olivLaw · European equity research
Capgemini SE CAP.PA
France · Euronext Paris · ISIN FR0000125338 · Vertical: Listed companies from France
Capgemini SE is a French group offering consulting, technology and outsourcing services, with a stable presence in more than 50 countries and a significant part of its production capacity concentrated in India. For investors, the group remains relevant through how it adapts its service portfolio to generative artificial intelligence and manages personnel costs.
At the close of 05 Nov 2026, Capgemini SE (CAP.PA) stock was 130.50 EUR (+0.77% on the day), with market capitalisation 22.2 bn EUR, P/E 13.8 on diluted EPS of 9.47 EUR over the last 12 months, dividend yield 2.63%, beta 0.64, 52-week range 86.06–151.85 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)
- 70.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 115.22 – 131.32
- in the upper half of the band · %B 0.95 · band width 13.1%
- SMA 50 / 200
- 113.20 / 105.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 4.50 / 4.32
- 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 | +18.7% | −0.6% | +19.3 pp | — |
| 3 months | +19.5% | −4.2% | +23.6 pp | — |
| 6 months | +24.4% | +4.3% | +20.1 pp | — |
| Year to date | −8.3% | +7.5% | −15.8 pp | — |
| 1 year | +1.7% | +9.9% | −8.2 pp | −6.8% |
| 3 years | −22.7% | +49.8% | −72.5 pp | −15.9% |
| 5 years | −38.1% | +42.8% | −80.9 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 25 percentile of its own 4-quarter history (min 0.0, median 18.4, max 32.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 18.2 bn | 22.0 bn | 22.5 bn | 22.1 bn |
| Revenue YoY | unavailable | +21.1% | +2.4% | −1.9% |
| Net income | 1.2 bn | 1.5 bn | 1.7 bn | 1.7 bn |
| Net income YoY | unavailable | +33.7% | +7.5% | +0.5% |
| Diluted EPS | 6.66 | 8,790,000.00 | 9.37 | 9.47 |
| Diluted EPS YoY | unavailable | +131,981,882.0% | −100.0% | +1.1% |
| net % | 6.4% | 7.0% | 7.4% | 7.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 2.8 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 11.8 bn EUR
- Total assets
- 25.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.21x
- ROE
- 15.0%
- ROA
- 6.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 18.2 bn | 22.0 bn | 22.5 bn | 22.1 bn | esef· 15 Apr 2025verified |
| Cost of revenue | 13.4 bn | 16.2 bn | 16.5 bn | 16.0 bn | esef· 15 Apr 2025verified |
| Gross profit | 4.8 bn ≈ | 5.8 bn ≈ | 6.0 bn ≈ | 6.1 bn ≈ | esef· 15 Apr 2025derived |
| Operating income | 1.8 bn | 2.4 bn | 2.3 bn | 2.4 bn | esef· 15 Apr 2025verified |
| Income tax | 526.0 m | 710.0 m | 626.0 m | 681.0 m | esef· 15 Apr 2025verified |
| Net income | 1.2 bn | 1.5 bn | 1.7 bn | 1.7 bn | esef· 15 Apr 2025verified |
| Diluted EPS | 6.66 | 8,790,000.00 | 9.37 | 9.47 | esef· 15 Apr 2025verified |
| Weighted average diluted shares | 173.9 m | 176,019.7 bn | 177.4 m | 176.4 m | esef· 15 Apr 2025verified |
| Dividend per share | 1.95 | 2.40 | 3.26 | 3.43 | esef· 15 Apr 2025derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 3.1 bn | 3.8 bn | 3.5 bn | 2.8 bn | esef· 15 Apr 2025verified |
| Receivables | — | — | 3.3 bn | 3.2 bn | esef· 15 Apr 2025verified |
| Current assets | 9.0 bn | 10.3 bn | 9.7 bn | 9.3 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 880.0 m | 876.0 m | 788.0 m | 755.0 m | esef· 15 Apr 2025verified |
| Goodwill | 10.6 bn | 11.1 bn | 11.2 bn | 12.3 bn | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 1.0 bn | 906.0 m | 798.0 m | 837.0 m | esef· 15 Apr 2025verified |
| Total assets | 24.0 bn | 25.5 bn | 24.7 bn | 25.7 bn | esef· 15 Apr 2025verified |
| Current liabilities | 6.5 bn | 8.1 bn | 7.2 bn | 7.7 bn | esef· 15 Apr 2025verified |
| Equity | 8.5 bn | 9.7 bn | 10.5 bn | 11.8 bn | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 168.4 m | 170.2 m | 171.4 m | 170.2 m | esef· 15 Apr 2025derived |
Cash flow · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.6 bn | 2.5 bn | 2.5 bn | 2.5 bn | esef· 15 Apr 2025verified |
| Investing cash flow | -678.0 m | -659.0 m | -383.0 m | -1.3 bn | esef· 15 Apr 2025verified |
| Financing cash flow | -1.7 bn | -1.1 bn | -2.3 bn | -2.0 bn | esef· 15 Apr 2025verified |
| Dividends paid | 329.0 m | 409.0 m | 559.0 m | 584.0 m | esef· 15 Apr 2025verified |
| Share repurchases | 197.0 m | 826.0 m | 876.0 m | 989.0 m | esef· 15 Apr 2025verified |
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 weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 22.2 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
