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French provider of employee benefits vouchers (meal, gift cards) and corporate payment/mobility solutions.
French provider of employee benefits vouchers (meal, gift cards) and corporate payment/mobility solutions.
Earns a commission from merchants on each voucher spent and a fee from employers who buy them, and also earns interest on the money held between selling a voucher and reimbursing the merchant. In many countries meal vouchers have tax-favored status set by law, so rule changes matter. Latin America, led by Brazil, and Europe are the core regions. Spun off from Accor in 2010.
Moat: narrow (network effects, regulatory licence, brand). Two-sided employer/merchant network plus, in many countries, tax-favored regulatory status for vouchers.
Headquarters: Issy-les-Moulineaux, France · Founded: 1962 · Employees: 12,231
Size Edenred (EDEN.PA) is a France Industrials company (Miscellaneous Commercial Services) with a market value of $6.52B, the 57th largest of 206 France companies the cockpit tracks. Shares closed at €24.60 on 6 Nov 2026.
Performance Over six months the shares gained 15.3%, against +10.8% for the median peer and -0.4% for the France market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 2.8% over the last twelve months (peer median +5.7%); the operating margin is 29.6% (peer median 12.0%).
Valuation It trades at 12.0× forward earnings against a peer median of 14.6× (7th 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 +14%, so the hurdle is -22 pp: the price already allows for a slowdown.
Credit Edenred has 10 bonds outstanding ($5.85B), rated A- by the agencies and trading like BBB+ at a weighted spread of 112 bp.
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.75B | €2.73B | €2.61B | €2.31B | €1.94B |
| Revenue growth | — | +5% | +13% | +19% | — |
| Gross profit | €1.40B | €1.43B | €1.35B | €1.24B | €1.05B |
| EBITDA | €1.09B | €1.13B | €1.02B | €736M | €751M |
| Net income | €500M | €521M | €507M | €267M | €386M |
| Free cash flow | €1.10B | €1.09B | €756M | €977M | €727M |
| Capital expenditure | €203M | €198M | €217M | €190M | €151M |
| Total debt | n/a | €4.63B | €4.54B | €4.20B | €3.04B |
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 |
|---|---|---|---|---|---|---|
| Edenred EDEN.PA | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% |
| Pluxee PLX.PA | $2.72B | 0% | +1% | 28% | 8.9× | n/a |
| Sodexo SW.PA | $9.91B | +28% | 0% | 3% | 17.7× | 6.0% |
| Corpay CPAY | $29.9B | +32% | +20% | 46% | 14.7× | n/a |
| WEX WEX | $5.99B | +29% | +10% | 27% | 8.0× | n/a |
| Benefit Systems BFT.WA | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% |
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 | EDEN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.1% | +8.9% | lowest of 20 |
| 6-month return | +15.3% | +10.8% | 8th highest of 20 |
| Distance from 52-week high | -20.3% | -10.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +2.8% | +5.7% | 7th lowest of 21 |
| Operating margin | 29.6% | 12.0% | 3rd highest of 21 |
| Forward P/E | 12.0× | 14.6× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -8.0% | 2.9% | 3rd least demanding of 20 |
| Growth delivered (Del g) | +13.9% | +11.3% | 8th highest of 20 |
| Hurdle (Req g minus delivered) | -22.0 pp | -11.5 pp | 5th least demanding of 20 |
| EV / EBITDA | 5.4× | 10.3× | 2nd cheapest of 19 |
| Net debt / EBITDA | -0.0× | 2.2× | 5th least indebted of 19 |
| Bond spread | 112 bp | 108 bp | 4th widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
| Dizal Pharmaceutical 688192.SS | China | $4.68B | +18% | +720% | 69% | 9.5× | -8.4% | +95.9% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| Teleperformance TEP.PA | France | $4.60B | +3% | -3% | 10% | 5.0× | -10.2% | +12.2% |
| Brink's BCO | United States | $4.54B | +3% | +7% | 10% | 11.8× | 0.1% | +7.3% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| SAI Life Sciences SAILIFE.NS | India | $4.02B | +64% | +27% | 21% | 89.2× | n/a | n/a |
Edenred has 10 bonds outstanding with $5.85B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.19%, a spread of 112 bp over government bonds.