olivLaw · European equity research
Edenred EDEN.PA
France · Euronext Paris · ISIN FR0010908533 · Vertical: Listed companies from France
Edenred is a digital platform for business services operating in 44 countries, connecting employees, partner merchants and client companies through purpose-specific payments for meals, mobility and inter-company payments. It matters now because it is extending its model toward software and Beyond solutions, relevant for investors tracking the digitisation of employee benefits.
At the close of 05 Nov 2026, Edenred (EDEN.PA) stock was 25.17 EUR (+2.44% on the day), with market capitalisation 6.0 bn EUR, P/E 11.9 on diluted EPS of 2.12 EUR over the last 12 months, dividend yield 4.81%, beta 0.48, 52-week range 15.39–30.53 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)
- 40.7
- weak (30–45)
- Bollinger (20, 2)
- 22.11 – 31.11
- in the lower half of the band · %B 0.34 · band width 33.8%
- SMA 50 / 200
- 27.74 / 23.35
- mixed trend
- MACD (12, 26, 9)
- -1.07 / -0.89
- MACD below 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 | −8.8% | −0.6% | −8.2 pp | — |
| 3 months | −12.9% | −4.2% | −8.7 pp | — |
| 6 months | +19.1% | +4.3% | +14.7 pp | — |
| Year to date | +33.1% | +7.5% | +25.6 pp | — |
| 1 year | +11.4% | +9.9% | +1.5 pp | −6.8% |
| 3 years | −50.5% | +49.8% | −100.3 pp | −15.9% |
| 5 years | −45.6% | +42.8% | −88.5 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 33 percentile of its own 3-quarter history (min 8.9, median 15.8, max 53.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.5 bn | 2.9 bn | 3.0 bn |
| Revenue YoY | unavailable | +13.6% | +3.7% |
| Net income | 267.0 m | 507.0 m | 521.0 m |
| Net income YoY | unavailable | +89.9% | +2.8% |
| Diluted EPS | 1.01 | 2.01 | 2.12 |
| Diluted EPS YoY | unavailable | +99.0% | +5.5% |
| net % | 10.6% | 17.8% | 17.6% |
| Free cash flow | 862.0 m | 812.0 m | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 bn EUR
- Financial debt
- 3.4 bn EUR
- Net debt
- 1.5 bn EUR
- Equity
- -818.0 m EUR
- Total assets
- 13.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.84x
- ROE
- unavailable
- ROA
- 3.9%
- 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 | 2.5 bn | 2.9 bn | 3.0 bn | esef· 07 Apr 2026verified |
| Cost of revenue | — | 252.0 m | 256.0 m | esef· 07 Apr 2026verified |
| Gross profit | — | 2.6 bn ≈ | 2.7 bn ≈ | esef· 07 Apr 2026derived |
| Depreciation & amortisation | — | 225.0 m | 266.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 534.0 m | 799.0 m | 838.0 m | esef· 07 Apr 2026verified |
| Income tax | 226.0 m | 254.0 m | 274.0 m | esef· 07 Apr 2026verified |
| Net income | 267.0 m | 507.0 m | 521.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.01 | 2.01 | 2.12 | esef· 07 Apr 2026verified |
| Dividend per share | 1.11 | 1.25 | 1.21 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.4 bn | 1.6 bn | 1.9 bn | esef· 07 Apr 2026verified |
| Inventories | 67.0 m | 62.0 m | 54.0 m | esef· 07 Apr 2026verified |
| Current assets | 8.9 bn | 8.4 bn | 8.9 bn | esef· 07 Apr 2026verified |
| Goodwill | 2.8 bn | 3.3 bn | 3.0 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.3 bn | 1.3 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Total assets | 13.3 bn | 13.3 bn | 13.6 bn | esef· 07 Apr 2026verified |
| Short-term debt | 536.0 m | 803.0 m | — | esef· 15 Apr 2025verified |
| Long-term debt | 3.5 bn | 3.6 bn | 3.4 bn | esef· 07 Apr 2026verified |
| Current liabilities | 9.7 bn | 9.9 bn | 10.5 bn | esef· 07 Apr 2026verified |
| Equity | -569.0 m | -809.0 m | -818.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 249.5 m | 244.9 m | 239.0 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.0 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Capex | 190.0 m | 217.0 m | — | esef· 15 Apr 2025verified |
| Free cash flow | 862.0 m ≈ | 812.0 m ≈ | — | esef· 15 Apr 2025derived |
| Investing cash flow | -1.2 bn | -704.0 m | -212.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | 147.0 m | -39.0 m | -671.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 278.0 m | 307.0 m | 333.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.0 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 16.46 – 63.18 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/E23.51 – 63.18 (Mid 36.32)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)16.46 – 22.44 (Mid 18.99)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.6% | 95 (vs peers) | 14% |
| FCF conversion · Quality | 202.1% | 100 (on a fixed band) | 14% |
| 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 | 0.8x | 3 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 11.9x | 74 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 17.5% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 5.5% | 79 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 31.6% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial3/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality97/100 · 2/3 factors with a value
- Returns87/100 · 2/2 factors with a value
- Valuation86/100 · 2/3 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
EDENRED (EDEN.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.0 bn EUR in 2025; YoY growth 3.7%; net margin 17.6%.
