olivLaw · European equity research
Legrand LR.PA
France · Euronext Paris · ISIN FR0010307819 · Vertical: Listed companies from France
Legrand is a global specialist in electrical and digital infrastructure for buildings, offering more than 300 000 references and employing about 40 000 people. Its activity rests on a mix of organic growth and small and mid-sized bolt-on acquisitions, and in fiscal 2025 the company mapped 17 risks, eight of them priority, making their management central to the group's resilience.
At the close of 05 Nov 2026, Legrand (LR.PA) stock was 127.55 EUR (−0.12% on the day), with market capitalisation 33.4 bn EUR, P/E 27.1 on diluted EPS of 4.71 EUR over the last 12 months, beta 1.16, 52-week range 123.60–160.10 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)
- 42.5
- weak (30–45)
- Bollinger (20, 2)
- 122.63 – 140.53
- in the lower half of the band · %B 0.27 · band width 13.6%
- SMA 50 / 200
- 136.01 / 141.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.99 / -2.04
- 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 | −14.0% | −0.6% | −13.4 pp | — |
| 3 months | −8.3% | −4.2% | −4.1 pp | — |
| 6 months | −19.0% | +4.3% | −23.3 pp | — |
| Year to date | +0.2% | +7.5% | −7.3 pp | — |
| 1 year | −13.3% | +9.9% | −23.3 pp | −6.8% |
| 3 years | +53.8% | +49.8% | +4.0 pp | −15.9% |
| 5 years | +34.9% | +42.8% | −8.0 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 100 percentile of its own 3-quarter history (min 21.3, median 21.9, max 27.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.4 bn | 8.6 bn | 9.5 bn |
| Revenue YoY | unavailable | +2.8% | +9.6% |
| Net income | 1.1 bn | 1.2 bn | 1.2 bn |
| Net income YoY | unavailable | +1.6% | +6.7% |
| Diluted EPS | 4.30 | 4.42 | 4.71 |
| Diluted EPS YoY | unavailable | +2.8% | +6.4% |
| net % | 13.6% | 13.5% | 13.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn EUR
- Financial debt
- 6.6 bn EUR
- Net debt
- 4.2 bn EUR
- Equity
- 7.3 bn EUR
- Total assets
- 17.6 bn EUR
- Debt / equity
- 0.90x
- Current ratio
- 1.93x
- ROE
- 16.7%
- ROA
- 7.4%
- 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 | 8.4 bn | 8.6 bn | 9.5 bn | esef· 09 Apr 2026verified |
| Cost of revenue | 4.0 bn | 4.2 bn | 4.7 bn | esef· 09 Apr 2026verified |
| Gross profit | 4.4 bn ≈ | 4.5 bn ≈ | 4.8 bn ≈ | esef· 09 Apr 2026derived |
| Research & development | 376.3 m | 406.1 m | 409.3 m | esef· 09 Apr 2026verified |
| Operating income | 1.6 bn | 1.6 bn | 1.8 bn | esef· 09 Apr 2026verified |
| Interest expense | 121.0 m | 153.9 m | 167.9 m | esef· 09 Apr 2026verified |
| Pre-tax income | 1.5 bn | 1.6 bn | 1.7 bn | esef· 09 Apr 2026verified |
| Income tax | 401.1 m | 409.0 m | 438.8 m | esef· 09 Apr 2026verified |
| Net income | 1.1 bn | 1.2 bn | 1.2 bn | esef· 09 Apr 2026verified |
| Diluted EPS | 4.30 | 4.42 | 4.71 | esef· 09 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 | 2.8 bn | 2.1 bn | 2.4 bn | esef· 09 Apr 2026verified |
| Inventories | 1.2 bn | 1.3 bn | 1.5 bn | esef· 09 Apr 2026verified |
| Current assets | 5.5 bn | 5.0 bn | 5.6 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 848.3 m | 913.8 m | 970.9 m | esef· 09 Apr 2026verified |
| Goodwill | 5.5 bn | 6.9 bn | 7.6 bn | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 2.4 bn | 2.6 bn | 2.6 bn | esef· 09 Apr 2026verified |
| Total assets | 14.8 bn | 16.1 bn | 17.6 bn | esef· 09 Apr 2026verified |
| Short-term debt | 732.3 m | 443.5 m | 544.5 m | esef· 09 Apr 2026verified |
| Long-term debt | 4.1 bn | 4.6 bn | 6.1 bn | esef· 09 Apr 2026verified |
| Current liabilities | 2.8 bn | 2.6 bn | 2.9 bn | esef· 09 Apr 2026verified |
| Equity | 6.7 bn | 7.5 bn | 7.3 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 265.1 m | 262.0 m | 262.0 m | esef· 09 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 1.5 bn | 1.6 bn | esef· 09 Apr 2026verified |
| Investing cash flow | -413.3 m | -1.7 bn | -1.6 bn | esef· 09 Apr 2026verified |
| Financing cash flow | -927.0 m | -535.8 m | 393.7 m | esef· 09 Apr 2026verified |
| Share repurchases | 439.4 m | 46.3 m | 111.2 m | esef· 09 Apr 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
- 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: 33.4 bn EUR
Key indicators
Coverage and freshness
