Danone SA DANOY

Consumer StaplesFood & TobaccoFrance

Last close 14.86 USD on Nov 2, 2026, −14.8% year to date

Quant rating

Quant rating C Rank 106 of 174 in Consumer Staples

Growth C 110 of 174
Valuation C 94 of 174
Quality C 98 of 174
Revisions C 116 of 174
Momentum C 85 of 174

Wall Street consensus Buy (2.00)Average target 20.28 USD +36.5%

Historical valuation

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

Key data

Market cap: 50.4B
Enterprise value: 59.8B
52-week range: 12.83 – 18.63
3-year range: 12.18 – 18.63
Dividend yield: 3.61%
Beta (5 years): 0.14
Shares outstanding: 683M
Next earnings: –

About the company

Danone SA is a France-based global food and beverage company. It operates through four segments: Essential Dairy and Plant-Based Products (EDP), Waters and Specialized Nutrition, including Early Life Nutrition and Medical Nutrition. EDP produces and distributes fresh fermented dairy products and other dairy specialties, plant-based products and beverages, coffee creamers and organic products; Waters sells bottled water and water sold in small and large containers; Early Life Nutrition offers baby formula (infant milk formula, follow-on milk, growing up milks), milk and fruit-based desserts, cereals, jars of baby food and ready-made baby food; Advanced Medical Nutrition offers adult or pediatric clinical nutrition products to be taken orally or through a tube in the event of malnutrition related to illness or other causes. The Company’s brands portfolio includes Activia, Actimel, Alpro, Danette, Danonino, Danio, evian, Volvic, Nutrilon/Aptamil, Nutricia, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	32,044	28,342	30,480	29,603	27,603	–
Revenue growth	13.1%	−7.0%	3.0%	7.2%	−4.3%	2.1%
EPS (basic, normalized)	0.86	0.79	0.77	0.72	0.78	–
EPS growth	9.2%	2.6%	6.1%	−7.8%	–	–
Gross margin	50.6%	49.7%	47.4%	46.1%	47.4%	48.2%
Net margin	6.7%	7.4%	3.2%	3.4%	7.8%	5.7%
ROE	10.5%	11.9%	5.2%	5.4%	11.5%	8.9%

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	32,044	+13.1%	1.9x	5,662	+17.9%	10.6x	0.86	+9.2%	17.3x
2026	31,136	−2.8%	1.9x	5,548	−2.0%	10.8x	0.89	+3.8%	16.7x
2027	32,797	+5.3%	1.8x	5,928	+6.8%	10.1x	0.94	+6.0%	15.8x
2028	33,815	+3.1%	1.8x	6,210	+4.8%	9.6x	1.02	+8.5%	14.5x

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	31,136	−3.4%	−3.9%	−4.9%	0.89	−0.6%	−1.1%	−3.2%
2027	32,797	−1.3%	−3.6%	−3.7%	0.94	−3.1%	−4.1%	−4.5%
2028	33,815	−4.5%	−4.5%	−4.3%	1.02	−3.0%	−3.0%	−4.1%

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 Food & Tobacco

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
DANOY Danone SA	50.4B	–	6.7%	2.42x	16.7x	15.8x	10.8x	10.1x
NESN Nestle SA	264.3B	–	10.1%	7.45x	19.1x	18.1x	15.4x	14.8x
MDLZ Mondelez International, Inc.	84.0B	3.14x	6.4%	3.17x	21.8x	19.7x	15.5x	14.4x
HSY The Hershey Company	34.4B	1.80x	7.6%	5.14x	19.7x	17.9x	12.7x	11.8x
KHC The Kraft Heinz Company	29.6B	2.86x	−23.4%	0.82x	12.2x	12.0x	9.4x	9.3x
TSN Tyson Foods Inc	20.1B	2.03x	0.9%	1.11x	16.2x	14.8x	8.3x	7.9x
Mean		2.46x	1.3%	3.35x	17.6x	16.4x	12.0x	11.4x
Median		2.44x	6.5%	2.80x	17.9x	16.9x	11.8x	11.0x

