olivLaw · European equity research
Interparfums ITP.PA
France · Euronext Paris · ISIN FR0004024222 · Vertical: Listed companies from France
Interparfums creates and develops fragrance lines for prestige brands, largely through licences from fashion, leather goods and jewellery houses, and also owns several brands outright. The company has limited exposure to Russia and is in a period of portfolio expansion, with launches planned for 2027 and 2028.
At the close of 05 Nov 2026, Interparfums (ITP.PA) stock was 36.60 EUR (+3.39% on the day), with market capitalisation 2.9 bn EUR, P/E 23.2 on diluted EPS of 1.58 EUR over the last 12 months, dividend yield 2.99%, beta 0.86, 52-week range 21.16–36.60 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)
- 74.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 30.31 – 36.77
- in the upper half of the band · %B 0.97 · band width 19.2%
- SMA 50 / 200
- 30.92 / 25.51
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.40 / 1.31
- 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 | +19.4% | −0.6% | +20.0 pp | — |
| 3 months | +46.8% | −4.2% | +50.9 pp | — |
| 6 months | +64.5% | +4.3% | +60.2 pp | — |
| Year to date | +52.4% | +7.5% | +44.9 pp | — |
| 1 year | +37.9% | +9.9% | +28.0 pp | −6.8% |
| 3 years | +3.6% | +49.8% | −46.3 pp | −15.9% |
| 5 years | −22.2% | +42.8% | −65.0 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 67 percentile of its own 3-quarter history (min 15.2, median 20.8, max 23.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 798.5 m | 880.5 m | 899.4 m |
| Revenue YoY | unavailable | +10.3% | +2.1% |
| Net income | 118.7 m | 129.9 m | 126.6 m |
| Net income YoY | unavailable | +9.4% | −2.5% |
| Diluted EPS | 1.71 | 1.70 | 1.58 |
| Diluted EPS YoY | unavailable | −0.6% | −7.1% |
| net % | 14.9% | 14.7% | 14.1% |
| Free cash flow | 77.0 m | 105.0 m | 131.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 201.2 m EUR
- Financial debt
- 96.1 m EUR
- Net debt
- -105.1 m EUR
- Equity
- 731.7 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- 0.13x
- Current ratio
- 2.95x
- ROE
- 17.7%
- ROA
- 12.2%
- FCF margin
- 14.6%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 798.5 m | 880.5 m | 899.4 m | esef· 07 Apr 2026verified |
| Cost of revenue | 273.5 m | 302.7 m | 317.3 m | esef· 07 Apr 2026verified |
| Gross profit | 525.0 m | 577.8 m | 582.1 m | esef· 07 Apr 2026verified |
| Operating income | 165.6 m | 178.0 m | 175.2 m | esef· 07 Apr 2026verified |
| Interest expense | 7.4 m | 6.8 m | 5.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | 163.3 m | 174.3 m | 166.0 m | esef· 07 Apr 2026verified |
| Income tax | 43.9 m | 44.4 m | 39.8 m | esef· 07 Apr 2026verified |
| Net income | 118.7 m | 129.9 m | 126.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.71 | 1.70 | 1.58 | esef· 07 Apr 2026verified |
| Dividend per share | 0.95 | 1.05 | 1.09 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 137.7 m | 183.1 m | 201.2 m | esef· 07 Apr 2026verified |
| Inventories | 202.4 m | 229.7 m | 197.2 m | esef· 07 Apr 2026verified |
| Current assets | 530.9 m | 596.4 m | 596.2 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 148.6 m | 143.8 m | 154.3 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 240.4 m | 251.4 m | esef· 07 Apr 2026verified |
| Total assets | 968.2 m | 1.0 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Long-term debt | 98.7 m | 95.9 m | 96.1 m | esef· 07 Apr 2026verified |
| Current liabilities | 197.0 m | 216.3 m | 202.2 m | esef· 07 Apr 2026verified |
| Equity | 643.7 m | 698.6 m | 731.7 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 69.4 m | 76.4 m | 80.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 84.5 m | 107.7 m | 150.0 m | esef· 07 Apr 2026verified |
| Capex | 7.5 m | 2.7 m | 18.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 77.0 m ≈ | 105.0 m ≈ | 131.5 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 34.0 m | -18.2 m | -41.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -117.5 m | -45.2 m | -87.7 m | esef· 07 Apr 2026verified |
| Dividends paid | 65.9 m | 80.3 m | 87.6 m | esef· 07 Apr 2026verified |
≈ 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: 74 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
