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French investment holding company that takes large, long-term controlling or influential stakes in industrial and service businesses.
French investment holding company that takes large, long-term controlling or influential stakes in industrial and service businesses.
Earns its return by owning large stakes in businesses for years, collecting dividends and booking gains when it sells, rather than operating anything itself. It has also bought private-equity and private-credit managers to earn fees on outside investors' money. A family holding of the de Wendel steel dynasty is the largest shareholder.
In one line: A French Berkshire Hathaway-style holding company.
Moat: narrow (scale, brand). Long capital-allocation track record and permanent capital, but performance depends on individual deal picking.
Headquarters: Paris, France · Founded: 1704
Size Wendel (MF.PA) is a France Financials company (Financial Conglomerates) with a market value of $4.14B, the 72nd largest of 206 France companies the cockpit tracks. Shares closed at €88.40 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against +2.2% for the median peer and -0.4% for the France market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 13.3% over the last twelve months (peer median +17.3%); the operating margin is 12.1% (peer median 41.0%).
Valuation It trades at 1.11× book value against a peer median of 0.95× (10th most expensive of 20).
Price implies The share price implies a return on equity of about 12.4%; Wendel delivers -3.9%, so the price asks more than the business earns today.
Credit Wendel has 4 bonds outstanding ($1.56B), rated BBB by the agencies and trading like BBB- at a weighted spread of 139 bp.
Next results Next results expected around 26 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €7.23B | €7.57B | €7.13B | €7.13B | €6.75B |
| Revenue growth | — | +6% | 0% | +6% | — |
| Gross profit | €650M | €678M | €629M | €864M | €897M |
| EBITDA | €1.31B | €1.50B | €1.60B | €1.46B | €1.48B |
| Net income | -€86.6M | -€152M | €294M | €142M | €656M |
| Free cash flow | €1.28B | €1.34B | €1.28B | €1.08B | €1.09B |
| Capital expenditure | €201M | €209M | €206M | €230M | €269M |
| Total debt | n/a | €6.66B | €6.75B | €6.11B | €6.06B |
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 |
|---|---|---|---|---|---|---|
| Wendel MF.PA | $4.14B | 0% | -13% | -4% | 1.11× | 12.4% |
| Eurazeo RF.PA | $3.70B | +2% | +18% | -2% | 0.53× | 7.7% |
| Investor INVE-A.ST | $133B | +16% | +2% | 21% | 1.17× | 9.0% |
| Exor EXO.AS | $26.2B | +10% | +59% | -13% | 0.46× | 4.6% |
| Peugeot Invest PEUG.PA | $1.54B | -16% | -101% | 6% | 0.38× | 6.5% |
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 | MF.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.9% | +4.5% | 3rd highest of 21 |
| 6-month return | -0.1% | +2.2% | 11th highest of 21 |
| Return on equity | -4.0% | 10.0% | 4th lowest of 20 |
| Price / book | 1.11× | 0.95× | 10th most expensive of 20 |
| ROE the price implies | 12.4% | 10.4% | 6th most demanding of 20 |
| ROE delivered | -3.9% | 10.0% | 4th lowest of 20 |
| Bond spread | 139 bp | 181 bp | tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Wendel MF.PA | France | $4.14B | 0% | -13% | -4% | 1.11× | 12.4% | -3.9% |
| Legend 3396.HK | Hong Kong | $4.03B | +34% | +27% | 5% | 0.49× | 5.9% | 4.6% |
| BB Biotech BION.SW | Switzerland | $3.45B | +13% | +125% | 39% | 0.87× | 4.6% | 38.7% |
| Authum Investment & Infrastucture AIIL.NS | India | $5.14B | +16% | -23% | 10% | 2.59× | 37.9% | 10.0% |
| Zegona Communications ZEG.L | United Kingdom | $5.17B | -5% | +55% | n/a | n/a | n/a | n/a |
| Golub Capital BDC GBDC | United States | $3.31B | -3% | -9% | 4% | 0.89× | 6.7% | 4.5% |
| Main Street Capital MAIN | United States | $5.33B | +6% | +3% | 15% | 1.68× | 12.3% | 14.9% |
| Blue Owl Capital OBDC | United States | $5.39B | -4% | +1% | 4% | 0.77× | 7.1% | 3.9% |
| Azimut AZM.MI | Italy | $5.70B | -1% | +17% | 28% | 2.62× | 24.8% | 28.5% |
| Roko ROKO-B.ST | Sweden | $2.97B | +14% | +20% | 15% | 4.58× | 12.3% | 14.5% |
| Kyivstar KYIV | United States | $2.96B | -4% | +26% | 20% | 2.13× | 18.0% | 20.2% |
| Onex ONEX.TO | Canada | $5.91B | -7% | +2% | 5% | 0.60× | 6.5% | 5.2% |
| Brookfield Business BBUC.TO | Canada | $6.15B | -9% | +106% | -24% | 1.11× | 11.6% | -23.5% |
| Strive ASST | United States | $2.73B | +35% | +650% | -138% | 2.72× | 48.9% | -137.9% |
| Zhejiang Provincial New Energy Investment 600032.SS | China | $2.59B | -27% | -6% | 2% | 1.31× | 8.5% | 2.3% |
| Hyperliquid Strategies PURR | United States | $2.45B | +104% | n/a | 34% | 0.94× | 18.9% | 33.9% |
| Bure Equity BURE.ST | Sweden | $2.30B | +12% | -3% | 22% | 0.88× | 9.2% | 21.8% |
| Financiere Moncey FMONC.PA | France | $2.19B | -21% | n/a | 0% | 0.95× | 8.1% | 0.2% |
| Kinnevik KINV-A.ST | Sweden | $2.04B | +27% | +675% | -23% | 0.72× | 7.6% | -22.9% |
| Georgia Capital CGEO.L | United Kingdom | $2.03B | +20% | n/a | 32% | 0.94× | 10.4% | 31.7% |
| Aker AKER.OL | Norway | $8.60B | -7% | -17% | 50% | 1.18× | 11.7% | 50.3% |
Wendel has 4 bonds outstanding with $1.56B face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 4.48%, a spread of 139 bp over government bonds.