Bureau Veritas SA BVVBY

IndustrialsProfessional & Commercial ServicesFrance

Last close 65.45 USD on Nov 1, 2026, +6.4% year to date

Quant rating

Quant rating C Rank 291 of 418 in Industrials

Growth D 341 of 418
Valuation C 230 of 418
Quality D 354 of 418
Revisions C 289 of 418
Momentum B 78 of 418

Wall Street consensus Strong Buy (1.00)Average target 77.00 USD +17.6%

Historical valuation

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

Key data

Market cap: 14.9B
Enterprise value: 17.2B
52-week range: 57.35 – 69.93
3-year range: 45.91 – 69.93
Dividend yield: 3.27%
Beta (5 years): 0.84
Shares outstanding: 454M
Next earnings: Feb 25, 2027

About the company

Bureau Veritas SA, formerly Bureau Veritas Registre International de Classification de Navires et d’Aeronefs, is a France-based company primarily engaged in the business support sector. It offers a range of services, including asset management, certification, classification services, consulting, inspections and audits, testing and analysis, and training. It is present in over 140 countries through a network of offices and laboratories. The Company operates through its subsidiaries, including BV Algeria, BV Argentina, Bivac Congo and Cesmec Chile, UniCar Group, Quiktrak Inc, Dairy Technical Services Ltd; Sistema PRI, a Brazilian company specialized in project management assistance; Analysts Inc, an American specialist in oil condition monitoring (OCM); MatthewsDaniel Ltd, which provides services for the insurance market, Ningbo Hengxin Engineering Testing Co, Ltd (Ningbo Hengxin), Kuhlmann Monitoramento Agricola Ltda, SIEMIC Inc, California Code Check and Primary Integration Solutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,595	6,461	6,476	6,047	5,663	–
Revenue growth	17.5%	−0.2%	7.1%	6.8%	0.8%	6.2%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	100.4%	100.2%	96.7%	96.3%	96.1%	97.9%
Net margin	9.1%	9.1%	8.6%	8.3%	8.4%	8.7%
ROE	31.9%	29.1%	26.5%	26.7%	29.3%	28.7%

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
2025 actual	7,595	+17.5%	2.3x	–	–	–	–	–	–
2026	7,345	−3.3%	2.3x	1,509	–	11.4x	3.37	–	19.4x
2027	7,649	+4.1%	2.3x	1,607	+6.5%	10.7x	3.65	+8.3%	17.9x

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
2026	7,345	−2.5%	−2.5%	–	3.37	−1.5%	−1.5%	–
2027	7,649	−1.4%	−1.4%	–	3.65	+1.4%	+1.4%	–
2028	–	–	–	–	–	–	–	–

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)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Professional & Commercial Services

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
BVVBY Bureau Veritas SA	14.9B	–	9.1%	7.85x	19.4x	17.9x	11.4x	10.7x
EXPGY Experian PLC	35.1B	–	4.9%	–	19.1x	16.9x	10.6x	9.7x
SGSOY SGS SA	25.1B	–	–	–	24.7x	22.1x	12.3x	11.4x
EXPO Exponent, Inc.	3.8B	−0.45x	18.2%	12.39x	34.0x	29.6x	20.3x	18.3x
RCMT R C M Technologies Inc	250M	0.57x	5.1%	5.11x	13.4x	12.0x	8.2x	7.0x
AUC ATIF Holdings Ltd	156M	–	−383.2%	1.88x	–	–	–	–
Mean		0.06x	−69.2%	6.81x	22.1x	19.7x	12.6x	11.4x
Median		0.06x	5.1%	6.48x	19.4x	17.9x	11.4x	10.7x

