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French satellite operator providing TV broadcast distribution and broadband connectivity via geostationary satellites and the OneWeb LEO constellation.
French satellite operator providing TV broadcast distribution and broadband connectivity via geostationary satellites and the OneWeb LEO constellation.
Sells satellite capacity under long contracts to TV broadcasters, telecom operators and governments, so a broadcast satellite earns steady lease income for years, though that income is shrinking as viewing moves online. The 2023 merger with OneWeb added a low-orbit constellation sold through distributors and for government and enterprise connectivity.
In one line: A European SES/Intelsat combined with a mini Starlink (OneWeb).
Moat: narrow (scale, regulatory licence, installed base). Scarce orbital slots/spectrum rights and a young LEO constellation, but faces Starlink's much larger scale.
Headquarters: Paris, France · Founded: 1977 · Employees: 1,645
Size Eutelsat Communications (ETL.PA) is a France Communication Services company (Major Telecommunications) with a market value of $2.40B, the 100th largest of 206 France companies the cockpit tracks. Shares closed at €1.82 on 6 Nov 2026.
Performance Over six months the shares fell 39.7%, against -7.9% for the median peer and -0.4% for the France market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +5.5%); the operating margin is -5.7% (peer median 9.6%).
Valuation It trades at 2.9× enterprise value to sales against a peer median of 2.1× (7th most expensive of 21).
Capital Return on invested capital runs 6.6 points below its cost of capital (5.6% WACC).
Credit Eutelsat Communications has 2 bonds outstanding ($1.67B) and trading like B+ at a weighted spread of 399 bp.
Next results Next results expected around 12 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | €1.24B | €1.24B | €1.24B | €1.21B | €1.13B |
| Revenue growth | — | -1% | +3% | +7% | — |
| Gross profit | €293M | €293M | €194M | €306M | €572M |
| EBITDA | €632M | €632M | €676M | €719M | €825M |
| Net income | -€457M | -€457M | -€1.08B | -€310M | €315M |
| Free cash flow | -€187M | -€187M | -€181M | -€93.7M | €439M |
| Capital expenditure | €541M | €541M | €389M | €463M | €201M |
| Total debt | n/a | €3.13B | €3.13B | €3.34B | €3.23B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Eutelsat Communications ETL.PA | $2.40B | -40% | -1% | -6% | 2.9× | n/a |
| Space Exploration Technologies SPCX | $1.82T | n/a | +33% | -11% | 94.9× | n/a |
| ViaSat VSAT | $8.81B | -9% | +1% | 2% | 3.0× | 42.8% |
| Telesat TSAT.TO | $644M | -18% | -24% | -8% | 14.2× | n/a |
| EchoStar ECHO | $27.5B | -26% | -20% | 11% | 1.9× | n/a |
| Iridium Communications IRDM | $4.68B | +6% | +4% | 19% | 7.4× | 21.0% |
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 | ETL.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +29.4% | +1.4% | highest of 21 |
| 6-month return | -39.7% | -7.9% | 3rd lowest of 21 |
| Distance from 52-week high | -60.0% | -20.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | -0.6% | +5.5% | 6th lowest of 21 |
| Operating margin | -5.7% | 9.6% | lowest of 21 |
| EV / Sales | 2.9× | 2.1× | 7th most expensive of 21 |
| ROIC minus cost of capital | -6.6 pp | -2.3 pp | 3rd lowest of 19 |
| EV / EBITDA | 5.7× | 9.2× | 3rd cheapest of 17 |
| Net debt / EBITDA | 2.2× | 2.7× | 8th least indebted of 17 |
| Bond spread | 399 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Eutelsat Communications ETL.PA | France | $2.40B | -40% | -1% | -6% | 2.9× | n/a | n/a |
| ITI ITI.NS | India | $2.53B | -18% | -41% | -1% | 11.3× | n/a | n/a |
| IDT IDT | United States | $2.18B | +54% | +5% | 9% | 1.4× | 5.7% | -2.2% |
| NetLink NBN Trust CJLU.SI | Singapore | $2.87B | -7% | 0% | 22% | 11.0× | 16.0% | +2.3% |
| Liberty Global LBTYB | United States | $3.09B | -17% | -27% | -1% | 4.2× | n/a | n/a |
| Liberty Latin America LILA | United States | $1.73B | +72% | +1% | 17% | 2.3× | 0.5% | +3.4% |
| Internet Initiative Japan 3774.T | Japan | $4.05B | +30% | +14% | 9% | 1.9× | 2.3% | +10.2% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | 1.3× | 5.1% | -9.7% |
| Guangdong South New Media 300770.SZ | China | $1.37B | +7% | -6% | 37% | 4.6× | -1.5% | +5.9% |
| Gamma Communications GAMA.L | United Kingdom | $1.32B | +23% | +7% | 15% | 1.5× | -0.4% | +10.4% |
| Uniti UNIT | United States | $1.27B | -54% | +200% | 10% | 3.3× | n/a | n/a |
| Grupo Televisa, S.A.B. Sponsored ADR TV | United States | $1.24B | -18% | +6% | 11% | 1.4× | 1.1% | -7.5% |
| Hicon Network Technology (Shandong) 301262.SZ | China | $1.21B | +1% | +2% | 38% | 5.0× | 5.4% | +0.1% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 1.2× | 4.1% | +8.4% |
| PCCW 0008.HK | Hong Kong | $5.04B | -17% | +7% | 13% | 2.8× | 1.2% | +2.3% |
| Tata Communications TATACOMM.NS | India | $5.15B | +7% | +9% | 8% | 2.4× | 34.1% | +7.7% |
| LG Uplus 032640.KS | South Korea | $5.17B | +6% | 0% | 7% | 0.5× | -17.5% | +2.9% |
| United Internet UTDI.DE | Germany | $5.17B | -9% | -8% | 9% | 1.5× | 1.4% | +2.7% |
| HKBN 1310.HK | Hong Kong | $1.02B | -25% | +6% | 3% | 1.5× | n/a | n/a |
| RailTel Corp. of India RAILTEL.NS | India | $817M | -31% | +23% | 10% | 1.6× | 31.3% | +25.4% |
| Bahnhof BAHN-B.ST | Sweden | $681M | +12% | +8% | 11% | 2.8× | 10.9% | +8.5% |
Eutelsat Communications has 2 bonds outstanding with $1.67B face value. Weighted yield 7.05%, a spread of 399 bp over government bonds.