olivLaw · European equity research
Ipsos IPS.PA
France · Euronext Paris · ISIN FR0000073298 · Vertical: Listed companies from France
Ipsos is a global market and opinion research group that delivers reliable information about society, markets and individuals, with consolidated revenue of 2524.7 million EUR in 2025. The company is trying to restore organic growth through its Horizons plan, centred on artificial intelligence and globally managed services.
At the close of 05 Nov 2026, Ipsos (IPS.PA) stock was 36.68 EUR (−0.16% on the day), with beta 0.55, 52-week range 29.70–42.66 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)
- 56.7
- strong (55–70)
- Bollinger (20, 2)
- 34.73 – 37.32
- in the upper half of the band · %B 0.75 · band width 7.2%
- SMA 50 / 200
- 36.03 / 36.10
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.09
- 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 | +2.5% | −0.6% | +3.2 pp | — |
| 3 months | −7.5% | −4.2% | −3.3 pp | — |
| 6 months | −0.7% | +4.3% | −5.0 pp | — |
| Year to date | +7.1% | +7.5% | −0.4 pp | — |
| 1 year | +13.6% | +9.9% | +3.6 pp | −6.8% |
| 3 years | −22.5% | +49.8% | −72.4 pp | −15.9% |
| 5 years | −12.6% | +42.8% | −55.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.4 bn | 2.4 bn | 2.5 bn |
| Revenue YoY | unavailable | +2.1% | +3.4% |
| Net income | 159.7 m | 204.5 m | 186.6 m |
| Net income YoY | unavailable | +28.0% | −8.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 6.7% | 8.4% | 7.4% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 317.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.6 bn EUR
- Total assets
- 3.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.55x
- ROE
- 11.9%
- ROA
- 6.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.4 bn | 2.4 bn | 2.5 bn | esef· 21 Apr 2026verified |
| Cost of revenue | 777.0 m | 763.1 m | 813.7 m | esef· 21 Apr 2026verified |
| Gross profit | 1.6 bn | 1.7 bn | 1.7 bn | esef· 21 Apr 2026verified |
| Operating income | 258.7 m | 294.8 m | 278.2 m | esef· 21 Apr 2026verified |
| Pre-tax income | 238.5 m | 283.3 m | 254.6 m | esef· 21 Apr 2026verified |
| Income tax | 72.9 m | 73.7 m | 66.3 m | esef· 21 Apr 2026verified |
| Net income | 159.7 m | 204.5 m | 186.6 m | esef· 21 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 277.9 m | 342.5 m | 317.6 m | esef· 21 Apr 2026verified |
| Receivables | 562.0 m | 591.9 m | 589.6 m | esef· 21 Apr 2026verified |
| Current assets | 1.0 bn | 1.1 bn | 1.1 bn | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 32.5 m | 28.8 m | 27.9 m | esef· 21 Apr 2026verified |
| Goodwill | 1.4 bn | 1.4 bn | 1.5 bn | esef· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | 118.1 m | 163.3 m | 188.7 m | esef· 21 Apr 2026verified |
| Total assets | 2.8 bn | 2.9 bn | 3.1 bn | esef· 21 Apr 2026verified |
| Accounts payable | 337.9 m | 335.2 m | 369.5 m | esef· 21 Apr 2026verified |
| Current liabilities | 705.2 m | 1.0 bn | 731.8 m | esef· 21 Apr 2026verified |
| Equity | 1.4 bn | 1.6 bn | 1.6 bn | esef· 21 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 284.2 m | 338.4 m | 302.0 m | esef· 21 Apr 2026verified |
| Investing cash flow | -108.4 m | -103.6 m | -233.4 m | esef· 21 Apr 2026verified |
| Financing cash flow | -260.0 m | -167.0 m | -63.5 m | esef· 21 Apr 2026verified |
| Share repurchases | 85.5 m | 39.0 m | 14.2 m | esef· 21 Apr 2026verified |
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: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
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/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.4% | 82 (vs peers) | 60% |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 1.5x | 62 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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· partial62/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
IPSOS (IPS.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.5 bn EUR in 2025; YoY growth 3.4%; net margin 7.4%; ROE 11.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.4%
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, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for IPS.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
Ipsos is a global market and opinion research group that delivers reliable information about society, markets and individuals, with consolidated revenue of 2524.7 million EUR in 2025. The company is trying to restore organic growth through its Horizons plan, centred on artificial intelligence and globally managed services.
SWOT
Strengths
- Position as an independent global leader, with access to real respondents and long-standing client relationships, supported by a very high satisfaction level the company reports 1.
