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French IT services company providing infrastructure management, consulting and outsourcing to mid-size and large enterprises.
French IT services company providing infrastructure management, consulting and outsourcing to mid-size and large enterprises.
Sells staff time and managed services: infrastructure outsourcing contracts bill for running a client's systems over several years, while consulting and software-engineering work is billed by the day. Growth has come partly from buying small firms and keeping them as semi-independent subsidiaries.
In one line: A smaller French IT-services firm like a mini Sopra Steria.
Moat: none (installed base). Solid regional IT-services relationships but no structural advantage over larger, better-resourced peers.
Headquarters: Levallois-Perret, France · Founded: 1985 · Employees: 7,208
Size Neurones (NRO.PA) is a France Industrials company (Miscellaneous Commercial Services) with a market value of $1.04B, the 139th largest of 206 France companies the cockpit tracks. Shares closed at €39.75 on 6 Nov 2026.
Performance Over six months the shares gained 5.0%, against -14.6% for the median peer and -0.4% for the France market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +9.5%); the operating margin is 8.9% (peer median 10.5%).
Valuation It trades at 17.1× forward earnings against a peer median of 17.5× (9th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.1 points above its cost of capital (7.4% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €888M | €857M | €810M | €741M | €665M |
| Revenue growth | — | +6% | +9% | +11% | — |
| Gross profit | €97.5M | €90.0M | €89.3M | €86.4M | €81.6M |
| EBITDA | €96.3M | €90.3M | €93.3M | €89.0M | €86.3M |
| Net income | €55.2M | €52.1M | €52.6M | €49.4M | €44.2M |
| Free cash flow | €88.6M | €70.3M | €82.5M | €59.0M | €44.3M |
| Capital expenditure | €12.2M | €10.4M | €12.0M | €18.0M | €10.6M |
| Total debt | n/a | €37.0M | €42.0M | €44.0M | €35.6M |
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 |
|---|---|---|---|---|---|---|
| Neurones NRO.PA | $1.04B | +5% | +7% | 9% | 17.1× | -8.3% |
| Sopra Steria SOP.PA | $4.29B | +50% | +2% | 9% | 11.2× | -0.6% |
| Atos ATO.PA | $555M | -35% | -14% | 6% | n/a | n/a |
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 | NRO.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.4% | +0.6% | 4th highest of 21 |
| 6-month return | +5.0% | -14.6% | 4th highest of 21 |
| Distance from 52-week high | -11.7% | -27.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.7% | +9.5% | 9th lowest of 21 |
| Operating margin | 8.9% | 10.5% | 10th lowest of 21 |
| Forward P/E | 17.1× | 17.5× | 9th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -8.3% | -1.1% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +10.3% | +12.0% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | -18.6 pp | -13.1 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | +18.1 pp | +0.0 pp | 2nd highest of 19 |
| EV / EBITDA | 7.5× | 8.5× | 4th cheapest of 11 |
| Net debt / EBITDA | -2.7× | 1.9× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Neurones NRO.PA | France | $1.04B | +5% | +7% | 9% | 17.1× | -8.3% | +10.3% |
| Graincorp GNC.AX | Australia | $1.02B | +9% | -2% | 0% | 46.7× | n/a | n/a |
| Smartgroup SIQ.AX | Australia | $1.06B | +1% | +10% | 37% | 16.8× | -0.5% | +8.8% |
| Beijing Cuiwei Tower 603123.SS | China | $1.07B | -23% | -12% | -18% | n/a | n/a | n/a |
| Willdan WLDN | United States | $1.01B | -25% | +18% | 7% | 14.5× | 15.4% | +11.8% |
| Shenzhen Boshijie Technology 301608.SZ | China | $1.00B | -20% | +15% | 14% | 20.9× | n/a | n/a |
| BrightView BV | United States | $1.08B | -10% | +1% | 4% | 20.6× | n/a | n/a |
| Prosegur Cash CASH.MC | Spain | $1.09B | +5% | -5% | 11% | 9.6× | -13.0% | +5.7% |
| GL events GLO.PA | France | $991M | -14% | +6% | 10% | 8.7× | 3.1% | +29.1% |
| Shanghai Action Education Tehnology 605098.SS | China | $991M | -10% | +15% | 40% | 16.3× | -3.0% | +16.4% |
| Rites RITES.NS | India | $990M | -15% | +11% | 20% | 19.7× | 19.8% | +5.3% |
| FESCO 600861.SS | China | $1.11B | -18% | +4% | 1% | 10.4× | n/a | n/a |
| Naruida Technology 688522.SS | China | $1.14B | -28% | +20% | 14% | 22.0× | n/a | n/a |
| B2 Impact B2I.OL | Norway | $947M | +1% | +9% | 48% | 10.2× | -8.3% | +3.1% |
| Service Stream SSM.AX | Australia | $943M | +7% | +1% | 3% | 17.6× | 11.7% | +24.0% |
| W.A.G. Payment Solutions EWG.L | United Kingdom | $935M | -4% | +16% | 3% | 17.5× | -1.7% | +12.2% |
| EMTEK (Shenzhen) 300938.SZ | China | $1.16B | -44% | +11% | 27% | 33.1× | n/a | n/a |
| Wavestone WAVE.PA | France | $931M | -22% | +1% | 12% | 10.0× | -5.3% | +18.0% |
| SBT Ultrasonic Technology 688392.SS | China | $1.16B | -19% | +42% | 17% | 52.9× | n/a | n/a |
| Shaanxi Fenghuo Electronics 000561.SZ | China | $929M | -24% | +8% | -26% | n/a | n/a | n/a |
| Beijing Haitian Ruisheng Science Technology 688787.SS | China | $1.17B | -1% | +34% | 4% | 163.5× | n/a | n/a |