olivLaw · European equity research
KAUFMAN & BROAD SA KOF.PA
France · Euronext Paris · ISIN FR0004007813 · Vertical: Listed companies from France
Kaufman & Broad is a French property developer that builds housing, mainly apartments, and increasingly office and logistics property. In the fiscal year ended 30 November 2025 revenue rose 5.5 % to 1,136.0 million euros, supported by tertiary activity, while the number of homes delivered declined.
At the close of 05 Nov 2026, KAUFMAN & BROAD SA (KOF.PA) stock was 20.35 EUR (+2.26% on the day), with market capitalisation 398.3 m EUR, P/E 7.6 on diluted EPS of 2.69 EUR over the last 12 months, dividend yield 10.81%, beta 0.61, 52-week range 18.50–32.75 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)
- 59.1
- strong (55–70)
- Bollinger (20, 2)
- 18.43 – 20.13
- above the upper band · %B 1.13 · band width 8.8%
- SMA 50 / 200
- 20.55 / 25.67
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.38
- 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 | +6.1% | −0.6% | +6.7 pp | — |
| 3 months | −18.9% | −4.2% | −14.8 pp | — |
| 6 months | −26.8% | +4.3% | −31.1 pp | — |
| Year to date | −31.9% | +7.5% | −39.5 pp | — |
| 1 year | −28.0% | +9.9% | −37.9 pp | −6.8% |
| 3 years | −21.9% | +49.8% | −71.7 pp | −15.9% |
| 5 years | −42.7% | +42.8% | −85.5 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 3-quarter history (min 9.7, median 11.2, max 13.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.1 bn | 1.1 bn |
| Revenue YoY | unavailable | −23.6% | +5.5% |
| Net income | 60.2 m | 45.0 m | 54.2 m |
| Net income YoY | unavailable | −25.2% | +20.6% |
| Diluted EPS | 2.93 | 2.28 | 2.69 |
| Diluted EPS YoY | unavailable | −22.2% | +18.0% |
| net % | 4.3% | 4.2% | 4.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 322.5 m EUR
- Financial debt
- 710.0 k EUR
- Net debt
- -321.8 m EUR
- Equity
- 237.6 m EUR
- Total assets
- 1.6 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- 1.07x
- ROE
- 22.9%
- ROA
- 3.2%
- 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 | 1.4 bn | 1.1 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 1.2 bn | 868.7 m | 914.1 m | esef· 07 Apr 2026verified |
| Gross profit | 257.2 m | 208.0 m | 221.9 m | esef· 07 Apr 2026verified |
| Operating income | 109.3 m | 84.2 m | 91.0 m | esef· 07 Apr 2026verified |
| Interest expense | 24.8 m | 27.2 m | 19.2 m | esef· 07 Apr 2026verified |
| Income tax | 19.9 m | 14.9 m | 17.1 m | esef· 07 Apr 2026verified |
| Net income | 60.2 m | 45.0 m | 54.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | 2.93 | 2.28 | 2.69 | esef· 07 Apr 2026verified |
| Dividend per share | — | 2.40 | 2.20 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 350.0 m | 502.9 m | 322.5 m | esef· 07 Apr 2026verified |
| Current assets | 1.4 bn | 1.5 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 10.2 m | 8.9 m | 7.8 m | esef· 07 Apr 2026verified |
| Goodwill | 68.7 m | 68.7 m | 68.7 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 92.4 m | 92.1 m | 93.6 m | esef· 07 Apr 2026verified |
| Total assets | 1.7 bn | 1.8 bn | 1.6 bn | esef· 07 Apr 2026verified |
| Long-term debt | 113.2 m | 0 | 710.0 k | esef· 07 Apr 2026verified |
| Current liabilities | 1.2 bn | 1.4 bn | 1.2 bn | esef· 07 Apr 2026verified |
| Equity | 234.5 m | 235.7 m | 237.6 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 20.3 m | 19.5 m | 19.6 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 374.8 m | 287.4 m | 10.7 m | esef· 07 Apr 2026verified |
| Investing cash flow | -11.1 m | -12.3 m | -13.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -114.6 m | -122.3 m | -177.7 m | esef· 07 Apr 2026verified |
| Share repurchases | 47.7 m | 11.5 m | 17.8 m | esef· 07 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: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 398.3 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 29.84 – 80.16 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 · input data missing
- Peers: P/E29.84 – 80.16 (Mid 46.08)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)29.92 – 40.80 (Mid 34.52)
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.8% | 77 (vs peers) | 19% |
| 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 | 4.7x | 50 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 7.6x | 83 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.5% | 64 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partial64/100 · 1/2 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
KAUFMAN & BROAD SA (KOF.PA). Latest full fiscal year: 2025; data up to 2025-11-30.
