olivLaw · European equity research
RUBIS RUI.PA
France · Euronext Paris · ISIN FR0013269123 · Vertical: Listed companies from France
Rubis is a European energy group that distributes fuels and fuel products through a network of service stations in several countries and develops solar parks in Europe. The group is present in 45 countries, and its activity is concentrated especially in the Caribbean and Africa, which makes its geographic exposure to climate and political risks relevant.
At the close of 05 Nov 2026, RUBIS (RUI.PA) stock was 35.92 EUR (−0.11% on the day), with market capitalisation 3.7 bn EUR, P/E 12.1 on diluted EPS of 2.98 EUR over the last 12 months, dividend yield 5.65%, beta 0.62, 52-week range 30.70–36.84 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)
- 57.2
- strong (55–70)
- Bollinger (20, 2)
- 34.45 – 36.18
- in the upper half of the band · %B 0.85 · band width 4.9%
- SMA 50 / 200
- 34.97 / 34.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.19 / 0.16
- 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 | +3.5% | −0.6% | +4.2 pp | — |
| 3 months | +7.9% | −4.2% | +12.0 pp | — |
| 6 months | +1.8% | +4.3% | −2.6 pp | — |
| Year to date | +12.0% | +7.5% | +4.5 pp | — |
| 1 year | +14.3% | +9.9% | +4.4 pp | −6.8% |
| 3 years | +71.4% | +49.8% | +21.5 pp | −15.9% |
| 5 years | +25.7% | +42.8% | −17.1 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 100 percentile of its own 3-quarter history (min 6.6, median 7.2, max 10.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.6 bn | 6.6 bn | 6.5 bn |
| Revenue YoY | unavailable | +0.2% | −1.6% |
| Net income | 353.7 m | 342.3 m | 308.8 m |
| Net income YoY | unavailable | −3.2% | −9.8% |
| Diluted EPS | 3.42 | 3.30 | 2.98 |
| Diluted EPS YoY | unavailable | −3.5% | −9.7% |
| net % | 5.3% | 5.2% | 4.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 756.8 m EUR
- Financial debt
- 1.5 bn EUR
- Net debt
- 780.0 m EUR
- Equity
- 2.9 bn EUR
- Total assets
- 6.6 bn EUR
- Debt / equity
- 0.53x
- Current ratio
- 1.72x
- ROE
- 10.5%
- ROA
- 4.6%
- 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 | 6.6 bn | 6.6 bn | 6.5 bn | esef· 29 Apr 2026verified |
| Operating income | 628.7 m | 590.2 m | 488.1 m | esef· 29 Apr 2026verified |
| Interest expense | 87.9 m | 95.9 m | 75.3 m | esef· 29 Apr 2026verified |
| Pre-tax income | 424.9 m | 432.5 m | 402.8 m | esef· 29 Apr 2026verified |
| Income tax | 57.9 m | 81.4 m | 91.7 m | esef· 29 Apr 2026verified |
| Net income | 353.7 m | 342.3 m | 308.8 m | esef· 29 Apr 2026verified |
| Diluted EPS | 3.42 | 3.30 | 2.98 | esef· 29 Apr 2026verified |
| Dividend per share | — | 1.98 | 2.03 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 589.7 m | 676.4 m | 756.8 m | esef· 29 Apr 2026verified |
| Receivables | 781.4 m | 871.8 m | 803.8 m | esef· 29 Apr 2026verified |
| Inventories | 651.9 m | 715.8 m | — | esef· 29 Apr 2025verified |
| Current assets | 2.1 bn | 2.3 bn | 2.3 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.9 bn | 2.0 bn | esef· 29 Apr 2026verified |
| Goodwill | 1.7 bn | 1.8 bn | 1.7 bn | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 90.7 m | 113.6 m | 127.4 m | esef· 29 Apr 2026verified |
| Total assets | 6.3 bn | 6.7 bn | 6.6 bn | esef· 29 Apr 2026verified |
| Accounts payable | 792.5 m | 863.7 m | 809.4 m | esef· 29 Apr 2026verified |
| Long-term debt | 1.2 bn | 1.2 bn | 1.5 bn | esef· 29 Apr 2026verified |
| Current liabilities | 1.7 bn | 1.7 bn | 1.3 bn | esef· 29 Apr 2026verified |
| Equity | 2.8 bn | 3.0 bn | 2.9 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 103.1 m | 103.7 m | 103.3 m | esef· 29 Apr 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.7 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 27.61 – 88.81 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/E33.05 – 88.81 (Mid 51.05)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)27.61 – 37.65 (Mid 31.86)
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.5% | 67 (vs peers) | 28% |
| Net margin · Quality | 4.7% | 77 (vs peers) | 17% |
| 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 | 6.5x | 77 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 1.7x | 76 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 12.1x | 74 (vs peers) | 28% |
| 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 sheet76/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial74/100 · 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
RUBIS (RUI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.5 bn EUR in 2025; YoY growth -1.6%; net margin 4.7%; ROE 11.0%.
