# Viridien (VIRI.PA)

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

Analysis as of: 2026-10-16T07:45:31.404Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 85.70 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 1.58×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.18×

- FY2020: -0.20×

- FY2021: -0.02×

- FY2022: 0.20×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.4%

- ROIC, second-lowest year: 8.6%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 28.1%

- Recent gross margin (lower of latest and 3-year median): 28.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 21.3%

- ROIC including acquisitions, ten-year median: -6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: -2.1%

- FY2022: 16.4%

- FY2023: 8.6%

- FY2024: 11.4%

- FY2025: 19.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$709M

- Net income, five-year total: -$3.6M

- Working capital / revenue, annual change: -5.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$205M

- FY2022: -$159M

- FY2023: -$131M

- FY2024: -$123M

- FY2025: -$91M

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: -25.37 to 6.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.3%

- Per-share value change: $32.30

- Per-share value, starting three-year median: -$25.37

- Per-share value, ending three-year median: $6.93

- Average buyback yield: 3.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$9.71

- FY2020: -$61.98

- FY2021: -$25.37

- FY2022: $6.03

- FY2023: $1.80

- FY2024: $6.93

- FY2025: $9.84

### accounting: pass

- Sloan accruals: -14.7%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.47×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -20.4%

- FY2020: -20.9%

- FY2021: -17.7%

- FY2022: -10.5%

- FY2023: -13.6%

- FY2024: -14.3%

- FY2025: -14.7%

## Holders

## Price story

Down 41% since Apr 2026 · sales -11.6%

Story as of 2026-10-16T10:00:13.428Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -11.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: $1.4B 

- FY2020: $887M 

- FY2021: $1.1B 

- FY2022: $927M 

- FY2023: $1.1B 

- FY2024: $1.2B 

- FY2025: $1.1B 

### Gross margin · FY2025

gross margin 32.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 28.7% 

- FY2020: 18.1% 

- FY2021: 19.7% 

- FY2022: 29.4% 

- FY2023: 24.0% 

- FY2024: 28.1% 

- FY2025: 32.7% 

## Owner memo

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

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1.1 billion.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2025-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2025-12-31-1-fr.json (filed 2026-10-16T07:45:31.404Z); FY2025: revenue 1070700000; grossProfit 349600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIRI.PA: Viridien Société anonyme provides earth science, data science, sensing, and monitoring data, products, services, and solutions in North America, Latin America, the Central and South Americas, Europe, Africa, the Middle East, and the Asia Pacific. It operates through two segments, Data, Digital & Energy Transition (DDE); and Sensing & Monitoring (SMO). The DDE segment engages in the geoscience business, which includes the processing and imaging of geophysical data, reservoir characterization, geophysical consulting and software services, geological data library, and data management solutions; earth data business, which comprises the development and management of a seismic and geological data library; and the development, licensing, marketing, and sale of seismic data processing software under the Geovation brand. This segment also offers geoscience and petroleum engineering consulting services. Its SMO segment engages in the design, engineering, and manufacturing of seismic equipment for land and marine seismic data acquisition, including seismic recording equipment, software, and seismic sources, as well as sensing and monitoring equipment and solutions. This segment is also involved in business equipment activities, such as land, marine, ocean bottom, borehole and beyond the core infrastructure monitoring solution and defense under the Sercel, Metrolog, GRC, DeRegt, and Geocomp brands, and provides customer support services, including training and technical assistance. The company was formerly known as CGG and changed its name to Viridien Société anonyme in May 2024. Viridien Société anonyme was incorporated in 1931 and is headquartered in Massy, France.

### Why customers stay

Margins ranged from 24% to 32.7% during 2023–25; it earns 11.4% on its capital.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2024-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2024-12-31-0-fr.json (filed 2026-10-16T07:45:31.404Z); FY2023: grossProfit / revenue = 24%.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2025-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2025-12-31-1-fr.json (filed 2026-10-16T07:45:31.404Z); FY2024: grossProfit / revenue = 28.1%.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2025-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2025-12-31-1-fr.json (filed 2026-10-16T07:45:31.404Z); FY2025: grossProfit / revenue = 32.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:31.404Z); 7-year return on capital observations [[2021,-0.021107912011977426],[2022,0.16365063539927294],[2023,0.08583952946398846],[2024,0.1139251787959791],[2025,0.19352216349351464]]; median 0.1139251787959791. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 7 years; bought back USD 24.7 million of shares.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2020-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2020-12-31AR.json (filed 2026-10-16T07:45:31.404Z); FY2019: growth capex 0; upkeep 0; owner earnings 746100000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/969500FCVQ5SLAAUJV59/2021-12-31/ESEF/FR/0/969500FCVQ5SLAAUJV59-2021-12-31-fr.json (filed 2026-10-16T07:45:31.404Z); FY2020: growth capex 0; upkeep 0; owner earnings 260300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:31.404Z); Dividend observations: [[2019,0],[2020,0],[2021,3600000],[2022,900000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/GDG.F.json#2025-12-31 (filed 2026-10-16T07:45:31.404Z); FY2025: cash repurchases 24700000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIRI.PA SharesStats.PercentInsiders = 0.183 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:31.404Z); Closing price 85.7 EUR; reporting-to-trading FX 0.891837899543379; FY2025 annual sales per share 148.24443121116406; price multiple 0.648211168641614. FY2025 cash earnings/share -12.563462863641568. Closing-price date 2026-10-15.

