olivLaw · European equity research
Quadient S.A. QDT.PA
France · Euronext Paris · ISIN FR0000120560 · Vertical: Listed companies from France
Quadient is a European group offering software and equipment for communications automation, invoicing and parcel delivery, active in 26 countries. As physical mail declines structurally, the group is shifting focus to digital solutions and lockers, and targets a Digital revenue ambition of about 550 million EUR for 2030.
At the close of 05 Nov 2026, Quadient S.A. (QDT.PA) stock was 15.04 EUR (−1.70% on the day), with market capitalisation 516.5 m EUR, dividend yield 4.65%, beta 0.63, 52-week range 10.78–16.74 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)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 14.35 – 15.34
- in the upper half of the band · %B 0.70 · band width 6.7%
- SMA 50 / 200
- 13.84 / 12.98
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.27 / 0.32
- 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 | +7.0% | −0.6% | +7.6 pp | — |
| 3 months | +15.9% | −4.2% | +20.0 pp | — |
| 6 months | +26.4% | +4.3% | +22.1 pp | — |
| Year to date | +3.9% | +7.5% | −3.6 pp | — |
| 1 year | +3.9% | +9.9% | −6.1 pp | −6.8% |
| 3 years | −24.2% | +49.8% | −74.0 pp | −15.9% |
| 5 years | −29.5% | +42.8% | −72.3 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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.0 bn |
| Revenue YoY | unavailable | +2.8% | −5.2% |
| Net income | 68.7 m | 66.3 m | -68.0 m |
| Net income YoY | unavailable | −3.5% | −202.6% |
| Diluted EPS | 2.01 | 1.92 | -1.98 |
| Diluted EPS YoY | unavailable | −4.5% | −203.1% |
| net % | 6.5% | 6.1% | -6.6% |
| Free cash flow | 113.2 m | 108.0 m | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 115.5 m EUR
- Financial debt
- 617.9 m EUR
- Net debt
- 502.4 m EUR
- Equity
- 965.8 m EUR
- Total assets
- 2.4 bn EUR
- Debt / equity
- 0.64x
- Current ratio
- 1.07x
- ROE
- -6.5%
- ROA
- -2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.0 bn | esef· 12 May 2026verified |
| Cost of revenue | 274.4 m | 275.1 m | 264.6 m | esef· 12 May 2026verified |
| Gross profit | 788.0 m ≈ | 817.5 m ≈ | 771.1 m ≈ | esef· 12 May 2026derived |
| Research & development | 63.2 m | 62.8 m | 60.0 m | esef· 12 May 2026verified |
| Operating income | 132.2 m | 123.0 m | -8.0 m | esef· 12 May 2026verified |
| Income tax | 16.7 m | 17.2 m | 17.0 m | esef· 12 May 2026verified |
| Net income | 68.7 m | 66.3 m | -68.0 m | esef· 12 May 2026verified |
| Diluted EPS | 2.01 | 1.92 | -1.98 | esef· 12 May 2026verified |
| Dividend per share | 0.61 | 0.65 | 0.70 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 117.6 m | 366.7 m | 115.5 m | esef· 12 May 2026verified |
| Inventories | 67.3 m | 74.9 m | 71.1 m | esef· 12 May 2026verified |
| Current assets | — | 1.0 bn | 709.1 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 125.9 m | 143.0 m | 137.3 m | esef· 12 May 2026verified |
| Goodwill | 1.1 bn | 1.1 bn | 958.8 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 121.1 m | 119.1 m | 122.1 m | esef· 12 May 2026verified |
| Total assets | 2.5 bn | 2.9 bn | 2.4 bn | esef· 12 May 2026verified |
| Long-term debt | 714.8 m | 722.0 m | 617.9 m | esef· 12 May 2026verified |
| Current liabilities | — | 935.1 m | 664.0 m | esef· 12 May 2026verified |
| Equity | 1.1 bn | 1.1 bn | 965.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 34.0 m | 34.2 m | 34.3 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 165.1 m | 167.6 m | — | esef· 07 May 2025verified |
| Capex | 51.9 m | 59.6 m | 48.5 m | esef· 12 May 2026verified |
| Free cash flow | 113.2 m ≈ | 108.0 m ≈ | — | esef· 07 May 2025derived |
| Investing cash flow | -107.2 m | -138.9 m | — | esef· 07 May 2025verified |
| Financing cash flow | -58.5 m | 197.5 m | — | esef· 07 May 2025verified |
| Dividends paid | 20.6 m | 22.2 m | 23.6 m | esef· 12 May 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: 39.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 516.5 m EUR
Key indicators
Coverage and freshness
Score by group
40% · 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: 9.52 – 12.98 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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)9.52 – 12.98 (Mid 10.98)
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: 39.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.5% | 19 (vs peers) | 26% |
| Net margin · Quality | -6.6% | 28 (vs peers) | 16% |
| 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 | 1.1x | 22 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 23.1% | 100 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 4.6% | 65 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | 19.8% | 100 (on a fixed band) | 11% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial22/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality22/100 · 2/3 factors with a value
- Returns79/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
QUADIENT S.A. (QDT.PA). Latest full fiscal year: 2026; data up to 2026-01-31.
