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French conglomerate spanning construction, telecoms (Bouygues Telecom) and media (TF1).
French conglomerate spanning construction, telecoms (Bouygues Telecom) and media (TF1).
Construction and road building are contract work paid as projects progress, while Bouygues Telecom and TF1 earn subscriptions and advertising. Equans, bought from Engie in 2022, added energy and technical services. The Bouygues family's holding company is the largest shareholder.
In one line: No US peer..
Moat: none (scale). Diversified conglomerate with reasonable scale in each segment but no single dominant structural advantage.
Headquarters: Paris, France · Founded: 1952 · Employees: 200,000
Size Bouygues (EN.PA) is a France Industrials company (Engineering & Construction) with a market value of $18.3B, the 35th largest of 206 France companies the cockpit tracks. Shares closed at €42.29 on 6 Nov 2026.
Performance Over six months the shares fell 18.2%, against -17.2% for the median peer and -0.4% for the France market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 1.4% over the last twelve months (peer median +4.6%); the operating margin is 4.6% (peer median 6.3%).
Valuation It trades at 12.9× forward earnings against a peer median of 15.0× (9th cheapest of 20).
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 +10%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.1 points above its cost of capital (7.3% WACC).
Credit Bouygues has 8 bonds outstanding ($9.19B), rated A- by the agencies and trading like AA- at a weighted spread of 83 bp.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €56.3B | €56.9B | €56.8B | €56.0B | €44.3B |
| Revenue growth | — | 0% | +1% | +26% | — |
| Gross profit | €2.97B | €3.14B | €2.36B | €1.85B | €1.38B |
| EBITDA | €5.68B | €5.01B | €5.12B | €4.92B | €4.60B |
| Net income | €1.25B | €1.14B | €1.06B | €1.04B | €973M |
| Free cash flow | €2.69B | €2.63B | €3.09B | €2.34B | -€12.0M |
| Capital expenditure | €2.41B | €2.50B | €2.71B | €2.66B | €2.73B |
| Total debt | €14.7B | €15.1B | €14.6B | €14.7B | €15.9B |
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 |
|---|---|---|---|---|---|---|
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| Metropole Television MMT.PA | $1.60B | -4% | -2% | 11% | 12.5× | -0.9% |
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 | EN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +2.4% | 9th highest of 21 |
| 6-month return | -18.2% | -17.2% | 10th lowest of 21 |
| Distance from 52-week high | -20.9% | -29.7% | 8th highest of 21 |
| Revenue growth (TTM) | -1.4% | +4.6% | 8th lowest of 21 |
| Operating margin | 4.6% | 6.3% | 9th lowest of 20 |
| Forward P/E | 12.9× | 15.0× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 4.4% | 5th least demanding of 15 |
| Growth delivered (Del g) | +10.4% | +11.8% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | -11.2 pp | -8.0 pp | 7th least demanding of 15 |
| ROIC minus cost of capital | +0.1 pp | +1.0 pp | 10th lowest of 20 |
| EV / EBITDA | 4.9× | 11.9× | cheapest of 13 |
| Net debt / EBITDA | 1.7× | 2.9× | 7th least indebted of 16 |
| Bond spread | 83 bp | 103 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Emcor EME | United States | $26.6B | -34% | +22% | 10% | 15.5× | 6.2% | +14.1% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| China State Construction Engineering 601668.SS | China | $28.3B | -4% | -9% | n/a | 5.6× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Otis Worldwide OTIS | United States | $30.1B | +6% | +6% | 15% | 18.1× | 2.3% | +2.5% |
| HOCHTIEF Aktiengesellschaft HOT.DE | Germany | $30.9B | -31% | +8% | 4% | 25.1× | 2.6% | +10.7% |
Bouygues has 8 bonds outstanding with $9.19B face value. The agencies rate it A-; its bonds trade like AA-. Weighted yield 4.09%, a spread of 83 bp over government bonds.