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Wavestone (WAVE) AI Stock Analysis

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FR:WAVE

Wavestone

(Paris:WAVE)

Select Model
Rating:78Outperform
Price Target:EUR 40.00â–²(16.96% Upside)
Action:reiterated
Date:11/05/26

The score is driven primarily by strong financial performance (growth, profitability, and a de-risked balance sheet) and an attractive valuation (low P/E with a dividend). Offsetting factors are mixed technicals, with overbought signals and the price still below the 200-day moving average.

Positive Factors
Revenue scalingRevenue expansion from 417.6m to 954.3m between 2021 and 2026 shows substantial scaling across the consulting platform. This growth can broaden client reach and delivery capacity, supporting recurring demand and strengthening the base from which future earnings and cash generation develop.
Negative Factors
Gross-margin volatilityAlthough revenue continues to scale, the sharp 2026 gross-margin decline versus 2025 signals pressure from project mix, pricing, or delivery economics. If sustained, lower gross profitability could limit operating leverage, reduce earnings quality, and make future profit growth less predictable.

Wavestone (WAVE) vs. iShares MSCI France ETF (EWQ)

-50%-40%-30%-20%-10%0%10%20%30%FR:WAVE-30.63%EWQ+0.40%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
EUR 949.20M
Dividend Yield
1.46%
Average Volume (3M)
24.97K
Price to Earnings (P/E)
10.2
Beta (1Y)
0.69
Revenue Growth
1.13%
EPS Growth
8.32%
Country
France
Employees
5,801
Sector
General
Sector Strength
55
Industry
Information Technology Services

Wavestone Business Overview & Revenue Model

Company Description

Wavestone S.A. specializes in offering strategic and digital advisory services, primarily serving clients within France but also maintaining a notable international footprint. The firm extends its expertise across a broad spectrum of industries, enco...

How the Company Makes Money

Wavestone primarily makes money by selling professional services (consulting and project delivery) to clients under contracted engagements. Revenue is largely generated from billable consulting work priced on time-and-materials (billing based on cons...

Wavestone Financial Statement Overview

Summary

Strong multi-year revenue growth and resilient profitability, with a very strong balance sheet (deleveraging to very low debt-to-equity) and solid, largely earnings-backed free cash flow. Key risks are the sharp gross-margin drop in 2026 and some variability in cash conversion (operating cash flow coverage ratio below 1.0).

Income Statement

78Positive

Balance Sheet

90Very Positive

Cash Flow

84Very Positive
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue954.35M954.35M943.67M701.06M532.26M470.06M
Gross Profit119.87M119.87M344.64M167.79M116.41M215.94M
EBITDA132.33M132.76M127.84M96.63M80.25M80.33M
Net Income81.99M81.99M75.56M58.20M50.07M51.03M
Balance Sheet
Total Assets996.89M996.89M979.95M977.74M536.79M494.24M
Cash, Cash Equivalents and Short-Term Investments121.44M121.44M78.35M77.48M70.82M108.25M
Total Debt20.27M20.27M80.77M84.39M59.46M65.97M
Total Liabilities294.43M294.43M346.55M406.35M237.74M237.25M
Stockholders Equity701.31M701.31M631.96M569.47M299.05M256.98M
Cash Flow
Free Cash Flow128.46M128.46M84.44M78.67M35.36M55.23M
Operating Cash Flow130.77M130.77M89.28M81.77M41.15M56.34M
Investing Cash Flow-12.72M-12.72M-48.74M-69.02M-52.73M-12.48M
Financing Cash Flow-76.10M-76.10M-40.18M-7.41M-25.85M-23.96M

Wavestone Technical Analysis

Technical Analysis SentimentPositive
Last Price34.20

Price Trends

50DMA31.02Positive
100DMA33.68Positive
200DMA39.69Negative

Market Momentum

MACD0.95Negative
RSI63.84Neutral
STOCH56.37Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:WAVE, the sentiment is Positive. The current price of 34.20 is above the 20-day moving average (MA) of 32.61, above the 50-day MA of 31.02, and below the 200-day MA of 39.69, indicating a neutral trend. The MACD of 0.95 indicates Negative momentum. The RSI at 63.84 is Neutral, neither overbought nor oversold. The STOCH value of 56.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:WAVE.

Wavestone Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

FR:WAVE against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
FR:NROFR:NRO79OutperformEUR 968.00M17.7914.25%3.45%6.68%9.16%
FR:WAVEFR:WAVE78OutperformEUR 840.72M10.2412.19%1.46%1.13%8.32%
FR:SOPFR:SOP77OutperformEUR 3.82B12.6414.45%2.69%1.62%12.95%
FR:CAPFR:CAP76OutperformEUR 20.89B15.2111.82%2.74%6.23%-11.48%
FR:AUBFR:AUB73OutperformEUR 630.61M15.2314.17%3.02%27.45%19.70%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
FR:ATOFR:ATO42NeutralEUR 492.44M-0.40117.34%―-14.39%-173.10%

* General Sector Average

Performance Comparison

-50%-25%0%25%50%FR:WAVEFR:ATOFR:AUBFR:CAPFR:NROFR:SOPDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
FR:WAVE and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
FR:WAVEWavestone SA34.20-16.38-32.39%
FR:ATOAtos SE24.50-20.55-45.62%
FR:AUBAubay Société Anonyme49.650.982.01%
FR:CAPCapgemini123.95-6.50-4.98%
FR:NRONeurones40.55-0.25-0.62%
FR:SOPSopra Steria196.7068.7153.69%

Wavestone Corporate Events

Wavestone Reports Share Capital and Voting Rights

Nov 5, 2026

Wavestone reported 24,906,332 outstanding shares and 41,705,068 voting rights as of October 31, 2026, in a disclosure required under French company and financial-market regulations. The release provides shareholders with updated transparency on the c...