The estimated value range is 30.33–63.23 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 41.45 EUR, the price of 35.92 EUR leaves a potential of 15.4% (value / price − 1) and a margin of safety of 13.3% (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: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.7%
- Interest coverage: 6.5x
- Current ratio: 1.7x
- P/E (TTM): 12.1x
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): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| RUI.PARubis | 3.7 bn | 12.1 | 11.0% | 4.7% | −1.6% | +9% / +61% |
| 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 RUI.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 | 19.99 Total return -40% · Per year -40% | 35.45 Total return 4% · Per year 4% | 53.54 Total return 56% · Per year 56% |
| 3 years | 17.07 Total return -41% · Per year -16% | 34.29 Total return 12% · Per year 4% | 57.20 Total return 80% · Per year 22% |
| 5 years | 14.59 Total return -41% · Per year -10% | 33.17 Total return 19% · Per year 4% | 61.09 Total return 106% · Per year 16% |
- Exit P/E± 8.57
- Net margin± 6.00
- Annual revenue growth± 5.23
- Annual dilution± 0.50
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
Rubis is a European energy group that distributes fuels and fuel products through a network of service stations in several countries and develops solar parks in Europe. The group is present in 45 countries, and its activity is concentrated especially in the Caribbean and Africa, which makes its geographic exposure to climate and political risks relevant.
SWOT
Strengths
- Extensive service station network across several countries and geographic diversification that limits dependence on a single market.
- Photovoltaic project portfolio under development, which provides a base for diversification toward renewable energy.
- Developed reporting and internal control structure, with standardized budgets and monthly consolidation of results.
Weaknesses
- The activity remains largely based on fossil energy, which makes the group vulnerable to climate regulation.
- Significant concentration of results in the Caribbean, an area exposed to cyclones and severe weather.
- Reliance on managers and independent resellers to run stations, which complicates direct control of operations.
Opportunities
- Growth of photovoltaic capacity through projects in development, if permits and grid connections are obtained on time.
- Expansion into Italy, Spain and Eastern Europe, where development rules are close to those of the European Union.
- Diversification toward biofuels and lower-emission energy could offset a decline in demand for fossil products.
Threats
- Political and social instability in some countries where the group is present could affect operational continuity.
- Extreme climate events could damage terminals and interrupt subsidiary operations.
- International conflicts and volatility in oil and gas prices could raise supply costs.
Risks
- Major accident at service stationshigh
A fire or product leak, including one caused by malicious acts, could cause damage to personnel, customers, the environment and the group's reputation.
- Political and geopolitical riskhigh
Instability in some countries could lead to revised distribution margins, pressure on prices or security problems for staff.
- Photovoltaic project riskmedium
Obtaining permits, grid connections or construction delays could reduce project returns or lead to abandonment of projects.
- Climate riskmedium
Caribbean cyclones could affect the integrity of sites and terminals, and mild winters could reduce liquefied gas sales.
- Information systems risklow
An interruption or cyberattack on critical systems could slow activities and could lead to leaks of sensitive data.
