# Vivendi (VIV.PA)

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

Analysis as of: 2026-10-16T07:41:39.572Z. Financial observations: FY1997–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## 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 1.52 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 9.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.08×

- FY2018: 0.08×

- FY2019: 0.09×

- FY2020: 0.09×

- FY2021: 0.08×

- FY2022: 0.04×

- FY2023: 0.08×

- FY2024: -0.46×

- FY2025: -0.34×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 22.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: -1.6%

- Typical minus recent gross margin: 22.3 pp

- Typical gross margin (annual median): 44.1%

- Recent gross margin (lower of latest and 3-year median): 21.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 1.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.8%

- FY2017: 11.9%

- FY2018: 14.1%

- FY2019: 22.1%

- FY2020: 13.7%

- FY2021: 5.8%

- FY2022: 2.8%

- FY2023: 4.9%

- FY2024: -1.6%

- FY2025: -1.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -7.0B

- Net income, five-year total: EUR -6.8B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -6.5 pp

- Working capital / revenue, final three-year average: -4.8%

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

- FY2021: EUR -665M

- FY2022: EUR -583M

- FY2023: EUR -11M

- FY2024: EUR -5.8B

- FY2025: EUR 38M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.9% vs -1.6%

- Per-share earnings: 0.93 to 0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.1%

- Ordinary dilution, 5-year annual growth: -1.9%

- Market cap gain: EUR -9.4B

- Cumulative retained earnings: EUR -4.9B

- Diluted shares, 10-year annual growth: -3.1%

- Diluted shares, 5-year annual growth: -1.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -38.0%

- Per-share value change: EUR -0.91

- Per-share value, starting three-year median: EUR 0.93

- Per-share value, ending three-year median: EUR 0.02

- Buybacks concentrated in cheaper years (correlation): 0.41

- Average buyback yield: 7.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 9.2B

- Cumulative net income, 10 years: EUR -1.1B

- ROIC, first three-year median: 11.9%

- ROIC, last three-year median: -1.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.78

- FY2017: EUR 0.93

- FY2018: EUR 0.10

- FY2019: EUR 1.30

- FY2020: EUR 1.32

- FY2021: EUR -0.50

- FY2022: EUR -0.63

- FY2023: EUR 0.37

- FY2024: EUR -6.03

- FY2025: EUR 0.02

### accounting: pass

- Sloan accruals: -0.0%

- Receivables to sales index (DSRI): 0.81×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.8%

- FY2017: -1.4%

- FY2018: -3.1%

- FY2019: 0.8%

- FY2020: 0.6%

- FY2021: -6.5%

- FY2022: -4.5%

- FY2023: -1.4%

- FY2024: -98.9%

- FY2025: -0.0%

## Holders

## Price story

Down 87% since Dec 2021 · sales +3.4%

Story as of 2026-10-16T10:00:12.052Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +3.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 11B 

