C 
Compagnie Generale des Etablissements Michelin SCA ML.PA · EUR
Consumer Discretionary · Auto Components · Euronext Paris · 🇫🇷 France
33.56
+1.08%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€25.99bn
FY2016FY2025
Net income
€1.67bn
FY2016FY2025
Free cash flow
€1.79bn
FY2016FY2025
Shareholders' equity
€18.07bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €25.99bn | €27.19bn | €28.34bn | €28.59bn | €23.80bn | €20.47bn | €24.14bn | €22.03bn | €21.96bn | €20.91bn |
| Gross profit | €7.02bn | €7.75bn | €7.95bn | €7.46bn | €6.91bn | €5.63bn | €6.99bn | €6.51bn | €7.14bn | €7.10bn |
| Research and development | €198.0m | €786.0m | €756.0m | €698.0m | €682.0m | €646.0m | €687.0m | €648.0m | €642.0m | €718.0m |
| Operating income | €2.37bn | €2.63bn | €2.65bn | €3.33bn | €2.91bn | €1.89bn | €2.92bn | €2.62bn | €2.64bn | €2.55bn |
| Net income | €1.67bn | €1.88bn | €1.98bn | €2.00bn | €1.84bn | €632.0m | €1.75bn | €1.68bn | €1.70bn | €1.68bn |
| Diluted earnings per share | 2.39 | 2.61 | 2.76 | 2.79 | 2.57 | 0.89 | 2.45 | 2.33 | 2.36 | 2.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €35.02bn | €37.35bn | €35.20bn | €35.35bn | €34.54bn | €31.64bn | €31.68bn | €30.13bn | €25.27bn | €25.32bn |
| Cash and short-term investments | €3.97bn | €4.03bn | €2.80bn | €2.58bn | €4.48bn | €4.75bn | €1.47bn | €2.31bn | €1.95bn | €1.99bn |
| Total liabilities | €16.94bn | €18.72bn | €17.24bn | €18.23bn | €19.57bn | €19.01bn | €18.45bn | €17.95bn | €14.01bn | €14.68bn |
| Debt | €5.88bn | €7.37bn | €6.22bn | €7.93bn | €8.43bn | €9.06bn | €7.36bn | €6.81bn | €3.18bn | €3.25bn |
| Shareholders' equity | €18.07bn | €18.63bn | €17.95bn | €17.11bn | €14.97bn | €12.63bn | €13.23bn | €12.16bn | €11.23bn | €10.60bn |
| Shares outstanding | 698m | 722m | 720m | 716m | 718m | 713m | 715m | 721m | 720m | 723m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €3.82bn | €4.34bn | €5.29bn | €1.93bn | €2.91bn | €3.37bn | €3.32bn | €2.83bn | €2.74bn | €2.77bn |
| Capital spending | −€2.03bn | −€2.27bn | −€2.24bn | −€2.14bn | −€1.71bn | −€1.22bn | −€1.80bn | −€1.53bn | −€1.67bn | −€1.81bn |
| Free cash flow | €1.79bn | €2.07bn | €3.05bn | −€210.0m | €1.20bn | €2.15bn | €1.52bn | €1.30bn | €1.07bn | €950.0m |
| Dividends paid | −€974.0m | −€961.0m | −€893.0m | −€803.0m | −€410.0m | −€357.0m | −€665.0m | −€637.0m | −€584.0m | −€515.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €12.69bn | €19.48bn | €6.51bn | €13.71bn | €13.48bn | €14.26bn | €14.08bn | €7.04bn |
| Gross profit | €3.63bn | €5.18bn | €1.83bn | €4.27bn | €4.00bn | €4.03bn | €3.83bn | €1.94bn |
| Operating income | €1.40bn | €1.77bn | €600.0m | €1.06bn | €1.67bn | €1.81bn | €1.66bn | €797.0m |
| Net income | €761.0m | €1.25bn | €417.0m | €733.0m | €1.16bn | €764.0m | €1.22bn | €608.0m |
