olivLaw · European equity research
Bouygues EN.PA
France · Euronext Paris · ISIN FR0000120503 · Vertical: Listed companies from France
Bouygues is a French group with six business divisions, of which construction (Colas, Bouygues Construction, Bouygues Immobilier) and energy (Equans) dominate activity. With a construction order backlog of 32.2 bn EUR at the end of 2024, the group has high visibility on future activity, but it operates in an uncertain global environment.
At the close of 05 Nov 2026, Bouygues (EN.PA) stock was 43.09 EUR (+2.64% on the day), with beta 0.69, 52-week range 39.81–53.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 39.60 – 42.25
- above the upper band · %B 1.31 · band width 6.5%
- SMA 50 / 200
- 42.29 / 47.51
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.44
- 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 | +4.5% | −0.6% | +5.2 pp | — |
| 3 months | −12.4% | −4.2% | −8.2 pp | — |
| 6 months | −15.6% | +4.3% | −19.9 pp | — |
| Year to date | −2.8% | +7.5% | −10.4 pp | — |
| 1 year | +8.4% | +9.9% | −1.5 pp | −6.8% |
| 3 years | +28.9% | +49.8% | −20.9 pp | −15.9% |
| 5 years | +21.1% | +42.8% | −21.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 44.3 bn | 56.0 bn | 56.8 bn |
| Revenue YoY | unavailable | +26.4% | +1.3% |
| Net income | 973.0 m | 1.0 bn | 1.1 bn |
| Net income YoY | unavailable | +6.9% | +1.7% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 2.2% | 1.9% | 1.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 5.6 bn EUR
- Financial debt
- 10.5 bn EUR
- Net debt
- 4.9 bn EUR
- Equity
- 14.5 bn EUR
- Total assets
- 63.1 bn EUR
- Debt / equity
- 0.72x
- Current ratio
- unavailable
- ROE
- 7.4%
- ROA
- 1.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 44.3 bn | 56.0 bn | 56.8 bn | esef· 15 Apr 2025verified |
| Operating income | 1.9 bn | 2.1 bn | 2.2 bn | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 2.2 bn | 2.3 bn | 2.4 bn | esef· 15 Apr 2025verified |
| EBITDA | 4.1 bn ≈ | 4.4 bn ≈ | 4.6 bn ≈ | esef· 15 Apr 2025derived |
| Income tax | 424.0 m | 547.0 m | 617.0 m | esef· 15 Apr 2025verified |
| Net income | 973.0 m | 1.0 bn | 1.1 bn | esef· 15 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.7 bn | 5.5 bn | 5.6 bn | esef· 15 Apr 2025verified |
| Inventories | 3.1 bn | 2.9 bn | 2.9 bn | esef· 15 Apr 2025verified |
| Current assets | 29.5 bn | 29.0 bn | — | esef· 26 Mar 2024verified |
| Property, plant & equipment, net | 9.2 bn | 9.4 bn | 9.6 bn | esef· 15 Apr 2025verified |
| Goodwill | 12.6 bn | 12.7 bn | 13.7 bn | esef· 15 Apr 2025verified |
| Intangibles (excl. goodwill) | 4.0 bn | 3.7 bn | 3.9 bn | esef· 15 Apr 2025verified |
| Total assets | 60.6 bn | 60.7 bn | 63.1 bn | esef· 15 Apr 2025verified |
| Long-term debt | 11.6 bn | 10.6 bn | 10.5 bn | esef· 15 Apr 2025verified |
| Current liabilities | 29.9 bn | 30.4 bn | — | esef· 26 Mar 2024verified |
| Equity | 13.9 bn | 14.1 bn | 14.5 bn | esef· 15 Apr 2025verified |
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: 3 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 3 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 9.8% | 67 (vs peers) | 38% |
| Net margin · Quality | 1.9% | 59 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.1x | 29 (vs peers) | 38% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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· partial29/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality64/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
BOUYGUES (EN.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 56.8 bn EUR in 2024; YoY growth 1.3%; net margin 1.9%; ROE 8.4%; net debt/EBITDA 1.1x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
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.
What contradicts it
- Net debt / EBITDA: 1.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, P/E (TTM), 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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for EN.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
Scenarios are not available. input data missing
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
Bouygues is a French group with six business divisions, of which construction (Colas, Bouygues Construction, Bouygues Immobilier) and energy (Equans) dominate activity. With a construction order backlog of 32.2 bn EUR at the end of 2024 1, the group has high visibility on future activity, but it operates in an uncertain global environment 1.
SWOT
Strengths
- The group has a strong global position in construction and a diversified portfolio of divisions.
- A high order backlog gives visibility on future activity.
- A presence on five continents reduces dependence on a single market.
Weaknesses
- Operating margins in construction are relatively thin and sensitive to costs.
- Revenue in the French divisions declined slightly in 2024.
- Activity depends on public contracts and investment budgets.
