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Pluxee N.v.PLX.PACompetitor analysis, valuation and peers

France · EUR·Industrials›Miscellaneous Commercial Services

Provider of employee benefits like meal vouchers, gift cards and wellness programs for employers, spun off from Sodexo in 2024.

≈ A European Edenred competitor, like a benefits-card fintechMomentum weak 20
Mkt cap
$2.72B
US dollars, full cap
Free float
42%
of shares outstanding
$/day
$2.16M
20-day average traded
Fwd P/E
8.9×
forward earnings
ROIC−WACC
n/a
WACC 8.7%
Hurdle
n/a
no reverse DCF
Next earnings
153 days
8 Apr 2027
Close · EUR€11.93
1D-1.8%
1W0.0%
1M-17.7%
3M-18.1%
6M+0.2%
YTD-11.0%
1Y-23.5%
ATR %4.2%
52w lowhigh27.1% off high

What Pluxee does

Provider of employee benefits like meal vouchers, gift cards and wellness programs for employers, spun off from Sodexo in 2024.

Earns in three ways: a fee employers pay to issue benefits, a commission charged to the shops and restaurants where cards or vouchers are spent, and interest on the cash it holds between selling a voucher and paying the merchant (float), so interest rates matter. Spun off from Sodexo in 2024, it is still controlled by the Bellon family's holding company.

In one line: A European Edenred competitor, like a benefits-card fintech.

Products and services

  • Meal vouchers/cards
  • Gift & incentive cards
  • Wellness/engagement benefits
  • Mobility/expense benefits

Customers

  • Employers (corporates, SMEs)
  • Employees/end users
  • Affiliated merchants

Where it sits in the supply chain

  • Industrials/Fintech-adjacent services
  • Employee benefits
  • Prepaid voucher/benefits platform

What could go right

  • Employee-benefits mandate growth in emerging markets
  • Cross-sell of new voucher categories

What could go wrong

  • Regulatory changes to voucher tax breaks
  • Competition from fintech payment apps

Moat: narrow (network effects, switching costs, regulatory licence). Two-sided merchant-employer network and payment-scheme licences, but competes head-on with Edenred's larger scale.

Headquarters: Issy-les-Moulineaux, France · Founded: 2024 · Employees: 5,499

Named competitors

Pluxee at a glance

Size Pluxee (PLX.PA) is a France Industrials company (Miscellaneous Commercial Services) with a market value of $2.72B, the 93rd largest of 206 France companies the cockpit tracks. Shares closed at €11.93 on 6 Nov 2026.

Performance Over six months the shares gained 0.2%, against +6.6% for the median peer and -0.4% for the France market (cap-weighted) — 10th lowest of 21 in its peer set.

Growth Revenue grew 1.2% over the last twelve months (peer median +16.5%); the operating margin is 27.6% (peer median 10.9%).

Valuation It trades at 8.9× forward earnings against a peer median of 18.3× (cheapest of 17).

Next results Next results expected around 8 Apr 2027 (exchange calendar; dates can move).

Relative performance

10012011 May 202611 Aug 20266 Nov 2026Peer median 108PLX.PA 100
Six months, rebased to 100: Pluxee against the median of its 20 peers (local-currency closes).

Pluxee financials

Reported figures in EUR; fiscal year ends 2026-08-31. TTM = trailing twelve months.
TTMFY2026FY2025FY2024FY2023
Revenue€1.30B€1.30B€1.29B€1.21B€1.05B
Revenue growth—+1%+6%+15%—
Gross profit€360M€360M€361M€352M€324M
EBITDA€488M€483M€464M€423M€360M
Net income€170M€170M€197M€133M€81.0M
Free cash flow€420M€420M€311M€322M€443M
Capital expenditure€99.0M€99.0M€98.0M€116M€116M
Total debtn/a€1.29B€1.29B€1.18B€1.31B

Quarterly statements and history in the cockpit →

Pluxee competitor charts

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.

Performance: 6-month against 1-month return

-50%-25%0%+25%+50%-20%0%+20%HURNIWG001267CXW300140IKS6053764194KWS012750688596TNET603061VVXABM00226532646257688690PLX.PA6-month return →1-month return →
Up and to the right = strong over both horizons. Pluxee is the large dot.