| Diluted earnings per share | 1.09 | 1.79 | 0.60 | 1.02 | 1.60 | 1.06 | 1.69 | 0.85 |
| Cash from operations | €1.10bn | €3.03bn | €789.0m | €2.59bn | €1.74bn | €3.45bn | €919.0m | €919.0m |
| Capital spending | −€799.0m | −€842.0m | −€327.0m | −€967.0m | −€1.02bn | −€1.15bn | −€511.0m | −€511.0m |
| Free cash flow | €306.0m | €2.19bn | €462.0m | €1.63bn | €723.0m | €2.30bn | €408.0m | €408.0m |
| Total assets | €35.90bn | €35.02bn | €35.55bn | €37.35bn | €36.37bn | €35.20bn | €35.45bn | €35.45bn |
| Cash and short-term investments | €2.89bn | €3.97bn | €3.12bn | €4.03bn | €3.08bn | €2.80bn | €2.86bn | €2.86bn |
| Debt | €2.23bn | €5.88bn | €6.73bn | €6.50bn | €7.01bn | €5.50bn | €7.38bn | — |
| Shareholders' equity | €17.51bn | €18.07bn | €17.72bn | €18.63bn | €17.85bn | €17.95bn | €17.36bn | €17.36bn |
Financial ratios
Data as of 24 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 27.0% | 28.5% | 28.0% | 26.1% | 29.0% | 27.5% |
| Operating margin | 9.1% | 9.7% | 9.4% | 11.6% | 12.2% | 9.2% |
| Net margin | 6.4% | 6.9% | 7.0% | 7.0% | 7.7% | 3.1% |
| Return on equity | 9.2% | 10.1% | 11.0% | 11.7% | 12.3% | 5.0% |
| Return on assets | 4.8% | 5.0% | 5.6% | 5.7% | 5.3% | 2.0% |
| Free cash flow yield | 24.9% | 27.2% | 31.1% | 16.9% | 19.1% | 19.1% |
| Revenue growth | -4.4% | -4.1% | -0.9% | 20.2% | 16.2% | -15.2% |
| Earnings growth | -11.6% | -5.0% | -0.9% | 8.5% | 191.8% | -63.9% |
| Current ratio | 1.90x | 1.76x | 1.77x | 1.67x | 1.68x | 1.83x |
| Debt to equity | 0.33x | 0.35x | 0.31x | 0.39x | 0.48x | 0.62x |
| Equity ratio | 51.6% | 49.9% | 51.0% | 48.4% | 43.3% | 39.9% |
| Interest coverage | 6.68x | 12.12x | 6.85x | 13.69x | 15.02x | 7.80x |
| R&D as a share of sales | 0.8% | 2.9% | 2.7% | 2.4% | 2.9% | 3.2% |
| Buybacks as a share of market value | 3.4% | -0.3% | -0.5% | 0.3% | -0.7% | 0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -3.1% | 4.9% | 2.1% |
| Operating income | -10.7% | 4.6% | -0.4% |
| Net income | -5.9% | 21.4% | 3.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 27.8% | 27.4% | 27.7% | 29.3% |
| Operating margin | 9.4% | 10.0% | 10.2% | 10.9% |
| Net margin | 6.7% | 6.8% | 6.5% | 6.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.8 | 12.2 | 11.8 | 9.3 | 14.0 | 29.6 | 11.1 | 9.3 | 12.7 | 11.4 |
| Price to sales | 0.8 | 0.8 | 0.8 | 0.7 | 1.1 | 0.9 | 0.8 | 0.7 | 1.0 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 31 years. Last went ex-dividend on 26 May 2026.
| FY2026 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.38 | 2.73 | 1.25 | 1.125 | 0.575 | 0.50 | 0.925 | 0.888 |
- 4-for-1 split · 16 Jun 2022
- 1-to-1 reverse split · 15 Jun 1999
- 21-for-20 split · 26 Oct 1989
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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