# Veolia Environnement VE (VIE.PA)

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

Analysis as of: 2026-10-16T07:34:26.390Z. Financial observations: FY1999–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 32.38 per share; close as of 2026-10-15.

Estimated value: low EUR 16.91 per share, central EUR 18.37 per share, high EUR 20.32 per share. Buy at or below the central value EUR 18.37 per share. Valuation as of 2026-10-16T07:34:26.390Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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

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

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.04×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 22.6%

- ROIC, second-lowest year: 13.5%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 16.5%

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

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.2%

- ROIC including acquisitions, ten-year median: 4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.5%

- FY2017: 15.7%

- FY2018: 23.2%

- FY2019: 22.0%

- FY2020: 9.3%

- FY2021: 15.0%

- FY2022: 78.9%

- FY2023: 31.0%

- FY2024: 24.1%

- FY2025: 33.3%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.5B

- Net income, five-year total: EUR 4.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -7.6 pp

- Working capital / revenue, final three-year average: 14.2%

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

- FY2021: 1.12×

- FY2022: 0.97×

- FY2023: 0.57×

- FY2024: 0.83×

- FY2025: 0.73×

### management: fail

- 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: 15.7% vs 31.0%

- Per-share earnings: 0.67 to 1.48 (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: 3.0%

- Ordinary dilution, 5-year annual growth: 5.3%

- Market cap gain: EUR 13B

- Cumulative retained earnings: EUR -2.8B

- Diluted shares, 10-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 5.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.5%

- Per-share value change: EUR 0.81

- Per-share value, starting three-year median: EUR 0.67

- Per-share value, ending three-year median: EUR 1.48

- Buybacks concentrated in cheaper years (correlation): 0.23

- Average buyback yield: 1.2%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 12B

- Cumulative net income, 10 years: EUR 6.1B

- ROIC, first three-year median: 15.7%

- ROIC, last three-year median: 31.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.55

- FY2017: EUR 1.41

- FY2018: EUR 1.15

- FY2019: EUR 1.12

- FY2020: EUR 0.16

- FY2021: EUR 0.59

- FY2022: EUR 1.16

- FY2023: EUR 1.28

- FY2024: EUR 1.48

- FY2025: EUR 1.66

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.71×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.76×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.9%

- FY2017: -5.5%

- FY2018: -8.1%

- FY2019: -6.0%

- FY2020: -5.8%

- FY2021: -5.2%

- FY2022: -4.7%

- FY2023: -5.6%

- FY2024: -5.4%

- FY2025: -4.7%

## Holders

## Price story

Price needs cash profits to grow 10.6% a year for ten years · sales -0.7%

Story as of 2026-10-16T10:00:00.604Z; price observation 2026-10-15.

Price needs cash profits to grow 10.6% a year for ten years

- 2026-02-26: Veolia Won £1bn Municipal Waste Management Contracts in the UK in 2025 ([finance.yahoo.com](https://finance.yahoo.com/news/veolia-won-1bn-municipal-waste-072400976.html))

### Sales · FY2024–2025

sales -0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 24B 

- FY2017: EUR 25B 

- FY2018: EUR 26B 

- FY2019: EUR 27B 

- FY2020: EUR 26B 

- FY2021: EUR 29B 

- FY2022: EUR 43B 

- FY2023: EUR 45B 

- FY2024: EUR 45B 

- FY2025: EUR 44B 

### Gross margin · FY2025

gross margin 17.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.2% 

- FY2017: 16.9% 

- FY2018: 16.4% 

- FY2019: 15.9% 

- FY2020: 14.9% 

- FY2021: 16.1% 

- FY2022: 16.6% 

- FY2023: 16.4% 

- FY2024: 17.3% 

- FY2025: 17.6% 

## Owner memo

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

### How it makes money

Operates in waste management; annual sales are EUR 44.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2025: revenue 44396000000; grossProfit 7823000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIE.PA: Veolia Environnement SA designs and provides water, waste, and energy management solutions. It operates through France and Hazardous Waste Europe; Europe; Americas, Asia Pacific, Africa Middle-East; Water Technologies; and Other segments. The company is involved in resource management; production, treatment, distribution, and delivery of drinking and industrial process water; customer relationship management; collection, treatment, and recycling of wastewater; provision of organic matter, salts, metals, complex molecules, and energy; design and construction of water treatment and network infrastructure; and sale of water treatment equipment, technologies, and facilities. It also provides waste collection, product and waste material recovery, and waste-to-energy processing, including sale of recycled products; material recovery of organic waste; dismantling and remediation; hazardous waste processing and treatment; urban cleaning; and industrial maintenance and cleaning services. In addition, the company engages in the operation and maintenance of heating and cooling networks; optimization of industrial utilities, such as steam generation, cooling, electricity, and compressed air; installation and maintenance of production equipment; development of energy services to reduce energy consumption and CO2 emissions of buildings; integrated services for building management; production of electricity from renewable and alternative energy sources, including geothermy, biomass, co-generation, and wastewater plants, etc.; and provision of Hubgrade, a management platform for building and infrastructure energy efficiency monitoring, as well as thermal and multi-technical services. It serves industrial and service sector companies, public authorities, and individuals. The company was formerly known as Vivendi Environnement and changed its name to Veolia Environnement SA in January 2003. Veolia Environnement SA was founded in 1853 and is headquartered in Aubervilliers, France.

