# Vicat (VCT.PA)

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

Analysis as of: 2026-10-16T07:39:23.388Z. Financial observations: FY2002–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 58.70 per share; close as of 2026-10-15.

Estimated value: low EUR 66.59 per share, central EUR 81.28 per share, high EUR 93.33 per share. Buy at or below the central value EUR 81.28 per share. Valuation as of 2026-10-16T07:39:23.388Z; scenarios are not confidence intervals.

Expected annual return: 13.2% at the stated quote. About 13.2% 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: 0.10×

- FY2017: 0.09×

- FY2018: 0.10×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.11×

- FY2022: 0.08×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.12×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 24.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 24.5 pp

- Typical gross margin (annual median): 36.0%

- Recent gross margin (lower of latest and 3-year median): 11.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.5%

- FY2017: 8.8%

- FY2018: 8.0%

- FY2019: 7.5%

- FY2020: 8.5%

- FY2021: 9.4%

- FY2022: 6.8%

- FY2023: 11.6%

- FY2024: 11.3%

- FY2025: 11.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 948M

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

- Return on incremental invested capital: 60.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.1 pp

- Working capital / revenue, final three-year average: 16.8%

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

- FY2021: 0.79×

- FY2022: 0.73×

- FY2023: 0.84×

- FY2024: 0.89×

- FY2025: 0.77×

### 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: 8.5% vs 11.3%

- Per-share earnings: 3.11 to 6.10 (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: -0.0%

- Market cap gain: EUR 835M

- Cumulative retained earnings: EUR 1.0B

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

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.8%

- Per-share value change: EUR 2.98

- Per-share value, starting three-year median: EUR 3.11

- Per-share value, ending three-year median: EUR 6.10

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 1.0%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 392M

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 8.5%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.11

- FY2017: EUR 3.18

- FY2018: EUR 3.34

- FY2019: EUR 3.30

- FY2020: EUR 3.47

- FY2021: EUR 4.56

- FY2022: EUR 3.49

- FY2023: EUR 5.78

- FY2024: EUR 6.10

- FY2025: EUR 6.13

### accounting: pass

- Sloan accruals: -5.9%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.36×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -4.5%

- FY2018: -4.9%

- FY2019: -4.2%

- FY2020: -7.1%

- FY2021: -4.1%

- FY2022: -3.1%

- FY2023: -5.5%

- FY2024: -6.7%

- FY2025: -5.9%

## Holders

## Price story

Down 25% since Jan 2026 · sales -0.8%

Story as of 2026-10-16T10:00:10.752Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.4% a year for ten years

### Sales · FY2024–2025

sales -0.8%; source https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html; observed 2026-03-18.

- FY2016: EUR 2.5B 

- FY2017: EUR 2.6B 

- FY2018: EUR 2.6B 

- FY2019: EUR 2.7B 

- FY2020: EUR 2.8B 

- FY2021: EUR 3.1B 

- FY2022: EUR 3.6B 

- FY2023: EUR 3.9B 

- FY2024: EUR 3.9B 

- FY2025: EUR 3.9B 

### Gross margin · FY2025

gross margin 11.5%; source https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html; observed 2026-03-18.

- FY2016: 36.6% 

- FY2017: 35.2% 

- FY2018: 36.3% 

- FY2019: 37.6% 

- FY2020: 38.7% 

- FY2021: 35.9% 

- FY2022: 31.1% 

- FY2023: 34.0% 

- FY2024: 36.1% 

- FY2025: 11.5% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are EUR 3.9 billion.

- Source: https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html (filed 2026-03-18); FY2025: revenue 3854000000; grossProfit 443854000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VCT.PA: Vicat S.A., together with its subsidiaries, engages in the production and sale of cement, ready-mixed concrete, and aggregates for construction industry. The company offers artificial cements, natural cements, and hydraulic road binders for use in housing, bridges, tunnels, and situations where the concrete is subject to aggressive environments. It also provides a range of aggregates, including alluvium or rock, and river or crusher gravel and sand; ready-mixed concretes comprising decorative, self-leveling, self-consolidating, road, architectural, and civil-engineering concretes; and premixed mortars and finishing products, such as adhesives, surfacing compounds, and premixed mortars for floors and tiling, walls, thermal insulation, and masonry and building structures. In addition, the company is involved in high-speed rail lines, motorway bridges, nuclear power plants, and airports construction works; and manufacture of large and medium-sized kraft bags and paper products. It operates in France, Switzerland, Italy, the United States, Brazil, India, Kazakhstan, Turkey, Egypt, Senegal, Mali, and Mauritania. The company was incorporated in 1853 and is headquartered in L'Isle-d'Abeau, France.