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: 52.19 – 140.21 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 · input data missing
- Peers: P/E52.19 – 140.21 (Mid 80.60)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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 | 12.1% | 67 (vs peers) | 24% |
| Net margin · Quality | 13.1% | 95 (vs peers) | 14% |
| 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 | 10.8x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 94 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 27.1x | 43 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.3% | 5 (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 sheet98/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns· partial5/100 · 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
LEGRAND (LR.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.5 bn EUR in 2025; YoY growth 9.6%; net margin 13.1%; ROE 16.8%.
The estimated value range is 52.19–140.21 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 80.60 EUR, the price of 127.55 EUR leaves a potential of -36.8% (value / price − 1) and a margin of safety of -58.3% (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 (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: 13.1%
- Interest coverage: 10.8x
- Current ratio: 1.9x
What contradicts it
- Shareholder yield (distributions): 0.3%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| LR.PALegrand | 33.4 bn | 27.1 | 16.8% | 13.1% | +9.6% | −2% / +44% |
| 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 LR.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 | 80.03 Total return -37% · Per year -37% | 141.15 Total return 11% · Per year 11% | 212.16 Total return 66% · Per year 66% |
| 3 years | 85.86 Total return -33% · Per year -12% | 169.61 Total return 33% · Per year 10% | 278.72 Total return 119% · Per year 30% |
| 5 years | 92.12 Total return -28% · Per year -6% | 203.79 Total return 60% · Per year 10% | 366.15 Total return 187% · Per year 23% |
- Exit P/E± 42.40
- Net margin± 29.68
- Annual revenue growth± 23.23
- Annual dilution± 2.49
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
Legrand is a global specialist in electrical and digital infrastructure for buildings, offering more than 300 000 references and employing about 40 000 people. Its activity rests on a mix of organic growth and small and mid-sized bolt-on acquisitions, and in fiscal 2025 the company mapped 17 risks, eight of them priority, making their management central to the group's resilience.
SWOT
Strengths
- The broad product offer and geographic diversity of the group are presented as important assets for revenue stability 1.
- A formalised internal control and audit system, with a high compliance level reported in the 2025 campaign, strengthens confidence in processes 1.
- The external growth model through targeted acquisitions, with defined criteria and due diligence procedures, offers a clear expansion structure 1.
Weaknesses
- Dependence on digital implementation and innovation capacity in connected products could become a weakness if development is delayed 1.
- Integrating the information systems of acquired entities can be complex and creates operational risks 1.
- Reliance on talent and retention of key staff remains a sensitive point for an organisation of this size 1.
Opportunities
- Growing demand for connected and energy-efficient buildings could support expansion of higher value-added products 1.
- Complementary acquisitions can open new markets and consolidate positions in existing segments, if synergies materialise 1.
- Using data generated by connected products could create new services and make operations more efficient 1.
Threats
- Economic and geopolitical uncertainties could reduce demand in certain markets, especially those with volatile construction cycles 1.
- Cyberattacks and loss of personal data could affect customer confidence and lead to penalties 1.
- Safety or quality defects in products could lead to warranty claims and market withdrawal costs 1.
Risks
- Cybersecurity and data protectionhigh
Greater exposure as connected products grow could lead to data leaks and penalties under data protection rules 1.
- Product quality and safetyhigh
A safety defect in a marketed product could cause damage and generate liability claims and market withdrawal costs 1.
