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French manufacturer of electrical cables including high-voltage, submarine and industrial cable systems.
French manufacturer of electrical cables including high-voltage, submarine and industrial cable systems.
Sells cable under project contracts, where subsea and high-voltage orders are booked years ahead and revenue is recognised as the work progresses, and as standard products for buildings and industry. It has sold several non-core businesses to focus on electrification. Its own cable-laying ships and subsea factories are major fixed investments.
Moat: narrow (scale, process know-how, installed base). Few global players can manufacture and install long-distance high-voltage submarine cables.
Headquarters: Courbevoie, France · Founded: 2000
Size Nexans (NEX.PA) is a France Industrials company (Electrical Products) with a market value of $6.06B, the 61st largest of 206 France companies the cockpit tracks. Shares closed at €123.50 on 6 Nov 2026.
Performance Over six months the shares fell 26.4%, against -32.4% for the median peer and -0.4% for the France market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 12.9% over the last twelve months (peer median +25.9%); the operating margin is 5.8% (peer median 11.7%).
Valuation It trades at 17.2× forward earnings against a peer median of 22.0× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +0 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 2.4 points above its cost of capital (8.1% WACC).
Credit Nexans has 4 bonds outstanding ($2.03B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 118 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €7.85B | €7.81B | €6.92B | €7.79B | €8.37B |
| Revenue growth | — | +13% | -11% | -7% | — |
| Gross profit | €852M | €931M | €897M | €983M | €966M |
| EBITDA | €689M | €717M | €591M | €598M | €567M |
| Net income | -€211M | €58.0M | €279M | €221M | €245M |
| Free cash flow | €281M | €385M | €395M | €264M | €203M |
| Capital expenditure | €413M | €383M | €319M | €377M | €298M |
| Total debt | n/a | €1.90B | €1.93B | €1.34B | €1.32B |
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 |
|---|---|---|---|---|---|---|
| Nexans NEX.PA | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% |
| Prysmian PRY.MI | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% |
| Nkt A/s NKT.CO | $6.73B | -15% | +2% | 7% | 26.4× | n/a |
| Sumitomo Electric Industries 5802.T | $27.3B | -47% | +14% | 9% | 11.4× | 13.3% |
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 | NEX.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -15.6% | 6th highest of 21 |
| 6-month return | -26.4% | -32.4% | 8th highest of 21 |
| Distance from 52-week high | -26.9% | -49.4% | 3rd highest of 21 |
| Revenue growth (TTM) | -12.9% | +25.9% | lowest of 21 |
| Operating margin | 5.8% | 11.7% | 6th lowest of 21 |
| Forward P/E | 17.2× | 22.0× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.6% | 25.0% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +5.5% | +12.8% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | +0.2 pp | +0.7 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +2.4 pp | -1.1 pp | 7th highest of 21 |
| EV / EBITDA | 9.4× | 13.7× | 2nd cheapest of 7 |
| Net debt / EBITDA | 1.5× | 0.8× | 3rd most indebted of 7 |
| Bond spread | 118 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% | +5.5% |
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% | +4.3% |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 32.1× | 26.4% | +30.6% |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| Yaskawa Electric 6506.T | Japan | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% | +6.8% |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Shandong Sinocera Functional Material 300285.SZ | China | $5.67B | +8% | +23% | 14% | 48.6× | 40.1% | +12.6% |
| Suzlon Energy SUZLON.NS | India | $5.65B | -30% | +34% | 15% | 21.2× | 34.0% | +37.9% |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| Hebei Sinopack Electronic Technology 003031.SZ | China | $5.62B | -33% | +43% | 19% | 36.1× | 34.9% | +28.6% |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Wolong Electric 600580.SS | China | $5.39B | -39% | -11% | 4% | 39.6× | 25.2% | +4.2% |
| Sunwoda Electronic 300207.SZ | China | $5.37B | -33% | +36% | -1% | 16.0× | n/a | n/a |
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| EnerSys ENS | United States | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% | +4.7% |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| HANGZHOU FIRST APPLIED MATERIAL 603806.SS | China | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% | +13.1% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Qingdao TGOOD Electric 300001.SZ | China | $4.97B | +6% | +14% | 9% | 21.9× | 12.0% | +16.2% |
Nexans has 4 bonds outstanding with $2.03B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 4.46%, a spread of 118 bp over government bonds.