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French construction, civil engineering and concessions (toll roads) group.
French construction, civil engineering and concessions (toll roads) group.
Construction and civil works are won by bidding and earn thin margins, while the APRR motorway concession, a long-term right to run toll roads in eastern France, brings steadier cash because tolls rise with inflation under the contract. Concessions are a small part of revenue but a large part of profit. Employee shareholders form a notable block.
Moat: narrow (scale, regulatory licence, installed base). Long-term APRR motorway concession gives stable, inflation-linked toll cash flow.
Headquarters: Velizy-Villacoublay, France · Founded: 1844 · Employees: 82,248
Size Eiffage (FGR.PA) is a France Industrials company (Engineering & Construction) with a market value of $11.5B, the 47th largest of 206 France companies the cockpit tracks. Shares closed at €106.00 on 6 Nov 2026.
Performance Over six months the shares fell 20.1%, against -17.6% for the median peer and -0.4% for the France market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +2.8%); the operating margin is 10.0% (peer median 6.0%).
Valuation It trades at 9.3× forward earnings against a peer median of 12.3× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points above its cost of capital (7.0% WACC).
Credit Eiffage has 1 bond outstanding ($557M).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €26.3B | €26.1B | €24.0B | €22.4B | €20.9B |
| Revenue growth | — | +9% | +7% | +7% | — |
| Gross profit | €3.38B | €3.38B | €3.05B | €2.89B | €2.65B |
| EBITDA | €4.26B | €4.17B | €3.88B | €3.78B | €3.45B |
| Net income | €1.06B | €1.02B | €1.04B | €1.01B | €896M |
| Free cash flow | €2.89B | €2.86B | €3.21B | €2.86B | €2.53B |
| Capital expenditure | €1.08B | €1.17B | €936M | €868M | €992M |
| Total debt | n/a | €15.8B | €16.7B | €16.0B | €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 |
|---|---|---|---|---|---|---|
| Eiffage FGR.PA | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| Ferrovial FER.MC | $42.3B | -10% | +5% | 10% | 55.5× | 21.9% |
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 | FGR.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | -2.4% | 6th highest of 21 |
| 6-month return | -20.1% | -17.6% | 8th lowest of 21 |
| Distance from 52-week high | -28.1% | -35.6% | 10th highest of 21 |
| Revenue growth (TTM) | +5.4% | +2.8% | 10th highest of 21 |
| Operating margin | 10.0% | 6.0% | 6th highest of 21 |
| Forward P/E | 9.3× | 12.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | 7.3% | least demanding of 14 |
| Growth delivered (Del g) | +9.4% | +11.5% | 5th lowest of 14 |
| Hurdle (Req g minus delivered) | -16.3 pp | -6.5 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +2.2 pp | +1.3 pp | 10th highest of 20 |
| EV / EBITDA | 5.3× | 10.9× | 2nd cheapest of 15 |
| Net debt / EBITDA | 2.5× | 1.2× | 5th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| China Railway 0390.HK | Hong Kong | $15.0B | -19% | -4% | 4% | 3.6× | n/a | n/a |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
Eiffage has 1 bond outstanding with $557M face value.