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France's largest telecom operator, selling mobile, broadband and enterprise connectivity across France, Europe, Africa and the Middle East.
France's largest telecom operator, selling mobile, broadband and enterprise connectivity across France, Europe, Africa and the Middle East.
Earns monthly subscription fees from mobile and home-broadband customers, wholesale fees from rivals using its networks, and fees from corporate network contracts through Orange Business. The French state is its largest shareholder. Its Spanish unit merged with MasMovil in 2024, forming a joint venture.
In one line: France's AT&T/Verizon.
Moat: narrow (installed base, regulatory licence, scale). Owns extensive fiber/mobile infrastructure and spectrum, but faces intense price competition in France.
Headquarters: Paris, France · Founded: 1988 · Employees: 123,503
Size Orange (ORA.PA) is a France Communication Services company (Wireless Telecommunications) with a market value of $45.0B, the 20th largest of 206 France companies the cockpit tracks. Shares closed at €15.11 on 6 Nov 2026.
Performance Over six months the shares fell 18.5%, against -4.6% for the median peer and -0.4% for the France market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +8.0%); the operating margin is 11.7% (peer median 15.7%).
Valuation It trades at 9.9× forward earnings against a peer median of 14.6× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +6 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 1.4 points below its cost of capital (5.7% WACC).
Credit Orange has 53 bonds outstanding ($51.8B), rated BBB+ by the agencies and trading like A at a weighted spread of 94 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €41.5B | €40.4B | €40.3B | €39.7B | €43.5B |
| Revenue growth | — | 0% | +1% | -9% | — |
| Gross profit | €8.44B | €6.37B | €8.07B | €7.24B | €8.11B |
| EBITDA | €13.8B | €11.8B | €13.1B | €12.3B | €13.7B |
| Net income | €4.14B | €369M | €2.17B | €2.27B | €1.95B |
| Free cash flow | €5.03B | €3.46B | €3.48B | €4.22B | €2.46B |
| Capital expenditure | €7.31B | €7.32B | €6.71B | €7.83B | €8.78B |
| Total debt | n/a | €50.0B | €48.0B | €52.6B | €53.1B |
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 |
|---|---|---|---|---|---|---|
| Orange ORA.PA | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% |
| Deutsche Telekom DTE.DE | $139B | -7% | +2% | 22% | 11.4× | -7.7% |
| Vodafone Group Public VOD.L | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% |
| Telefonica TEF.MC | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
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 | ORA.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.2% | -1.7% | 6th highest of 19 |
| 6-month return | -18.5% | -4.6% | 5th lowest of 19 |
| Distance from 52-week high | -19.7% | -17.7% | 9th lowest of 19 |
| Revenue growth (TTM) | +3.0% | +8.0% | 6th lowest of 20 |
| Operating margin | 11.7% | 15.7% | 6th lowest of 20 |
| Forward P/E | 9.9× | 14.6× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 4.9% | 2.6% | 6th most demanding of 20 |
| Growth delivered (Del g) | -0.9% | +5.2% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +5.8 pp | -3.2 pp | 5th most demanding of 20 |
| ROIC minus cost of capital | -1.4 pp | +1.5 pp | 5th lowest of 20 |
| EV / EBITDA | 6.8× | 7.5× | 6th cheapest of 18 |
| Net debt / EBITDA | 3.6× | 2.4× | 4th most indebted of 18 |
| Bond spread | 94 bp | 108 bp | 4th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 9.9× | 4.9% | -0.9% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 24.2× | 5.6% | +1.2% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 12.1× | 4.2% | -2.2% |
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 14.2× | -1.4% | +2.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 18.5× | 3.4% | +6.2% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 13.5× | -7.3% | +4.7% |
| China Telecom 601728.SS | China | $88.5B | +15% | -4% | 6% | 21.8× | -16.6% | +5.9% |
| Rogers Communications RCI-B.TO | Canada | $18.3B | -6% | +8% | 23% | 10.7× | 1.1% | +9.3% |
| Telefonica Brasil SA Sponsored ADR VIV | United States | $18.2B | -27% | +16% | 16% | 10.7× | -3.6% | +5.0% |
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | n/a | 28.0% | +14.6% |
| Vodafone Idea IDEA.NS | India | $14.6B | +14% | +3% | -6% | n/a | 29.6% | +1.3% |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 33.3× | 20.4% | +16.0% |
| TELUS T.TO | Canada | $14.5B | -27% | -1% | 15% | 17.5× | 2.6% | +5.8% |
| Millicom International Cellular TIGO | United States | $13.9B | +3% | +29% | 23% | 22.9× | 3.6% | +6.9% |
| AT&T T | United States | $146B | -14% | +4% | 22% | 8.5× | -4.8% | -6.1% |
| Telecom Italia TIT.MI | Italy | $13.6B | -20% | 0% | 11% | 31.8× | 5.3% | -2.8% |
| Airtel Africa AAF.L | United Kingdom | $13.5B | -33% | +27% | 34% | 14.6× | -1.2% | +10.0% |
| Far Eastone Telecommunications 4904.TW | Taiwan | $12.2B | +17% | +10% | 15% | 26.1× | 3.8% | +6.8% |
| SKTelecom 017670.KS | South Korea | $12.1B | -18% | +2% | 10% | 12.3× | -9.8% | +1.2% |
| T-Mobile US TMUS | United States | $172B | -16% | +9% | 22% | 12.0× | -3.0% | +5.2% |
Orange has 53 bonds outstanding with $51.8B face value. The agencies rate it BBB+; its bonds trade like A. Weighted yield 4.78%, a spread of 94 bp over government bonds.