olivLaw · European equity research
LISI FII.PA
France · Euronext Paris · ISIN FR0000050353 · Vertical: Listed companies from France
LISI is a French industrial group that makes fasteners and structural components for aerospace and components for the automotive industry. In 2025 its aerospace division reached a record level of sales, while the automotive division kept shrinking, which makes the balance between the two a key factor to watch.
At the close of 05 Nov 2026, LISI (FII.PA) stock was 64.10 EUR (−3.32% on the day), with market capitalisation 2.9 bn EUR, P/E 21.3 on diluted EPS of 3.01 EUR over the last 12 months, dividend yield 0.72%, beta 1.04, 52-week range 45.10–71.70 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)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 57.26 – 66.87
- in the upper half of the band · %B 0.71 · band width 15.5%
- SMA 50 / 200
- 61.50 / 61.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.11 / 0.65
- 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 | +7.6% | −0.6% | +8.2 pp | — |
| 3 months | −3.0% | −4.2% | +1.1 pp | — |
| 6 months | −4.5% | +4.3% | −8.8 pp | — |
| Year to date | +20.7% | +7.5% | +13.2 pp | — |
| 1 year | +39.3% | +9.9% | +29.4 pp | −6.8% |
| 3 years | +196.1% | +49.8% | +146.2 pp | −15.9% |
| 5 years | +157.4% | +42.8% | +114.6 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 67 percentile of its own 3-quarter history (min 17.6, median 18.3, max 29.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 1.7 bn |
| Revenue YoY | unavailable | −1.3% | +8.7% |
| Net income | 37.5 m | 56.0 m | 139.7 m |
| Net income YoY | unavailable | +49.2% | +149.5% |
| Diluted EPS | 0.81 | 1.20 | 3.01 |
| Diluted EPS YoY | unavailable | +48.1% | +150.8% |
| net % | 2.3% | 3.5% | 8.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 270.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.3%
- ROA
- 6.5%
- 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 | 1.6 bn | 1.6 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Operating income | 86.4 m | 75.6 m | 140.2 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 100.9 m | 92.9 m | 92.9 m | esef· 07 Apr 2026verified |
| EBITDA | 187.3 m ≈ | 168.5 m ≈ | 233.1 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 21.9 m | 30.6 m | 25.9 m | esef· 07 Apr 2026verified |
| Income tax | 24.1 m | 16.4 m | 24.5 m | esef· 07 Apr 2026verified |
| Net income | 37.5 m | 56.0 m | 139.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.81 | 1.20 | 3.01 | esef· 07 Apr 2026verified |
| Dividend per share | 0.31 | 0.39 | 0.46 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 139.3 m | 191.7 m | 270.4 m | esef· 07 Apr 2026verified |
| Receivables | 226.1 m | 245.0 m | 241.5 m | esef· 07 Apr 2026verified |
| Inventories | 437.3 m | 468.2 m | 460.7 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 746.9 m | 765.4 m | — | esef· 15 Apr 2025verified |
| Goodwill | 406.7 m | 419.4 m | 318.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 28.7 m | 29.7 m | 24.7 m | esef· 07 Apr 2026verified |
| Total assets | 2.1 bn | 2.2 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Accounts payable | 356.0 m | 378.6 m | 359.8 m | esef· 07 Apr 2026verified |
| Equity | 938.7 m | 1.0 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 45.2 m | 45.5 m | 45.7 m | esef· 07 Apr 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: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.9 bn EUR
Key indicators
Coverage and freshness
Score by group
29% · 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: 33.39 – 89.70 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E33.39 – 89.70 (Mid 51.56)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)outside the aggregate6.26 – 8.53 (Mid 7.22)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 8.0% | 85 (vs peers) | 21% |
| 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 | 5.4x | 60 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 21.3x | 43 (vs peers) | 36% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial60/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial85/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial43/100 · 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
LISI (FII.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.7 bn EUR in 2025; YoY growth 8.7%; net margin 8.0%; ROE 13.4%.
The estimated value range is 33.39–89.70 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 51.56 EUR, the price of 64.10 EUR leaves a potential of -19.6% (value / price − 1) and a margin of safety of -24.3% (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: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 8.0%
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| FII.PALisi | 2.9 bn | 21.3 | 13.4% | 8.0% | +8.7% | +31% / +186% |
| 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 FII.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 | 40.13 Total return -37% · Per year -37% | 70.80 Total return 11% · Per year 11% | 106.46 Total return 67% · Per year 67% |
| 3 years | 42.26 Total return -32% · Per year -12% | 83.58 Total return 33% · Per year 10% | 137.52 Total return 118% · Per year 30% |
| 5 years | 44.51 Total return -27% · Per year -6% | 98.67 Total return 59% · Per year 10% | 177.63 Total return 183% · Per year 23% |
- Exit P/E± 20.90
- Net margin± 14.63
- Annual revenue growth± 11.55
- Annual dilution± 1.23
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
LISI is a French industrial group that makes fasteners and structural components for aerospace and components for the automotive industry. In 2025 its aerospace division reached a record level of sales, while the automotive division kept shrinking, which makes the balance between the two a key factor to watch.
SWOT
Strengths
- The aerospace division reached record sales and operating income, with a rise for four consecutive years 1.
- Leverage indicators improved substantially after the disposal of LISI MEDICAL, giving a comfortable safety margin 1.
- A leading position in selected niches and relations with major aircraft manufacturers support good long-term visibility 1.
Weaknesses
- The automotive division depends on the production of customer manufacturers, which declined in 2025, reducing that division's revenues 1.
- The group still carries a significant volume of financial debt, so interest costs matter for earnings 1.
- The productivity of the aerospace division depended on heavy hiring in earlier years, and personnel costs remain high 1.
