Alstom SA ALSMY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsFrance

Last close 1.26 USD on Nov 2, 2026, −56.7% year to date

Quant rating

Quant rating D Rank 295 of 418 in Industrials

Growth C 264 of 418
Valuation B 117 of 418
Quality D 338 of 418
Revisions D 306 of 418
Momentum C 241 of 418

Wall Street consensus Hold (2.82)Average target 20.61 USD +1,535.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.0B
Enterprise value: 7.5B
52-week range: 1.24 – 3.51
3-year range: 1.06 – 3.51
Dividend yield: 0.00%
Beta (5 years): 1.08
Shares outstanding: 463M
Next earnings: Nov 17, 2026

About the company

Alstom SA is a France-based manufacturer of infrastructures for rail transport sector. The Company’s offer includes a range of solutions including rolling stock, systems, services as well as signaling for passenger and freight railway transportation. The Company’s railway services include maintenance, modernization, management of spare parts, support and technical assistance services included. The Company’s railway infrastructures include infrastructures for the track laying, lines electrical power systems, electromechanical equipment, telecommunication devices and traveler information in station, terminals for automatic purchase of tickets, access to escalators, lifts for disabled, automatic landing doors on platforms, ventilation, air conditioning, and lighting systems, among others. Alstom markets its products and services worldwide.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	22,146	20,000	19,016	17,892	17,119	–
Revenue growth	10.7%	5.2%	6.3%	4.5%	66.2%	16.5%
EPS (basic, normalized)	1.41	1.23	0.11	0.80	−0.46	–
EPS growth	14.3%	1,002.7%	−86.0%	–	–	–
Gross margin	12.3%	12.5%	12.6%	11.9%	11.1%	12.1%
Net margin	1.7%	0.8%	−1.7%	−0.8%	−3.7%	−0.7%
ROE	3.0%	1.6%	−3.5%	−1.4%	−6.4%	−1.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	22,146	+10.7%	0.3x	2,320	+38.9%	3.2x	1.41	+14.3%	0.9x
2027	22,616	+2.1%	0.3x	1,642	−29.2%	4.6x	1.81	+28.8%	0.7x
2028	23,855	+5.5%	0.3x	2,041	+24.3%	3.7x	1.96	+8.3%	0.6x
2029	24,975	+4.7%	0.3x	2,290	+12.2%	3.3x	2.22	+13.0%	0.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	22,616	−0.1%	−0.1%	+0.6%	1.81	−3.9%	−5.4%	−14.0%
2028	23,855	−0.1%	+0.2%	+1.0%	1.96	−9.2%	−9.8%	−17.2%
2029	24,975	−0.4%	−0.4%	−0.6%	2.22	−6.4%	−6.5%	−3.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	4,332	4,844	4,389	–	4,672	5,042	4,514	–	4,792	5,320
Sales mean (mil)	4,314	4,375	4,356	4,447	4,458	–	4,514	–	4,792	–
Surprise	+0.4%	+10.7%	+0.7%	–	+4.8%	–	0.0%	–	0.0%	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ALSMY Alstom SA	6.0B	–	1.7%	0.51x	0.7x	0.6x	4.6x	3.7x
VLMTY Valmet Corp	6.0B	1.73x	5.4%	2.10x	16.2x	12.8x	9.4x	8.2x
GTES Gates Industrial Corporation Ltd	6.0B	2.30x	7.3%	1.69x	14.2x	12.4x	9.4x	8.5x
JBTM JBT Marel Corporation	6.0B	2.64x	−1.3%	1.33x	14.3x	12.4x	10.6x	9.5x
NEXNY Nexans SA	5.9B	–	2.7%	2.48x	8.3x	6.5x	7.8x	6.7x
ENS EnerSys	5.8B	0.85x	7.8%	2.95x	12.2x	11.0x	8.7x	7.8x
Mean		1.88x	3.9%	1.84x	11.0x	9.3x	8.4x	7.4x
Median		2.02x	4.1%	1.90x	13.2x	11.7x	9.0x	8.0x