### Why customers stay

Margins ranged from 11.5% to 36.1% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: grossProfit / revenue = 34%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: grossProfit / revenue = 36.1%.

- Source: https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html (filed 2026-03-18); FY2025: grossProfit / revenue = 11.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on capital observations [[2016,0.08480309929760287],[2017,0.08776682634044031],[2018,0.07957093339493625],[2019,0.07519660077271464],[2020,0.08474654956126723],[2021,0.09397716471287132],[2022,0.06777555212283756],[2023,0.1160905717141683],[2024,0.11295408239481163],[2025,0.1127288056994389]]; median 0.0862849628190216. 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 60.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2016: growth capex 0; upkeep 139304000; owner earnings 187330000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2017: growth capex 0; upkeep 179474000; owner earnings 163538000. 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 180224000; owner earnings 202329000. 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 237484000; owner earnings 122784600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2020: growth capex 42574000; upkeep 276796000; owner earnings 115006000. Growth capex / owner earnings = 0.3701893814235779.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2021: growth capex 130759000; upkeep 255811000; owner earnings 161102000. Growth capex / owner earnings = 0.8116534866109669.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2022: growth capex 136701000; upkeep 285655000; owner earnings 114369600. Growth capex / owner earnings = 1.1952564317790741.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2023: growth capex 29142000; upkeep 299842000; owner earnings 218250800. Growth capex / owner earnings = 0.1335252837561191.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); FY2024: growth capex 0; upkeep 344328000; owner earnings 241800600. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html (filed 2026-03-18); FY2025: growth capex 0; upkeep 336207000; owner earnings 212394800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,80239000],[2017,69890000],[2018,72976000],[2019,73458000],[2020,74282000],[2021,74116000],[2022,82355000],[2023,93592000],[2024,102340000],[2025,116314000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html (filed 2026-03-18); FY2025: cash repurchases 60419000 EUR.

### Are managers owners

Insiders own 65.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VCT.PA SharesStats.PercentInsiders = 65.072 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.4% yearly over ten years; actual growth was 3.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Ten-year compound average after fade. Initial solved rate -0.03250889084723346. Price 58.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.3705735527703253 → FY2025 4.731766435716354. Closing-price date 2026-10-15.

