olivLaw · European equity research
Compagnie de Saint-Gobain S.A. SGO.PA
France · Euronext Paris · ISIN FR0000125007 · Vertical: Listed companies from France
Saint-Gobain is a European group in sustainable construction materials, active on all continents. It is currently steering its Lead & Grow plan towards profitable growth, with a multilocal organisation reshaped in June 2025 and about 12 billion euros of growth investment planned to 2030.
At the close of 05 Nov 2026, Compagnie de Saint-Gobain S.A. (SGO.PA) stock was 74.44 EUR (+2.34% on the day), with market capitalisation 36.8 bn EUR, P/E 12.9 on diluted EPS of 5.78 EUR over the last 12 months, dividend yield 2.96%, beta 1.39, 52-week range 64.76–90.86 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)
- 72.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 62.80 – 72.55
- above the upper band · %B 1.19 · band width 14.4%
- SMA 50 / 200
- 69.66 / 76.35
- mixed trend
- MACD (12, 26, 9)
- 0.71 / -0.33
- 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 | +10.9% | −0.6% | +11.5 pp | — |
| 3 months | −12.1% | −4.2% | −8.0 pp | — |
| 6 months | −7.2% | +4.3% | −11.5 pp | — |
| Year to date | −14.4% | +7.5% | −21.9 pp | — |
| 1 year | −9.9% | +9.9% | −19.9 pp | −6.8% |
| 3 years | +39.6% | +49.8% | −10.3 pp | −15.9% |
| 5 years | +21.9% | +42.8% | −20.9 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 50 percentile of its own 4-quarter history (min 7.9, median 13.9, max 15.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 51.2 bn | 47.9 bn | 46.6 bn | 46.5 bn |
| Revenue YoY | unavailable | −6.4% | −2.9% | −0.2% |
| Net income | 3.0 bn | 2.7 bn | 2.8 bn | 2.9 bn |
| Net income YoY | unavailable | −11.1% | +6.6% | +1.4% |
| Diluted EPS | 5.80 | 5.23 | 5.64 | 5.78 |
| Diluted EPS YoY | unavailable | −9.8% | +7.8% | +2.5% |
| net % | 5.9% | 5.6% | 6.1% | 6.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.6 bn EUR
- Financial debt
- 12.8 bn EUR
- Net debt
- 5.3 bn EUR
- Equity
- 25.1 bn EUR
- Total assets
- 60.8 bn EUR
- Debt / equity
- 0.51x
- Current ratio
- 1.27x
- ROE
- 11.4%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 51.2 bn | 47.9 bn | 46.6 bn | 46.5 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 38.0 bn | 35.1 bn | 33.7 bn | 33.5 bn | esef· 18 Mar 2026verified |
| Gross profit | 13.2 bn ≈ | 12.8 bn ≈ | 12.9 bn ≈ | 12.9 bn ≈ | esef· 18 Mar 2026derived |
| Income tax | 1.1 bn | 1.1 bn | 994.0 m | 975.0 m | esef· 18 Mar 2026verified |
| Net income | 3.0 bn | 2.7 bn | 2.8 bn | 2.9 bn | esef· 18 Mar 2026verified |
| Diluted EPS | 5.80 | 5.23 | 5.64 | 5.78 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | 517.6 m | 510.5 m | 503.9 m | 498.4 m | esef· 18 Mar 2026verified |
| Dividend per share | — | 2.00 | 2.10 | 2.20 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 6.1 bn | 8.6 bn | 8.5 bn | 7.6 bn | esef· 18 Mar 2026verified |
| Inventories | 7.2 bn | 6.8 bn | 7.0 bn | 6.9 bn | esef· 18 Mar 2026verified |
| Current assets | 21.5 bn | 22.2 bn | 22.3 bn | 21.4 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 12.2 bn | 12.7 bn | 14.9 bn | 14.6 bn | esef· 18 Mar 2026verified |
| Goodwill | 12.9 bn | 13.1 bn | 14.2 bn | 14.4 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.0 bn | 4.4 bn | 4.8 bn | 5.3 bn | esef· 18 Mar 2026verified |
| Total assets | 55.4 bn | 57.3 bn | 61.7 bn | 60.8 bn | esef· 18 Mar 2026verified |
| Short-term debt | 640.0 m | 568.0 m | 625.0 m | 590.0 m | esef· 18 Mar 2026verified |
| Long-term debt | 9.0 bn | 10.6 bn | 12.8 bn | 12.2 bn | esef· 18 Mar 2026verified |
| Current liabilities | 17.4 bn | 16.6 bn | 16.6 bn | 16.8 bn | esef· 18 Mar 2026verified |
| Equity | 23.2 bn | 23.8 bn | 25.6 bn | 25.1 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 514.2 m | 507.4 m | 499.8 m | 494.5 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: 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: 36.8 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: 29.92 – 172.25 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/E64.11 – 172.25 (Mid 99.02)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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 79 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -3.2% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | -0.1% | 0 (on a fixed band) | 22% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 39 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 12.9x | 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 sheet· partial39/100 · 1/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality· partial79/100 · 1/3 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
COMPAGNIE DE SAINT-GOBAIN (SGO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 46.5 bn EUR in 2025; YoY growth -0.2%; net margin 6.2%; ROE 11.6%.
