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Produces cement, ready-mix concrete and aggregates for construction, with operations across several countries.
Produces cement, ready-mix concrete and aggregates for construction, with operations across several countries.
Sells heavy building materials made close to where they are used, since cement and aggregates are costly to ship, so each market's profit follows local construction. Operations mix Europe, the Mediterranean, Africa and India. The founding family still controls the company.
Moat: narrow (scale, installed base, regulatory licence). Cement plants are capital-intensive and geographically permitted, giving regional incumbents high barriers to entry.
Headquarters: Paris, France · Founded: 1853 · Employees: 10,423
Size Vicat (VCT.PA) is a France Materials company (Construction Materials) with a market value of $3.29B, the 83rd largest of 206 France companies the cockpit tracks. Shares closed at €66.50 on 6 Nov 2026.
Performance Over six months the shares gained 5.9%, against -11.6% for the median peer and -0.4% for the France market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 4.5% over the last twelve months (peer median -0.9%); the operating margin is 11.4% (peer median 10.0%).
Valuation It trades at 10.2× forward earnings against a peer median of 13.8× (3rd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (7.5% WACC).
Next results Next results expected around 16 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.01B | €3.85B | €3.88B | €3.94B | €3.64B |
| Revenue growth | — | -1% | -1% | +8% | — |
| Gross profit | €479M | €444M | €483M | €470M | €318M |
| EBITDA | €779M | €779M | €715M | €694M | €548M |
| Net income | €290M | €275M | €273M | €258M | €156M |
| Free cash flow | €256M | €313M | €357M | €279M | -€65.5M |
| Capital expenditure | €333M | €336M | €344M | €329M | €422M |
| Total debt | n/a | €1.69B | €1.78B | €1.95B | €2.12B |
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 |
|---|---|---|---|---|---|---|
| Vicat VCT.PA | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% |
| Holcim HOLN.SW | $48.4B | -3% | -26% | 16% | 19.5× | 1.4% |
| Heidelberg Materials HEI.DE | $34.3B | -5% | 0% | 15% | 13.5× | 4.9% |
| CRH CRH | $63.1B | -16% | +6% | 14% | 16.0× | 11.0% |
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 | VCT.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.8% | +3.0% | 4th highest of 21 |
| 6-month return | +5.9% | -11.6% | 7th highest of 20 |
| Distance from 52-week high | -18.6% | -31.0% | 8th highest of 21 |
| Revenue growth (TTM) | +4.5% | -0.9% | 6th highest of 21 |
| Operating margin | 11.4% | 10.0% | 10th highest of 21 |
| Forward P/E | 10.2× | 13.8× | 3rd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 0.2% | 5.6% | 2nd least demanding of 18 |
| Growth delivered (Del g) | +6.6% | +6.0% | 9th highest of 18 |
| Hurdle (Req g minus delivered) | -6.3 pp | +1.9 pp | 5th least demanding of 18 |
| ROIC minus cost of capital | -0.6 pp | -2.2 pp | 8th highest of 21 |
| EV / EBITDA | 5.9× | 10.7× | cheapest of 14 |
| Net debt / EBITDA | 1.7× | 2.3× | 5th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| BBMG 2009.HK | Hong Kong | $1.87B | -20% | -22% | -4% | n/a | 42.3% | -4.0% |
| TCC 1101.TW | Taiwan | $6.09B | +11% | -6% | 8% | 29.2× | 9.1% | +7.2% |