Opportunities
- Rising Airbus and Boeing production rates could generate new volumes for fasteners and structural components if output follows plan 1.
- The helicopter and military segments offer complementary demand that could reduce dependence on major civil programmes 1.
- A lower break-even point in the automotive division could improve margins if customer production recovers 1.
Threats
- Uncertainty in the global car market persists and could prolong pressure on volumes and prices in the automotive division 1.
- Tariff policies and currency fluctuations can affect the costs and revenues of a group operating in several countries 1.
- Supply chain delays in aerospace can affect delivery pace and may generate contractual penalties 1.
Risks
- Dependence on automotive productionmedium
The automotive division is exposed to the slowdown in customer production, which reduced sales in 2025 and could prolong pressure on results 1.
- Supply chain delaysmedium
If delays in aerospace supply resume, deliveries and production rates could be affected, and the group could have to pay penalties for late deliveries 1.
- Currency and tariff exposuremedium
International activity exposes the group to tariff policies and currency movements, which can change costs and margins 1.
- Financial debtlow
Financial debt remains significant, and a breach of financial covenants could allow lenders to call loans early 1.
- Litigation and environmentlow
The group has set up provisions for historical soil pollution at a plant in the United States and for disputes with partners, and final costs could exceed current estimates 1.
Investment thesis
What would need to be true (bull case)
- The aerospace division has grown for four years in a row, with solid demand and long-term visibility, which could support another improvement in results if production rates hold 1.
- The improvement in leverage indicators after the disposal of LISI MEDICAL gives the group more financial flexibility for investment or debt reduction 1.
- A lower break-even point in the automotive division could improve margins even in a difficult market, if customer production recovers 1.
What would break the thesis
- The automotive division declined in 2025, and uncertainty in the global market could prolong this trend and weigh on group revenues 1.
- The aerospace division depends on the production pace of a few large manufacturers, and any delays could quickly reduce volumes and results 1.
- Tariff policies and currency moves could erode margins, especially if the group cannot pass its costs on to customers 1.
What to watch
- Evolution of Airbus A320 and A350 production rates and of orders for Boeing programmes2026
- Inventory levels and free cash flow in the aerospace division2026
- Break-even point and operating margin in the LISI AUTOMOTIVE division2026
- Compliance with financial covenants and debt levels after the disposal of LISI MEDICALnext 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
LISI is an industrial group organised into two main divisions: LISI AEROSPACE, which makes fasteners and structural components for civil and military aviation, and LISI AUTOMOTIVE, which makes parts for automotive customers. According to the annual report for the year ended 31 December 2025 1, the group completed the disposal of LISI MEDICAL in that year, and net financial debt fell noticeably as a result.
The group operates through a network of plants in France, the United States, Germany, the United Kingdom, China and Hungary 1. The aerospace division depends on production rates of major manufacturers, and the automotive division on the production of its customers worldwide. The group structure was adjusted in 2025, with LISI AUTOMOTIVE Hungary entering the scope and LISI MEDICAL leaving it.
Financially, the group reported a cash flow from operations of 164.5 M EUR in 2025 1 and kept its leverage ratios below the thresholds set in its financing contracts. Management stated its aim to improve its key financial indicators for a fourth consecutive year, which could depend on the evolution of aerospace demand and the macroeconomic environment 1.
Segments
LISI AUTOMOTIVE
The automotive division reported sales of 558.5 M EUR in 2025, down 3.7 % from 2024, due to a decline in the global production of its customer manufacturers 1. Management indicated that lowering the division's break-even point remains a priority given the persistent uncertainty in the car market 1.
Market context
The global commercial aerospace market remains solid, with high order volumes at the main manufacturers 1. Production rates for the Airbus A320 family are rising, from 64 aircraft per month currently toward a target of 75 per month in 2027 1. Production rates for Boeing's B737 MAX and B787 programmes recovered in 2025 1, and the helicopter and military segments, which account for about 15 % of the division's activity, support long-term demand 1.
The global car market remains uncertain and has seen customer production decline, while tariff policies and currency movements are risk factors for the whole group 1. In such an environment, reducing the fixed costs of the automotive division is a stated direction of management 1.
Trends
- Faster aerospace production ratestailwind
Rising civil aircraft production, especially for the A320 and A350, supports the volumes of the aerospace division and could keep improving productivity if output follows plan 1.
- Weak appetite in the automotive industryheadwind
The decline in global production of automotive customers reduced the automotive division's sales in 2025 and keeps pressure on margins if the decline continues 1.
- Tariff policies and currency ratesmixed
The evolution of tariff policies and currency parities is a source of uncertainty that the group monitors, and a factor that could affect costs and revenues 1.
- Lower inventories and working capitaltailwind
A reduction in inventory levels, especially raw materials, supported cash flow in aerospace 1. If the process continues in 2026, it could further support free cash flow.
Competitive position
Competition in the aerospace division includes global fastener and structural component producers, and in automotive the group faces precision parts suppliers that serve the same manufacturers. The annual report does not detail the names of competitors, so the analysis of comparative position is limited to what the group states 1.
The group presents itself as a world leader in its selected niches, and consolidating these positions depends on productivity, production capacity and relations with major strategic customers 1. The renewal of major contracts in 2025 was mentioned as a source of market share gains 1.
- Global aerospace fastener makers
Companies supplying fasteners and hydraulic fittings to the same aircraft manufacturers; not named in the source.
- Aerospace structural component suppliers
Producers of forged parts and leading edges competing with the Structural Components division.
- Automotive precision parts suppliers
Companies delivering components to the same automotive manufacturers, not named in the annual report.
- Brake and transmission system makers
Indirect competitors for the aluminium and steel precision parts delivered to automotive customers.
News & filings
In the press
No news in our archive over the last 180 days.
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 / LISI · 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.