olivLaw · European equity research
Teleperformance SE TEP.PA
France · Euronext Paris · ISIN FR0000051807 · Vertical: Listed companies from France
Teleperformance is a global provider of customer experience management and business process outsourcing services, with more than 485,000 employees at the end of 2025,. Its current EBITA margin fell to 14.6 percent in 2025,, as it lost a significant French visa-processing contract and absorbed IT costs linked to artificial intelligence, while the company reorganises its management and operations around AI.
At the close of 05 Nov 2026, Teleperformance SE (TEP.PA) stock was 80.80 EUR (−1.73% on the day), with market capitalisation 4.7 bn EUR, P/E 9.6 on diluted EPS of 8.40 EUR over the last 12 months, dividend yield 5.20%, beta 0.50, 52-week range 45.77–82.22 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)
- 62.1
- strong (55–70)
- Bollinger (20, 2)
- 71.39 – 84.53
- in the upper half of the band · %B 0.72 · band width 16.9%
- SMA 50 / 200
- 73.39 / 61.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.59 / 2.49
- 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 | +15.4% | −0.6% | +16.0 pp | — |
| 3 months | +17.6% | −4.2% | +21.8 pp | — |
| 6 months | +31.0% | +4.3% | +26.6 pp | — |
| Year to date | +30.7% | +7.5% | +23.1 pp | — |
| 1 year | +28.7% | +9.9% | +18.8 pp | −6.8% |
| 3 years | −32.6% | +49.8% | −82.4 pp | −15.9% |
| 5 years | −76.7% | +42.8% | −119.5 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 67 percentile of its own 3-quarter history (min 7.4, median 9.5, max 13.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 8.3 bn | 10.3 bn | 10.2 bn |
| Revenue YoY | unavailable | +23.2% | −0.7% |
| Net income | 592.0 m | 523.0 m | 497.0 m |
| Net income YoY | unavailable | −11.7% | −5.0% |
| Diluted EPS | 10.01 | 8.71 | 8.40 |
| Diluted EPS YoY | unavailable | −13.0% | −3.6% |
| net % | 7.1% | 5.1% | 4.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 996.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.1 bn EUR
- Total assets
- 11.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.18x
- ROE
- 11.5%
- ROA
- 4.2%
- 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 | 8.3 bn | 10.3 bn | 10.2 bn | esef· 18 Mar 2026verified |
| Pre-tax income | 820.0 m | 869.0 m | 786.0 m | esef· 18 Mar 2026verified |
| Income tax | 228.0 m | 346.0 m | 289.0 m | esef· 18 Mar 2026verified |
| Net income | 592.0 m | 523.0 m | 497.0 m | esef· 18 Mar 2026verified |
| Diluted EPS | 10.01 | 8.71 | 8.40 | esef· 18 Mar 2026verified |
| Dividend per share | — | 3.85 | 4.20 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 882.0 m | 1.1 bn | 996.0 m | esef· 18 Mar 2026verified |
| Current assets | 3.6 bn | 3.8 bn | 3.6 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 687.0 m | 617.0 m | 574.0 m | esef· 18 Mar 2026verified |
| Goodwill | 4.4 bn | 4.6 bn | 4.2 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.3 bn | 2.2 bn | 2.1 bn | esef· 18 Mar 2026verified |
| Total assets | 12.1 bn | 12.1 bn | 11.5 bn | esef· 18 Mar 2026verified |
| Current liabilities | 2.8 bn | 3.4 bn | 3.1 bn | esef· 18 Mar 2026verified |
| Equity | 4.2 bn | 4.6 bn | 4.1 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 58.7 m | 59.7 m | 58.7 m | esef· 18 Mar 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: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.7 bn EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 57.12 – 250.33 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E93.17 – 250.33 (Mid 143.90)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)57.12 – 77.89 (Mid 65.91)
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: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.9% | 77 (vs peers) | 30% |
| 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 | 1.2x | 32 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 9.6x | 83 (vs peers) | 50% |
| 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· partial32/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial83/100 · 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
TELEPERFORMANCE SE (TEP.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 10.2 bn EUR in 2025; YoY growth -0.7%; net margin 4.9%; ROE 11.5%.
The estimated value range is 75.14–164.11 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 104.90 EUR, the price of 80.80 EUR leaves a potential of 29.8% (value / price − 1) and a margin of safety of 23.0% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.9%
- P/E (TTM): 9.6x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| TEP.PATeleperformance Se | 4.7 bn | 9.6 | 11.5% | 4.9% | −0.7% | +36% / −37% |
| 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 TEP.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 | 45.65 Total return -40% · Per year -40% | 80.91 Total return 5% · Per year 5% | 122.16 Total return 57% · Per year 57% |
| 3 years | 39.80 Total return -40% · Per year -16% | 79.80 Total return 14% · Per year 5% | 132.92 Total return 84% · Per year 23% |
| 5 years | 34.70 Total return -40% · Per year -10% | 78.70 Total return 23% · Per year 4% | 144.62 Total return 113% · Per year 16% |
- Exit P/E± 19.95
- Net margin± 13.96
- Annual revenue growth± 12.06
- Annual dilution± 1.17
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
Teleperformance is a global provider of customer experience management and business process outsourcing services, with more than 485,000 employees at the end of 2025, 1. Its current EBITA margin fell to 14.6 percent in 2025, 1, as it lost a significant French visa-processing contract and absorbed IT costs linked to artificial intelligence, while the company reorganises its management and operations around AI.
SWOT
Strengths
- Global scale and a large workforce provide delivery capacity across many markets and languages.