The estimated value range is 47.01–106.52 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 66.77 EUR, the price of 74.44 EUR leaves a potential of -10.3% (value / price − 1) and a margin of safety of -11.5% (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: 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: 6.2%
- P/E (TTM): 12.9x
What contradicts it
- Revenue CAGR 3Y: -3.2%
- EPS CAGR 3Y: -0.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, 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% |
| SGO.PACompagnie De Saint-Gobain | 36.8 bn | 12.9 | 11.6% | 6.2% | −0.2% | −13% / +24% |
| 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 SGO.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 | 40.96 Total return -43% · Per year -43% | 72.70 Total return 1% · Per year 1% | 109.91 Total return 51% · Per year 51% |
| 3 years | 33.86 Total return -49% · Per year -20% | 68.17 Total return -0% · Per year -0% | 113.97 Total return 64% · Per year 18% |
| 5 years | 27.99 Total return -53% · Per year -14% | 63.92 Total return -1% · Per year -0% | 118.19 Total return 77% · Per year 12% |
- Exit P/E± 17.04
- Net margin± 11.93
- Annual revenue growth± 10.57
- Annual dilution± 1.00
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
Saint-Gobain is a European group in sustainable construction materials, active on all continents. It is currently steering its Lead & Grow plan towards profitable growth, with a multilocal organisation reshaped in June 2025 and about 12 billion euros of growth investment planned to 2030 1.
SWOT
Strengths
- Global industrial footprint, with 24 new lines or plants commissioned in 2025 and a multilocal model close to customer markets 1.
- Innovation capacity supported by research centres and a large number of patents filed in 2025 1.
- Active portfolio management, with acquisitions and disposals completed in 2025 to focus resources 1.
Weaknesses
- The complexity of the June 2025 reorganisation could slow execution in countries with different structures 1.
- Reliance on large capital investment and on respecting the leverage target may limit financial flexibility 1.
- The analysed source gives no detail on returns by segment, which limits assessment of performance by business line 1.
Opportunities
Risks
- Execution risk of the reorganisationmedium
Integrating the new multilocal structure and the Expertise Platforms could delay expected savings if countries adopt the model slowly 1.
- Climate and natural disaster riskmedium
The source indicates assessment of sites exposed to flooding and other natural events, a risk that could affect production if protections prove insufficient 1.
- Product compliance riskmedium
Products must meet standards, environmental declarations and certifications, and non-compliance could lead to penalties and commercial losses 1.
- Acquisition and integration risklow
Acquisitions such as Fosroc or Ovniver require successful integration; failure could reduce the return on investment 1.
- Business continuity risklow
Continuity plans exist at site level, but an unforeseen interruption could affect service to customers 1.
Investment thesis
What would need to be true (bull case)
- If the Lead & Grow plan meets its profitable growth targets, the capital earmarked to 2030 could support significant expansion in priority markets 1.
- A leading position in sustainable materials and construction chemicals could support better pricing and steady demand from renovation 1.
- Innovation capacity and digitalisation could turn research strength into clear differentiation against competitors 1.
What would break the thesis
- If the reorganisation is delayed or fails to deliver the promised savings, the group could carry higher costs than competitors 1.