Wavestone pivots harder to AI as growth stalls and margins come under pressure

Oct 29, 2026

Wavestone reported second-quarter 2026/27 revenue of €230.2m, up 2% year on year, and stable first-half revenue of €457.2m, with performance mixed by region and underlying sales slightly down at constant scope and exchange rates. Utilization held at...

Wavestone Details Share Buyback Transaction on Euronext Paris

Oct 19, 2026

Wavestone has disclosed a transaction involving the purchase of its own shares on Euronext Paris, as part of a regulated share buyback program. On October 13, 2026, the firm acquired 3,000 shares under the ISIN FR0004036036 at a daily weighted averag...

Wavestone Steps Up Share Buybacks on Euronext Paris

Oct 12, 2026

Wavestone, a Paris-listed consulting firm specialized in digital and AI-driven business transformation for large enterprises, operates mainly in Europe and North America through a 6,000-strong workforce. The group focuses on end-to-end advisory servi...

Wavestone Updates Market on Share Capital and Voting Rights

Oct 9, 2026

Wavestone, a world‑class consulting firm focused on digital and artificial intelligence‑driven transformation, serves large enterprises in Europe and North America with end‑to‑end advisory services that blend business and technology expertise. Listed...

Wavestone steps up share buybacks as AI-led consulting growth strategy advances

Oct 5, 2026

Wavestone, a technology-focused consulting firm with a strong presence in Europe and North America, specializes in supporting large companies through AI-driven transformation and enterprise-wide change programs. The group positions itself as a partne...

Wavestone Steps Up Share Buybacks as It Deepens AI-Focused Consulting Strategy

Sep 28, 2026

Wavestone has conducted share buyback transactions on Euronext Paris over several consecutive days in late September 2026, purchasing a total of several thousand shares at weighted average prices around €29.30 to €29.50. The program underscores the c...

Wavestone Discloses New Share Buybacks on Euronext Paris

Sep 21, 2026

Wavestone has reported recent transactions in its own shares on Euronext Paris, disclosing purchases of a total of 25,281 shares over two days at weighted average prices just below €30 per share. The activity forms part of its regulated share buyback...

Wavestone Reports Share Buybacks on Euronext Paris

Sep 14, 2026

Wavestone disclosed transactions in its own shares on Euronext Paris, detailing buybacks conducted on 7 and 11 September 2026 under its share repurchase program. The company acquired 4,597 shares at a weighted average price of €31.90 and 26,152 share...

Wavestone buys Sand Cherry to accelerate U.S. expansion

Sep 14, 2026

Wavestone has agreed to acquire Sand Cherry, a Denver-based management consultancy specializing in complex business transformations for large U.S. clients, particularly in technology, media, telecoms, and energy. Sand Cherry, which employs about 130...

Wavestone Steps Up Share Buybacks on Euronext Paris

Sep 7, 2026

Wavestone has reported a series of share repurchases carried out on Euronext Paris between 1 and 4 September 2026 under its ongoing buyback program. Over these sessions, the consulting firm acquired several tranches of its own stock at daily weighted...

Wavestone Advances Share Buyback as AI-Focused Consulting Strategy Scales

Aug 31, 2026

Wavestone has reported activity under its ongoing share buyback program, disclosing the repurchase of 10,000 of its own shares on 26 August 2026 on Euronext Paris. The transaction was executed at a weighted average price of €33.85 per share, signalin...

Wavestone Updates Share Capital and Voting Rights Structure

Aug 25, 2026

Wavestone, a global consulting firm specialized in business and technology transformation, helps major companies in Europe and North America deploy artificial intelligence at scale and reinvent their operating models. With 6,000 employees and a listi...

Wavestone Details Share Buybacks on Euronext Paris

Aug 24, 2026

Wavestone reported transactions carried out under its share buyback program over the period from 17 to 21 August 2026. The company repurchased its own shares on Euronext Paris, with daily operations executed at weighted average prices in the mid-€30...

Wavestone Details August Share Buybacks on Euronext Paris

Aug 17, 2026

Wavestone has reported recent transactions under its ongoing share buyback program, detailing purchases of its own shares on the Euronext Paris market. The disclosure forms part of its regulated information obligations and shows the company continuin...

Wavestone Details August Share Buybacks on Euronext Paris

Aug 10, 2026

Wavestone has disclosed transactions executed under its share buyback program between 3 and 7 August 2026 on Euronext Paris. Over these sessions, the company repurchased tens of thousands of its own shares, with daily volumes ranging from just over 8...

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.

Date of analysis: Nov 05, 2026