Technical analysis

1M+12.0%
3M−4.7%
1Y−12.9%
3Y+34.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Danone SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	32,044	28,342	30,480	29,603	27,603	28,847
Cost of revenue	15,824	14,255	16,041	15,970	14,506	14,982
Gross profit	16,220	14,087	14,439	13,633	13,097	13,865
Selling, general & administrative expenses	11,281	9,914	10,014	9,615	8,960	9,344
Research & development	563	463	439	363	384	394
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	855	187	1,599	1,327	1,225	647
Other operating expenses	68.1	24.8	134	35.3	−38.7	62.3
Operating income	3,453	3,498	2,254	2,293	2,566	3,417
Net interest income (expense)	−231	−204	−190	−164	−190	−253
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−243	−189	−203	−169	−108	−126
Net income before taxes	2,979	3,105	1,861	1,961	2,268	3,039
Provision for taxes	870	962	848	833	670	931
Minority interest	−74.0	−81.8	−79.5	−68.5	−76.2	−90.4
Equity in affiliates	108	31.1	39.7	−34.2	665	371
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,142	2,092	973	1,025	2,187	2,389
Extraordinary items	–	–	–	–	–	–
Net income	2,142	2,092	973	1,025	2,187	2,389
EBIT, normalized	4,444	3,759	3,919	3,835	3,982	4,326
EBITDA, normalized	5,649	4,838	5,053	4,999	5,168	5,586
Basic EPS, normalized	0.86	0.79	0.77	0.72	0.78	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Danone SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	7,718	6,377	6,623	5,011	6,657	5,219
Receivables	4,517	4,038	4,204	4,433	4,111	4,106
Total inventory	2,731	2,357	2,584	2,803	2,253	2,247
Prepaid expenses	–	–	–	–	–	–
Other current assets	573	465	844	760	684	1,420
Total current assets	15,539	13,237	14,254	13,006	13,705	12,992
Property, plant & equipment	7,570	6,749	7,108	7,226	7,779	8,026
Goodwill	20,289	18,700	19,136	19,197	20,316	20,782
Intangibles	6,884	6,157	6,349	6,743	7,028	7,353
Long-term investments	1,920	1,494	1,375	1,469	1,640	1,798
Note receivable	9.4	5.2	9.9	11.8	18.2	14.7
Other long-term assets	725	549	862	806	1,147	1,276
Total assets	52,936	46,891	49,095	48,460	51,634	52,242
Liabilities
Accounts payable	6,367	5,329	5,274	5,243	4,545	4,234
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,553	1,328	1,261	1,191	1,158	1,020
Short-term debt	3,057	1,904	3,182	1,194	861	1,822
Current portion of long-term debt	2,414	2,539	2,506	2,398	3,421	2,772
Other current liabilities	3,787	3,117	3,207	2,955	2,609	2,777
Total current liabilities	17,177	14,217	15,430	12,982	12,594	12,626
Long-term debt	11,465	10,280	11,528	11,565	14,144	14,989
Minority interest	61.1	61.1	50.8	73.8	116	114
Other liabilities	4,362	3,911	4,233	4,659	5,144	4,723
Total liabilities	33,066	28,469	31,243	29,279	31,998	32,451
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	200	176	187	181	196	210
Additional paid-in capital	6,366	5,519	5,800	5,552	6,746	7,192
Retained earnings (accumulated deficit)	20,649	17,648	18,038	17,836	19,085	19,692
Treasury stock	−2,323	−1,581	−1,713	−1,679	−2,706	−1,948
Other equity	−5,021	−3,340	−4,461	−2,709	−3,684	−5,355
Total equity	19,870	18,422	17,852	19,181	19,636	19,791
Total liabilities & shareholders' equity	52,936	46,891	49,095	48,460	51,634	52,242

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Danone SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,216	2,174	1,052	1,095	2,265	2,479
Depreciation, depletion & amortization	1,591	1,209	1,778	1,994	1,438	1,773
Deferred taxes	−70.5	63.2	−50.8	42.8	−83.0	−45.2
Non-cash items	348	−62.1	714	−41.7	−68.2	−315
Changes in working capital	355	581	307	81.3	398	−269
Cash from operations	4,440	3,965	3,800	3,171	3,949	3,624
Investing activities
Capital expenditures	−1,239	−956	−935	−934	−1,186	−1,175
Other investing cash flows	−843	476	14.3	133	1,823	430
Cash from investing	−2,082	−479	−920	−802	638	−745
Financing activities
Financing cash flow items	−35.2	−1,168	−462	1,463	−1,896	−331
Cash dividends paid	−1,620	−1,396	−1,411	−1,325	−1,434	−1,665
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−236	−1,388	−396	−2,208	−1,248	−887
Cash from financing	−1,891	−3,952	−2,270	−2,070	−4,578	−2,882
Foreign exchange effects	−361	−2.1	−555	120	65.9	−58.6
Net change in cash	106	−468	54.1	420	75.0	−62.3
Free cash flow	3,200	3,010	2,865	2,237	2,764	2,449

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.