Fundamentals: revenue growth against valuation

0%+25%+50%+75%20×40×60×80×HURNIWG001267CXWIKS6053764194KWS012750688596TNETVVXABM3264688690PLX.PARevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Pluxee is the large dot.

Pluxee competitors and peer comparison

Head to head with its named competitors (PLX.PA vs EDEN.PA vs SW.PA vs WEX)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Pluxee PLX.PA$2.72B0%+1%28%8.9×n/a
Edenred EDEN.PA$6.52B+15%+3%30%12.0×-8.0%
Sodexo SW.PA$9.91B+28%0%3%17.7×6.0%
WEX WEX$5.99B+29%+10%27%8.0×n/a

How Pluxee compares with its peers

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.

Pluxee against its 20 peers (data as of 6 Nov 2026)
MeasurePLX.PAPeer medianRank in peer set
1-month return-17.7%-0.7%6th lowest of 21
6-month return+0.2%+6.6%10th lowest of 21
Distance from 52-week high-27.1%-20.3%9th lowest of 21
Revenue growth (TTM)+1.2%+16.5%6th lowest of 21
Operating margin27.6%10.9%4th highest of 21
Forward P/E8.9×18.3×cheapest of 17
EV / EBITDA0.5×9.9×cheapest of 12
Net debt / EBITDA-4.6×2.5×least indebted of 12

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Pluxee PLX.PAFrance$2.72B0%+1%28%8.9×n/an/a
Huron Consulting HURNUnited States$2.63B+39%+12%12%16.5×-4.0%+14.3%
International Workplace IWG.LUnited Kingdom$2.63B+12%0%4%22.5×33.6%+3.3%
Hui Lyu Ecological Technology Groups 001267.SZChina$2.61B-59%+90%10%71.6×n/an/a
CoreCivic CXWUnited States$2.84B+41%+24%10%12.1×-1.6%+3.0%
CECEP Environmental Protection 300140.SZChina$2.51B-18%-2%23%n/a-1.2%+26.0%
Inventurus Knowledge Solutions IKS.NSIndia$2.94B-2%+20%31%31.8×21.2%+45.8%
Jiangsu Boqian New Materials Stock 605376.SSChina$2.94B-43%+76%20%38.8×n/an/a
Visional 4194.TJapan$2.51B+32%+24%25%20.2×-2.4%+28.2%
KWS SAAT SE & Co KGaA KWS.DEGermany$2.48B-12%-3%15%13.2×-8.2%+4.4%
S-1 012750.KSSouth Korea$2.45B+14%+1%7%21.8×-1.2%+5.4%
Shanghai GenTech 688596.SSChina$2.42B+56%+4%2%76.5×n/an/a
TriNet TNETUnited States$3.05B+56%-4%6%15.1×-3.3%+4.4%
JHT Design 603061.SSChina$3.07B-8%+93%34%n/a43.9%+30.4%
V2X VVXUnited States$2.39B+9%+13%4%11.3×-1.4%+26.3%
ABM Industries ABMUnited States$3.10B+32%+6%5%12.5×-2.0%+7.9%
Jianshe Industry Group (Yunnan) 002265.SZChina$3.12B-11%+42%5%n/a26.3%+47.9%
Ardentec 3264.TWOTaiwan$2.36B-30%+32%30%12.3×5.2%+7.7%
Sigurd Microelectronics 6257.TWTaiwan$2.33B-19%+12%22%14.0×n/an/a
Suzhou Nanomicro Technology 688690.SSChina$2.31B+17%+26%25%57.1×35.3%+35.2%
TIC Solutions TICUnited States$2.26B+5%+39%-1%n/a51.8%n/a

Questions

Who are Pluxee's main competitors?
Named competitors: Edenred (EDEN.PA), Up Group (private) (private or unlisted), Sodexo (former parent) (SW.PA), WEX (WEX). The cockpit's measured peer set (industry) also includes Huron Consulting (HURN), International Workplace (IWG.L), Hui Lyu Ecological Technology Groups (001267.SZ), CoreCivic (CXW), CECEP Environmental Protection (300140.SZ), Inventurus Knowledge Solutions (IKS.NS).
Is Pluxee expensive compared with its peers?
On forward p/e it trades at 8.9× against a peer median of 18.3×, cheapest of 17 in its peer set.
How has Pluxee stock performed?
Over six months to 6 Nov 2026 the shares returned +0.2% against +6.6% for the median peer; over one year -23.5%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.