### Why customers stay

Margins ranged from 16.4% to 17.6% during 2023–25; it earns 22.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2023: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2024: grossProfit / revenue = 17.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2025: grossProfit / revenue = 17.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); 10-year return on capital observations [[2016,0.13537829159235457],[2017,0.1572094722681918],[2018,0.2320102510611248],[2019,0.21965656369719871],[2020,0.09271588661832564],[2021,0.1503007964751737],[2022,0.7885062656458509],[2023,0.3097018563536277],[2024,0.24102823918261984],[2025,0.33308751540811227]]; median 0.22583340737916174. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); Gross margin observations: [[2021,0.16069818753266615],[2022,0.16584937029704816],[2023,0.16427421666556416]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 1.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2016: growth capex 0; upkeep 1353500000; owner earnings 484800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2017: growth capex 0; upkeep 1495500000; owner earnings 386900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2018: growth capex 0; upkeep 1483700000; owner earnings 902900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2019: growth capex 0; upkeep 1676000000; owner earnings 751920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2020: growth capex 0; upkeep 1608600000; owner earnings 156160000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2021: growth capex 0; upkeep 1728800000; owner earnings 453959999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2022: growth capex 0; upkeep 2783600000; owner earnings 695660000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2023: growth capex 91000000; upkeep 3049000000; owner earnings 537000000. Growth capex / owner earnings = 0.16945996275605213.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2024: growth capex 0; upkeep 2965000000; owner earnings 911000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2025: growth capex 0; upkeep 3056000000; owner earnings 891400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); Dividend observations: [[2016,521700000],[2017,439700000],[2018,462600000],[2019,661000000],[2020,426000000],[2021,534300000],[2022,990200000],[2023,877000000],[2024,976000000],[2025,1280000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); FY2025: cash repurchases 1563000000 EUR.

### Are managers owners

Insiders own 8.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIE.PA SharesStats.PercentInsiders = 8.362 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.6% yearly over ten years; actual growth was 2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:26.390Z); Ten-year compound average after fade. Initial solved rate 0.13947250894807828. Price 32.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9954421148587056 → FY2025 1.2148138053217947. Closing-price date 2026-10-15.