The estimated value range is 19.99–42.81 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 27.65 EUR, the price of 25.17 EUR leaves a potential of 9.9% (value / price − 1) and a margin of safety of 9.0% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.6%
- FCF conversion: 202.1%
- P/E (TTM): 11.9x
- FCF yield: 17.5%
- Shareholder yield (distributions): 5.5%
- Payout ratio (FCF): 31.6%
What contradicts it
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| EDEN.PAEdenred | 6.0 bn | 11.9 | — | 17.6% | +3.7% | +36% / −50% |
| 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 EDEN.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 | 15.17 Total return -36% · Per year -36% | 26.83 Total return 12% · Per year 12% | 40.43 Total return 67% · Per year 67% |
| 3 years | 14.48 Total return -31% · Per year -12% | 28.84 Total return 31% · Per year 9% | 47.75 Total return 110% · Per year 28% |
| 5 years | 13.82 Total return -27% · Per year -6% | 31.00 Total return 51% · Per year 9% | 56.40 Total return 161% · Per year 21% |
- Exit P/E± 7.21
- Net margin± 5.05
- Annual revenue growth± 4.18
- Annual dilution± 0.42
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
Edenred is a digital platform for business services operating in 44 countries, connecting employees, partner merchants and client companies through purpose-specific payments for meals, mobility and inter-company payments 1. It matters now because it is extending its model toward software and Beyond solutions, relevant for investors tracking the digitisation of employee benefits 1.
SWOT
Strengths
- Digital platform with broad reach, a large network of users and merchants and fine transaction control technology.
- Leading position in purpose-specific payments and a model combining several business lines.
- Experience spanning more than six decades and solid partnerships with merchants and third-party platforms.
Weaknesses
- Reliance on special regulatory frameworks for some products makes revenue sensitive to legislative change.
- Exposure to many currencies and exchange-rate movements can affect results reported in euro.
- Tax complexity across many jurisdictions can generate disputes and additional costs.
Opportunities
- Expansion into small and medium-sized companies and indirect sales through partners could open new clients.
- Electric mobility and Beyond solutions could create new revenue if client adoption increases.
- Monetising transaction data and software services could diversify revenue sources.
Threats
- Competition from fintech players and banks could compress margins in some products.
- Regulatory changes on employee benefits could limit the current offer.
- Cyberattacks and IT system risks could affect client trust.
Risks
- Regulatory change riskhigh
Changes to legislation on solutions with a special tax or social framework could directly affect the appeal of core products 1.
- International tax riskhigh
Presence in many countries and cross-border operations expose the group to challenges of tax positions and rule changes 1.
- Currency riskmedium
Translating results from multiple currencies into euro can influence reported results even though revenue is generally in local currency 1.
- Cyber riskhigh
Card fraud and attacks on IT systems could generate financial and reputational losses 1.
- Competitive riskmedium
New digital entrants in inter-company payments could reduce the group's market share 1.
Investment thesis
What would need to be true (bull case)
- The platform has a broad network of users and merchants, and digitisation of benefits could support revenue growth over the medium term.
- Expansion into electric mobility and software solutions could open recurring revenue with higher margins.
- A leading position in purpose-specific payments could offer relative protection against new entrants.
What would break the thesis
- Reliance on employee-benefit regulation could make revenue vulnerable to legislative change.
- Tax risk and disputes across many jurisdictions could raise costs and lead to penalties.
- Competition from fintech players and banks could pressure margins, especially in inter-company payments.
