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French spirits and wine company behind brands like Absolut, Jameson, Chivas Regal and Martell.
French spirits and wine company behind brands like Absolut, Jameson, Chivas Regal and Martell.
Sells spirits and champagne to distributors, retailers and travel-retail shops, and holds large stocks of ageing whisky and cognac, so sales are tied up in inventory for years before they are earned. Growth came largely from buying brands: Seagram's spirits in 2001, Allied Domecq in 2005 and Absolut in 2008. The Ricard family is the largest shareholder.
Moat: wide (brand, distribution, scale). Portfolio of premium global spirits brands with long-aged inventory and worldwide distribution.
Headquarters: Paris, France · Founded: 1975 · Employees: 16,893
Size Pernod Ricard (RI.PA) is a France Consumer Staples company (Beverages: Alcoholic) with a market value of $20.0B, the 33rd largest of 206 France companies the cockpit tracks. Shares closed at €71.14 on 6 Nov 2026.
Performance Over six months the shares gained 16.3%, against -4.0% for the median peer and -0.4% for the France market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 14.2% over the last twelve months (peer median -0.2%); the operating margin is 25.8% (peer median 15.0%).
Valuation It trades at 12.5× forward earnings against a peer median of 15.9× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +1 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 0.5 points below its cost of capital (6.8% WACC).
Credit Pernod Ricard has 16 bonds outstanding ($11.7B), rated BBB+ by the agencies and trading like A- at a weighted spread of 103 bp.
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | €9.40B | €9.40B | €11.0B | €11.6B | €12.1B |
| Revenue growth | — | -14% | -6% | -4% | — |
| Gross profit | €5.50B | €5.50B | €6.52B | €6.97B | €7.25B |
| EBITDA | €2.84B | €2.84B | €3.37B | €3.56B | €3.77B |
| Net income | €1.20B | €1.20B | €1.63B | €1.48B | €2.26B |
| Free cash flow | €1.19B | €1.19B | €1.12B | €954M | €1.33B |
| Capital expenditure | €391M | €391M | €667M | €773M | €702M |
| Total debt | n/a | €12.7B | €12.6B | €13.6B | €11.9B |
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 |
|---|---|---|---|---|---|---|
| Pernod Ricard RI.PA | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
| Remy Cointreau RCO.PA | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% |
| Brown–Forman BF-B | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% |
| Constellation Brands STZ | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% |
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 | RI.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.4% | +7.8% | 3rd highest of 21 |
| 6-month return | +16.3% | -4.0% | 5th highest of 21 |
| Distance from 52-week high | -18.9% | -17.1% | 11th highest of 21 |
| Revenue growth (TTM) | -14.2% | -0.2% | 3rd lowest of 20 |
| Operating margin | 25.8% | 15.0% | 6th highest of 20 |
| Forward P/E | 12.5× | 15.9× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 2.1% | -1.3% | 7th most demanding of 19 |
| Growth delivered (Del g) | +1.3% | +6.3% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | +0.8 pp | -7.6 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | -0.5 pp | +4.8 pp | 3rd lowest of 20 |
| EV / EBITDA | 10.4× | 10.0× | 8th most expensive of 16 |
| Net debt / EBITDA | 3.8× | 2.7× | most indebted of 16 |
| Bond spread | 103 bp | 86 bp | 2nd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Carlsberg AS CARL-A.CO | Denmark | $20.9B | +12% | +10% | 14% | 17.2× | -2.2% | +8.8% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Constellation Brands STZ | United States | $24.0B | -4% | -4% | 30% | 11.9× | -4.5% | +1.2% |
| Shanxi Xinghuacun Fen Wine Factory 600809.SS | China | $24.1B | -8% | -9% | 36% | 17.1× | 3.0% | +22.7% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Heineken HEIO.AS | Netherlands | $24.7B | +32% | +1% | 12% | 14.5× | -1.1% | +7.8% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Ambev SA Sponsored ADR ABEV | United States | $43.2B | -15% | +4% | 23% | 14.5× | -5.5% | +6.9% |
| Wuliangye Yibin 000858.SZ | China | $43.9B | -22% | -6% | 32% | 22.1× | 7.1% | -9.6% |
| Tsingtao Brewery 0168.HK | Hong Kong | $9.12B | -21% | +1% | 16% | 10.8× | -5.0% | +2.6% |
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Heineken HEIA.AS | Netherlands | $51.8B | +29% | +1% | 12% | 15.9× | 4.2% | +7.8% |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
Pernod Ricard has 16 bonds outstanding with $11.7B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 4.11%, a spread of 103 bp over government bonds.