Score by group
- Valuation49
- Balance sheet100
- Returns56
- Quality90
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: 14.88 – 47.09 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)23.79 – 36.48 (Mid 28.65)WACC 8.4% · starting FCFF 135.9 m EUR · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 13.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E17.52 – 47.09 (Mid 27.07)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)14.88 – 20.29 (Mid 17.16)
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
Unattractive profile · Score 74/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 21.5% | 81 (vs peers) | 17% |
| Net margin · Quality | 14.1% | 95 (vs peers) | 10% |
| FCF conversion · Quality | 103.9% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 30.2x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 23.2x | 43 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.5% | 56 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 66.6% | 76 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation49/100 · 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
INTERPARFUMS (ITP.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 899.4 m EUR in 2025; YoY growth 2.1%; net margin 14.1%; ROE 17.7%.
The estimated value range is 17.52–36.48 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 27.07 EUR, the price of 36.60 EUR leaves a potential of -26.0% (value / price − 1) and a margin of safety of -35.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 74/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 21.5%
- Net margin: 14.1%
- FCF conversion: 103.9%
- Interest coverage: 30.2x
- Current ratio: 2.9x
- Payout ratio (FCF): 66.6%
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| ITP.PAInterparfums | 2.9 bn | 23.2 | 17.7% | 14.1% | +2.1% | +57% / −6% |
| 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 ITP.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 | 21.12 Total return -40% · Per year -40% | 37.39 Total return 5% · Per year 5% | 56.37 Total return 58% · Per year 58% |
| 3 years | 19.54 Total return -40% · Per year -16% | 39.01 Total return 16% · Per year 5% | 64.72 Total return 89% · Per year 24% |
| 5 years | 18.08 Total return -40% · Per year -10% | 40.70 Total return 27% · Per year 5% | 74.29 Total return 124% · Per year 18% |
- Exit P/E± 9.75
- Net margin± 6.83
- Annual revenue growth± 5.73
- Annual dilution± 0.57
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
Interparfums creates and develops fragrance lines for prestige brands, largely through licences from fashion, leather goods and jewellery houses, and also owns several brands outright. The company has limited exposure to Russia and is in a period of portfolio expansion, with launches planned for 2027 and 2028 1.
SWOT
Strengths
- Diversified portfolio of prestige brands, a solid balance sheet and founder control that allow long-term planning.
- Model without owned production sites, with trusted industrial partners and sourcing concentrated in Western Europe.
- The mix of licences and owned brands reduces dependence on any single brand.
Weaknesses
- Dependence on licence contracts, with the risk that an important licensor does not renew its agreement.
- Revenue concentrated in a few large brands makes results sensitive to their performance.
- Market share remains modest compared with the largest players, which limits bargaining power.
Opportunities
- Launches planned for 2027 and 2028 on recently acquired or signed brands could open new revenue sources.
- Extending existing partnerships, such as the one with Boucheron, could strengthen revenue over the medium term.
- Affordable and artisanal niche segments leave room for portfolios different from the traditional model.
Threats
- Changes in US import tariffs could raise the cost of imports for the American subsidiary.
- Geopolitical instability in some export regions could affect collections and demand.
- Stricter rules on ingredients may force costly reformulations.
Risks
- Non-renewal of a major licencehigh
If an important licence contract is not renewed, revenue and profitability could be affected, although the long contract terms and owned brands limit the impact.
