Orange S.A.

€15.11As of Sun 8 Nov 2026, 12:00 UTC

EPA:ORACommunication

Country France

PE (Fwd) •••

TSR 10Y CAGR 6.62%

Div yield 5.23%

ROE 14.16%

Telecom Services

Beta (5Y) 0.27

PE TTM 11.41

TSR TTM 16.18%

Mkt cap €40.15B

ROIC 5.83%

SE Grade™

Value

Quality

Moat

Consensus

Reference

€19

24.74%

(34.05%)

Hold 7|5|2|8|1

TTM

FYE 31 Dec EUR

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

3.897

Revenue€B

16.34

16.65

16.74

16.99

16.84

17.14

17.26

17.49

17.70

17.94

4.005

1.27%

0.77%

15.30

Revenue growth%

13.19

15.35

13.69

12.23

9.68

12.59

11.60

10.26

9.13

8.72

23.78

10.26

11.91

15.55

Gross margin%

7.53

9.51

8.13

10.27

11.48

10.44

10.79

10.05

12.19

12.11

6.45

10.79

10.35

22.50

Operating margin%

13.04

10.53

12.00

14.78

12.05

12.12

10.59

10.56

9.23

8.27

16.34

10.56

11.30

21.29

Net margin%

9.62

7.69

10.17

11.26

14.17

14.62

15.92

14.76

12.45

14.54

5.18

14.62

13.31

19.32

P/E ratio (avg)x

33.78

32.93

33.33

33.39

33.02

36.30

38.29

36.88

41.98

43.78

27.10

38.29

35.04

29.41

EV/EBITx

15.30

13.53

14.46

15.40

15.46

14.80

16.09

13.93

12.35

12.93

6.760

13.93

14.63

15.68

FCF yield (avg)%

16.11

18.46

18.50

19.43

22.02

19.29

21.83

23.24

25.68

23.05

11.73

23.05

20.63

11.85

FCF margin%

5.27

5.85

7.35

7.33

7.08

7.84

6.98

4.62

6.62

8.98

8.51

6.98

7.03

0.132

FCF / Net incomex

2.090

2.159

2.077

2.043

2.065

2.061

1.968

1.937

2.077

2.415

0.707

2.061

2.071

27.43

ROIC%

21.96

18.98

20.06

21.94

23.06

20.44

22.90

24.13

27.06

27.67

24.47

24.13

22.43

3.70

Return on equity%

1.77

3.51

5.30

7.44

6.31

9.03

10.91

12.16

14.96

12.47

2.40

12.16

8.23

2.90

Return on assets%

7.93

10.89

10.19

12.82

14.32

16.04

16.12

14.51

16.17

19.04

26.43

16.12

14.42

1.61

EPS€

0.61

0.63

0.54

0.58

0.57

0.56

0.53

0.58

0.61

1.78

1.37%

0.76%

—

9.07

EPS growth%

18.76

19.74

17.74

17.25

19.63

21.03

20.71

21.41

20.95

20.50

18.49

20.95

20.12

1.83

Bookvalue per sh€

1.38

1.25

1.24

1.29

1.20

1.33

1.38

1.41

1.57

0.68

4.01%

0.42%

—

1.05

FCF per share€

1.49

1.65

1.68

1.57

1.58

1.77

2.01

2.18

2.24

1.69

7.25%

4.80%

—

1.89

Dividend per sh€

0.33

0.31

0.32

0.34

0.39

0.38

0.37

0.40

0.37

0.42

0.95

1.61%

1.74%

—

20.11

Div yield (avg)%

14.87

15.85

15.32

14.54

17.26

14.64

13.38

12.06

12.02

12.01

3.13

12.06

14.59

16.61

Payout ratio%

3.35

3.78

2.72

0.40

2.08

4.13

4.05

6.66

9.40

9.51

26.14

6.66

3.91

2.602

Shares (diluted)B

3.393

3.950

3.988

4.095

4.526

4.484

4.371

4.766

4.583

4.620

2.663

0.41%

2.96%

20.69

Buyback yield%

3.99

4.40

5.25

3.67

0.83

0.40

1.62

0.40

1.20

4.18

27.39

1.20

2.64

1.687

D/E ratiox

1.352

1.365

1.544

1.702

1.618

1.623

1.728

1.828

1.831

1.904

0.387

1.828

1.662

10.93

Enterprise value€B

8.201

9.121

9.433

10.19

11.65

12.82

13.01

12.32

13.65

14.96

1.548

5.12%

6.56%

10.45

LT debt€B

20.07

21.65

21.56

25.79

31.29

33.52

34.47

34.79

37.10

43.28

14.14

6.70%

8.94%

Peers (US$45.08B)

Cap (US$)

Publicis Groupe S.A.

28.87B

16.03x

Bolloré SE

11.87B

43.86x

JCDecaux SE

6.369B

17.39x

Swisscom AG

45.74B

28.83x

Capital

TTM

10Y

Leveragex

4.909

0.310

0.359

EBIT/Intx

1.115

0.403

0.483

Own earn%

126.88

115.81

81.55

Sh yield%

40.80

15.00

17.14

Owners

Insiders/Inst%

9.60

81.35

Short interest%

4.77

SBC / revenue%

5.54

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

8–15

$1 testx

−0.4

Incr. ROIC%

Orange S.A. operates as a telecommunications operator in France and internationally. The company offers mobile services, such as voice, SMS, and data; and fixed broadband and narrowband services, as well as B2B fixed solutions and network services, including voice and data services. It also sells handsets, broadband equipment, connected devices, and accessories.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

€17.94B

0.77%

1.00×

Cost of revenue

€9.373B

0.65%

0.99×

Operating expenses

€3.010B

0.83%

1.01×