Figures computed from the financial statements: revenue 1.1 bn EUR in 2025; YoY growth 5.5%; net margin 4.8%; ROE 24.1%.
The estimated value range is 29.88–60.48 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 40.30 EUR, the price of 20.35 EUR leaves a potential of 98.0% (value / price − 1) and a margin of safety of 49.5% (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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.8%
- P/E (TTM): 7.6x
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| KOF.PAKaufman & Broad SA | 398.3 m | 7.6 | 24.1% | 4.8% | +5.5% | −32% / −28% |
| 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 KOF.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 | 12.51 Total return -30% · Per year -30% | 22.11 Total return 20% · Per year 20% | 33.29 Total return 78% · Per year 78% |
| 3 years | 12.39 Total return -13% · Per year -4% | 24.61 Total return 58% · Per year 17% | 40.64 Total return 147% · Per year 35% |
| 5 years | 12.26 Total return 4% · Per year 1% | 27.39 Total return 100% · Per year 15% | 49.63 Total return 231% · Per year 27% |
- Exit P/E± 6.15
- Net margin± 4.31
- Annual revenue growth± 3.50
- Annual dilution± 0.36
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
Kaufman & Broad is a French property developer that builds housing, mainly apartments, and increasingly office and logistics property. In the fiscal year ended 30 November 2025 revenue rose 5.5 % to 1,136.0 million euros, supported by tertiary activity, while the number of homes delivered declined 1.
SWOT
Strengths
- Solid regional presence across several parts of France, with a land reserve that supports future projects 1.
- Rising operating margin and net result point to disciplined cost management.
- Diversification into tertiary property brought large contracts and reduced reliance on housing.
Weaknesses
- Housing revenue fell in 2025, especially in the Paris region 1.
- Total backlog declined from the prior year, limiting short-term visibility.
- Housing gross margin is relatively thin, leaving little room for cost errors.
Opportunities
- If tertiary projects under construction are delivered on time, they could generate new revenue for the group.
- The land reserve for lots developable up to 2027 could support future activity volume.
- Logistics and student residence activities could become larger contributors to revenue.
Threats
- A weak housing market or expensive credit could further reduce bookings and deliveries.
- Reliance on large tertiary contracts makes results sensitive to delays or cancellations.
- Construction costs and planning regulations could weigh on margins in the coming years.
Risks
- Falling housing saleshigh
If demand for housing in key regions stays weak, revenue and backlog could decline further.
- Concentration of tertiary contractsmedium
A single large contract supported much of the tertiary growth; a delay could change results.
- Margin pressuremedium
Housing gross margin is thin, and higher construction costs could reduce it further.
- Delivery delaysmedium
If projects are delivered late, revenue shifts over time and quarterly results become more volatile.
- Regulation and financinglow
Changes in planning rules or buyer financing conditions could affect demand.
Investment thesis
What would need to be true (bull case)
- Rising revenue and net result in 2025, together with diversification into tertiary property, point to a more balanced group than before.
