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French REIT that develops and manages open-air retail parks anchored by supermarkets and mid-size stores.
French REIT that develops and manages open-air retail parks anchored by supermarkets and mid-size stores.
Earns rent on retail parks it owns and development margins on parks it builds, either for its own portfolio or for sale to investors, so cash from development funds a long-term rental base. Antoine Frey, the founder, remains the controlling shareholder.
In one line: A French, smaller open-air version of a strip-mall REIT like Kimco.
Moat: narrow (scale, installed base). Focused expertise in low-cost, eco-designed retail parks that outperform malls, but small scale versus larger retail REITs.
Headquarters: Paris, France · Founded: 2010 · Employees: 305
Size Frey (FREY.PA) is a France Real Estate company (Real Estate Development) with a market value of $1.24B, the 127th largest of 206 France companies the cockpit tracks. Shares closed at €34.40 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against -16.2% for the median peer and -0.4% for the France market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 45.4% over the last twelve months (peer median +0.8%); the operating margin is 49.0% (peer median 15.0%).
Valuation It trades at 22.9× forward earnings against a peer median of 15.9× (5th most expensive of 13).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €277M | €234M | €193M | €150M | €125M |
| Revenue growth | — | +21% | +29% | +20% | — |
| Gross profit | €176M | €152M | €127M | €101M | €79.1M |
| EBITDA | €138M | €117M | €109M | €86.1M | €58.0M |
| Net income | €122M | €77.4M | €40.0M | €18.9M | €129M |
| Free cash flow | €61.7M | €57.5M | €68.4M | €34.5M | €40.2M |
| Capital expenditure | €8.60M | €2.37M | €58.5M | €3.50M | €17.8M |
| Total debt | n/a | €1.44B | €1.22B | €1.00B | €808M |
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 |
|---|---|---|---|---|---|---|
| Frey FREY.PA | $1.24B | 0% | +45% | 49% | 22.9× | n/a |
| Klepierre LI.PA | $11.6B | +8% | +3% | 63% | 13.1× | n/a |
| Mercialys MERY.PA | $1.05B | -15% | +3% | 69% | 7.7× | n/a |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
| Kimco Realty KIM | $17.0B | +10% | +3% | 35% | 29.3× | 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 | FREY.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.6% | -6.7% | 6th highest of 21 |
| 6-month return | 0.0% | -16.2% | 5th highest of 20 |
| Distance from 52-week high | -6.0% | -30.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +45.4% | +0.8% | 3rd highest of 21 |
| Operating margin | 49.0% | 15.0% | 5th highest of 21 |
| Forward P/E | 22.9× | 15.9× | 5th most expensive of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Frey FREY.PA | France | $1.24B | 0% | +45% | 49% | 22.9× | n/a | n/a |
| Shenzhen Zhenye (Group) 000006.SZ | China | $1.24B | -37% | -56% | 0% | n/a | n/a | n/a |
| Tibet Urban Development & Investment 600773.SS | China | $1.27B | -67% | -78% | -124% | n/a | n/a | n/a |
| Sri Lotus Developers and Realty LOTUSDEV.NS | India | $1.21B | +59% | +40% | 38% | 33.4× | n/a | n/a |
| Forestar FOR | United States | $1.21B | -14% | -2% | 13% | 10.4× | n/a | n/a |
| Art 0565.HK | Hong Kong | $1.28B | +38% | +51% | 60% | n/a | n/a | n/a |
| Mainstreet Equity MEQ.TO | Canada | $1.19B | +1% | +5% | 60% | 18.9× | n/a | n/a |
| China Overseas Grand Oceans 0081.HK | Hong Kong | $1.30B | -7% | -3% | 5% | 19.2× | n/a | n/a |
| Wedge Industrial 000534.SZ | China | $1.30B | -57% | +4% | 10% | 28.6× | n/a | n/a |
| Red Star Macalline 1528.HK | Hong Kong | $1.18B | -33% | -3% | -24% | 32.3× | n/a | n/a |
| Tosei 8923.T | Japan | $1.18B | +17% | +14% | 23% | 11.4× | n/a | n/a |
| Sakura Development 2539.TW | Taiwan | $1.31B | -28% | +10% | 39% | n/a | n/a | n/a |
| Icade ICAD.PA | France | $1.33B | -22% | -9% | 17% | 5.3× | n/a | n/a |
| Gmp Property SOCIMI YGMP.MC | Spain | $1.33B | -4% | 0% | 53% | n/a | n/a | n/a |
| Horizon Industrial Parks HORIZONIND.NS | India | $1.33B | n/a | +83% | 44% | n/a | n/a | n/a |
| Beijing Urban Construction Investment & Development Co 600266.SS | China | $1.16B | -21% | -31% | -2% | n/a | n/a | n/a |
| Starts 8850.T | Japan | $1.35B | -6% | +7% | 14% | 7.8× | n/a | n/a |
| Seazen 1030.HK | Hong Kong | $1.36B | -36% | -35% | 16% | 12.8× | n/a | n/a |
| China Merchants Property Operation & Service 001914.SZ | China | $1.36B | -16% | +6% | 5% | 9.8× | n/a | n/a |
| Opendoor Technologies OPEN | United States | $1.36B | -72% | -37% | -16% | n/a | n/a | n/a |
| Zug Estates ZUGN.SW | Switzerland | $1.37B | -2% | +1% | 62% | 27.3× | n/a | n/a |