Opportunities
- The energy transition opens demand for decarbonisation and renewable energy services.
- Rail and road infrastructure projects can support growth at Colas.
- Building energy renovation can extend construction and property activity.
Threats
- Climate risks can affect sites, deliveries and insurance costs.
- Carbon regulation can raise costs for suppliers and for the group.
- An uncertain global economy can slow client investment.
Risks
- Climate riskhigh
Extreme weather events could cause operating losses and project delays.
- Transition riskmedium
New environmental rules could raise investment and operating costs.
- Supply chain riskmedium
Suppliers in vulnerable areas may face disruptions that delay material deliveries.
- Compliance riskhigh
Corruption or unethical conduct cases could lead to sanctions and loss of trust.
- Tax risklow
Tax and social measures for the coming year could reduce net income.
Investment thesis
What would need to be true (bull case)
- A high order backlog and demand for infrastructure and decarbonisation could support group growth.
- A broad international presence could reduce concentration risk on a single market.
- If construction margins improve, operating income could grow faster than revenue.
What would break the thesis
- Thin construction margins could remain vulnerable to rising costs.
- Dependence on public budgets could limit growth in some countries.
- Climate risks and carbon regulation could raise long-term costs.
What to watch
- Evolution of the construction order backlognext 10-K
- Operating margins at Colas and in construction2025
- Effects of the finance laws on net income2025
- Equans performance in the energy transition2025
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
The structure includes six divisions, among them Colas, Bouygues Construction, Bouygues Immobilier and Equans, and decarbonisation and energy services are an important strategic direction 1. Construction is dominant in volume, with an order backlog of 32.2 bn EUR at end 2024 1. The group also pursues opportunities in the ecological transition through renewable energy and building energy renovation 1.
Management works with a governance, selection and remuneration committee, and the board approves major strategies and transactions 1. The 2025 outlook depends on the effects of the finance laws, estimated at about 100 million EUR on net income attributable to the group 1.
Segments
Market context
The construction and transport infrastructure market depends on public and private investment, and the group operates on five continents 1. Demand for decarbonisation and climate adaptation solutions is growing, which could support the portfolio over the long term 1. The market remains sensitive to macroeconomic conditions and budget policy 1.
Construction revenue rose 1% in 2024 1, with Asia-Pacific and Africa-Middle East showing the strongest growth 1. French markets were broadly stable, with a slight decline in revenue 1.
Trends
- Energy and climate transitionmixed
Demand for low-carbon solutions and climate adaptation opens opportunities for the group, especially in energy and infrastructure 1. If carbon regulation increases, costs could rise for suppliers too 1.
- Transport infrastructure investmenttailwind
Rail and road infrastructure projects in several countries support Colas' order book 1. Continuing these programmes could sustain the division's activity 1.
- Physical climate risksheadwind
Extreme weather can affect assets, construction sites and project deliveries, and insurance could become more expensive 1.
- Costs and tax policyheadwind
The 2025 finance laws and social security financing law have an estimated impact on net income 1. Rising compliance and energy costs could reduce margins 1.
Competitive position
The group competes with other large construction and energy companies in local and international markets 1. Its advantage comes from its extensive presence on five continents and its diversified portfolio 1. Competitive pressure varies by region and contract type 1.
Official sources do not name specific competitors for each division, so the comparative analysis remains limited 1. Comparison with other players depends on external data not included in this analysis 1.
- Global construction and infrastructure players
The group compares its performance with other global construction players, unnamed in the official source.
- Energy and technical services companies
Equans competes with energy and technical services firms, especially in the energy transition.
- Regional road builders
Colas operates in local markets where it competes with regional road and materials builders.
- Property developers
Bouygues Immobilier competes with other property developers, especially in residential and office projects.
News & filings
In the press
- Chasse illégale : le milliardaire Olivier Bouygues condamné à deux ans de prison avec sursisSurge — GDELT DOC · 23 Oct 2026 · RO
- Equans, companie de servicii energetice din grupul francez Bouygues, îşi deschide un hub IT în România şi recrutează peste 150 de specialişti. Compania a închiriat 1.600 mp de birouri în proiectul One Cotroceni ParkZiarul Financiar · 09 Jun 2026 · RO
- Acord între Bouygues Telecom, Iliad și Orange pentru preluarea SFR într-una dintre cele mai mari tranzacții din sectorul telecomunicațiilor din EuropaG4Media · 07 Jun 2026 · RO
- Tranzacție de miliarde pe piața telecom: Bouygues Telecom, Iliad şi Orange au ajuns la un acord pentru preluarea SFR pentru 20,35 miliarde de euroEconomedia · 07 Jun 2026 · RO
- Directorul Bouygues: Dependenţa Europei de infrastructura americană pentru sateliţi şi inteligenţă artificială este ”periculoasă”Money.ro · 22 May 2026 · RO
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202326 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Bouygues · 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.