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French wholesale distributor of electrical equipment and supplies to contractors, industry and residential customers.
French wholesale distributor of electrical equipment and supplies to contractors, industry and residential customers.
Buys electrical products from manufacturers and resells them from local branches and online to electricians and installers, who often need parts the same day, so it earns a distributor's margin on volume and service. Europe is the largest region, followed by North America.
Moat: none (scale, distribution). Scale in a fragmented, low-margin distribution business rather than a structural moat.
Headquarters: Paris, France · Founded: 1967 · Employees: 26,601
Size Rexel (RXL.PA) is a France Industrials company (Wholesale Distributors) with a market value of $11.9B, the 44th largest of 206 France companies the cockpit tracks. Shares closed at €34.45 on 6 Nov 2026.
Performance Over six months the shares fell 9.5%, against -4.4% for the median peer and -0.4% for the France market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +4.4%); the operating margin is 6.0% (peer median 9.8%).
Valuation It trades at 13.5× forward earnings against a peer median of 18.2× (4th cheapest of 21).
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 +9%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points below its cost of capital (9.2% WACC).
Credit Rexel has 5 bonds outstanding ($2.45B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 158 bp.
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €19.6B | €19.4B | €19.3B | €19.2B | €18.7B |
| Revenue growth | — | +1% | +1% | +2% | — |
| Gross profit | €4.52B | €4.44B | €4.38B | €4.51B | €4.52B |
| EBITDA | €1.63B | €1.55B | €1.52B | €1.63B | €1.68B |
| Net income | €669M | €589M | €339M | €775M | €922M |
| Free cash flow | €795M | €650M | €745M | €784M | €709M |
| Capital expenditure | €142M | €146M | €132M | €158M | €131M |
| Total debt | n/a | €5.09B | €4.73B | €4.18B | €3.55B |
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 |
|---|---|---|---|---|---|---|
| Rexel RXL.PA | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% |
| WESCO International WCC | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% |
| RS Group PLC RS1.L | $4.85B | +33% | -1% | 8% | 18.6× | 15.1% |
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 | RXL.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +3.4% | 11th highest of 21 |
| 6-month return | -9.5% | -4.4% | 7th lowest of 21 |
| Distance from 52-week high | -13.4% | -20.6% | 8th highest of 21 |
| Revenue growth (TTM) | +1.0% | +4.4% | 7th lowest of 21 |
| Operating margin | 6.0% | 9.8% | 6th lowest of 21 |
| Forward P/E | 13.5× | 18.2× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.7% | 10.1% | 8th least demanding of 20 |
| Growth delivered (Del g) | +9.0% | +11.5% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | -1.3 pp | -2.4 pp | 10th most demanding of 20 |
| ROIC minus cost of capital | -0.8 pp | +3.3 pp | 4th lowest of 21 |
| EV / EBITDA | 9.5× | 13.3× | 2nd cheapest of 17 |
| Net debt / EBITDA | 3.0× | 2.1× | 3rd most indebted of 18 |
| Bond spread | 158 bp | 93 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Aluminum Corporation of China 601600.SS | China | $20.7B | -26% | +5% | 18% | 6.7× | -16.2% | +5.3% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
Rexel has 5 bonds outstanding with $2.45B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 4.59%, a spread of 158 bp over government bonds.