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French testing, inspection and certification company serving industrial, marine, construction and consumer product sectors.
French testing, inspection and certification company serving industrial, marine, construction and consumer product sectors.
Charges fees per inspection, test or certificate, much of it recurring because regulations or customers' contracts require independent checks of buildings, ships, equipment and products. Revenue is spread across many small contracts in many countries rather than a few large ones, and growth has come partly from buying small local firms.
Moat: narrow (regulatory licence, brand, scale). Accredited certification/classification status is a regulatory requirement, creating high barriers to entry.
Headquarters: Neuilly-sur-Seine, France · Founded: 1828 · Employees: 82,049
Size Bureau Veritas (BVI.PA) is a France Industrials company (Miscellaneous Commercial Services) with a market value of $14.9B, the 38th largest of 206 France companies the cockpit tracks. Shares closed at €29.95 on 6 Nov 2026.
Performance Over six months the shares gained 12.8%, against +10.8% for the median peer and -0.4% for the France market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +4.4%); the operating margin is 14.5% (peer median 15.5%).
Valuation It trades at 20.2× forward earnings against a peer median of 22.7× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.2 points above its cost of capital (9.1% WACC).
Credit Bureau Veritas has 5 bonds outstanding ($3.23B), rated A3 by the agencies and trading like AA at a weighted spread of 89 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.53B | €6.47B | €6.24B | €5.87B | €5.65B |
| Revenue growth | — | +4% | +6% | +4% | — |
| Gross profit | €1.59B | €1.55B | €1.50B | €1.38B | €1.27B |
| EBITDA | €1.25B | €1.24B | €1.19B | €1.12B | €1.08B |
| Net income | €504M | €588M | €569M | €504M | €467M |
| Free cash flow | €809M | €820M | €837M | €645M | €652M |
| Capital expenditure | €151M | €147M | €146M | €158M | €130M |
| Total debt | n/a | €3.09B | €2.87B | €2.54B | €3.05B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bureau Veritas BVI.PA | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% |
| Sgs SGSN.SW | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% |
| Eurofins Scientific ERF.PA | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% |
| Intertek ITRK.L | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% |
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 | BVI.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.5% | +8.3% | 8th highest of 20 |
| 6-month return | +12.8% | +10.8% | 9th highest of 20 |
| Distance from 52-week high | -2.4% | -14.9% | 4th highest of 21 |
| Revenue growth (TTM) | +1.9% | +4.4% | 5th lowest of 21 |
| Operating margin | 14.5% | 15.5% | 10th lowest of 21 |
| Forward P/E | 20.2× | 22.7× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | 8.2% | 10th least demanding of 20 |
| Growth delivered (Del g) | +7.0% | +7.5% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | +0.9 pp | -4.2 pp | 7th most demanding of 20 |
| ROIC minus cost of capital | +9.2 pp | +6.4 pp | 7th highest of 18 |
| EV / EBITDA | 12.3× | 12.3× | 10th most expensive of 20 |
| Net debt / EBITDA | 1.7× | 1.7× | 10th least indebted of 20 |
| Bond spread | 89 bp | 102 bp | 4th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| UL Solutions ULS | United States | $15.9B | -22% | +6% | 19% | 31.2× | 9.1% | +5.8% |
| Computershare CPU.AX | Australia | $17.2B | +44% | 0% | 30% | 19.1× | -2.6% | +9.2% |
| Eurofins Scientific ERF.PA | France | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% | +6.1% |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| Rollins ROL | United States | $18.1B | -29% | +8% | 19% | 31.4× | 11.2% | +11.7% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| Sgs SGSN.SW | Switzerland | $24.8B | +21% | +5% | 15% | 24.5× | 3.1% | +4.4% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Adyen ADYEN.AS | Netherlands | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% | -6.0% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
Bureau Veritas has 5 bonds outstanding with $3.23B face value. The agencies rate it A3; its bonds trade like AA. Weighted yield 4.04%, a spread of 89 bp over government bonds.