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French tire manufacturer making tires for cars, trucks, aircraft and specialty vehicles worldwide.
French tire manufacturer making tires for cars, trucks, aircraft and specialty vehicles worldwide.
Tires sold for replacement through dealers and retailers provide most of its sales and better margins than tires fitted to new vehicles, which mainly seed later replacement sales. It sells premium products, with raw-material and energy costs partly passed on through price changes. The Michelin Guide, started in 1900 to encourage drivers to travel, is a small brand extension.
Moat: narrow (brand, IP / patents, scale). Premium global tire brand with technology leadership (low rolling resistance) and scale.
Headquarters: Clermont-Ferrand, France · Founded: 1889 · Employees: 122,586
Size Cie Generale des Etablissements Michelin (ML.PA) is a France Consumer Discretionary company (Automotive Aftermarket) with a market value of $25.1B, the 29th largest of 206 France companies the cockpit tracks. Shares closed at €33.20 on 6 Nov 2026.
Performance Over six months the shares gained 4.6%, against +3.1% for the median peer and -0.4% for the France market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 4.1% over the last twelve months (peer median +5.4%); the operating margin is 10.2% (peer median 8.9%).
Valuation It trades at 12.6× forward earnings against a peer median of 14.9× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (9.7% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €25.7B | €26.0B | €27.2B | €28.3B | €28.6B |
| Revenue growth | — | -4% | -4% | -1% | — |
| Gross profit | €6.93B | €6.89B | €7.61B | €7.83B | €7.46B |
| EBITDA | €4.64B | €4.68B | €5.40B | €5.53B | €5.27B |
| Net income | €1.59B | €1.66B | €1.88B | €1.98B | €2.00B |
| Free cash flow | €2.49B | €2.04B | €2.35B | €3.25B | €12.0M |
| Capital expenditure | €1.90B | €2.03B | €2.27B | €2.27B | €2.14B |
| Total debt | n/a | €6.63B | €7.44B | €6.24B | €7.45B |
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 |
|---|---|---|---|---|---|---|
| Cie Generale des Etablissements Michelin ML.PA | $25.1B | +5% | -4% | 10% | 12.6× | 3.7% |
| Bridgestone 5108.T | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% |
| Goodyear Tire & Rubber GT | $1.26B | -33% | -4% | 3% | n/a | 5.9% |
| Continental CON.DE | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% |
| Pirelli & C PIRC.MI | $8.27B | +10% | -1% | -9% | 13.3× | -2.4% |
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 | ML.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +2.0% | 8th lowest of 21 |
| 6-month return | +4.6% | +3.1% | 10th highest of 21 |
| Distance from 52-week high | -7.0% | -19.3% | 3rd highest of 21 |
| Revenue growth (TTM) | -4.1% | +5.4% | 2nd lowest of 21 |
| Operating margin | 10.2% | 8.9% | 8th highest of 20 |
| Forward P/E | 12.6× | 14.9× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.7% | -0.1% | 6th most demanding of 17 |
| Growth delivered (Del g) | +4.9% | +10.6% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | -1.2 pp | -8.8 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | -1.2 pp | -0.2 pp | 7th lowest of 20 |
| EV / EBITDA | 5.9× | 7.6× | 7th cheapest of 14 |
| Net debt / EBITDA | 1.1× | 1.1× | 7th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cie Generale des Etablissements Michelin ML.PA | France | $25.1B | +5% | -4% | 10% | 12.6× | 3.7% | +4.9% |
| Bridgestone 5108.T | Japan | $31.7B | +28% | +6% | 12% | 14.0× | -1.9% | +10.4% |
| Continental CON.DE | Germany | $15.8B | +2% | -35% | n/a | 12.1× | -0.2% | -9.2% |
| Pirelli & C PIRC.MI | Italy | $8.27B | +10% | -1% | -9% | 13.3× | -2.4% | +9.5% |
| Yokohama Rubber 5101.T | Japan | $6.78B | +8% | +13% | 15% | 8.1× | n/a | n/a |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |