olivLaw · European equity research
FORVIA FRVIA.PA
France · Euronext Paris · ISIN FR0000121147 · Vertical: Listed companies from France
FORVIA is a global automotive technology supplier active in seating, interiors, clean mobility, electronics and lighting. In 2023 it grew sales strongly and returned to a net profit, as the industry moves toward electrification. Total sales reached 27,247.9 million EUR.
At the close of 05 Nov 2026, FORVIA (FRVIA.PA) stock was 8.59 EUR (−0.46% on the day), with market capitalisation 1.7 bn EUR, P/E 7.7 on diluted EPS of 1.12 EUR over the last 12 months, beta 1.69, 52-week range 8.04–14.84 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.7
- neutral
- Bollinger (20, 2)
- 8.13 – 9.14
- in the lower half of the band · %B 0.46 · band width 11.7%
- SMA 50 / 200
- 8.98 / 10.07
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.10 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.5% | −0.6% | −8.9 pp | — |
| 3 months | −5.5% | −4.2% | −1.3 pp | — |
| 6 months | −16.8% | +4.3% | −21.2 pp | — |
| Year to date | −36.9% | +7.5% | −44.4 pp | — |
| 1 year | −23.3% | +9.9% | −33.3 pp | −6.8% |
| 3 years | −50.3% | +49.8% | −100.1 pp | −15.9% |
| 5 years | −79.1% | +42.8% | −122.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 18.2, median 18.2, max 18.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 15.6 bn | 24.6 bn | 27.2 bn |
| Revenue YoY | unavailable | +57.3% | +10.9% |
| Net income | -78.8 m | -381.8 m | 222.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.57 | -2.20 | 1.12 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -0.5% | -1.6% | 0.8% |
| Free cash flow | unavailable | 1.3 bn | 1.5 bn |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 4.3 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.2 bn EUR
- Total assets
- 30.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.98x
- ROE
- 3.6%
- ROA
- 0.7%
- FCF margin
- 5.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 15.6 bn | 24.6 bn | 27.2 bn | esef· 27 Feb 2024verified |
| Cost of revenue | 13.7 bn | 21.4 bn | 23.6 bn | esef· 27 Feb 2024verified |
| Gross profit | 1.9 bn ≈ | 3.1 bn ≈ | 3.7 bn ≈ | esef· 27 Feb 2024derived |
| Research & development | 330.9 m | 896.0 m | 953.0 m | esef· 27 Feb 2024verified |
| Interest expense | 239.3 m | 377.1 m | 586.2 m | esef· 27 Feb 2024verified |
| Pre-tax income | 276.1 m | -67.1 m | 605.6 m | esef· 27 Feb 2024verified |
| Income tax | 138.8 m | 177.0 m | 232.4 m | esef· 27 Feb 2024verified |
| Net income | -78.8 m | -381.8 m | 222.2 m | esef· 27 Feb 2024verified |
| Diluted EPS | -0.57 | -2.20 | 1.12 | esef· 27 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 4.9 bn | 4.2 bn | 4.3 bn | esef· 27 Feb 2024verified |
| Inventories | 1.7 bn | 2.9 bn | 2.9 bn | esef· 27 Feb 2024verified |
| Current assets | 11.9 bn | 14.6 bn | 13.5 bn | esef· 27 Feb 2024verified |
| Property, plant & equipment, net | 2.8 bn | 5.1 bn | 4.9 bn | esef· 27 Feb 2024verified |
| Goodwill | 2.2 bn | 5.3 bn | 5.1 bn | esef· 27 Feb 2024verified |
| Intangibles (excl. goodwill) | 2.8 bn | 4.6 bn | 4.4 bn | esef· 27 Feb 2024verified |
| Total assets | 21.7 bn | 32.2 bn | 30.5 bn | esef· 27 Feb 2024verified |
| Current liabilities | 10.2 bn | 14.8 bn | 13.8 bn | esef· 27 Feb 2024verified |
| Equity | 3.8 bn | 6.2 bn | 6.2 bn | esef· 27 Feb 2024verified |
| Shares outstanding at year end | 138.2 m | 173.5 m | 196.6 m | esef· 27 Feb 2024derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 2.5 bn | 2.6 bn | esef· 27 Feb 2024verified |
| Capex | — | 1.1 bn | 1.1 bn | esef· 27 Feb 2024verified |
| Free cash flow | — | 1.3 bn ≈ | 1.5 bn ≈ | esef· 27 Feb 2024derived |
| Investing cash flow | — | -6.3 bn | -1.5 bn | esef· 27 Feb 2024verified |
| Financing cash flow | — | 3.1 bn | -889.0 m | esef· 27 Feb 2024verified |
| Share repurchases | — | 1.1 m | -1.3 m | esef· 27 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.42 – 33.38 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E12.42 – 33.38 (Mid 19.19)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 0.8% | 38 (vs peers) | 15% |
| FCF conversion · Quality | 671.3% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 7.7x | 83 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 88.3% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial15/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation90/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FORVIA (FRVIA.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 27.2 bn EUR in 2023; YoY growth 10.9%; net margin 0.8%; ROE 4.9%.
