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French manufacturer of trains, signaling and rail infrastructure equipment worldwide.
French manufacturer of trains, signaling and rail infrastructure equipment worldwide.
Earns as work progresses on long contracts for trains, signalling and maintenance, so the order backlog sets sales for years ahead; maintenance and signalling are steadier than train manufacturing. Bought Bombardier's rail business in 2021, and older Bombardier contracts have been slower to earn their keep.
Moat: narrow (installed base, regulatory licence, process know-how). Long-lived rail contracts and country-specific safety certifications create high switching costs.
Headquarters: Saint-Ouen, France · Founded: 1928 · Employees: 87,832
Size Alstom (ALO.PA) is a France Industrials company (Trucks/Construction/Farm Machinery) with a market value of $5.56B, the 63rd largest of 206 France companies the cockpit tracks. Shares closed at €10.71 on 6 Nov 2026.
Performance Over six months the shares fell 39.7%, against -8.8% for the median peer and -0.4% for the France market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.7% over the last twelve months (peer median +8.6%); the operating margin is 3.6% (peer median 7.9%).
Valuation It trades at 0.4× enterprise value to sales against a peer median of 1.2× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points below its cost of capital (8.4% WACC).
Credit Alstom has 5 bonds outstanding ($3.79B), rated Baa3 by the agencies and trading like BBB at a weighted spread of 99 bp.
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €19.2B | €19.2B | €18.5B | €17.6B | €16.5B |
| Revenue growth | — | +4% | +5% | +7% | — |
| Gross profit | €2.35B | €2.17B | €2.13B | €2.21B | €1.97B |
| EBITDA | €1.51B | €1.51B | €1.53B | €1.33B | €1.18B |
| Net income | €280M | €280M | €138M | -€307M | -€128M |
| Free cash flow | €324M | €324M | €490M | -€567M | €175M |
| Capital expenditure | €571M | €571M | €482M | €485M | €431M |
| Total debt | n/a | €4.30B | €4.34B | €4.66B | €3.70B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Alstom ALO.PA | $5.56B | -40% | +4% | 4% | 0.4× | 2.7% |
| Siemens SIE.DE | $225B | -4% | +4% | 13% | 3.0× | 18.3% |
| CRRC 601766.SS | $27.0B | +10% | +2% | 6% | 0.9× | -6.4% |
| Stadler Rail SRAIL.SW | $3.84B | +38% | +26% | 5% | 0.8× | 0.2% |
| Hitachi 6501.T | $130B | -7% | +14% | 12% | 1.8× | 9.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ALO.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.1% | -6.0% | 3rd lowest of 21 |
| 6-month return | -39.7% | -8.8% | 3rd lowest of 21 |
| Distance from 52-week high | -64.6% | -29.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | +3.7% | +8.6% | 5th lowest of 21 |
| Operating margin | 3.6% | 7.9% | 3rd lowest of 21 |
| EV / Sales | 0.4× | 1.2× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 2.6% | 10th least demanding of 19 |
| Growth delivered (Del g) | +16.9% | +11.6% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -14.2 pp | -6.5 pp | 6th least demanding of 19 |
| ROIC minus cost of capital | -4.1 pp | +4.1 pp | 3rd lowest of 19 |
| EV / EBITDA | 4.7× | 11.8× | cheapest of 16 |
| Net debt / EBITDA | 1.3× | 1.0× | 7th most indebted of 17 |
| Bond spread | 99 bp | 119 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | 0.4× | 2.7% | +16.9% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 1.5× | n/a | n/a |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 1.8× | 0.9% | +6.3% |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 1.2× | -4.0% | +16.0% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 1.1× | 12.1% | +12.0% |
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 0.6× | 1.2% | +9.1% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 1.0× | 3.9% | +11.6% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 0.6× | 4.0% | +50.0% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 1.0× | 13.2% | +5.5% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 2.6× | 1.6% | +23.7% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 1.3× | 15.0% | +11.6% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 5.6× | 3.5% | +12.1% |
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 0.9× | 1.1% | +12.1% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 1.6× | 9.1% | +5.7% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 8.0× | -3.1% | +15.2% |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 1.0× | 10.5% | +2.0% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 1.0× | -2.9% | +1.2% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 5.0× | n/a | n/a |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 0.8× | 0.2% | +3.6% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 2.9× | 19.3% | +5.5% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 0.5× | -13.3% | +15.5% |
Alstom has 5 bonds outstanding with $3.79B face value. The agencies rate it Baa3; its bonds trade like BBB. Weighted yield 4.27%, a spread of 99 bp over government bonds.