- US tariffsmedium
Changes in US trade policy can alter the import costs of the American subsidiary, and the framework remains uncertain.
- Geopolitical exposuremedium
Sales to Russia, Belarus and Ukraine are limited, but tensions in some regions could affect collections from distributors.
- Impairment of intangible assetsmedium
Many assets are brands and licence entry rights whose value depends on future results; a change in assumptions could lead to impairment.
- Brand reputationlow
An incident affecting the image of a licensor or of the group could influence sales and relations with partners.
Investment thesis
What would need to be true (bull case)
- The prestige brand portfolio and the launches planned for the coming period could support growth if well received by consumers.
- The solid balance sheet and founder control allow investment and brand acquisitions without excessive financing pressure.
- Limited exposure to high-risk markets and a model without owned factories could reduce fixed costs and operating risks.
What would break the thesis
- Dependence on licences and a few large brands means a single event could have a significant impact on results.
- US tariffs and regulations could raise costs in a market that is very important for the group.
- Competition from large groups with much bigger marketing budgets may limit gains in market share.
What to watch
- Performance of the roughly 15 planned fragrance line extensions2026
- First projects on Annick Goutal, Off-White and Longchamp2027
- Effect of US tariffs on the American subsidiarynext 10-K
- Outcome of the shareholder vote on the new share buyback programme2026
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
Interparfums is a specialist in creating, developing and distributing prestige fragrances, with a portfolio of 15 brands, most of them under licence 1. The group owns no production sites and works with a network of industrial partners, with 88 % of sourcing coming from Western Europe 1. The company is listed on Euronext Paris, is controlled by its founders and reports a solid balance sheet with net cash after debt of 63 M EUR 1.
Segments
Licensed brands
Most of the activity rests on licences from fashion, leather goods and jewellery houses, for which Interparfums pays royalties indexed to sales. Contracts run for ten years or more, which limits non-renewal risk 1.
Owned brands
The group owns in its own name brands such as Lanvin and Rochas for fragrances, Off-White for fragrances and cosmetics, and acquired Annick Goutal in 2025. The Solférino brand, launched in 2025 with a Paris boutique, adds to this direction 1.
Market context
The global selective fragrance market is estimated at around 40 bn USD, according to an internal company source 1. Interparfums holds a share of about 4 % in prestige selective distribution in France and between 2 % and 5 % in several foreign markets, including the United States and China 1.
The market is polarised between accessibility, through dupes, and ultra-exclusivity, through Haute Parfumerie, and consumers can pick both directions at the same time 1.
Trends
- Market polarisationmixed
Demand splits between affordable products and artisanal niche fragrances, which can open room for diversified portfolios but also requires clear positioning.
- Sustainability and traceabilitytailwind
Consumers ask for transparency on ingredients and packaging, which could favour suppliers and brands that already run traceability systems.
- Tighter regulationheadwind
Updates on allergens and toxicological profiles can require reformulations, which could raise technical costs and delay launches.
- Inclusive and personalised fragrancetailwind
Genderless and customised fragrances are increasingly sought after, which can support more launches and line extensions.
Competitive position
The sector is dominated by a few large historical players with fragrance divisions in the billions of euros, and Interparfums belongs to a group of mid-sized players. Its model focuses on creating and retaining consumers rather than on volume and heavy advertising 1.
Competitors cited by the company include L'Oréal, Coty, Shiseido, Estée Lauder, LVMH, Chanel and Puig, some operating mainly under licences and others mainly with owned brands 1.
- L'Oréal
Large cosmetics group with a fragrance division, cited by the company as a main player in the sector.
- CotyCOTY
Major fragrance player with licensed brands, named in the competitive analysis.
- Estée LauderEL
US cosmetics group with a strong prestige fragrance division.
- LVMH
Luxury group with its own fragrance houses, cited among the major companies in the sector.
News & filings
In the press
- Interparfums (IPAR) Extends Cavalli Fragrance Deal Through 2046. Can it Boost Profits?Yahoo Finance — News · 23 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Interparfums · 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.