Figures computed from the financial statements: revenue 1.0 bn EUR in 2026; YoY growth -5.2%; net margin -6.6%; ROE -6.6%.
The estimated value range is 9.52–12.98 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.98 EUR, the price of 15.04 EUR leaves a potential of -27.0% (value / price − 1) and a margin of safety of -36.9% (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: 39.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF yield: 23.1%
- Payout ratio (FCF): 19.8%
What contradicts it
- ROIC: -0.5%
- Net margin: -6.6%
- Current ratio: 1.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), 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% |
| 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% |
| QDT.PAQuadient S.A. | 516.5 m | — | -6.6% | -6.6% | −5.2% | +5% / −19% |
| 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 QDT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Quadient is a European group offering software and equipment for communications automation, invoicing and parcel delivery, active in 26 countries. As physical mail declines structurally, the group is shifting focus to digital solutions and lockers, and targets a Digital revenue ambition of about 550 million EUR for 2030 1.
SWOT
Strengths
- High recurring revenues provide predictable cash flow and reduce dependence on equipment sales.
- The Mail activity remains highly profitable, supporting investment in digital solutions.
- Broad international footprint with operations in several countries and geographic diversification.
Weaknesses
- Historical dependence on the Mail activity, which is in structural decline and weighs on revenue.
- Limited visibility on Mail equipment sales, which makes short-term revenue estimates difficult.
- Exposure to energy, transport and supply chain costs, sensitive to geopolitical tensions.
Opportunities
- Growing demand for financial automation software, supported by artificial intelligence.
- European e-invoicing mandates that could generate additional demand for Digital solutions.
- Expansion of the locker network and delivery solutions as parcel volumes grow.
Threats
- An accelerated decline in physical mail that could exceed the group's current estimates.
- Competitors using artificial intelligence to build cheaper alternatives.
- Autonomous delivery technologies that could reduce the need for traditional automated lockers.
Risks
- Decline of the mail industryhigh
Falling postal volumes and rising tariffs by national operators could reduce demand for Mail equipment and weigh on revenue.
- Technological disruption from artificial intelligencehigh
If the group does not adapt its solutions quickly, AI agents and new competitors could reduce the value of its existing SaaS offering.
- Macroeconomic and geopolitical uncertaintymedium
Changes in trade policy, conflicts and energy volatility could slow customer investment and disrupt supply chains.
- Dependence on national postal operatorsmedium
Financial difficulties or regulatory changes at these operators could reduce demand for the group's solutions.
- Alternative delivery technologieslow
Autonomous vehicles, robots and drones could reduce the need for automated lockers and make it harder to differentiate Lockers.
Investment thesis
What would need to be true (bull case)
- If the Digital segment sustains its organic growth and reaches the 2030 revenue ambition, the group could become its main source of revenue and profit.
- High recurring revenues and the profitability of the Mail activity could fund the shift towards software and lockers without major strain on the balance sheet.
- European e-invoicing mandates could generate durable demand for the group's digital solutions.
