.90 per share

- 2021-11: EUR 155.50 per share

- 2021-12: EUR 171.00 per share

- 2022-01: EUR 167.50 per share

- 2022-02: EUR 153.50 per share

- 2022-03: EUR 132.00 per share

- 2022-04: EUR 123.80 per share

- 2022-05: EUR 121.80 per share

- 2022-06: EUR 93.40 per share

- 2022-07: EUR 95.20 per share

- 2022-08: EUR 86.55 per share

- 2022-09: EUR 90.60 per share

- 2022-10: EUR 103.60 per share

- 2022-11: EUR 119.40 per share

- 2022-12: EUR 127.60 per share

- 2023-01: EUR 127.80 per share

- 2023-02: EUR 127.00 per share

- 2023-03: EUR 120.00 per share

- 2023-04: EUR 118.00 per share

- 2023-05: EUR 126.70 per share

- 2023-06: EUR 131.30 per share

- 2023-07: EUR 133.30 per share

- 2023-08: EUR 130.00 per share

- 2023-09: EUR 128.50 per share

- 2023-10: EUR 123.80 per share

- 2023-11: EUR 141.60 per share

- 2023-12: EUR 148.30 per share

- 2024-01: EUR 146.40 per share

- 2024-02: EUR 149.60 per share

- 2024-03: EUR 163.00 per share

- 2024-04: EUR 143.50 per share

- 2024-05: EUR 139.80 per share

- 2024-06: EUR 109.40 per share

- 2024-07: EUR 108.50 per share

- 2024-08: EUR 106.30 per share

- 2024-09: EUR 115.40 per share

- 2024-10: EUR 125.00 per share

- 2024-11: EUR 119.10 per share

- 2024-12: EUR 122.30 per share

- 2025-01: EUR 132.30 per share

- 2025-02: EUR 133.80 per share

- 2025-03: EUR 103.30 per share

- 2025-04: EUR 104.30 per share

- 2025-05: EUR 129.10 per share

- 2025-06: EUR 147.90 per share

- 2025-07: EUR 150.40 per share

- 2025-08: EUR 150.80 per share

- 2025-09: EUR 148.30 per share

- 2025-10: EUR 144.50 per share

- 2025-11: EUR 172.00 per share

- 2025-12: EUR 175.30 per share

- 2026-01: EUR 168.20 per share

- 2026-02: EUR 168.00 per share

- 2026-03: EUR 140.50 per share

- 2026-04: EUR 156.30 per share

- 2026-05: EUR 162.10 per share

- 2026-06: EUR 140.50 per share

- 2026-07: EUR 150.90 per share

- 2026-08: EUR 155.00 per share

- 2026-09: EUR 129.10 per share

- 2026-10: EUR 126.40 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 35.65 per share, central EUR 40.11 per share, high EUR 46.04 per share

- FY2017: low EUR 58.84 per share, central EUR 66.22 per share, high EUR 76.04 per share

- FY2018: low EUR 119.32 per share, central EUR 167.00 per share, high EUR 194.76 per share

- FY2019: low EUR 120.23 per share, central EUR 168.19 per share, high EUR 196.11 per share

- FY2020: low EUR 115.77 per share, central EUR 153.26 per share, high EUR 177.13 per share

- FY2021: low EUR 181.84 per share, central EUR 247.79 per share, high EUR 286.20 per share

- FY2022: low EUR 186.41 per share, central EUR 257.76 per share, high EUR 299.32 per share

- FY2023: low EUR 209.64 per share, central EUR 298.94 per share, high EUR 348.75 per share

- FY2024: low EUR 255.09 per share, central EUR 367.77 per share, high EUR 430.62 per share

- FY2025: low EUR 244.04 per share, central EUR 335.81 per share, high EUR 389.25 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 2026-10-15T06:45:25.550Z where newer inputs omit a numeric field or fiscal period.

## Sources

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.