Investment thesis
What would need to be true (bull case)
- Geographic diversification and expansion into photovoltaic energy could support the group's growth, if projects in development materialize within expected timelines.
- The extensive service station network and margins obtained in several countries could provide stable income under certain market conditions.
- A well-structured internal control and reporting system could help manage risks and integrate new acquisitions.
What would break the thesis
- Dependence on fossil energy could become a weakness if climate regulation and the energy transition reduce demand for the products sold.
- The concentration of results in a region exposed to cyclones and political instability could produce significant shocks to results.
- Delays in obtaining permits or grid connections could mean photovoltaic projects are not completed on time or on the proposed budget.
What to watch
- Progress of photovoltaic projects in advanced development and grid connections2026
- Evolution of distribution margins in countries where governments regulate petroleum product pricesnext 10-K
- Impact of the Caribbean hurricane season on terminals and subsidiary operations2026
- Evolution of regulations on CO2 emissions and biofuel blending obligations2027
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
Rubis SCA is a holding company grouping two activities: energy distribution and photovoltaic electricity production, carried out through the subsidiary Rubis Photosol. According to the 2025 registration document 1, the energy distribution branch operates a network of 1,167 service stations in 22 countries, usually run by managers or independent resellers. The group is established in 45 countries as at 31 December 2025 1.
Segments
Energy distribution
The group's largest activity, which operates the service station network and distributes fuels and fuel products. Stations are often located in urban or peri-urban areas, and the main risk of the activity is that of major accidents at facilities 1.
Photovoltaic electricity production
Activity carried out through Rubis Photosol, which builds and operates solar parks in Europe. Installed capacity at 31 December 2025 is 633 MWc, and the project pipeline stands at 5.7 GWc, of which 2.5 GWc is in advanced development 1.
Market context
Fuel distribution in the areas where Rubis operates takes place in competitive environments, with price regulation and margin pressure, while photovoltaic energy faces competition in European markets. The regional split shows significant dependence on the Caribbean, which accounted for 55 % of ROC in 2025 1.
Trends
- Energy transitionheadwind
Increasingly strict low-carbon regulation could reduce demand for fossil products sold by the group and could make other energy sources more competitive, which could affect long-term sales volumes.
- Growth of solar energytailwind
The solar project pipeline and diversification toward renewable energy offer a growth direction, if projects can obtain permits and grid connection within expected deadlines.
- Climate and extreme weather riskmixed
The growing intensity of Caribbean cyclones could affect import terminals and subsidiary operations, while mild winters could reduce sales of liquefied gas for heating.
- Political instability and energy pricesheadwind
Political instability in some countries and rising petroleum product prices could lead to unilateral revisions of distribution margins or pressure on price structures.
Competitive position
The fuel distribution market is contested by national and regional operators as well as integrated oil companies, and in photovoltaics the group competes with solar park developers in Europe. The registration document notes that Rubis Photosol operates in a competitive market, and resale prices of energy could fall under certain market conditions 1.
- TotalEnergies
Integrated oil company active in fuel distribution and renewable energy; not named in the supplied sources, so the comparison is general.
- Engie
European energy group with renewable electricity activities; a possible competitor in solar projects, not referenced in the supplied sources.
- Local fuel operators in the Caribbean
Regional distributors competing directly in the countries where the group has service stations, especially in the Caribbean area.
- European solar park developers
Companies developing and operating photovoltaic projects in Italy, Spain and Eastern Europe, where Rubis Photosol is expanding.
News & filings
In the press
- Top Rubis Shareholder Says Stock Offer Too Generous for PartnersBloomberg Markets · 19 Oct 2026 · EN
- Rubis, submarinul francez care va lansa un mini-submarin: Armament impresionant pentru a lovi inamicul din adâncuri și date tehnice. Franța își consolidează statutul de putere navalăDefenseRomania.ro · 17 Oct 2026 · RO
- Rubis Turns Expensive Oil Into a Guidance UpgradeYahoo Finance — News · 08 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2026-12-31 (ESEF) · SEC / RUBIS · 31 Dec 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.