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French REIT focused on prime Paris-region office buildings and some residential/healthcare property.
French REIT focused on prime Paris-region office buildings and some residential/healthcare property.
Collects rent under multi-year office leases indexed to official French price measures, so rents rise with inflation, and recycles capital by selling older or smaller buildings and developing or renovating others. Its offices are concentrated in central Paris and the western business districts. As a French REIT it is largely exempt from corporate tax on rental profits in return for paying most of them out.
Moat: narrow (installed base, scale). Concentrated portfolio of prime, well-located Paris office assets commands premium rents.
Headquarters: Paris, France · Founded: 1959 · Employees: 442
Size Gecina (GFC.PA) is a France Real Estate company (Real Estate Investment Trusts) with a market value of $5.47B, the 65th largest of 206 France companies the cockpit tracks. Shares closed at €65.95 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -2.2% for the median peer and -0.4% for the France market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +6.6%); the operating margin is 68.5% (peer median 33.8%).
Valuation It trades at 0.48× book value against a peer median of 1.31× (cheapest of 21).
Price implies The share price implies a return on equity of about 6.9%; Gecina delivers 1.6%, so the price asks more than the business earns today.
Credit Gecina has 10 bonds outstanding ($6.49B), rated A- by the agencies and trading like BBB+ at a weighted spread of 102 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €887M | €867M | €863M | €843M | €772M |
| Revenue growth | — | +1% | +2% | +9% | — |
| Gross profit | €692M | €661M | €640M | €610M | €570M |
| EBITDA | €617M | €656M | €566M | €536M | €493M |
| Net income | €162M | €448M | €310M | -€1.79B | €170M |
| Free cash flow | -€94.9M | -€120M | €79.0M | €224M | €158M |
| Capital expenditure | €567M | €515M | €455M | €231M | €241M |
| Total debt | n/a | €6.88B | €6.71B | €6.39B | €7.23B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Gecina GFC.PA | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% |
| Covivio COV.PA | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% |
| 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 |
| Icade ICAD.PA | $1.33B | -22% | -9% | -5% | 0.33× | 5.4% |
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 | GFC.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.6% | +7.5% | 8th highest of 21 |
| 6-month return | -8.2% | -2.2% | 5th lowest of 21 |
| Return on equity | 1.6% | 6.7% | 5th lowest of 21 |
| Price / book | 0.48× | 1.31× | cheapest of 21 |
| Trailing P/E | 30.2× | 21.8× | 5th most expensive of 19 |
| ROE the price implies | 6.9% | 11.5% | 5th least demanding of 21 |
| ROE delivered | 1.6% | 6.7% | 5th lowest of 20 |
| Bond spread | 102 bp | 111 bp | 4th tightest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Gecina GFC.PA | France | $5.47B | -8% | +1% | 2% | 0.48× | 6.9% | 1.6% |
| Sabra Health Care REIT SBRA | United States | $5.51B | +1% | +21% | 3% | 1.94× | 13.0% | 2.5% |
| OUTFRONT Media OUT | United States | $5.42B | -9% | +8% | 36% | 7.82× | 77.8% | 36.2% |
| Covivio COV.PA | France | $5.64B | -16% | +5% | 8% | 0.59× | 8.2% | 7.9% |
| Mirvac MGR.AX | Australia | $5.27B | +14% | +6% | 7% | 0.83× | 9.9% | 7.4% |
| Chartwell Retirement Residences CSH-UN.TO | Canada | $5.25B | +3% | +24% | 1% | 3.92× | 22.6% | 0.5% |
| Phillips Edison & PECO | United States | $5.72B | +2% | +7% | 8% | 2.17× | 12.9% | 7.8% |
| Rithm Capital RITM | United States | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% | 5.6% |
| British Land BLND.L | United Kingdom | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% | 7.8% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
Gecina has 10 bonds outstanding with $6.49B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 4.20%, a spread of 102 bp over government bonds.