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Makes graphite/carbon-based materials, electrical protection products and advanced materials for industrial and semiconductor customers.
Makes graphite/carbon-based materials, electrical protection products and advanced materials for industrial and semiconductor customers.
Sells components that other firms specify into their equipment: graphite parts for silicon and silicon-carbide chip making, fuses and cooling parts for power electronics, and carbon parts for motors. The mix across electrical and materials markets means no single customer group dominates, and it has been adding capacity for silicon-carbide and battery makers.
Moat: narrow (process know-how, IP / patents, customer qualification). Specialized graphite/carbon materials and electrical protection products require qualification in critical applications.
Headquarters: Paris, France · Founded: 1857 · Employees: 7,259
Size Mersen (MRN.PA) is a France Industrials company (Electrical Products) with a market value of $976M, the 141st largest of 206 France companies the cockpit tracks. Shares closed at €35.70 on 6 Nov 2026.
Performance Over six months the shares fell 1.4%, against -23.9% for the median peer and -0.4% for the France market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +9.6%); the operating margin is 9.3% (peer median 4.9%).
Valuation It trades at 13.1× forward earnings against a peer median of 17.1× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points below its cost of capital (10.7% WACC).
Next results Next results expected around 17 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.19B | €1.19B | €1.24B | €1.21B | €1.11B |
| Revenue growth | — | -5% | +3% | +9% | — |
| Gross profit | €356M | €352M | €386M | €385M | €348M |
| EBITDA | €193M | €194M | €208M | €206M | €190M |
| Net income | €15.6M | €14.1M | €59.0M | €81.6M | €67.6M |
| Free cash flow | €34.2M | €35.7M | -€26.9M | -€10.8M | €1.00M |
| Capital expenditure | €99.7M | €143M | €217M | €187M | €103M |
| Total debt | n/a | €534M | €506M | €331M | €394M |
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 |
|---|---|---|---|---|---|---|
| Mersen MRN.PA | $976M | -1% | -3% | 9% | 13.1× | 11.0% |
| SGL Carbon SGL.DE | $668M | +2% | -16% | 8% | 18.9× | 2.3% |
| Morgan Advanced Materials MGAM.L | $981M | +22% | -6% | 9% | 14.6× | 9.4% |
| Littelfuse LFUS | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% |
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 | MRN.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.3% | -6.3% | 7th lowest of 21 |
| 6-month return | -1.4% | -23.9% | 5th highest of 20 |
| Distance from 52-week high | -21.3% | -43.3% | 4th highest of 21 |
| Revenue growth (TTM) | -3.5% | +9.6% | 5th lowest of 21 |
| Operating margin | 9.3% | 4.9% | 8th highest of 20 |
| Forward P/E | 13.1× | 17.1× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 11.0% | 17.2% | 5th least demanding of 13 |
| Growth delivered (Del g) | +7.0% | +7.9% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +4.0 pp | +7.8 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -4.4 pp | -2.2 pp | 7th lowest of 20 |
| EV / EBITDA | 7.0× | 16.7× | 2nd cheapest of 6 |
| Net debt / EBITDA | 2.4× | 0.8× | most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 13.1× | 11.0% | +7.0% |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 26.3× | n/a | n/a |
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | n/a | n/a | n/a |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 17.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | n/a | n/a | n/a |
| CSG Smart Science&Technology 300222.SZ | China | $966M | -27% | +26% | 2% | 30.5× | n/a | n/a |
| Jiangsu Zhongchao 002471.SZ | China | $963M | -45% | -5% | 1% | n/a | n/a | n/a |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 10.6× | -1.1% | +22.5% |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |
| Motic (Xiamen) Electric 300341.SZ | China | $957M | -20% | +19% | 12% | n/a | 17.7% | +5.1% |
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 24.6× | 31.3% | +17.8% |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | n/a | 16.8% | +8.7% |
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 17.1× | 21.4% | +7.9% |
| Temb Intelligent Tech Shandong 603448.SS | China | $951M | n/a | +16% | n/a | n/a | 45.6% | n/a |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 15.4× | n/a | n/a |
| Beijing Creative 002350.SZ | China | $946M | -19% | +7% | -1% | n/a | 54.8% | -0.3% |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 11.4× | 9.0% | +6.7% |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 99.8× | n/a | n/a |
| Sunway 603333.SS | China | $941M | +1% | +68% | 3% | n/a | n/a | n/a |
| Qingdao CHOHO Industrial 003033.SZ | China | $939M | +36% | +6% | 9% | n/a | 14.2% | +14.6% |
| Warom Technology 603855.SS | China | $938M | +1% | -18% | 15% | 14.6× | -2.6% | +7.1% |