olivLaw · European equity research
VINCI DG.PA
France · Euronext Paris · ISIN FR0000125486 · Vertical: Listed companies from France
VINCI is a concessions and construction group operating through energy services, building solutions and digital technology divisions. As demand for energy infrastructure, data centers and digitalisation grows, its diversified portfolio becomes more relevant. Revenues at Actemium and Cobra IS rose in 2025.
At the close of 05 Nov 2026, VINCI (DG.PA) stock was 112.95 EUR (+1.35% on the day), with market capitalisation 63.2 bn EUR, P/E 13.1 on diluted EPS of 8.65 EUR over the last 12 months, dividend yield 4.21%, beta 0.84, 52-week range 105.60–142.35 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)
- 62.8
- strong (55–70)
- Bollinger (20, 2)
- 104.59 – 111.62
- above the upper band · %B 1.19 · band width 6.5%
- SMA 50 / 200
- 109.75 / 122.78
- mixed trend
- MACD (12, 26, 9)
- 0.32 / -0.45
- 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 | +3.4% | −0.6% | +4.0 pp | — |
| 3 months | −10.8% | −4.2% | −6.6 pp | — |
| 6 months | −14.1% | +4.3% | −18.5 pp | — |
| Year to date | −5.9% | +7.5% | −13.4 pp | — |
| 1 year | −3.6% | +9.9% | −13.5 pp | −6.8% |
| 3 years | +7.1% | +49.8% | −42.8 pp | −15.9% |
| 5 years | +18.2% | +42.8% | −24.6 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 33 percentile of its own 3-quarter history (min 11.8, median 13.9, max 13.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 69.6 bn | 72.5 bn | 75.4 bn |
| Revenue YoY | unavailable | +4.1% | +4.0% |
| Net income | 4.7 bn | 4.9 bn | 4.9 bn |
| Net income YoY | unavailable | +3.4% | +0.8% |
| Diluted EPS | 8.18 | 8.43 | 8.65 |
| Diluted EPS YoY | unavailable | +3.1% | +2.6% |
| net % | 6.8% | 6.7% | 6.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.3 bn EUR
- Financial debt
- 6.7 bn EUR
- Net debt
- -10.5 bn EUR
- Equity
- 34.3 bn EUR
- Total assets
- 133.1 bn EUR
- Debt / equity
- 0.20x
- Current ratio
- unavailable
- ROE
- 14.3%
- ROA
- 3.7%
- 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 | 69.6 bn | 72.5 bn | 75.4 bn | esef· 04 Mar 2026verified |
| Operating income | 8.1 bn | 8.8 bn | 9.4 bn | esef· 04 Mar 2026verified |
| Income tax | 1.9 bn | 2.1 bn | 2.7 bn | esef· 04 Mar 2026verified |
| Net income | 4.7 bn | 4.9 bn | 4.9 bn | esef· 04 Mar 2026verified |
| Diluted EPS | 8.18 | 8.43 | 8.65 | esef· 04 Mar 2026verified |
| Dividend per share | 4.37 | 4.50 | 4.75 | esef· 04 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.6 bn | 15.2 bn | 17.3 bn | esef· 04 Mar 2026verified |
| Receivables | — | 19.4 bn | 19.5 bn | esef· 04 Mar 2026verified |
| Inventories | 1.9 bn | 1.8 bn | 1.7 bn | esef· 04 Mar 2026verified |
| Goodwill | 17.6 bn | 19.5 bn | 20.2 bn | esef· 04 Mar 2026verified |
| Total assets | 118.6 bn | 129.5 bn | 133.1 bn | esef· 04 Mar 2026verified |
| Short-term debt | 5.0 bn | 6.2 bn | 6.7 bn | esef· 04 Mar 2026verified |
| Equity | 32.0 bn | 34.0 bn | 34.3 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 567.9 m | 570.1 m | 559.7 m | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 10.5 bn | 11.7 bn | 11.9 bn | esef· 04 Mar 2026verified |
| Investing cash flow | -4.0 bn | -9.1 bn | -5.1 bn | esef· 04 Mar 2026verified |
| Financing cash flow | -3.4 bn | -3.0 bn | -4.3 bn | esef· 04 Mar 2026verified |
| Dividends paid | 2.5 bn | 3.5 bn | 3.5 bn | esef· 04 Mar 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: 4 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: 63.2 bn 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: 64.60 – 257.78 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/E95.94 – 257.78 (Mid 148.18)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)64.60 – 88.09 (Mid 74.54)
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: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 32.2% | 86 (vs peers) | 31% |
| Net margin · Quality | 6.5% | 82 (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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.1x | 70 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.5% | 78 (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 sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial78/100 · 1/2 factors with a value
- Valuation· partial70/100 · 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
VINCI (DG.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 75.4 bn EUR in 2025; YoY growth 4.0%; net margin 6.5%; ROE 16.2%.