What to watch
- Trend in transaction volumes and active users2026
- Updated financial guidance for operating revenuenext 10-K
- Results of the mobility line and EV charging2026
- Developments in tax disputes and regulatory litigation2027
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
Edenred describes itself as a digital platform for employee benefits, professional mobility and inter-company payments, with three business lines: employee benefits (including meal vouchers and engagement), mobility (multi-energy supply, EV charging, fleet management, tolls and parking) and payment solutions and new markets 1. The group connects users, merchants and client companies on one technology platform 1.
Value comes from the ability to configure each digital transaction finely, by author, place, amount and moment, enabling a high level of traceability and security for purpose-specific money 1. The company positions its model at the intersection of digital payment technologies, financial flow control, financial intermediation, transactional data use and employee-engagement software 1.
Group strategy rests on deeper penetration of core markets, expansion of Beyond Food, Beyond Fuel and Beyond Payment offerings, indirect distribution through partners and new revenue from user engagement and service monetisation 1.
Segments
Employee benefits
This line includes food-dedicated solutions such as meal vouchers and employee engagement tools such as gift cards, transport, wellbeing and reward platforms 1.
Mobility
The mobility line covers multi-energy supply including EV charging, fleet management, maintenance, tolls and parking, and is an important pillar of sustainable mobility 1.
Payment solutions and new markets
This line develops inter-company payments, including virtual cards, and extends the group into new markets through complementary digital services 1.
Market context
Edenred targets the market for employee benefits and purpose-specific payments, where the company says it holds a global leadership position in money earmarked for a specific use 1. Its activity is spread across 44 countries, which could reduce dependence on any single market if local dynamics change 1.
Growth could come from digitisation of small and medium-sized companies, adoption of engagement software and expansion of sustainable mobility, while regulation of employee benefits remains a key factor 1.
Trends
- Digitisation of employee benefitstailwind
The shift from paper vouchers to cards and digital platforms could support growth in volumes and revenue per transaction 1.
- Shift to electric mobilitytailwind
Growth in EV charging and fleet management could open new revenue sources, but depends on client adoption of electric vehicles 1.
- Tax and social regulation changesheadwind
Legislative changes affecting solutions with a special tax or social framework could reduce the appeal of existing products 1.
- Interest rate cyclemixed
Higher interest rates raised financing costs but may also improve returns on cash placements, so the effect is mixed 1.
Competitive position
The company faces competition from other card issuers and benefit platforms, as well as digital players that may enter inter-company payments 1. Relationships with distribution partners and third-party platforms are key to maintaining its position 1.
Differentiation depends on transaction control technology, the merchant network and the ability to integrate engagement software into the full offer 1.
- Pluxee
Direct competitor in employee benefits and purpose-specific payments across several countries.
- Fleetcor / Corpay
Competitor in fleet management and payments for fuel and mobility.
- Fintech players
Digital companies that may compete in inter-company payments and virtual cards.
- Traditional card issuers
Banks and processors that may offer competing solutions for employee cards.
News & filings
In the press
- Producătorii locali pot primi granturi de 10.000 de lei printr-un program lansat de Edenred, HORA și FIHREconomedia · 20 Oct 2026 · RO
- Producătorii locali primesc o șansă în plus: Edenred, HORA și FIHR lansează o nouă competiție națională de granturiMediafax · 19 Oct 2026 · RO
- Adrian şi Adriana Sârbu, din echipa care a construit şi a vândut către Edenred platforma de beneficii Benefit Online, au lansat Simplifi, o platformă de semnătură electronică pentru IMM-uri: Ţintim 2 milioane de utilizatori în doi ani, de la 10.000 acumZiarul Financiar · 29 Sept 2026 · RO
- Aproape 8 din 10 angajați români mănâncă de prânz în mai puțin de 30 de minute. Volumul de muncă comprimă pauza de masă, arată un studiu EdenredLibertatea.ro · 03 Sept 2026 · RO
- Studiu Edenred: Pauza de prânz a românilor se scurtează. Aproape 8 din 10 angajați termină masa în cel mult 30 de minuteMediafax · 01 Sept 2026 · RO
- Studiu Edenred: Pauza de prânz a românilor se scurtează. Aproape 8 din 10 angajați termină masa în cel mult 30 de minuteFinancial Intelligence (RO) · 01 Sept 2026 · RO
- De 10 ani, Edenred crește comunități. Ediția aniversară Ideal Day a reunit voluntariat, gastronomie sustenabilă și 1.000 de răsaduri plantate alături de copiiMediafax · 29 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Edenred · 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.