olivLaw · European equity research
Société Générale GLE.PA
France · Euronext Paris · ISIN FR0000130809 · Vertical: Listed companies from France
Société Générale is a European universal bank with retail operations in France, the digital bank BoursoBank, insurance and investment banking, following the integration of Bernstein and LeasePlan through Ayvens. In 2025 the bank sharply increased shareholder distributions, with a proposed dividend of 1.61 euros per share, and 2026 is framed as a year of strategic execution and performance improvement.
At the close of 05 Nov 2026, Société Générale (GLE.PA) stock was 64.52 EUR (+0.99% on the day), with market capitalisation 56.9 bn EUR, P/E 9.5 on diluted EPS of 6.80 EUR over the last 12 months, beta 1.41, 52-week range 54.64–84.23 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)
- 51.2
- neutral
- Bollinger (20, 2)
- 59.38 – 65.73
- in the upper half of the band · %B 0.81 · band width 10.2%
- SMA 50 / 200
- 67.86 / 71.38
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.46 / -2.11
- 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 | −4.1% | −0.6% | −3.5 pp | — |
| 3 months | −23.4% | −4.2% | −19.2 pp | — |
| 6 months | −7.3% | +4.3% | −11.7 pp | — |
| Year to date | −6.1% | +7.5% | −13.6 pp | — |
| 1 year | +18.1% | +9.9% | +8.2 pp | −8.8% |
| 3 years | +197.7% | +49.8% | +147.9 pp | −10.0% |
| 5 years | +115.1% | +42.8% | +72.3 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 25 percentile of its own 4-quarter history (min 6.2, median 10.6, max 15.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 1.8 bn | 2.5 bn | 4.2 bn | 6.0 bn |
| Net income YoY | unavailable | +36.6% | +68.5% | +42.9% |
| Diluted EPS | 1.50 | 2.17 | 4.38 | 6.80 |
| Diluted EPS YoY | unavailable | +44.7% | +101.8% | +55.3% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 79.5 bn EUR
- Total assets
- 1,546.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 7.5%
- ROA
- 0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating income | — | — | 6.8 bn | 8.4 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 4.2 bn | 5.1 bn | 6.7 bn | 8.8 bn | esef· 18 Mar 2026verified |
| Income tax | 1.5 bn | 1.7 bn | 1.6 bn | 1.8 bn | esef· 18 Mar 2026verified |
| Net income | 1.8 bn | 2.5 bn | 4.2 bn | 6.0 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 1.50 | 2.17 | 4.38 | 6.80 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Goodwill | 3.8 bn | 4.9 bn | 5.1 bn | 5.1 bn | esef· 18 Mar 2026verified |
| Total assets | 1,484.9 bn | 1,554.0 bn | 1,573.5 bn | 1,546.6 bn | esef· 18 Mar 2026verified |
| Total liabilities | 1,411.6 bn | 1,477.8 bn | 1,494.0 bn | 1,467.1 bn | esef· 18 Mar 2026verified |
| Equity | 73.3 bn | 76.2 bn | 79.6 bn | 79.5 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 1.2 bn | 1.1 bn | 958.9 m | 882.6 m | esef· 18 Mar 2026derived |
Cash flow · EUR
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
- indicators available: 2 of at least 6
- score weight coverage: 18.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 56.9 bn EUR
Key indicators
Coverage and freshness
Score by group
19% · 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: 78.13 – 200.53 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 · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E78.13 – 200.53 (Mid 121.02)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.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, BN.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: indicators available: 2 of at least 6; score weight coverage: 18.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 65.5% | 100 (on a fixed band) | 44% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 9.5x | 83 (vs peers) | 56% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 1/3 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
SOCIETE GENERALE (GLE.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.5%.
The estimated value range is 78.13–200.53 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 121.02 EUR, the price of 64.52 EUR leaves a potential of 87.6% (value / price − 1) and a margin of safety of 46.7% (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 (indicators available: 2 of at least 6; score weight coverage: 18.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 65.5%
- P/E (TTM): 9.5x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| 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% |
| 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 GLE.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
Scenarios are not available. input data missing
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
Société Générale is a European universal bank with retail operations in France, the digital bank BoursoBank, insurance and investment banking, following the integration of Bernstein and LeasePlan through Ayvens. In 2025 the bank sharply increased shareholder distributions, with a proposed dividend of 1.61 euros per share, and 2026 is framed as a year of strategic execution and performance improvement 1.
SWOT
Strengths
- A broad digital customer base through BoursoBank and a solid presence in French retail.
- Shareholder distribution policy expanded significantly in 2025.
- A position in leasing and mobility through Ayvens, with global scale after the LeasePlan integration.
Weaknesses
- Integrating several acquisitions at once demands management resources and pressures execution.
- Operational efficiency in French retail remains an area to improve.
- Dependence on the French market exposes the group to local economic conditions.
Opportunities
- Portfolio simplification through disposals could free up capital and improve the risk profile.
- Expanding the global services offer after the Bernstein acquisition could attract institutional clients.
- Growth at BoursoBank could support revenue from savings and insurance.
Threats
- An uncertain geopolitical and economic environment could affect asset quality and the cost of risk.
- Regulatory pressure from the ECB and other authorities could limit flexibility.
- Cyber threats remain major and could generate operational losses.
Risks
- Cyber riskhigh
Rising cyber threats affecting systems and data could generate losses and reputational damage if a significant incident occurs.
- Integration riskmedium
Integrating Bernstein, LeasePlan and the new disposals could delay synergies if IT processes do not stabilise.
- Supervisory riskmedium
ECB recommendations from the SREP and remediation plans could impose additional costs and constraints if progress is slow.