What would break the thesis
- If the decline of physical mail accelerates, the revenue ambitions for Mail could prove hard to reach, and margin pressure could increase.
- Artificial intelligence can lower entry barriers for competitors, which could make it harder to keep market share in software.
- The 2026 guidance remains cautious and covers a wide range, reflecting limited visibility and could mean disappointment if demand weakens.
What to watch
- Quarterly results of the Digital activity and its organic growthQ1 2027
- Trend in Mail equipment sales and delivery against the margin guidance2027
- Application of European e-invoicing mandates and effect on demand2027
- Updates to the 2030 ambitions in the next annual reportnext 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
Quadient, a French société anonyme listed on Euronext Paris, organises its activity into three solutions: Digital, Mail and Lockers 1. Digital provides software for financial automation and invoicing, Mail covers equipment and services for physical correspondence, and Lockers covers automated parcel lockers. The group operates in 26 countries, exposing it both to opportunities and to macroeconomic risks 1.
The revenue model is largely recurring: in fiscal 2025 recurring revenues represented 74 % of total revenue 1. This stable base helps absorb the cyclical pressures on the Mail activity, where equipment sales are more volatile.
For fiscal 2026 Quadient anticipates an organic revenue change between -2 % and +2 %, reflecting limited visibility on Mail, while Digital and Lockers are expected to keep growing solidly 1. EBITDA margin targets remain ambitious across all solutions.
Segments
Digital
Digital is, according to the group's plan, the main long-term solution, with organic growth of 8.0 % in 2025 and an EBITDA margin target of about 30 % for 2030 1. The group links this momentum to adoption of AI-driven software and European e-invoicing mandates.
The Mail solution, based on mail processing equipment, is in structural decline but remains profitable, with an EBITDA margin of 27.1 % in fiscal 2025 1. The 2030 revenue ambition was reduced to about 500 million EUR 1.
Lockers
Lockers, meaning automated parcel lockers, grew organically by 11.4 % in 2025, and the 2030 revenue ambition remains above 200 million EUR, with a target EBITDA margin of about 20 % 1.
Market context
The traditional postal market has been contracting for more than a decade as digital communication spreads, and national operators are adjusting tariffs and services 1. At the same time parcel volumes are rising and create demand for delivery automation, which supports the Lockers and Digital segments.
The financial automation software market benefits from accelerating digitisation and European e-invoicing mandates starting in 2026 1. Competition is intensifying, however, as new players could develop cheaper solutions with artificial intelligence 1.
Trends
- Decline of physical mailheadwind
Mail volumes have been falling since the start of the decade, and digital communication is accelerating the shift; the group responds through diversification and by keeping Mail profitable 1.
- Artificial intelligence in softwaremixed
Rapid AI development creates demand for automation solutions, but it can also reshape traditional SaaS models and lower entry barriers for new competitors 1.
- E-invoicing in Europetailwind
E-invoicing mandates applied progressively from 2026 could support adoption of digital financial automation solutions 1.
- Macroeconomic and trade uncertaintyheadwind
Geopolitical tensions, possible tariff changes and energy price volatility could slow demand, disrupt supply chains and affect customer payments 1.
Competitive position
Quadient competes with providers of document and invoicing automation software, as well as with parcel delivery and automated locker solutions. The sources reviewed do not explicitly name the group's competitors, but they mention the entry of technology players and start-ups using artificial intelligence 1.
Competitive pressure could increase if the group does not accelerate technology investment, and losing its technological edge could weaken its position in Digital and Lockers 1. The profitability of the Mail activity and revenue recurrence remain the main strengths against these pressures 1.
- SaaS providers of financial automation software
Referred to generically in the source as exposed to artificial intelligence; not named explicitly.
- Established technology players and AI-based start-ups
The source notes these actors could develop faster and cheaper alternatives.
- Delivery operators using autonomous vehicles and drones
According to the source, last-mile technologies could reduce the need for traditional automated lockers.
- Providers of mail equipment and services
Competition in the Mail segment takes place in a shrinking market; no specific names are given in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202612 May 2026
- Annual report 202507 May 2025
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2026-01-31 (ESEF) · SEC / Quadient S.A. · 31 Jan 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.