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French multi-technical services company providing electrical, mechanical and HVAC engineering/installation services.
French multi-technical services company providing electrical, mechanical and HVAC engineering/installation services.
Sells technical services mainly through many small local contracts, with multi-year maintenance agreements producing steadier revenue than one-off installation projects. Work is priced on labour hours and materials. It makes regular small acquisitions to add regions and skills, operating mainly in France, Germany and Northern Europe.
Moat: none (scale, distribution). Fragmented, labor-intensive technical services market; scale and local presence are the main edge.
Headquarters: Cergy, France · Founded: 1900 · Employees: 55,034
Size Spie (SPIE.PA) is a France Industrials company (Miscellaneous Commercial Services) with a market value of $8.64B, the 51st largest of 206 France companies the cockpit tracks. Shares closed at €44.54 on 6 Nov 2026.
Performance Over six months the shares fell 8.1%, against +12.2% for the median peer and -0.4% for the France market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +4.5%); the operating margin is 5.6% (peer median 13.2%).
Valuation It trades at 14.5× forward earnings against a peer median of 17.0× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% 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 0.2 points above its cost of capital (8.4% WACC).
Credit Spie has 3 bonds outstanding ($1.89B), rated BB+ by the agencies and trading like BBB- at a weighted spread of 130 bp.
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €10.6B | €10.4B | €9.92B | €8.73B | €8.11B |
| Revenue growth | — | +5% | +14% | +8% | — |
| Gross profit | €537M | €730M | €691M | €408M | €362M |
| EBITDA | €1.05B | €1.06B | €899M | €754M | €692M |
| Net income | €302M | €176M | €273M | €239M | €152M |
| Free cash flow | €865M | €728M | €747M | €579M | €458M |
| Capital expenditure | €70.9M | €75.0M | €88.6M | €61.7M | €65.8M |
| Total debt | n/a | €2.78B | €2.73B | €2.50B | €2.59B |
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 |
|---|---|---|---|---|---|---|
| Spie SPIE.PA | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% |
| Bouygues EN.PA | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% |
| Vinci DG.PA | $69.8B | -12% | +4% | 12% | 12.2× | -1.5% |
| Eiffage FGR.PA | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% |
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 | SPIE.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.4% | +10.2% | 9th lowest of 20 |
| 6-month return | -8.1% | +12.2% | 5th lowest of 20 |
| Distance from 52-week high | -16.7% | -10.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +3.1% | +4.5% | 9th lowest of 21 |
| Operating margin | 5.6% | 13.2% | 3rd lowest of 21 |
| Forward P/E | 14.5× | 17.0× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.6% | 7.9% | 9th most demanding of 20 |
| Growth delivered (Del g) | +9.3% | +11.3% | 9th lowest of 20 |
| Hurdle (Req g minus delivered) | -0.7 pp | -9.7 pp | 8th most demanding of 20 |
| ROIC minus cost of capital | +0.2 pp | +6.4 pp | 7th lowest of 18 |
| EV / EBITDA | 10.2× | 10.7× | 9th cheapest of 19 |
| Net debt / EBITDA | 2.8× | 1.9× | 2nd most indebted of 19 |
| Bond spread | 130 bp | 94 bp | widest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
Spie has 3 bonds outstanding with $1.89B face value. The agencies rate it BB+; its bonds trade like BBB-. Weighted yield 4.34%, a spread of 130 bp over government bonds.