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French construction and concessions group building infrastructure worldwide and operating toll roads and airports.
French construction and concessions group building infrastructure worldwide and operating toll roads and airports.
Concessions provide a larger share of profit than of sales: toll roads and airports collect from users under long contracts, while construction and energy-services win projects at lower margins. It holds the French motorway concessions through VINCI Autoroutes and bought control of Gatwick Airport in 2019.
In one line: A combined Bechtel/AECOM with airport-toll-road ownership..
Moat: narrow (scale, regulatory licence, installed base). Long-term concession contracts on toll roads/airports provide monopoly-like, contracted cash flows for decades.
Headquarters: Rueil-Malmaison, France · Founded: 1899 · Employees: 294,000
Size Vinci (DG.PA) is a France Industrials company (Engineering & Construction) with a market value of $69.8B, the 14th largest of 206 France companies the cockpit tracks. Shares closed at €111.60 on 6 Nov 2026.
Performance Over six months the shares fell 12.4%, against -10.2% for the median peer and -0.4% for the France market (cap-weighted) — 8th lowest of 16 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +10.2%); the operating margin is 12.2% (peer median 9.0%).
Valuation It trades at 12.2× forward earnings against a peer median of 19.3× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.9 points above its cost of capital (8.2% WACC).
Credit Vinci has 8 bonds outstanding ($6.93B), rated A- by the agencies and trading like AA- at a weighted spread of 58 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €76.2B | €75.4B | €72.5B | €69.6B | €62.3B |
| Revenue growth | — | +4% | +4% | +12% | — |
| Gross profit | €11.3B | €11.0B | €10.2B | €9.52B | €7.79B |
| EBITDA | €13.7B | €13.2B | €12.6B | €11.8B | €9.97B |
| Net income | €5.08B | €4.90B | €4.86B | €4.70B | €4.26B |
| Free cash flow | €8.28B | €8.01B | €7.66B | €7.21B | €5.89B |
| Capital expenditure | €3.87B | €3.87B | €4.05B | €3.33B | €3.50B |
| Total debt | n/a | €39.1B | €37.5B | €33.0B | €32.1B |
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 |
|---|---|---|---|---|---|---|
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Eiffage FGR.PA | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% |
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 | DG.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +4.1% | 8th highest of 16 |
| 6-month return | -12.4% | -10.2% | 8th lowest of 16 |
| Distance from 52-week high | -22.0% | -20.9% | 8th lowest of 16 |
| Revenue growth (TTM) | +3.8% | +10.2% | 5th lowest of 16 |
| Operating margin | 12.2% | 9.0% | 5th highest of 15 |
| Forward P/E | 12.2× | 19.3× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -1.5% | 6.4% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +11.4% | +12.6% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -12.9 pp | -0.2 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +2.9 pp | +2.4 pp | 7th highest of 15 |
| EV / EBITDA | 6.6× | 15.1× | 2nd cheapest of 13 |
| Net debt / EBITDA | 1.8× | 1.5× | 6th most indebted of 14 |
| Bond spread | 58 bp | 88 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vinci DG.PA | France | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% | +11.4% |
| Larsen & Toubro LT.NS | India | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% | +16.1% |
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| Ferrovial FER.MC | Spain | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% | +8.1% |
| Comfort Systems USA FIX | United States | $35.6B | -48% | +51% | 17% | 16.2× | 12.4% | +26.1% |
| Samsung C&t 028260.KS | South Korea | $31.3B | -8% | +14% | 8% | 15.0× | 5.9% | +6.2% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
Vinci has 8 bonds outstanding with $6.93B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 4.00%, a spread of 58 bp over government bonds.