44% · 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: 46.68 – 282.21 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E105.04 – 282.21 (Mid 162.23)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)46.68 – 63.65 (Mid 53.86)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.6% | 82 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 6.8% | 56 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | 12.4% | 83 (on a fixed band) | 19% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 13.8x | 65 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.1% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial34/100 · 1/3 factors with a value
- Growth70/100 · 2/2 factors with a value
- Quality· partial82/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial65/100 · 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
CAPGEMINI (CAP.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 22.1 bn EUR in 2024; YoY growth -1.9%; net margin 7.6%; ROE 15.0%.
The estimated value range is 75.86–172.93 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 108.04 EUR, the price of 130.50 EUR leaves a potential of -17.2% (value / price − 1) and a margin of safety of -20.8% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 7.6%
- EPS CAGR 3Y: 12.4%
- Shareholder yield (distributions): 7.1%
What contradicts it
- 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, 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% |
| CAP.PACapgemini | 22.2 bn | 13.8 | 15.0% | 7.6% | −1.9% | −3% / −31% |
| 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 CAP.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 | 81.80 Total return -35% · Per year -35% | 144.47 Total return 14% · Per year 14% | 217.40 Total return 70% · Per year 70% |
| 3 years | 83.04 Total return -30% · Per year -11% | 164.65 Total return 36% · Per year 11% | 271.53 Total return 120% · Per year 30% |
| 5 years | 84.29 Total return -24% · Per year -5% | 187.66 Total return 60% · Per year 10% | 339.13 Total return 182% · Per year 23% |
- Exit P/E± 41.16
- Net margin± 28.81
- Annual revenue growth± 23.15
- Annual dilution± 2.42
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
Capgemini SE is a French group offering consulting, technology and outsourcing services, with a stable presence in more than 50 countries and a significant part of its production capacity concentrated in India 1. For investors, the group remains relevant through how it adapts its service portfolio to generative artificial intelligence and manages personnel costs 1.
SWOT
Strengths
- A stable presence in more than 50 countries and a Rightshore model that distributes production across several centres 1.
- The structure of strategic and national Business Units allows a rapid response to changes in the business environment 1.
- A diversified portfolio and cross-cutting offers contributed to the group's resilience during the health crisis 1.
Weaknesses
- A significant part of production capacity is concentrated in a single country, India, which increases exposure to local risks 1.
- Dependence on scarce digital talent creates pressure on personnel costs and turnover 1.
- Integrating acquisitions may prove more complex than expected and could lead to the loss of key staff 1.
Opportunities
- The portfolio of offers dedicated to generative artificial intelligence could attract clients seeking higher productivity 1.
- Clients' digital transformation demand across varied industries may support the expansion of offers 1.
- Strategic acquisitions could strengthen geographic presence and the portfolio of industries if integration succeeds 1.
Risks
- Concentration of production in Indiahigh
Half of the group's workforce is located in India, and natural disasters, political tensions or telecom network disruption could affect activity 1.
- Adapting the service portfoliomedium
Adapting too slowly to new technologies and client demands could lead to lower sales and margin erosion 1.
- Integration of acquisitionsmedium
Integrating acquired companies may deliver only part of the expected synergies and affect financial results 1.
- Personnel cost inflationhigh
If wage inflation and staff turnover continue, the group could fail to control its cost base, affecting profitability 1.
- Sanctions and export restrictionsmedium
New sanctions, embargoes or restrictions on the location of resources could limit the cross-border delivery model 1.
Investment thesis
What would need to be true (bull case)
- If offers dedicated to generative artificial intelligence turn into revenue, the group could benefit from new client demand 1.