Technical analysis

1M−23.6%
3M−29.2%
1Y−48.4%
3Y+5.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alstom SA, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	22,146	20,000	19,016	17,892	17,119	10,303
Cost of revenue	19,429	17,507	16,628	15,761	15,210	8,679
Gross profit	2,717	2,492	2,388	2,131	1,909	1,624
Selling, general & administrative expenses	1,190	1,149	1,196	1,188	1,102	742
Research & development	514	445	484	474	510	289
Depreciation/amortization	206	184	174	155	172	99.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	179	214	548	400	298	142
Other operating expenses	0	0	0	0	0	0
Operating income	628	501	−13.0	−85.6	−173	352
Net interest income (expense)	−54.3	−80.0	−144	−28.2	26.6	−36.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−136	−151	−118	−83.5	−54.2	−43.4
Net income before taxes	438	269	−274	−197	−200	272
Provision for taxes	230	197	6.5	36.9	29.9	73.9
Minority interest	−47.4	−32.5	−32.4	−26.0	−23.2	−14.1
Equity in affiliates	211	125	−18.3	121	−384	97.3
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	372	166	−331	−139	−637	281
Extraordinary items	1.2	−4.3	−2.2	−4.3	−5.5	8.2
Net income	373	161	−334	−143	−643	290
EBIT, normalized	807	715	588	341	212	598
EBITDA, normalized	1,726	1,618	1,485	1,289	1,172	1,045
Basic EPS, normalized	1.41	1.23	0.11	0.80	−0.46	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Alstom SA, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	2,653	2,460	1,053	895	896	1,466
Receivables	12,313	10,884	9,843	8,883	8,403	6,921
Total inventory	4,940	4,490	4,121	4,042	3,623	3,474
Prepaid expenses	549	507	448	415	335	410
Other current assets	1,575	1,772	2,148	1,537	1,203	826
Total current assets	22,030	20,113	17,613	15,772	14,460	13,097
Property, plant & equipment	3,302	2,942	2,975	2,689	2,822	2,991
Goodwill	10,537	9,865	9,814	10,167	10,366	10,790
Intangibles	2,040	2,140	2,448	2,825	3,322	3,284
Long-term investments	1,095	1,002	1,032	1,315	1,392	1,810
Note receivable	604	503	431	488	551	317
Other long-term assets	831	847	1,578	775	853	1,215
Total assets	40,438	37,412	35,890	34,030	33,765	33,502
Liabilities
Accounts payable	5,149	4,299	4,025	4,274	4,035	4,240
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,914	1,939	1,785	1,930	1,386	1,219
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,117	296	1,608	585	505	806
Other current liabilities	15,305	14,293	13,748	12,334	12,009	11,128
Total current liabilities	23,485	20,827	21,166	19,123	17,935	17,391
Long-term debt	2,947	3,512	3,345	3,345	3,573	2,628
Minority interest	140	122	114	114	125	91.5
Other liabilities	1,548	1,631	1,905	1,696	2,272	2,790
Total liabilities	28,120	26,093	26,530	24,278	23,905	22,901
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,736	3,495	2,903	2,886	2,892	3,047
Additional paid-in capital	6,781	6,350	5,921	5,902	5,924	6,233
Retained earnings (accumulated deficit)	1,319	941	800	1,229	1,368	2,238
Treasury stock	–	–	–	–	–	–
Other equity	482	533	−264	−266	−324	−917
Total equity	12,318	11,319	9,360	9,752	9,860	10,601
Total liabilities & shareholders' equity	40,438	37,412	35,890	34,030	33,765	33,502

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alstom SA, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	422	194	−301	−117	−620	304
Depreciation, depletion & amortization	939	945	902	960	969	459
Deferred taxes	−3.5	−40.0	−112	−150	−54.2	−82.1
Non-cash items	−15.0	46.5	330	144	559	−58.6
Changes in working capital	−310	−121	−910	−179	−1,489	−1,161
Cash from operations	1,033	1,024	−90.7	659	−635	−539
Investing activities
Capital expenditures	−655	−521	−523	−467	−474	−311
Other investing cash flows	17.3	654	58.3	−50.9	−16.6	−1,968
Cash from investing	−638	133	−465	−518	−490	−2,279
Financing activities
Financing cash flow items	−11.6	−15.1	43.2	−15.2	−35.4	−71.5
Cash dividends paid	−43.9	−26.0	−65.8	−46.6	−49.8	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−260	305	774	−4.3	703	1,780
Cash from financing	−315	264	751	−66.1	617	1,709
Foreign exchange effects	−52.0	−17.3	−35.6	−57.4	21.0	24.6
Net change in cash	27.7	1,404	160	17.3	−487	−1,085
Free cash flow	378	503	−614	192	−1,109	−850

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.