Technical analysis

1M+8.1%
3M+4.4%
1Y+1.1%
3Y+60.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Bureau Veritas SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	7,595	6,461	6,476	6,047	5,663	5,619
Cost of revenue	−33.9	−15.6	217	225	222	255
Gross profit	7,629	6,477	6,259	5,822	5,440	5,365
Selling, general & administrative expenses	4,107	3,493	3,509	3,267	3,036	2,991
Research & development	–	–	–	–	–	–
Depreciation/amortization	352	294	322	318	313	443
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−27.8	−27.7	−16.4	−52.3	−23.1	39.1
Other operating expenses	2,032	1,752	1,536	1,434	1,297	1,394
Operating income	1,166	966	910	855	817	498
Net interest income (expense)	−112	−47.2	−42.4	−72.5	−77.4	−159
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−25.0	−25.7	−32.4	−14.6	−5.9	−9.0
Net income before taxes	1,028	893	835	768	734	329
Provision for taxes	312	283	266	250	227	160
Minority interest	−25.3	−20.5	−13.5	−19.2	−28.8	−16.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	691	590	556	499	478	153
Extraordinary items	–	–	–	–	–	–
Net income	691	590	556	499	478	153
EBIT, normalized	1,138	939	893	803	794	537
EBITDA, normalized	1,489	1,232	1,215	1,121	1,107	980
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Bureau Veritas SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,616	1,258	1,306	1,802	1,642	1,968
Receivables	2,225	2,025	2,091	1,981	2,033	1,916
Total inventory	48.2	46.9	54.4	58.5	65.5	51.1
Prepaid expenses	–	–	–	–	–	–
Other current assets	3.8	5.6	4.5	6.7	5.3	8.2
Total current assets	3,893	3,336	3,455	3,849	3,745	3,944
Property, plant & equipment	956	840	861	809	842	885
Goodwill	2,670	2,395	2,348	2,294	2,364	2,373
Intangibles	462	481	397	420	458	522
Long-term investments	96.9	104	120	116	122	129
Note receivable	–	–	–	–	–	–
Other long-term assets	218	294	151	131	146	167
Total assets	8,296	7,449	7,333	7,619	7,676	8,019
Liabilities
Accounts payable	654	563	575	597	605	553
Payable/accrued	–	–	–	–	–	–
Accrued expenses	888	779	746	682	739	673
Short-term debt	4.8	3.7	4.2	6.8	11.7	9.2
Current portion of long-term debt	404	668	149	673	238	784
Other current liabilities	591	580	594	588	561	566
Total current liabilities	2,541	2,594	2,067	2,546	2,155	2,586
Long-term debt	3,215	2,303	2,648	2,580	3,035	3,293
Minority interest	49.6	66.4	63.7	70.5	78.0	58.3
Other liabilities	481	444	417	430	546	569
Total liabilities	6,286	5,408	5,196	5,626	5,814	6,507
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	64.0	56.4	60.1	58.1	61.7	66.2
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,946	1,985	2,077	1,935	1,801	1,446
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	2,010	2,041	2,137	1,993	1,863	1,512
Total liabilities & shareholders' equity	8,296	7,449	7,333	7,619	7,676	8,019

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Bureau Veritas SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,028	893	835	768	734	329
Depreciation, depletion & amortization	352	294	322	318	313	443
Deferred taxes	–	–	–	–	–	–
Non-cash items	110	80.5	73.4	66.7	93.4	231
Changes in working capital	−309	−231	−325	−260	−241	−15.0
Cash from operations	1,181	1,037	905	894	899	988
Investing activities
Capital expenditures	−173	−151	−174	−139	−138	−120
Other investing cash flows	37.8	−209	−33.5	−74.7	−58.0	1.1
Cash from investing	−135	−360	−207	−214	−196	−119
Financing activities
Financing cash flow items	−47.8	−22.5	−18.9	−56.2	−83.2	−106
Cash dividends paid	−505	−421	−437	−301	−212	−38.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−241	−188	−736	−84.1	−622	−540
Cash from financing	−793	−632	−1,193	−441	−917	−685
Foreign exchange effects	−63.4	−13.1	−40.5	23.9	12.8	−36.2
Net change in cash	190	31.6	−536	263	−201	148
Free cash flow	1,009	885	731	754	761	868

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 1, 2026 after market close.