The estimated value range is 80.27–172.93 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 111.36 EUR, the price of 112.95 EUR leaves a potential of -1.4% (value / price − 1) and a margin of safety of -1.4% (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: 4 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
- ROIC: 32.2%
- Net margin: 6.5%
- Shareholder yield (distributions): 5.5%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, 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% |
| DG.PAVinci | 63.2 bn | 13.1 | 16.2% | 6.5% | +4.0% | −8% / +1% |
| 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 DG.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 | 67.29 Total return -37% · Per year -37% | 118.98 Total return 10% · Per year 10% | 179.26 Total return 64% · Per year 64% |
| 3 years | 64.67 Total return -33% · Per year -12% | 128.74 Total return 28% · Per year 9% | 213.06 Total return 106% · Per year 27% |
| 5 years | 62.16 Total return -29% · Per year -7% | 139.30 Total return 47% · Per year 8% | 253.23 Total return 156% · Per year 21% |
- Exit P/E± 32.19
- Net margin± 22.53
- Annual revenue growth± 18.58
- Annual dilution± 1.89
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
VINCI is a concessions and construction group operating through energy services, building solutions and digital technology divisions. As demand for energy infrastructure, data centers and digitalisation grows, its diversified portfolio becomes more relevant. Revenues at Actemium and Cobra IS rose in 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Concentration on construction projectsmedium
Construction activity is sensitive to the economic cycle and to the availability of financing 1.
- Margin pressuremedium
Competition and material costs could reduce margins on competitive projects 1.
- Geopolitical risksmedium
International operations expose the group to political and regulatory changes in several countries 1.
- Integration of acquisitionslow
Integrating the companies acquired in Germany could require additional time and resources 1.
- Dependence on data center demandlow
A slower pace of data center investment could affect several divisions at once 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Revenue trends at Cobra IS and its data center projects2026
- Growth rate and margins at Axians2026
- Integration of the German acquisitions2026
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
VINCI Energies brings together businesses specialised in energy, industrial and building services, with Actemium activity of 4.9 billion EUR in 2025, up 8% 1. The Building Solutions and Axians divisions complete the group, Building Solutions reporting activity of 6.1 billion EUR 1. The company operates across Europe, Africa and Asia through extensive local networks, with about 600 businesses in building services 1.
Cobra IS, the division for engineering and services in energy, industry, telecommunications and mobility, reported 2025 revenue of 8.0 billion EUR, up 13% 1. Its activity is present in 65 countries, with a strong position in Spain, Portugal and Latin America 1. Most of its activity is flow business, meaning recurring operations 1.
Axians, the telecommunications and IT systems division, reported 2025 revenue of 3.8 billion EUR, up 1% 1. About 40% of its revenue comes from telecom infrastructure and 60% from IT systems activities 1.
Segments
Cobra IS
Cobra IS posted the strongest growth among the group's divisions in 2025, with revenue of 8.0 billion EUR 1. It is active in data centers, renewable energy and transport infrastructure, with flow business making up 55% of its activity 1.
Market context
The markets VINCI serves are shaped by defence investment, building renovation for energy efficiency and the expansion of data centers 1. Building Solutions activity grew 8% in 2025, indicating solid demand for renovation projects 1. Telecom and IT markets are driven by artificial intelligence and the need for digital sovereignty 1.
Energy and transport infrastructure in Spain and Latin America remains an important driver for Cobra IS, with renewable energy, green hydrogen and data center projects 1. Markets in North Africa and South-East Asia offer additional opportunities for the building services division 1.
Trends
- Artificial intelligence and data centerstailwind
AI development accelerates demand for data centers and liquid cooling solutions, widening opportunities across several divisions 1.
- Building renovationtailwind
Energy-efficiency renovation projects are growing, with technical packages often exceeding 70% of a project 1.
- Defence investmenttailwind
Rising defence investment supports the energy services division's activity 1.
- Cost pressure and competitionheadwind
Competitive markets and margin pressure could limit revenue growth in some segments, especially in new-build construction 1.
Competitive position
VINCI Energies and Axians compete with large technical services firms and IT integrators in Europe and Asia. Competition is intense in data center projects, where global players and local suppliers contest on price and capacity 1. The group's position rests on local networks and long-term integrated services 1.
In telecoms and energy infrastructure, competitors include construction services operators and specialised engineers. VINCI's edge lies in covering the full project lifecycle, from design to maintenance 1.
- Schneider Electric
Competitor in electrical and automation solutions for buildings and industry.
- Siemens
Competitor in industrial automation and digital infrastructure.
- ACS
European competitor in construction and infrastructure services.