The estimated value range is 12.42–33.38 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 19.19 EUR, the price of 8.59 EUR leaves a potential of 123.4% (value / price − 1) and a margin of safety of 55.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 671.3%
- P/E (TTM): 7.7x
- FCF yield: 88.3%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| FRVIA.PAForvia | 1.7 bn | 7.7 | 4.9% | 0.8% | +10.9% | −29% / −52% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for FRVIA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.45 Total return -37% · Per year -37% | 9.61 Total return 12% · Per year 12% | 14.44 Total return 68% · Per year 68% |
| 3 years | 5.99 Total return -30% · Per year -11% | 11.82 Total return 38% · Per year 11% | 19.39 Total return 126% · Per year 31% |
| 5 years | 6.58 Total return -23% · Per year -5% | 14.53 Total return 69% · Per year 11% | 26.03 Total return 203% · Per year 25% |
- Exit P/E± 2.95
- Net margin± 2.07
- Annual revenue growth± 1.60
- Annual dilution± 0.17
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FORVIA is a global automotive technology supplier active in seating, interiors, clean mobility, electronics and lighting. In 2023 it grew sales strongly and returned to a net profit, as the industry moves toward electrification. Total sales reached 27,247.9 million EUR 1.
SWOT
Strengths
- Leading position in several automotive component segments, with a broad product portfolio and global customers.
- Recognised for climate transparency, with a top rating in the CDP disclosure.
- Sustained research and development capacity, with a significant share capitalised.
Weaknesses
- Dependence on a few large carmakers makes revenue sensitive to their sourcing decisions.
- Low operating margins in some regions, especially Europe.
- Restructuring and financing costs weighed on net income.
Opportunities
- Growing demand for components for electric vehicles and clean mobility.
- Expansion in Asia, where the operating margin is higher.
- Opportunities in electronics and smart lighting for new vehicle generations.
Threats
- Competition from lower-cost Chinese suppliers.
- A slowdown in car production in some regions could reduce volumes.
- Interest costs could remain high and affect profitability.
Risks
- Customer concentrationhigh
A small number of carmakers represents almost half of sales, exposing the group to their decisions.
- Pressure from Chinese competitionhigh
Chinese suppliers could gain market share on lower prices, affecting margins.
- Cost of financingmedium
Higher rates increase financial expenses and may limit investment flexibility.
- Restructuringmedium
Restructuring costs could continue and may reduce net income.
- Currency fluctuationlow
Exchange rate effects can change reported revenue, especially outside the euro zone.
Investment thesis
What would need to be true (bull case)
- Sales growth at constant currency and the return to net profit show the company's ability to benefit from higher production.
- Its position in electrification and clean mobility could support long-term growth if demand holds.
- Margin improvement in several segments suggests the effect of efficiency programmes.
What would break the thesis
- Dependence on a few large carmakers may limit negotiating power and long-term margins.
- Financing and restructuring costs could remain high and hold back profitability.
- Competition from Chinese suppliers could weaken prices in key segments.
What to watch
- Evolution of the operating margin against the 5.3% level of 20232024
- Share of the four main customers in salesnext 10-K
- Restructuring and financing costs2024
- Market share of Chinese suppliers in Asia and exports2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Segments
Seating
The largest segment, with sales of 8,551.1 million EUR in 2023, up 11.0% on a reported basis 1.
Clean Mobility
Sales of 4,832.2 million EUR in 2023, with an operating margin of 7.9%, among the highest in the group 1.
Electronics
Sales of 4,137.9 million EUR in 2023, the fastest-growing of the large segments, linked to electrification and automotive electronics 1.
Trends
- Automotive electrificationtailwind
The shift to electric vehicles increases demand for clean mobility and electronics components, segments where the company holds important positions.
- Rise of Chinese suppliersheadwind
Chinese suppliers are becoming global players, which could reduce the group's market share in Asia and in exports.
- Cost of financingheadwind
Higher interest rates raised financing charges to 586.2 million EUR in 2023, a pressure that depends on the evolution of rates.
- Restructuring cyclemixed
Lower restructuring costs helped the result, but the effect depends on the continuation of efficiency programmes.
Competitive position
The automotive supplier market is competitive, with large players competing on tooling, seating systems, interiors and electronics. Competition is especially intense from Asian suppliers, which are gaining share globally.
Differentiation depends on innovation capacity and production costs, while pressure from large customers limits margins.
- Magna InternationalMGA
Canadian automotive systems supplier and direct competitor in components and systems for carmakers.
- Lear CorporationLEA
Major American supplier of seating systems and automotive electronics, a direct competitor in the Seating segment.
- AptivAPTV
Supplier headquartered in Ireland, active in automotive electronic architectures and connectivity.
- Chinese component suppliers
Fast-growing companies competing on price and in the local Chinese market.
News & filings
In the press
- Cum va schimba AI ceea ce face un angajat într-o companie, mai ales în companiile de producţie industrială? Cum se vor schimba procesele de producţie? Ce va face diferenţa între angajaţi în viitor? Urmăriţi ZF Live marţi, 27 octombrie, de la ora 12:00 cu Alina Rămneanţu, director de resurse umane la FORVIA HELLA RomâniaZiarul Financiar · 26 Oct 2026 · RO
- Proiecte globale, în spaţiu modernizat pentru FORVIA HELLA Technical Center TimişoaraZiarul Financiar · 21 Oct 2026 · RO
- La revedere, tabel Excel, salut AI! Servicii hi-tech în FORVIA HELLA Corporate Center TimisoaraZiarul Financiar · 07 Jul 2026 · RO
- FORVIA HELLA, 20 de ani de excelenţă în tehnologie în RomâniaZiarul Financiar · 28 May 2026 · RO
Annual reports (ESEF)
- Annual report 202327 Feb 2024
- Annual report 202202 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / FORVIA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.