- Geopolitical and economic risksmedium
Changes in economic conditions or geopolitical tensions could affect growth prospects in certain countries 1.
- Acquisition integration failuremedium
Hidden liabilities, loss of key customers or integration difficulties could prevent the expected synergies from being reached 1.
- Attracting and retaining talentmedium
Failure to develop and keep key staff could limit the group's performance and innovation 1.
Investment thesis
What would need to be true (bull case)
- If demand for connected and efficient buildings grows, the advantage of a very broad offer and an international network could support revenue growth 1.
- The combined model of organic growth and targeted acquisitions could widen the accessible market without depending on a single geographic zone 1.
- Internal controls with a high compliance level and risk management processes could reduce operational incidents 1.
What would break the thesis
- If economic cycles weaken, demand in construction markets could fall and pressure margins 1.
- Rising cyber risks as products become connected could lead to unforeseen costs and loss of customer confidence 1.
- If acquisition integration fails to deliver the planned synergies, the return on investment could be lower than estimated 1.
What to watch
- Pace of connected product launches and results of research and development investment2027
- Number of targeted acquisitions completed, their integration and achievement of synergies2027
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 annual report presents Legrand as a global specialist in electrical and digital building infrastructure, with a broad range of products and solutions for end users, installers and professional customers. The group develops its model on two strategic levers: organic growth based on innovation and connected products, and external growth through targeted acquisitions. Headcount is about 40 000, managed centrally by the Group Human Resources Department with local application in subsidiaries 1.
The offer covers more than 300 000 references, which requires strict control of product quality and compliance, especially regarding user safety 1. The company states that it maintains its customers through ISO 9001 certification, qualification processes in accredited laboratories and systematic handling of customer complaints 1.
Segments
Electrical and digital building infrastructure
The core segment covers electrical, communication and connected building solutions, with an emphasis on higher value-added products. The report points to a programme to develop the connected offer, with a higher ambition in research and development and dedicated governance 1.
Targeted acquisitions
External growth mainly targets small and mid-sized companies complementary to existing activities, with the aim of strengthening positions and widening the accessible market 1. The process includes financial, legal and compliance due diligence and a three to five year integration plan 1.
Market context
Legrand's markets are residential, commercial and industrial buildings, where demand depends on economic cycles, national regulations and the intensity of local competition 1. The group operates across several geographic zones, which reduces dependence on a single market, although the report notes that changes in local growth prospects can affect results 1.
According to the report, competitiveness depends on the ability to innovate in connected solutions and to maintain high safety standards, factors that differentiate the offer in a crowded environment 1. If construction demand or local regulation shifts, results in some markets could be affected.
Trends
- Digital acceleration and connected productsmixed
The report shows that developing connected products and data use offers opportunities to raise added value, but also requires investment in innovation and digital governance 1. A lack of a coherent strategy could mean missed opportunities 1.
- Data regulation and cybersecurityheadwind
The growing number of connected devices increases exposure to cyber risks and to data protection rules such as GDPR, with possible financial penalties 1. The company has extended security programmes, including employee training 1.
- Economic cycles and geopolitical tensionsheadwind
The report mentions global economic and geopolitical uncertainties that could influence the group's growth prospects, especially in certain markets 1. Geographic diversification of production and markets is presented as a response 1.
- Consolidation through acquisitionsmixed
Small and mid-sized acquisitions could accelerate expansion into new markets and strengthen the group's position, if integration and synergies follow plan 1. Integration risk remains a point of attention 1.
Competitive position
The annual report does not explicitly name competitors and describes competition in general terms, linked to the intensity of rivalry in certain local markets 1. In those markets, differentiation through innovation and product quality is presented as an important factor 1.
The company stresses that high safety standards and certifications may act as a barrier to new entrants, but it gives no quantitative comparison with rivals 1. Assessing its position against competitors therefore remains limited to the information in the report 1.
- Local and regional electrical infrastructure suppliers
The report mentions competitive intensity in local markets without naming companies 1.
- Building electrical and communication solution producers
Competition in the connected solutions segment is mentioned generically, without names in the source 1.
- Digital entrants in building automation
The report flags the lack of coherent digital governance as a risk, which points to pressure from technology players 1.
- Targets of small-scale acquisitions
Competition for targets can reduce opportunities or raise prices, according to the description of financial risks 1.
News & filings
In the press
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Legrand · 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.