- Wide geographic coverage and diversified offers that allow several service lines to be combined to answer the same client question 1.
- A solid financial structure that supports the acquisition strategy and investment in technology and artificial intelligence 1.
Weaknesses
- Organic growth remained insufficient in 2025, and the company acknowledges the need to accelerate the Horizons plan to recover 1.
- Activity in the Americas and Asia-Pacific declined in 2025, indicating vulnerability in areas where the political and macroeconomic context is more uncertain 1.
- Reliance on acquisitions for growth raises questions about integration and returns, especially while organic growth stays weak 1.
Opportunities
- Developing globally managed services, which have high growth potential and still limited penetration in many countries, could support a recovery in momentum 1.
- Artificial intelligence and Ipsos.Digital could transform working methods and bring new services faster, if the implementation succeeds 1.
- A digitised market and demand for integrated data could open new growth levers for companies that combine proprietary and external data 1.
Threats
- New automated and ultra-specialised competitors could win market share in precise segments, especially if the traditional offer adapts slowly 1.
- An uncertain macroeconomic and political environment could affect client budgets, both public and private, particularly in public affairs work 1.
- Strict personal data regulation could limit data-based business models and raise compliance costs 1.
Risks
- Insufficient organic growthhigh
If the recovery planned for 2026-2028 does not materialise, pressure on financial targets and on the Horizons strategy could increase 1.
- Macroeconomic and political contextmedium
Uncertainty in the macroeconomic and political environment could affect client budgets, particularly in the public affairs segment 1.
- Personal data protectionmedium
Regulations such as the GDPR could restrict data-based models and generate additional compliance costs 1.
- Integration of acquisitionsmedium
The large number of recent acquisitions carries integration risk and the risk of not recovering the expected value, especially if organic results stay weak 1.
- Competitive pressurelow
New automated players could reduce prices and market share in standardised segments if Ipsos does not accelerate its innovation 1.
Investment thesis
What would need to be true (bull case)
- If the Horizons plan and globally managed services reach their potential, organic growth could return to the levels targeted for 2026-2028 1.
- An independent leadership position, long-standing client relationships and a solid financial structure could support investment in artificial intelligence 1.
- Market digitalisation and demand for integrated data could favour a group with broad technological and analytical expertise 1.
What would break the thesis
- If organic growth stays below expectations, reliance on acquisitions for growth could become a structural weakness 1.
- An uncertain political and macroeconomic context could prolong pressure on activity in the Americas and Asia-Pacific 1.
- New automated competitors could erode market share in standardised segments if the group's innovation is delayed 1.
What to watch
- Organic results against the growth range announced for 20262026
- Progress of globally managed services and Ipsos.Digital2026
- Recovery of activity in the Americas and Asia-Pacific2026
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
Ipsos, founded in Paris in 1975 by Didier Truchot, is present in 90 markets and has about 19,000 employees who work with more than 5,000 clients. The group grew through acquisitions, including Synovate in 2011, which made it the world's number three in research, and several transactions in 2023-2025 1.
Ipsos combines diverse data sources, from face-to-face interviews and online surveys to social media listening, laboratory tests and satellite imagery, to give clients reliable insights. The company aims to become the global leader in actionable, high-impact insights powered by artificial intelligence, reinventing its services and widening its portfolio 1.
Ipsos is listed on Euronext Paris and belongs to the SBF 120 and Stoxx Europe 600 indices. In 2025 the company completed the Infas acquisition in Germany and proposed a dividend of 2.00 EUR per share for fiscal 2025, up more than 8 % 1.
Segments
Americas
The region with the largest share of the global research market, but with lower revenue in 2025 and near-zero organic growth, pressured by an uncertain political and economic backdrop 1.
Asia-Pacific
The group's smallest region, with declines in both revenue and operating margin in 2025, pointing to performance pressure in this area 1.
Market context
The global market research sector reached 153 billion USD in 2024 according to ESOMAR, with the United States first and the Americas accounting for 58 % of the total. The Technology, Media and Telecoms sector is the largest, at 25 % of the market 1.
The market is being reshaped by digitalisation, artificial intelligence and data protection rules such as GDPR, which favour providers able to integrate proprietary and external data. New automated and ultra-specialised competitors add competitive pressure 1.
Trends
- Digitalisation of activity and datatailwind
Growth in online data collection and the multiplication of data sources shift value towards companies that can integrate their own data with external data, which favours providers with technological and analytical expertise 1.