- FY2017: EUR 12B 

- FY2018: EUR 14B 

- FY2019: EUR 16B 

- FY2020: EUR 16B 

- FY2021: EUR 9.6B 

- FY2022: EUR 9.6B 

- FY2023: EUR 11B 

- FY2024: EUR 297M 

- FY2025: EUR 307M 

### Gross margin · FY2025

gross margin 21.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.9% 

- FY2017: 42.1% 

- FY2018: 45.3% 

- FY2019: 44.4% 

- FY2020: 45.2% 

- FY2021: 44.0% 

- FY2022: 44.2% 

- FY2023: 45.8% 

- FY2024: 29.0% 

- FY2025: 21.8% 

## Owner memo

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

### How it makes money

Operates in electronic gaming & multimedia; annual sales are EUR 307 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2025: revenue 307000000; grossProfit 67000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIV.PA: Vivendi SE operates in the content, media, and entertainment industries in Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa. The company creates and publishes video games for various digital devices, including mobile, PC, and consoles; and engages in the recorded music, music publishing, music-based merchandise, and audio-visual content businesses. It also provides online sports betting services; and media and education content in the Spanish and Spanish speaking markets, as well as creates, develops, sells, produces, and distributes content. In addition, the company is involved in publishing, media, and travel retail; commercial television broadcasting; and television, audiovisual production, and internet activities. The company was founded in 1853 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 21.8% to 45.8% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2023: grossProfit / revenue = 45.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2024: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2025: grossProfit / revenue = 21.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); 10-year return on capital observations [[2016,0.077980853297309],[2017,0.11943852613109412],[2018,0.14138755980861245],[2019,0.220571793643188],[2020,0.13657820497441284],[2021,0.05840376507500735],[2022,0.027840061961467714],[2023,0.04882705882352942],[2024,-0.01555073093067014],[2025,-0.016019935920256318]]; median 0.06819230918615818. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 44% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); Gross margin observations: [[2021,0.44003343083994984],[2022,0.442313705054716],[2023,0.45832540437678404]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 18 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2016: growth capex 0; upkeep 235000000; owner earnings 1576000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2017: growth capex 0; upkeep 261000000; owner earnings 1416000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2018: growth capex 0; upkeep 351000000; owner earnings 229000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2019: growth capex 0; upkeep 413000000; owner earnings 1622200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2020: growth capex 0; upkeep 438000000; owner earnings 1324800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2025: growth capex 0; upkeep 3000000; owner earnings 37800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); Dividend observations: [[2016,2588000000],[2017,499000000],[2018,568000000],[2019,636000000],[2020,690000000],[2021,653000000],[2022,261000000],[2023,256000000],[2024,254000000],[2025,40000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); FY2025: cash repurchases 18000000 EUR.

### Are managers owners

Insiders own 33% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VIV.PA SharesStats.PercentInsiders = 32.962 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:39.572Z); Closing price 1.522 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 0.3085334110529331; price multiple 4.933015179153094. FY2025 cash earnings/share 0.03798880435765756. Closing-price date 2026-10-15.