- A production model spread across several centres can support operational resilience in the face of crises 1.
- A presence in economically and politically stable regions such as Europe and North America supports the revenue base 1.
What would break the thesis
What to watch
- Development of the portfolio of offers based on generative artificial intelligence2027
- Trend in personnel costs and staff turnover ratenext 10-K
- Impact of geopolitical tensions on the delivery model2027
- Integration of acquired companies and delivery of synergiesnext 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
Capgemini SE provides clients with technology, consulting and digital transformation services, organised into strategic Business Units by region and national Business Units close to their target markets 1. Its Rightshore industrial model distributes part of service production to centres located far from clients or in countries other than those of the clients served 1. The group aims to meet the business objectives of clients' CXOs through service portfolios renewed regularly 1.
Segments
Strategic and national Business Units
The group is structured into strategic Business Units covering different regions of the world, complemented by national Business Units, which allows a rapid understanding of market changes 1. This organisation supports a rapid response to a changing business environment 1.
Service lines and portfolio
Service lines define and steer the service portfolio, in coordination with the group's Chief Portfolio Officer, who ensures the methodology and coherence of offers 1. The group has already launched a portfolio of offers dedicated to generative artificial intelligence 1.
Production centres and Rightshore
Service production is spread across centres in India, Poland, Portugal, Romania, China, Guatemala, Morocco, Tunisia and other countries in Asia and Latin America 1. This distribution diversifies risks but also exposes the group to local risks such as natural disasters or political instability 1.
Market context
The group operates in a sector where spending on technology and consulting continues even in a context of economic slowdown, though projects may be postponed and budgets of external providers reduced 1. Most revenue is generated in Europe and North America, areas considered relatively stable economically and politically 1.
Client demand is influenced by central bank policies, the cost of debt and geopolitical tensions, which can change their investment strategies 1. Pricing and commitment pressure, generated by trade tensions, may affect margins across the industry 1.
Trends
- Generative artificial intelligencemixed
Generative artificial intelligence raises client expectations about productivity and may change how services are delivered, forcing the group to adapt its offers continuously 1. If the group turns these capabilities into portfolios clients request, this could support revenue growth 1.
- Cost pressure on talentheadwind
Demand for digital talent generates wage inflation and high staff turnover, raising production costs 1. This may limit the group's ability to control its cost base and maintain profitability 1.
- Geopolitical tensions and export rulesheadwind
Restrictions imposed by some countries, including the United States, on the location of resources and tensions between the United States and China could generate new sanctions and embargoes 1. These developments may limit the flexibility of the delivery model across several centres 1.
- Consolidation through acquisitionsmixed
The group regularly acquires companies of different sizes to strengthen its geographic presence or its portfolio of industries and services 1. Integrating these companies may prove more complex than expected and could affect results if expected synergies do not materialise 1.
Competitive position
The group operates in an intensely competitive environment, where pricing and commitment pressure, inflation and productivity expectations generated by generative artificial intelligence reinforce competition 1. To remain competitive, the group depends on its ability to quickly adapt production capacity to order volume 1.
The analysed sources do not name the group's direct competitors, so a comparison with other sector players cannot be supported from these documents 1. A full analysis would require additional sources on the IT services market 1.
- Competitors in the analysed sources
The analysed sources do not name the group's competitors, so no comparison based on them is possible.
- Other global IT services providers
They are not mentioned in the document, and identifying them would require additional sources.
- Regional outsourcing providers
The group operates in several regions, but local competition is not detailed in the analysed sources.
- Consulting firms with technology services
The sources do not identify them, but competitive pressure in the consulting segment is cited as a risk factor.
News & filings
In the press
- Capgemini raises 2026 guidance as AI push brings work to IT consultantsCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- HMRC vowed to break up with Capgemini then paid it another £4.2BThe Register · 28 Sept 2026 · EN
- Capgemini taie în România din capital pentru acoperirea pierderilorProfit.ro · 23 Sept 2026 · RO
- Pe Profit Insider: Capgemini taieProfit.ro · 21 Sept 2026 · RO
- £37M SAP overhaul could extend Capgemini's run with UK tax collector to 28 yearsThe Register · 20 Aug 2026 · EN
- Capgemini AI chief: Humans and AI don’t have the right chemistry — yetEuronews Next · 19 Jun 2026 · RO
- UK tax collector hands Capgemini £600M contact center deal, delays start of £2.4B CRM contractThe Register · 04 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202230 Mar 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Capgemini SE · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.