- The land reserve and tertiary projects under construction could support revenue in the coming years.
- If the housing market recovers, delivery volumes could rise again and margins could benefit.
What would break the thesis
- Housing revenue and delivery numbers fell in 2025, which could signal a structural slowdown.
- Total backlog declined, and tertiary growth depends on a few large contracts that cannot be assumed to repeat automatically.
- Gross margin is thin, and pressure on costs or prices could weigh on the net result.
What to watch
- Trend in total backlog and housing booking volumesQ1 2027
- Delivery schedule of the Marseille office project and other tertiary contracts2027
- Housing gross margin and evolution of construction costsnext 10-K
- Pace of new programme launches and use of the land reserve2027
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 group develops and sells housing in France, mainly apartment buildings and individual houses in villages, and operates in four zones: Île-de-France, West, East and national agencies. Besides housing, Kaufman & Broad has a tertiary line covering offices, retail, logistics, and ancillary activities such as student residences in operation 1. Revenue is recognised on delivery, and the order backlog shows what is still to be delivered.
In fiscal 2025 the group's gross margin was 19.5 %, slightly above 2024, and current operating income rose to 91.0 million euros 1. Operating expenses rose 2.9 % but fell as a share of revenue. The company holds a land reserve that allows lots to be developed up to 2027.
Structurally, housing remains the largest part of the business, but the share of tertiary activity rose considerably in fiscal 2025. Total backlog, at 2,370.2 million euros at 30 November 2025, was down 5.1 % year on year, showing that new sales have not yet fully offset deliveries 1.
Segments
Tertiaire (office and logistics property)
The tertiary segment reached 248.9 million euros, a strong increase driven mainly by the off-plan sale of an office building in Marseille to a major energy group. Tertiary bookings also rose, though their value depends on a few large contracts 1.
Autres activités (land, student residences)
Other activities, including land sales and student residences in operation, make up a small share of revenue and earned a lower margin in 2025 than in the prior year 1.
Market context
The French housing market is sensitive to the cost of credit and buyer confidence, and Kaufman & Broad sells mainly to private buyers. The housing backlog grew in units but fell slightly in value, which points to a lower average price 1.
In tertiary property, demand for offices and logistics is more concentrated, with large contracts and long construction periods. The company has over 131,000 square metres of offices and nearly 12,700 square metres of logistics under construction, a sign of an ongoing project pipeline 1.
Trends
- Decline in housing sales in Île-de-Franceheadwind
Housing sales in the Paris region fell in 2025, the main reason for the drop in housing revenue. If the market stays weak, deliveries and margin could remain under pressure 1.
- Growth in tertiary activitytailwind
Office and logistics property grew strongly in 2025 thanks to a few large contracts. If such transactions continue, diversification could support group revenue 1.
- Slight recovery in housing gross marginmixed
Housing gross margin rose in absolute terms in 2025, although the margin rate remains below earlier years. Developments depend on the product mix and construction costs 1.
- Adjustment of delivery volumesheadwind
The number of homes delivered fell in 2025, both for apartments and individual houses. If the delivery pace does not recover, housing revenue could stay below the previous level 1.
Competitive position
Kaufman & Broad competes with other French property developers that sell homes and tertiary property in the same regional markets. It differentiates through its regional network, product mix and ability to deliver on time 1.
In the tertiary segment competition comes from developers specialised in offices and logistics, mainly in Île-de-France. Large contract sizes mean results can vary considerably from one year to the next 1.
- Nexity
French property developer active in housing and tertiary property; a direct competitor on the French market, not US-listed.
- Bouygues Immobilier
Property arm of a French construction group, active in housing and offices; competes in the same regions.
- Icade
French property group with office and logistics activity, competing in the tertiary segment.
- Vinci Immobilier
French property developer within the Vinci group, active in housing and office property.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-11-30 (ESEF) · SEC / KAUFMAN & BROAD SA · 30 Nov 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.