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French utility providing water, waste management and energy services worldwide.
French utility providing water, waste management and energy services worldwide.
Runs water, waste and heating services mostly under long contracts with cities and industrial customers, usually with price clauses tied to costs, which keeps income fairly predictable. The 2022 acquisition of rival Suez, after a contested bid, made it a much larger water and waste group; parts of Suez were sold off to win competition approval.
Moat: narrow (regulatory licence, scale, installed base). Long-term municipal concessions and specialized infrastructure create high barriers to entry.
Headquarters: Aubervilliers, France · Founded: 1853 · Employees: 215,965
Size Veolia Environnement (VIE.PA) is a France Utilities company (Water Utilities) with a market value of $27.7B, the 26th largest of 206 France companies the cockpit tracks. Shares closed at €33.78 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +11.7% for the median peer and -0.4% for the France market (cap-weighted) — 2nd lowest of 6 in its peer set.
Growth Revenue fell 0.1% over the last twelve months (peer median +9.4%); the operating margin is 8.0% (peer median 35.5%).
Valuation It trades at 14.1× forward earnings against a peer median of 16.3× (2nd cheapest of 6).
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 +11%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (7.4% WACC).
Credit Veolia Environnement has 36 bonds outstanding ($25.4B), rated BBB by the agencies and trading like A at a weighted spread of 92 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €44.5B | €44.4B | €44.7B | €45.4B | €42.9B |
| Revenue growth | — | -1% | -1% | +6% | — |
| Gross profit | €7.91B | €7.82B | €7.71B | €7.45B | €7.11B |
| EBITDA | €6.71B | €6.58B | €6.25B | €6.00B | €5.98B |
| Net income | €1.24B | €1.22B | €1.10B | €937M | €716M |
| Free cash flow | €1.42B | €1.46B | €1.53B | €1.40B | €856M |
| Capital expenditure | €3.01B | €3.06B | €2.96B | €3.14B | €2.78B |
| Total debt | n/a | €33.3B | €32.6B | €32.0B | €32.1B |
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 |
|---|---|---|---|---|---|---|
| Veolia Environnement VIE.PA | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% |
| Waste Management WM | $93.9B | +10% | +5% | 19% | 27.4× | 5.8% |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 18.6× | n/a |
| Engie ENGI.PA | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% |
| Clean Harbors CLH | $15.0B | -2% | +10% | 13% | 29.2× | 11.7% |
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 | VIE.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.4% | +9.0% | 3rd highest of 6 |
| 6-month return | -2.5% | +11.7% | 2nd lowest of 6 |
| Distance from 52-week high | -10.3% | -2.2% | 2nd lowest of 6 |
| Revenue growth (TTM) | -0.1% | +9.4% | lowest of 6 |
| Operating margin | 8.0% | 35.5% | lowest of 6 |
| Forward P/E | 14.1× | 16.3× | 2nd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 8.3% | n/a | — |
| Growth delivered (Del g) | +11.3% | n/a | — |
| Hurdle (Req g minus delivered) | -3.0 pp | n/a | — |
| ROIC minus cost of capital | -1.2 pp | -1.2 pp | 3rd highest of 6 |
| EV / EBITDA | 8.6× | 14.8× | 2nd cheapest of 6 |
| Net debt / EBITDA | 4.5× | 6.0× | 2nd least indebted of 6 |
| Bond spread | 92 bp | 105 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Veolia Environnement VIE.PA | France | $27.7B | -3% | 0% | 8% | 14.1× | 8.3% | +11.3% |
| American Water Works AWK | United States | $29.9B | +21% | +5% | 37% | 23.9× | n/a | n/a |
| Companhia de Saneamento Basico do Estado de Sao Paulo SABESP Sponsored ADR SBS | United States | $16.3B | -24% | +9% | 31% | 11.8× | -3.4% | +14.6% |
| United Utilities UU..L | United Kingdom | $15.4B | +12% | +22% | 41% | 14.7× | n/a | n/a |
| Severn Trent SVT.L | United Kingdom | $13.4B | +6% | +17% | 30% | 16.3× | n/a | n/a |
| Essential Utilities WTRG | United States | $12.9B | +21% | +9% | 36% | 19.8× | n/a | n/a |
Veolia Environnement has 36 bonds outstanding with $25.4B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 4.11%, a spread of 92 bp over government bonds.