- Ferrovial
Competitor in transport infrastructure and mobility services.
News & filings
In the press
- Codul unui lacăt găsit pe o epavă a fost spart după 400 de ani: "Seamănă cu un fel de Cod al lui Da Vinci." Ce a urmatAntena 3 CNN · 04 Nov 2026 · RO
- Cifrul unui lacăt vechi de 400 de ani de pe o epavă din Țara Galilor a fost spart: „A fost precum codul lui Da Vinci”Libertatea.ro · 04 Nov 2026 · RO
- Curiozitatea nu intră în vacanță. Elevii din Voluntari au continuat să-și descopere talentul la Academia Da VinciAntena 3 CNN · 02 Nov 2026 · RO
- Prima platformă de chirurgie robotică da Vinci 5, implementată la Spitalul Clinic Judeţean de Urgenţă BistriţaZiarul Financiar · 21 Oct 2026 · RO
- ZF Private Health. Dr. Dănuţ Dejeu, şeful secţiei de chirurgie oncologică din Spitalul Judeţean Oradea: „Este nevoie de finanţare pentru spitalele care au sisteme robotice Da Vinci, este impedimentul care stă în calea dezvoltării“Ziarul Financiar · 15 Oct 2026 · RO
- Spitalul Județean de Urgență Bistrița, primul spital public din România care deține sistemul de chirurgie robotică Da Vinci 5 - TVRInfo.roSurge — Google News · 15 Oct 2026 · RO
- Show HN: A guided 3D Leonardo da Vinci museum, built in codeHacker News · 14 Oct 2026 · EN
- Atelier pentru micii inventatori, la Sibiu: de la Arhimede la Leonardo da Vinci - Sibiu IndependentSurge — Google News · 05 Oct 2026 · RO
- ZF Private Health. Prof. dr. Elvira Brătilă, specializată în chirurgia robotică da Vinci: Chirurgii trebuie să aibă pregătire fizică şi mintală mai drastică decât a unui atlet. Ei nu pot pierde competiţia în sala de operaţieZiarul Financiar · 01 Oct 2026 · RO
- Urmează ZF Health & Pharma, 28-29 septembrie. Daniela Fistis, commercial manager al Sofmedica România, care aduce roboţii Da Vinci în România, vine la conferinţa ZF Health & PharmaZiarul Financiar · 09 Sept 2026 · RO
- ZF Private Health. Dr. Felix Dobriţoiu, specialist în chirurgia toracică robotică da Vinci: Numărul de platforme de chirurgie robotică din Europa ne arată viitorul României. Este mersul normal al lucrurilor, atunci când ceva aduce avantaje, inevitabil va fi implementat în mult mai multe spitaleZiarul Financiar · 03 Sept 2026 · RO
- Elevii din Voluntari au adus „Micul Prinț” pe scenă, la cursurile de vară ale Academiei Da VinciAntena 3 CNN · 20 Aug 2026 · RO
- Dorian Popa, „Satana” sau Leonardo da Vinci? Pe cine văd turiștii în statuia din Bușteni care a aprins InternetulAdevărul · 10 Aug 2026 · RO
- Cinci zile care le-au schimbat vacanța în cea mai frumoasă lecție de viață. Prima serie a Taberei Urbane Academia Da Vinci s-a încheiatAntena 3 CNN · 17 Jul 2026 · RO
- The end of an era. Francezii de la Vinci Energies schimbă complet consiliul de administraţie de la Energobit. Toţi cei trei fondatori ai companiei clujene au fost înlocuiţiZiarul Financiar · 15 Jul 2026 · RO
- R.U.G. Commander Hamlet Avagyan on his friendship with Da Vinci, Colombians fighting North Koreans in Kursk, and the Kupiansk effectUkrainska Pravda (UA, EN) · 07 Jul 2026 · RO
- Inaugurare spectaculoasă a robotului chirurgical da Vinci 5 la Institutul Clinic Fundeni: unei paciente de 70 de ani i s-a scos un segment din ficat afectat de cancerLibertatea.ro · 06 Jul 2026 · RO
- România ajunge la 31 de programe de chirurgie robotică da Vinci™. Un nou echipament a fost instalat la Institutul Clinic FundeniZiarul Financiar · 15 Jun 2026 · RO
- Robotul da Vinci a sosit la Fundeni! Prof. dr. Vlad Brașoveanu: „Recoltare hepatică cu risc mai redus pentru cei care aleg să salveze o viață”Libertatea.ro · 11 Jun 2026 · RO
- Actorii din „Berlin“, despre artă, masculinitate toxică și vulnerabilitate într-un jaf inspirat de Leonardo da Vinci: „Încrederea este mai greu de câștigat decât dragostea“Adevărul · 31 May 2026 · RO
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / VINCI · 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.