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

- 2016-11: EUR 15.72 per share

- 2016-12: EUR 15.60 per share

- 2017-01: EUR 15.18 per share

- 2017-02: EUR 14.90 per share

- 2017-03: EUR 16.93 per share

- 2017-04: EUR 16.82 per share

- 2017-05: EUR 18.89 per share

- 2017-06: EUR 17.84 per share

- 2017-07: EUR 18.37 per share

- 2017-08: EUR 19.00 per share

- 2017-09: EUR 18.85 per share

- 2017-10: EUR 19.61 per share

- 2017-11: EUR 20.49 per share

- 2017-12: EUR 20.51 per share

- 2018-01: EUR 19.56 per share

- 2018-02: EUR 19.25 per share

- 2018-03: EUR 18.56 per share

- 2018-04: EUR 18.95 per share

- 2018-05: EUR 18.72 per share

- 2018-06: EUR 17.67 per share

- 2018-07: EUR 18.84 per share

- 2018-08: EUR 17.51 per share

- 2018-09: EUR 16.57 per share

- 2018-10: EUR 16.99 per share

- 2018-11: EUR 18.10 per share

- 2018-12: EUR 17.31 per share

- 2019-01: EUR 17.76 per share

- 2019-02: EUR 18.61 per share

- 2019-03: EUR 19.22 per share

- 2019-04: EUR 20.31 per share

- 2019-05: EUR 19.97 per share

- 2019-06: EUR 20.65 per share

- 2019-07: EUR 22.03 per share

- 2019-08: EUR 20.97 per share

- 2019-09: EUR 22.43 per share

- 2019-10: EUR 22.73 per share

- 2019-11: EUR 22.41 per share

- 2019-12: EUR 22.86 per share

- 2020-01: EUR 25.72 per share

- 2020-02: EUR 25.00 per share

- 2020-03: EUR 18.78 per share

- 2020-04: EUR 18.79 per share

- 2020-05: EUR 18.98 per share

- 2020-06: EUR 19.30 per share

- 2020-07: EUR 18.62 per share

- 2020-08: EUR 19.48 per share

- 2020-09: EUR 17.76 per share

- 2020-10: EUR 15.42 per share

- 2020-11: EUR 18.57 per share

- 2020-12: EUR 19.29 per share

- 2021-01: EUR 21.27 per share

- 2021-02: EUR 21.55 per share

- 2021-03: EUR 21.08 per share

- 2021-04: EUR 25.54 per share

- 2021-05: EUR 24.78 per share

- 2021-06: EUR 24.56 per share

- 2021-07: EUR 26.69 per share

- 2021-08: EUR 28.01 per share

- 2021-09: EUR 26.46 per share

- 2021-10: EUR 28.23 per share

- 2021-11: EUR 28.40 per share

- 2021-12: EUR 32.26 per share

- 2022-01: EUR 31.93 per share

- 2022-02: EUR 31.21 per share

- 2022-03: EUR 29.09 per share

- 2022-04: EUR 27.90 per share

- 2022-05: EUR 26.04 per share

- 2022-06: EUR 23.29 per share

- 2022-07: EUR 24.37 per share

- 2022-08: EUR 22.28 per share

- 2022-09: EUR 19.71 per share

- 2022-10: EUR 22.59 per share

- 2022-11: EUR 24.58 per share

- 2022-12: EUR 24.00 per share

- 2023-01: EUR 27.18 per share

- 2023-02: EUR 28.31 per share

- 2023-03: EUR 28.40 per share

- 2023-04: EUR 28.69 per share

- 2023-05: EUR 27.54 per share

- 2023-06: EUR 28.95 per share

- 2023-07: EUR 29.60 per share

- 2023-08: EUR 28.86 per share

- 2023-09: EUR 27.43 per share

- 2023-10: EUR 25.83 per share

- 2023-11: EUR 28.91 per share

- 2023-12: EUR 28.56 per share

- 2024-01: EUR 30.27 per share

- 2024-02: EUR 28.65 per share

- 2024-03: EUR 30.13 per share

- 2024-04: EUR 29.19 per share

- 2024-05: EUR 30.70 per share

- 2024-06: EUR 27.92 per share

- 2024-07: EUR 29.04 per share

- 2024-08: EUR 29.94 per share

- 2024-09: EUR 29.52 per share

- 2024-10: EUR 29.17 per share

- 2024-11: EUR 27.57 per share

- 2024-12: EUR 27.11 per share

- 2025-01: EUR 27.55 per share

- 2025-02: EUR 28.76 per share

- 2025-03: EUR 31.75 per share

- 2025-04: EUR 32.18 per share

- 2025-05: EUR 30.28 per share

- 2025-06: EUR 30.25 per share

- 2025-07: EUR 29.70 per share

- 2025-08: EUR 28.21 per share

- 2025-09: EUR 28.98 per share

- 2025-10: EUR 28.65 per share

- 2025-11: EUR 29.29 per share

- 2025-12: EUR 29.72 per share

- 2026-01: EUR 31.63 per share

- 2026-02: EUR 35.96 per share

- 2026-03: EUR 32.66 per share

- 2026-04: EUR 35.94 per share

- 2026-05: EUR 34.73 per share

- 2026-06: EUR 36.44 per share

- 2026-07: EUR 34.47 per share

- 2026-08: EUR 32.60 per share

- 2026-09: EUR 30.81 per share

- 2026-10: EUR 31.78 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 12.46 per share, central EUR 12.92 per share, high EUR 13.54 per share

- FY2017: low EUR 44.21 per share, central EUR 46.70 per share, high EUR 50.01 per share

- FY2018: low EUR 30.89 per share, central EUR 33.31 per share, high EUR 36.53 per share

- FY2019: low EUR 22.75 per share, central EUR 24.37 per share, high EUR 26.52 per share

- FY2020: low EUR 21.24 per share, central EUR 22.63 per share, high EUR 24.48 per share

- FY2021: low EUR 23.79 per share, central EUR 24.78 per share, high EUR 26.11 per share

- FY2022: low EUR 22.71 per share, central EUR 25.92 per share, high EUR 28.68 per share

- FY2023: low EUR 21.30 per share, central EUR 22.79 per share, high EUR 24.76 per share

- FY2024: low EUR 22.89 per share, central EUR 24.34 per share, high EUR 26.26 per share

- FY2025: low EUR 17.97 per share, central EUR 19.45 per share, high EUR 21.41 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 2026-10-15T06:40:14.218Z 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.

## Reported holder observations