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

- 2016-10: EUR 57.27 per share

- 2016-11: EUR 54.62 per share

- 2016-12: EUR 57.66 per share

- 2017-01: EUR 56.26 per share

- 2017-02: EUR 59.68 per share

- 2017-03: EUR 66.56 per share

- 2017-04: EUR 65.31 per share

- 2017-05: EUR 65.58 per share

- 2017-06: EUR 61.67 per share

- 2017-07: EUR 61.70 per share

- 2017-08: EUR 57.70 per share

- 2017-09: EUR 64.56 per share

- 2017-10: EUR 66.41 per share

- 2017-11: EUR 68.78 per share

- 2017-12: EUR 65.79 per share

- 2018-01: EUR 66.35 per share

- 2018-02: EUR 65.55 per share

- 2018-03: EUR 61.35 per share

- 2018-04: EUR 61.05 per share

- 2018-05: EUR 58.85 per share

- 2018-06: EUR 56.20 per share

- 2018-07: EUR 55.35 per share

- 2018-08: EUR 52.00 per share

- 2018-09: EUR 52.45 per share

- 2018-10: EUR 47.50 per share

- 2018-11: EUR 42.40 per share

- 2018-12: EUR 41.46 per share

- 2019-01: EUR 43.70 per share

- 2019-02: EUR 42.22 per share

- 2019-03: EUR 42.88 per share

- 2019-04: EUR 47.10 per share

- 2019-05: EUR 44.70 per share

- 2019-06: EUR 43.70 per share

- 2019-07: EUR 40.75 per share

- 2019-08: EUR 39.75 per share

- 2019-09: EUR 39.80 per share

- 2019-10: EUR 38.00 per share

- 2019-11: EUR 38.50 per share

- 2019-12: EUR 40.35 per share

- 2020-01: EUR 37.65 per share

- 2020-02: EUR 35.40 per share

- 2020-03: EUR 23.10 per share

- 2020-04: EUR 25.60 per share

- 2020-05: EUR 27.10 per share

- 2020-06: EUR 27.35 per share

- 2020-07: EUR 28.00 per share

- 2020-08: EUR 29.00 per share

- 2020-09: EUR 28.55 per share

- 2020-10: EUR 26.40 per share

- 2020-11: EUR 34.20 per share

- 2020-12: EUR 34.35 per share

- 2021-01: EUR 35.45 per share

- 2021-02: EUR 39.85 per share

- 2021-03: EUR 41.40 per share

- 2021-04: EUR 41.80 per share

- 2021-05: EUR 43.35 per share

- 2021-06: EUR 40.75 per share

- 2021-07: EUR 42.50 per share

- 2021-08: EUR 42.15 per share

- 2021-09: EUR 38.50 per share

- 2021-10: EUR 36.85 per share

- 2021-11: EUR 34.15 per share

- 2021-12: EUR 36.00 per share

- 2022-01: EUR 36.65 per share

- 2022-02: EUR 32.80 per share

- 2022-03: EUR 30.75 per share

- 2022-04: EUR 28.80 per share

- 2022-05: EUR 28.75 per share

- 2022-06: EUR 26.30 per share

- 2022-07: EUR 25.45 per share

- 2022-08: EUR 25.25 per share

- 2022-09: EUR 23.05 per share

- 2022-10: EUR 23.20 per share

- 2022-11: EUR 23.00 per share

- 2022-12: EUR 23.45 per share

- 2023-01: EUR 25.65 per share

- 2023-02: EUR 29.70 per share

- 2023-03: EUR 27.65 per share

- 2023-04: EUR 26.45 per share

- 2023-05: EUR 25.00 per share

- 2023-06: EUR 29.10 per share

- 2023-07: EUR 30.90 per share

- 2023-08: EUR 31.15 per share

- 2023-09: EUR 28.95 per share

- 2023-10: EUR 29.00 per share

- 2023-11: EUR 32.95 per share

- 2023-12: EUR 32.85 per share

- 2024-01: EUR 36.05 per share

- 2024-02: EUR 35.40 per share

- 2024-03: EUR 36.55 per share

- 2024-04: EUR 34.65 per share

- 2024-05: EUR 36.45 per share

- 2024-06: EUR 33.55 per share

- 2024-07: EUR 32.15 per share

- 2024-08: EUR 31.45 per share

- 2024-09: EUR 35.30 per share

- 2024-10: EUR 34.05 per share

- 2024-11: EUR 35.80 per share

- 2024-12: EUR 36.65 per share

- 2025-01: EUR 40.30 per share

- 2025-02: EUR 45.70 per share

- 2025-03: EUR 49.70 per share

- 2025-04: EUR 49.20 per share

- 2025-05: EUR 57.30 per share

- 2025-06: EUR 58.80 per share

- 2025-07: EUR 56.80 per share

- 2025-08: EUR 59.80 per share

- 2025-09: EUR 59.70 per share

- 2025-10: EUR 65.00 per share

- 2025-11: EUR 70.70 per share

- 2025-12: EUR 76.00 per share

- 2026-01: EUR 78.20 per share

- 2026-02: EUR 71.20 per share

- 2026-03: EUR 62.30 per share

- 2026-04: EUR 60.00 per share

- 2026-05: EUR 63.30 per share

- 2026-06: EUR 63.50 per share

- 2026-07: EUR 65.50 per share

- 2026-08: EUR 64.50 per share

- 2026-09: EUR 59.50 per share

- 2026-10: EUR 58.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 41.34 per share, central EUR 46.45 per share, high EUR 53.24 per share

- FY2017: low EUR 44.71 per share, central EUR 50.21 per share, high EUR 57.54 per share

- FY2018: low EUR 46.36 per share, central EUR 51.94 per share, high EUR 59.36 per share

- FY2019: low EUR 49.93 per share, central EUR 55.77 per share, high EUR 63.54 per share

- FY2020: low EUR 51.74 per share, central EUR 57.75 per share, high EUR 65.74 per share

- FY2021: low EUR 49.71 per share, central EUR 55.13 per share, high EUR 62.35 per share

- FY2022: low EUR 51.25 per share, central EUR 59.19 per share, high EUR 67.32 per share

- FY2023: low EUR 58.05 per share, central EUR 72.44 per share, high EUR 83.13 per share

- FY2024: low EUR 64.96 per share, central EUR 80.18 per share, high EUR 91.96 per share

- FY2025: low EUR 66.89 per share, central EUR 81.45 per share, high EUR 93.41 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 2026-10-15T06:45:08.614Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9695009YI1863TOVDP79/2025-12-31/ESEF/FR/0/vicat-2025-12-31-1/reports/vicat-2025-12-31-1-fr.html); 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.