- Specialised services keep high margins, which support group profitability.
- Diversity of client sectors reduces dependence on a single industry.
Weaknesses
- The EBITA margin fell in 2025 because of the loss of a significant contract and IT costs linked to AI.
- Domestic activity in the United States was weak, and LanguageLine saw negative momentum.
- Unfavourable exchange rates and currency losses weighed on the financial result.
Opportunities
- AI data services and analytics could open new sources of revenue.
- Expansion in Egypt, Turkey and sub-Saharan Africa could support growth in regions with rising demand.
- Integration of Majorel and ZP Better Together could bring synergies if the plans are delivered.
Threats
- AI automation could reduce demand for manual client operations.
- Geopolitical and macroeconomic uncertainty could reduce client budgets.
- Regulatory changes and cyber risks could generate additional costs.
Risks
- Loss of large contractshigh
Non-renewal of a significant contract can quickly affect revenue and margins in a segment, as happened with visa-application management.
- AI transformation and restructuringhigh
Restructuring plans linked to AI involve costs and workforce changes. If the transformation is delayed, costs could exceed estimates.
- Currency exposuremedium
Exchange rates reduced the margin and the financial result. Currency moves in the group's operating zones could repeat this effect.
- Debt and financing costsmedium
Net debt is significant, although the average cost of debt is described as favourable. A rise in interest rates could affect cash flow.
- Cyber and data risksmedium
The company handles sensitive client data. A security incident could cause losses and reputational damage, even with dedicated insurance in place.
Investment thesis
What would need to be true (bull case)
- If AI and data services grow rapidly, the company could turn technology investment into recurring revenue.
- Solid growth in India, Latin America and sub-Saharan Africa could offset weakness in the United States.
- High margins in specialised services could support results if activity returns to trend.
What would break the thesis
- If AI automation reduces volumes of traditional services, the revenue model could come under pressure.
- A declining EBITA margin and high IT costs could persist if investments do not deliver returns quickly.
- Restructuring and leadership changes could disrupt strategy execution in the period ahead.
What to watch
- Trend in the EBITA margin and AI-related IT costsQ1 2027
- Progress of the restructuring plans announced in 20262027
- Results of US domestic activity and LanguageLineQ1 2027
- Effect of the new leadership on the Future Forward strategynext 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
Teleperformance, known as TP, provides outsourced business process and customer experience services to companies worldwide. Its activity is split between core services, which include offshore and domestic operations across three geographic zones, and specialised services, which cover interpretation, government visa-application management, debt recovery and health and public-sector services. The company describes its Future Forward strategy as a shift toward an AI-augmented next-generation enterprise 1.
In 2025 current EBITDA was 2,006 million EUR and current EBITA was 1,485 million EUR, 1. Net profit attributable to the group was 497 million EUR, 1, compared with 523 million EUR in 2024. Net debt at 31 December 2025 stood at 3,966 million EUR, 1.
The board proposes a dividend of 4.50 EUR per share for fiscal 2025, to be put to the general meeting in May 2026, 1. After the chief executive and two deputy chief executives resigned with effect from 15 March 2026, a new chief executive was appointed with effect from 16 March 2026, 1.
Segments
Specialised services
Specialised services, led by LanguageLine Solutions, saw revenue in 2025 slightly below the prior year on a like-for-like basis, due to negative momentum in the last quarter and a difficult US environment. Adjusted for the lost visa contract, growth would have been 0.6 percent, 1, and the EBITA margin remained high at 29.4 percent, 1.
Market context
The market for outsourced customer experience and business process services is global and sensitive to the economic cycles of clients in sectors such as telecoms, the public sector, retail and technology. The source does not give total market size. The company notes that demand for offshore solutions and AI-related data services remained solid, while the automotive and technology sectors were weaker in 2025 1.
Pressure in the market also comes from the effect of artificial intelligence on the pricing and volume model of traditional services. The company has announced restructuring plans linked to its AI transformation, with an estimated cost of about 56 million EUR, 1, which could change the workforce structure in Europe and North Africa.
Trends
- Artificial intelligence in operationsmixed
The company is investing in AI solutions and data services for AI, which generated high IT costs and reduced margin in 2025. Over the medium term this transition could open new services if client adoption grows.
- Offshore demand and solutions in India and Latin Americatailwind
Accelerating growth in India and expanding contracts in Latin America support core services, and these trends could continue if offshore demand stays high.
- Market costs and the economic environmentheadwind
Slower domestic activity in the last quarter and negative currency effects weighed on margins. If economic uncertainty persists, pressure on profitability could continue.
- Contract changes and regulationheadwind
Non-renewal of a significant visa-application contract reduced specialised services results. The loss of large contracts can quickly affect the results of a segment.
Competitive position
The source does not explicitly identify the company's competitors. Teleperformance operates in outsourced business processes and customer experience, where competition generally comes from other global BPO providers and from technology firms offering AI-based automation.
The company's advantage lies in its global scale and breadth of services, but this position could be challenged if clients move toward fully automated solutions. The source does not provide market shares.
- Global business process outsourcing providers
Providers with comparable offshore operations, cited in general terms without company-specific data in the source.
- Interpretation and language service providers
Competition for the LanguageLine activity within specialised services, particularly in the United States.
- AI automation platforms
Software solutions that could partly replace manual client operations.
- Public-sector service providers
Competitors in visa-application management and citizen services.
News & filings
In the press
- BPO firm Teleperformance to open 1st Vietnam site as AI changes outsourcingNikkei Asia · 30 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Teleperformance SE · 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.