- Fraud riskmedium
Internal and external fraud, including unauthorised market activity, could generate losses and sanctions if controls fail.
- Data quality risklow
Incomplete or inconsistent risk data could affect reporting and decisions, especially under aggregation requirements.
Investment thesis
What would need to be true (bull case)
- If the 2026 strategic execution holds, BoursoBank's growth and acquisition synergies could support revenue and efficiency across the group.
- Shareholder distributions rose sharply in 2025, and planned disposals could strengthen the capital available for further distributions.
- Leadership in mobility through Ayvens and in investment banking provides geographic and business diversification.
What would break the thesis
- If the economic and geopolitical environment deteriorates, the cost of risk could rise and weigh on retail and corporate results.
- Simultaneous integration of several acquisitions and disposals could bring delays and unforeseen costs in execution.
- Regulatory pressure and cybersecurity investment could limit profit margins in the short term.
What to watch
- Progress of announced disposals and their impact on CET12026
- Delivery of the cost-income target below 60% in French retail2026
- Operational integration of Bernstein after consolidation on 1 January 2026next 10-K
- Capital Markets Day and new long-term strategic targets2026
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
The Société Générale group operates as a universal bank with a French retail network, the digital bank BoursoBank, an insurance and private banking division, and corporate and investment banking. According to the 2025 annual report, the current strategy emphasises portfolio simplification, operational efficiency and strengthening of capital and liquidity 1. The bank integrated LeasePlan into Ayvens and consolidated Bernstein from 1 January 2026 1.
Distributions to shareholders rose sharply in 2025: the ordinary policy targeted 2,679 million euros, including dividends and share buybacks, and total 2025 distributions reached 4,679 million euros 1. The board also approved an interim dividend, paid in the fourth quarter each year, introduced from 2025 1.
Management announced disposals meant to simplify the business model, with an estimated effect of over 75 basis points on the CET1 ratio, and a Capital Markets Day scheduled for 21 September 2026 1.
Segments
French retail, BoursoBank and insurance
The SG network and digital bank BoursoBank offer a single proposition in the French market, with 8.8 million BoursoBank clients at year-end 2025 1. The 2026 target is a cost-income ratio below 60% 1.
Ayvens (leasing and mobility)
Ayvens combined with LeasePlan to form a global leader in sustainable mobility solutions, and operational integration continued through 2025 1.
Corporate and investment banking
Corporate and investment banking delivered a record performance in 2025, and the Bernstein acquisition extends the offer across the full equities value chain 1.
Market context
The group operates in European and international banking markets, with a major presence in France, where it concentrates its retail network. The annual report describes a complex and uncertain geopolitical, economic and financial environment 1. Cost efficiency and capital allocation to growing businesses remain stated priorities 1.
The supervisory framework remains demanding: the board monitors ECB recommendations, including from the SREP process, and recovery and resolution plans are part of current governance 1.
Trends
- Uncertain geopolitical and economic environmentheadwind
The report describes a complex geopolitical and financial context that could influence credit costs and loan demand if uncertainty persists.
- Growth of digital bankingtailwind
BoursoBank's expansion in the French market could support deposit gathering and fee income if the trend continues.
- Integration of acquisitions and disposalsmixed
Integrating Bernstein and LeasePlan and the planned disposals could bring synergies, but could also complicate operational execution in the coming period.
- Regulatory requirements and cybersecurityheadwind
A one billion euro cybersecurity budget over four years shows the scale of the need to respond to threats, which could raise operating costs.
Competitive position
The group competes in the French market with other universal banks and digital banks, and in investment banking with global institutions. The annual report does not detail its position against competitors, so comparisons remain limited to the official source 1.
- BNP Paribas
Main French universal banking competitor, with comparable retail and investment activities.
- Crédit Agricole
French universal bank with an extensive retail and insurance network.
- Banque Populaire and Caisse d'Épargne (BPCE)
French banking group with a retail network and insurance activities.
- Revolut
European digital bank competing for digital-first customers.
News & filings
In the press
- BRD Groupe Société Générale convoacă acţionarii pe 10 decembrie pentru a aproba un program de obligaţiuni de până la 1,5 mld. euro, cu o primă emisiune de până la 350 mil. euroZiarul Financiar · 29 Oct 2026 · RO
- Filip & Company a asistat BRD – Groupe Société Générale și Raiffeisen Bank în emisiunea de obligațiuni de 30 milioane de euro a Municipiului Alba IuliaJuridice.ro · 08 Oct 2026 · RO
- Bogdan Toma, CTO al BRD - Groupe Société Générale: Atacurile DDoS sunt cele mai frecvente împotriva băncilor mari. „Când te gândeşti să ataci infrastructura mare a unui grup, probabil îţi va lua prea mult timp. Atunci apelezi la cel mai simplu lucru: să opreşti un pic din traficul de business”Ziarul Financiar · 21 Sept 2026 · RO
- Sindicatul IMPACT anunţă că angajaţii BRD Groupe Société Générale vor declanşa joi, între orele 15:00 şi 17:00, o grevă de avertismentZiarul Financiar · 11 Aug 2026 · RO
- Philippe Thibaud, BRD Société Générale: Provocarea pentru BRD şi pentru toţi jucătorii din piaţă este ritmul transformării. Acesta este adevăratul risc: capacitatea de a ne adapta la viteza schimbărilorZiarul Financiar · 02 Jun 2026 · RO
- Franța: Amendă de 20 de milioane de euro pentru Société Générale, grupul care deține BRDEconomedia · 19 May 2026 · RO
- Société Générale, grupul care deține BRD, amendat cu 20 de milioane. A încălcat obligațiile față de cliențiCapital.ro · 18 May 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Société Générale · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.