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

- 2016-11: EUR 654.79 per share

- 2016-12: EUR 659.12 per share

- 2017-01: EUR 447.10 per share

- 2017-02: EUR 414.41 per share

- 2017-03: EUR 317.30 per share

- 2017-04: EUR 315.86 per share

- 2017-05: EUR 237.49 per share

- 2017-06: EUR 194.23 per share

- 2017-07: EUR 179.32 per share

- 2017-08: EUR 244.70 per share

- 2017-09: EUR 225.96 per share

- 2017-10: EUR 197.11 per share

- 2017-11: EUR 187.01 per share

- 2017-12: EUR 182.69 per share

- 2018-01: EUR 287.80 per share

- 2018-02: EUR 142.40 per share

- 2018-03: EUR 161.10 per share

- 2018-04: EUR 202.00 per share

- 2018-05: EUR 223.00 per share

- 2018-06: EUR 212.60 per share

- 2018-07: EUR 234.00 per share

- 2018-08: EUR 239.80 per share

- 2018-09: EUR 240.80 per share

- 2018-10: EUR 214.60 per share

- 2018-11: EUR 132.80 per share

- 2018-12: EUR 115.60 per share

- 2019-01: EUR 164.20 per share

- 2019-02: EUR 162.40 per share

- 2019-03: EUR 182.40 per share

- 2019-04: EUR 161.40 per share

- 2019-05: EUR 133.20 per share

- 2019-06: EUR 165.25 per share

- 2019-07: EUR 199.90 per share

- 2019-08: EUR 185.10 per share

- 2019-09: EUR 205.80 per share

- 2019-10: EUR 208.20 per share

- 2019-11: EUR 238.00 per share

- 2019-12: EUR 289.50 per share

- 2020-01: EUR 254.60 per share

- 2020-02: EUR 243.30 per share

- 2020-03: EUR 83.50 per share

- 2020-04: EUR 115.00 per share

- 2020-05: EUR 96.74 per share

- 2020-06: EUR 97.38 per share

- 2020-07: EUR 71.78 per share

- 2020-08: EUR 76.30 per share

- 2020-09: EUR 57.38 per share

- 2020-10: EUR 47.96 per share

- 2020-11: EUR 93.00 per share

- 2020-12: EUR 81.00 per share

- 2021-01: EUR 83.96 per share

- 2021-02: EUR 96.86 per share

- 2021-03: EUR 102.55 per share

- 2021-04: EUR 97.00 per share

- 2021-05: EUR 88.98 per share

- 2021-06: EUR 75.06 per share

- 2021-07: EUR 58.94 per share

- 2021-08: EUR 65.62 per share

- 2021-09: EUR 66.90 per share

- 2021-10: EUR 62.68 per share

- 2021-11: EUR 59.00 per share

- 2021-12: EUR 63.64 per share

- 2022-01: EUR 73.06 per share

- 2022-02: EUR 75.94 per share

- 2022-03: EUR 103.60 per share

- 2022-04: EUR 110.70 per share

- 2022-05: EUR 103.10 per share

- 2022-06: EUR 82.96 per share

- 2022-07: EUR 86.86 per share

- 2022-08: EUR 94.66 per share

- 2022-09: EUR 71.70 per share

- 2022-10: EUR 85.90 per share

- 2022-11: EUR 65.96 per share

- 2022-12: EUR 60.46 per share

- 2023-01: EUR 77.44 per share

- 2023-02: EUR 82.22 per share

- 2023-03: EUR 71.16 per share

- 2023-04: EUR 68.00 per share

- 2023-05: EUR 65.24 per share

- 2023-06: EUR 69.54 per share

- 2023-07: EUR 63.98 per share

- 2023-08: EUR 72.76 per share

- 2023-09: EUR 67.42 per share

- 2023-10: EUR 66.60 per share

- 2023-11: EUR 61.90 per share

- 2023-12: EUR 59.80 per share

- 2024-01: EUR 44.81 per share

- 2024-02: EUR 39.20 per share

- 2024-03: EUR 40.18 per share

- 2024-04: EUR 39.68 per share

- 2024-05: EUR 63.16 per share

- 2024-06: EUR 47.71 per share

- 2024-07: EUR 48.08 per share

- 2024-08: EUR 39.65 per share

- 2024-09: EUR 32.64 per share

- 2024-10: EUR 38.33 per share

- 2024-11: EUR 40.03 per share

- 2024-12: EUR 50.87 per share

- 2025-01: EUR 56.06 per share

- 2025-02: EUR 67.33 per share

- 2025-03: EUR 69.95 per share

- 2025-04: EUR 52.29 per share

- 2025-05: EUR 55.45 per share

- 2025-06: EUR 60.50 per share

- 2025-07: EUR 58.35 per share

- 2025-08: EUR 55.85 per share

- 2025-09: EUR 63.95 per share

- 2025-10: EUR 106.00 per share

- 2025-11: EUR 88.10 per share

- 2025-12: EUR 98.40 per share

- 2026-01: EUR 127.10 per share

- 2026-02: EUR 109.10 per share

- 2026-03: EUR 134.90 per share

- 2026-04: EUR 144.70 per share

- 2026-05: EUR 120.40 per share

- 2026-06: EUR 83.80 per share

- 2026-07: EUR 92.90 per share

- 2026-08: EUR 87.80 per share

- 2026-09: EUR 88.00 per share

- 2026-10: EUR 88.95 per share

## Annual estimated value (EUR 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

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.