- Artificial intelligence and automationmixed
Machine learning technologies automate the coding of text, images and videos and change the nature of studies, which could lower costs but also add pricing pressure on traditional services 1.
- Data protection regulationheadwind
The GDPR and other rules raise requirements on personal data, an important risk for models based on direct exploitation of data, though it could become an advantage for providers with sound practices 1.
- Market fragmentation and local offersmixed
Growing fragmentation of markets and media favours local solutions over global ones, which requires large groups to adapt their offers by segment or geographic area 1.
Competitive position
The research market is competitive, with established global players and new automated companies ultra-specialised by segment or geography. Ipsos presents itself as an independent global leader with diversified offers and long-standing client relationships 1.
Pressure also comes from technologies that lower entry barriers and from market consolidation through acquisitions. Ipsos's advantage lies in its global scale, access to real respondents and its ability to integrate technological expertise 1.
- Nielsen
Historical competitor on the French market, cited in the source in the context of the 1980s and the development of the market research sector.
- Local specialised players
Automated and ultra-specialised companies focused on a market segment or geographic area, cited in the source as new entrants to the sector.
- Survey technology providers
Companies offering data collection and survey platforms, where Ipsos has integrated acquisitions in the technology area.
- International research groups
Global competitors against which Ipsos compares itself in the worldwide research market, not named in the source.
News & filings
In the press
- Electronicele vechi vor putea fi lăsate la poștă, fără costuri: 4700 de oficii vor avea recipiente de colectare a deșeurilor de mici dimensiuniLibertatea.ro · 05 Nov 2026 · RO
- Superbrands România: Doar 7 dintre cele 20 de branduri cel mai bine evaluate în urmă cu peste un deceniu se regăsesc și în ediția 2026. Ce le menține relevante? – ClubIT&C - Club IT&CSurge — Google News · 05 Nov 2026 · RO
- What’s bad for Trump is good for Le PenPolitico EU · 04 Nov 2026 · EN
- Toamna se culeg fructele mâniei: Midterms 2026 și Congresul pierdut de TrumpContributors.ro · 04 Nov 2026 · RO
- America își ține respirația așteptând rezultatele alegerilor de la jumătatea mandatului. - Vietnam.vnSurge — Google News · 04 Nov 2026 · RO
- Trei astronauți NASA au votat din spațiu la alegerile din SUA și au trimis buletinele pe Pământ printr-o rețea securizatăLibertatea.ro · 03 Nov 2026 · RO
- 9 Things US Voters Care About Most Ahead of the MidtermsModern Diplomacy · 03 Nov 2026 · EN
- Democrats’ advantage on generic ballot narrow: SurveyThe Hill · 03 Nov 2026 · EN
- Rising cost of living tops voters’ concerns as midterm ballots castThe Hill · 03 Nov 2026 · EN
- Trump a vrut să anuleze 20.000 de buletine de vot în California, la alegerile pentru CongresLibertatea.ro · 03 Nov 2026 · RO
- Trump își încheie campania electorală de la jumătatea mandatului cu o declarație „deplasată”. - Vietnam.vnSurge — Google News · 03 Nov 2026 · RO
- Trump approval rating near record low on eve of US midterm elections: PollAl Jazeera — World · 02 Nov 2026 · EN
- Ce arată cel mai nou sondaj, publicat cu puțin timp înaintea alegerilor cruciale din SUA. Distanța dintre democrați și republicani se reduceHotNews.ro · 02 Nov 2026 · RO
- Промежуточные выборы пройдут в СШАInterfax Russia (RU) · 02 Nov 2026 · RU
- Administrația Trump solicită Curții Supreme să intervină pentru a izola 20.000 de buletine de vot din California - www.goldring.roSurge — Google News · 02 Nov 2026 · RO
- Doar unul din 4 americani consideră că Trump face o treabă bună cu economiaMediafax · 02 Nov 2026 · RO
- US elections: Six reasons why Democrats may fall short of expectations - Spotmedia.roSpotMedia.ro · 02 Nov 2026 · RO
- Alegeri în SUA. 6 motive pentru care democrații ar putea câștiga mai puțin decât sperăSpotMedia.ro · 02 Nov 2026 · RO
- America votes Europe pays the price: Why Trump’s midterm defeat matters - Universul.netSurge — Google News · 02 Nov 2026 · RO
- America votează. Cine câștigă Congresul SUA? Șase elemente ce ar putea pune sub semnul întrebării un succes net al democraților - Romania TVSurge — Google News · 02 Nov 2026 · RO
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ipsos · 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.