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World's largest eyewear company: makes prescription lenses (Essilor/Varilux) and designs/sells sunglasses and frames (Ray-Ban, Oakley).
World's largest eyewear company: makes prescription lenses (Essilor/Varilux) and designs/sells sunglasses and frames (Ray-Ban, Oakley).
Sells lenses mainly to opticians, who fit them to customers, and frames and sunglasses through its own retail chains and through making eyewear for fashion houses under licence. It was formed by the 2018 merger of lens maker Essilor and frame maker Luxottica, and bought the optical retailer GrandVision in 2021. The Del Vecchio family holding is the largest shareholder.
In one line: A vertically integrated Warby Parker + Zeiss + Ray-Ban combined.
Moat: wide (scale, brand, distribution). Owns both lens manufacturing and the dominant sunglass/frame brands plus retail distribution end-to-end.
Headquarters: Charenton-le-Pont, France · Founded: 2018 · Employees: 203,791
Size EssilorLuxottica (EL.PA) is a France Health Care company (Medical Specialties) with a market value of $101B, the 12th largest of 206 France companies the cockpit tracks. Shares closed at €193.80 on 6 Nov 2026.
Performance Over six months the shares gained 11.9%, against +28.3% for the median peer and -0.4% for the France market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 7.5% over the last twelve months (peer median +8.7%); the operating margin is 12.4% (peer median 21.2%).
Valuation It trades at 26.6× forward earnings against a peer median of 25.6× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +5 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 3.9 points below its cost of capital (8.9% WACC).
Credit EssilorLuxottica has 6 bonds outstanding ($7.52B), rated A+ by the agencies and trading like AAA at a weighted spread of 36 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €29.3B | €28.5B | €26.5B | €25.4B | €24.5B |
| Revenue growth | — | +7% | +4% | +4% | — |
| Gross profit | €17.8B | €17.3B | €16.8B | €16.1B | €15.6B |
| EBITDA | €6.75B | €6.54B | €6.44B | €6.24B | €6.18B |
| Net income | €2.49B | €2.31B | €2.36B | €2.29B | €2.15B |
| Free cash flow | €4.14B | €4.06B | €3.69B | €3.33B | €3.21B |
| Capital expenditure | €1.15B | €1.52B | €1.52B | €1.53B | €1.57B |
| Total debt | n/a | €14.4B | €13.2B | €11.7B | €12.2B |
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 |
|---|---|---|---|---|---|---|
| EssilorLuxottica EL.PA | $101B | +12% | +8% | 12% | 26.6× | 19.4% |
| Hoya 7741.T | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% |
| Safilo SFL.MI | $890M | +24% | -4% | 9% | 16.0× | -0.5% |
| Moncler MONC.MI | $13.8B | -11% | +3% | 29% | 19.5× | 10.8% |
| Warby Parker WRBY | $3.15B | -14% | +11% | 0% | 57.8× | n/a |
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 | EL.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +35.5% | +12.1% | highest of 21 |
| 6-month return | +11.9% | +28.3% | 6th lowest of 21 |
| Distance from 52-week high | -40.1% | -9.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +7.5% | +8.7% | 8th lowest of 21 |
| Operating margin | 12.4% | 21.2% | 4th lowest of 21 |
| Forward P/E | 26.6× | 25.6× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 19.4% | 13.1% | 8th most demanding of 21 |
| Growth delivered (Del g) | +14.6% | +6.7% | 3rd highest of 21 |
| Hurdle (Req g minus delivered) | +4.8 pp | +5.8 pp | 11th least demanding of 21 |
| ROIC minus cost of capital | -3.9 pp | +4.1 pp | 2nd lowest of 21 |
| EV / EBITDA | 15.4× | 20.7× | 7th cheapest of 19 |
| Net debt / EBITDA | 2.0× | 1.7× | 8th most indebted of 19 |
| Bond spread | 36 bp | 69 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Intuitive Surgical ISRG | United States | $157B | +1% | +20% | 32% | 37.5× | 30.8% | +18.2% |
| Danaher DHR | United States | $162B | +35% | +6% | 21% | 25.3× | 20.5% | +2.0% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Abbott Laboratories ABT | United States | $190B | +30% | +10% | 14% | 18.8× | 5.6% | +5.1% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Thermo Fisher Scientific TMO | United States | $257B | +50% | +8% | 19% | 25.8× | 20.9% | +6.7% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
EssilorLuxottica has 6 bonds outstanding with $7.52B face value. The agencies rate it A+; its bonds trade like AAA. Weighted yield 3.60%, a spread of 36 bp over government bonds.