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

- 2016-11: EUR 7.22 per share

- 2016-12: EUR 7.25 per share

- 2017-01: EUR 6.80 per share

- 2017-02: EUR 6.68 per share

- 2017-03: EUR 7.31 per share

- 2017-04: EUR 7.31 per share

- 2017-05: EUR 7.75 per share

- 2017-06: EUR 7.82 per share

- 2017-07: EUR 7.85 per share

- 2017-08: EUR 7.74 per share

- 2017-09: EUR 8.60 per share

- 2017-10: EUR 8.56 per share

- 2017-11: EUR 8.98 per share

- 2017-12: EUR 9.00 per share

- 2018-01: EUR 9.48 per share

- 2018-02: EUR 8.53 per share

- 2018-03: EUR 8.43 per share

- 2018-04: EUR 8.78 per share

- 2018-05: EUR 8.64 per share

- 2018-06: EUR 8.43 per share

- 2018-07: EUR 8.91 per share

- 2018-08: EUR 8.97 per share

- 2018-09: EUR 8.90 per share

- 2018-10: EUR 8.56 per share

- 2018-11: EUR 8.83 per share

- 2018-12: EUR 8.54 per share

- 2019-01: EUR 8.92 per share

- 2019-02: EUR 10.31 per share

- 2019-03: EUR 10.37 per share

- 2019-04: EUR 10.38 per share

- 2019-05: EUR 9.68 per share

- 2019-06: EUR 9.72 per share

- 2019-07: EUR 10.10 per share

- 2019-08: EUR 10.21 per share

- 2019-09: EUR 10.10 per share

- 2019-10: EUR 10.02 per share

- 2019-11: EUR 10.00 per share

- 2019-12: EUR 10.36 per share

- 2020-01: EUR 9.94 per share

- 2020-02: EUR 9.24 per share

- 2020-03: EUR 7.84 per share

- 2020-04: EUR 7.91 per share

- 2020-05: EUR 8.20 per share

- 2020-06: EUR 9.17 per share

- 2020-07: EUR 8.99 per share

- 2020-08: EUR 9.55 per share

- 2020-09: EUR 9.55 per share

- 2020-10: EUR 9.95 per share

- 2020-11: EUR 10.10 per share

- 2020-12: EUR 10.59 per share

- 2021-01: EUR 10.16 per share

- 2021-02: EUR 11.47 per share

- 2021-03: EUR 11.24 per share

- 2021-04: EUR 11.64 per share

- 2021-05: EUR 11.93 per share

- 2021-06: EUR 11.37 per share

- 2021-07: EUR 11.44 per share

- 2021-08: EUR 12.97 per share

- 2021-09: EUR 10.90 per share

- 2021-10: EUR 11.14 per share

- 2021-11: EUR 11.25 per share

- 2021-12: EUR 11.89 per share

- 2022-01: EUR 11.60 per share

- 2022-02: EUR 11.31 per share

- 2022-03: EUR 11.84 per share

- 2022-04: EUR 10.96 per share

- 2022-05: EUR 11.10 per share

- 2022-06: EUR 9.70 per share

- 2022-07: EUR 9.26 per share

- 2022-08: EUR 9.05 per share

- 2022-09: EUR 7.97 per share

- 2022-10: EUR 8.28 per share

- 2022-11: EUR 8.58 per share

- 2022-12: EUR 8.91 per share

- 2023-01: EUR 9.86 per share

- 2023-02: EUR 9.75 per share

- 2023-03: EUR 9.30 per share

- 2023-04: EUR 9.95 per share

- 2023-05: EUR 8.29 per share

- 2023-06: EUR 8.41 per share

- 2023-07: EUR 8.12 per share

- 2023-08: EUR 8.41 per share

- 2023-09: EUR 8.30 per share

- 2023-10: EUR 8.46 per share

- 2023-11: EUR 8.69 per share

- 2023-12: EUR 9.68 per share

- 2024-01: EUR 10.45 per share

- 2024-02: EUR 10.33 per share

- 2024-03: EUR 10.10 per share

- 2024-04: EUR 9.57 per share

- 2024-05: EUR 10.10 per share

- 2024-06: EUR 9.76 per share

- 2024-07: EUR 9.87 per share

- 2024-08: EUR 10.15 per share

- 2024-09: EUR 10.38 per share

- 2024-10: EUR 9.79 per share

- 2024-11: EUR 8.69 per share

- 2024-12: EUR 2.57 per share

- 2025-01: EUR 2.73 per share

- 2025-02: EUR 2.91 per share

- 2025-03: EUR 2.76 per share

- 2025-04: EUR 2.73 per share

- 2025-05: EUR 2.97 per share

- 2025-06: EUR 2.93 per share

- 2025-07: EUR 3.33 per share

- 2025-08: EUR 3.06 per share

- 2025-09: EUR 3.00 per share

- 2025-10: EUR 3.12 per share

- 2025-11: EUR 2.52 per share

- 2025-12: EUR 2.37 per share

- 2026-01: EUR 2.35 per share

- 2026-02: EUR 2.20 per share

- 2026-03: EUR 1.77 per share

- 2026-04: EUR 1.99 per share

- 2026-05: EUR 2.35 per share

- 2026-06: EUR 2.16 per share

- 2026-07: EUR 1.60 per share

- 2026-08: EUR 1.61 per share

- 2026-09: EUR 1.42 per share

- 2026-10: EUR 1.51 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 17.53 per share, central EUR 19.53 per share, high EUR 22.19 per share

- FY2017: low EUR 21.96 per share, central EUR 24.80 per share, high EUR 28.57 per share

- FY2018: low EUR 21.10 per share, central EUR 23.51 per share, high EUR 26.72 per share

- FY2019: low EUR 17.87 per share, central EUR 20.10 per share, high EUR 23.07 per share

- FY2020: low EUR 17.14 per share, central EUR 19.40 per share, high EUR 22.42 per share

- FY2021: low EUR 11.93 per share, central EUR 13.03 per share, high EUR 14.50 per share

- FY2022: low EUR 3.98 per share, central EUR 4.21 per share, high EUR 4.52 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.