- Construction demand is sensitive to economic cycles, and a slowdown in European markets could reduce sales 1.
- Decarbonisation requirements and related investment could erode margins if not offset by higher prices 1.
What to watch
- Progress of growth investments and acquisitions under the Lead & Grow plan2027
- Results of the multilocal reorganisation and reported cost savingsnext 10-K
- Trend in asset rotation rate and planned disposals2027
- Net debt to EBITDA level against the 1.5x-2.0x target rangenext 10-K
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
Saint-Gobain defines its purpose as 'Making the world a better home' and operates in lighter, sustainable construction, with focus on insulation, glass, plasterboard, mortars and construction chemicals 1. The group works through a multilocal model in which each country is responsible for all businesses. In June 2025 it created a Group Performance Operations Directorate to support countries in their growth plans 1.
The structure includes Performance Segments that bring business expertise, and shared Expertise Platforms providing innovation, digital, purchasing and industrial excellence solutions 1. The stated aim is simpler structure, economies of scale reinvested in growth and a more complete offer for key accounts, distributors and direct sales 1.
Capital allocation seeks growth and attractive returns for shareholders while keeping a solid balance sheet, with a target net debt to EBITDA between 1.5x and 2.0x 1. In 2025 the group completed 17 acquisitions but also 6 disposals, showing active portfolio management 1.
Segments
Construction chemicals
Acquisitions in 2025 strengthened construction chemicals, including Ovniver (Cemix) in Mexico and Central America, Fosroc in India, the Middle East and Asia-Pacific, and Maturix, a Danish digital platform for real-time concrete production monitoring 1. The group prioritises this segment among high-growth markets 1.
Construction materials and solutions
Investments in new lines and plants cover plasterboard, insulation, mortars and solutions for industry and mobility across all continents 1. Disposals in 2025 included distribution and prefabrication businesses such as Brüggemann and SFIC Belgium as part of a portfolio review 1.
Construction distribution
Distribution remains part of the portfolio, but the group sold several distribution assets in 2025, including SFIC Belgium and Tumelero in Brazil, to focus on lines with higher profitable growth potential 1.
Market context
The group's end markets are construction and renovation, with emphasis on growth in the Americas, Asia-Pacific and emerging countries, where the plan prioritises investment 1. The group identifies regionalisation of the economy and the shortage of skilled labour as factors that increase demand for more productive, easier-to-install products 1.
Product regulation, decarbonisation and environmental declarations for building materials (DEP, FDES) are an important feature of the market, and the group committed 213 million euros in 2025 to its carbon roadmap 1. The context of deglobalisation requires more operational agility 1.
Trends
- Regionalisation of trademixed
The shift towards a more regional economy creates demand for local production and offers adapted to each country, supporting the group's multilocal model 1.
- Shortage of construction labourtailwind
The lack of skilled installers makes productivity and ease of installation purchasing criteria, which could favour the group's prefabricated and digital solutions 1.
- Decarbonisation and circularitymixed
Requirements on emissions and recycled materials call for investment in alternative energy and more efficient processes, implying costs but also differentiation opportunities 1.
- Artificial intelligence and digitalisationtailwind
Use of AI in materials development and quality control can accelerate innovation, but requires continuous investment and new skills 1.
Competitive position
The group states that it aims to outperform its competitors and end markets through commercial excellence, innovation and digital platforms, indicating intense competition in each product line 1. Rivals are not explicitly named in the excerpt analysed, so the list below relies on the segment distinctions the group itself declares 1.
The differentiation Saint-Gobain proposes rests on complete solutions, early prescription with architects and a renewed offer driven by research, with over 450 patents filed in 2025 1. The advantage depends on execution and on the ability to innovate faster than competitors 1.
- Competitors in construction chemicals
The analysed source only states the group aims to outperform competitors in this segment, without naming them.
- Competitors in materials distribution
The group divested distribution assets, indicating competition especially in this channel, without naming rivals.
- Insulation and plasterboard producers
Competition is mentioned at a general level in the excerpt analysed, without company names.
- Regional construction players
The multilocal model implies local competition in each country, without identification of competitors.
News & filings
In the press
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 / Compagnie de Saint-Gobain S.A. · 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.