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SPIE SA
(SPIE)
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Rating:57Neutral
Price Target:
€48.00
▲(7.05% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (strong revenue growth and generally healthy cash generation), but it is held back by meaningful leverage and weaker net profitability in 2025. Technical indicators are bearish and valuation is expensive on P/E, which further weighs on the overall score.
Positive Factors
Robust revenue growth
Sustained top-line expansion across 2021–2025 demonstrates structural demand for SPIE’s multi-technical services and its ability to win larger or more frequent contracts. Durable revenue momentum improves scale economics, supports investment in capabilities, and underpins long-term cash generation.
Negative Factors
Elevated leverage
Debt around 1.3x equity is meaningful for an engineering services firm and reduces financial flexibility in downturns or when bidding large projects. Elevated leverage increases interest and refinancing risk, constraining room for acquisitive growth or countercyclical investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust revenue growth
Sustained top-line expansion across 2021–2025 demonstrates structural demand for SPIE’s multi-technical services and its ability to win larger or more frequent contracts. Durable revenue momentum improves scale economics, supports investment in capabilities, and underpins long-term cash generation.
Read all positive factors
SPIE SA (SPIE) vs. iShares MSCI France ETF (EWQ)
Market Cap
€7.41B
Dividend Yield2.45%
Average Volume (3M)355.13K
Price to Earnings (P/E)44.1
Beta (1Y)0.89
Revenue Growth3.06%
EPS Growth47.94%
CountryFR
Employees54,673
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.00
Shares Outstanding169,358,030
10 Day Avg. Volume422,030
30 Day Avg. Volume355,129
Financial Highlights & Ratios
PEG Ratio-2.25
Price to Book (P/B)15.58
Price to Sales (P/S)3.23
P/FCF Ratio44.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€56.75Price Target Upside26.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.07
Revenue Forecast (FY)€11.24B
SPIE SA Business Overview & Revenue Model
Company Description
SPIE SA, an enterprise established in 1900 and headquartered in Cergy-Pontoise, France, specializes in delivering comprehensive multi-technical services across the energy and communication domains. Its operations are structured into four key segme...
How the Company Makes Money
SPIE makes money primarily by selling multi-technical services to businesses and public-sector clients, generating revenue from a mix of project-based work and recurring service/maintenance activity. Key revenue streams include: (1) Engineering, i...
SPIE SA Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.57B | 10.40B | 9.92B | 8.73B | 8.11B | 6.99B |
| Gross Profit | 537.35M | 504.70M | 8.56B | 703.53M | 7.01B | 6.09B |
| EBITDA | 1.05B | 1.06B | 876.11M | 739.48M | 587.24M | 577.94M |
| Net Income | 301.67M | 176.40M | 273.18M | 238.51M | 151.54M | 169.10M |
Balance Sheet | ||||||
| Total Assets | 11.22B | 10.30B | 9.99B | 9.15B | 8.93B | 8.61B |
| Cash, Cash Equivalents and Short-Term Investments | 421.10M | 791.80M | 718.16M | 1.21B | 1.28B | 1.25B |
| Total Debt | 3.37B | 2.80B | 2.75B | 2.51B | 2.61B | 2.52B |
| Total Liabilities | 9.11B | 8.12B | 7.89B | 7.17B | 7.03B | 6.93B |
| Stockholders Equity | 2.09B | 2.15B | 2.08B | 1.95B | 1.89B | 1.68B |
Cash Flow | ||||||
| Free Cash Flow | 883.81M | 747.50M | 831.97M | 651.66M | 511.54M | 448.98M |
| Operating Cash Flow | 954.68M | 822.50M | 920.52M | 713.33M | 577.36M | 515.88M |
| Investing Cash Flow | -992.91M | -295.40M | -994.84M | -231.29M | -315.21M | -208.46M |
| Financing Cash Flow | 135.03M | -414.10M | -391.27M | -545.77M | -301.26M | -262.04M |
SPIE SA Technical Analysis
Negative
44.84
Price Trends
47.15
Negative
47.94
Negative
47.42
Negative
Market Momentum
-1.07
Positive
38.29
Neutral
28.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SPIE, the sentiment is Negative. The current price of 44.84 is below the 20-day moving average (MA) of 45.25, below the 50-day MA of 47.15, and below the 200-day MA of 47.42, indicating a bearish trend. The MACD of -1.07 indicates Positive momentum. The RSI at 38.29 is Neutral, neither overbought nor oversold. The STOCH value of 28.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:SPIE.
SPIE SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €63.95B | 12.55 | 16.58% | 4.37% | 3.81% | 8.38% | |
65 Neutral | €10.56B | 9.81 | 13.97% | 4.37% | 5.42% | 7.59% | |
64 Neutral | €17.36B | 13.79 | 9.79% | 4.66% | -1.41% | 17.79% | |
61 Neutral | €10.79B | 16.64 | 12.27% | 3.16% | 1.02% | 171.38% | |
59 Neutral | €610.45M | 82.00 | 2.60% | 4.88% | 7.41% | -9.10% | |
57 Neutral | €7.41B | 44.12 | 14.23% | 2.45% | 3.06% | 47.94% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
FR:SPIE
SPIE SA
44.12
-3.55
-7.44%
FR:ASY
Assystem
41.00
-2.79
-6.37%
FR:EN
Bouygues
45.10
9.16
25.50%
FR:FGR
Eiffage
109.85
2.97
2.78%
FR:RXL
Rexel SA
37.95
11.28
42.27%
FR:DG
Vinci SA
114.50
0.59
0.52%
SPIE SA Corporate Events
SPIE Delivers Strong H1 2026 Results and Scales Up Industrial Services
Jul 30, 2026
SPIE SA, a European multi-technical services specialist, reported a robust first half of 2026, with revenue rising 3.6 percent to €5.16 billion and organic growth rebounding to 3.1 percent in the second quarter. EBITA margin expanded by 20 b...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.