Compagnie Generale des Etablissements Michelin SCA MGDDY

Consumer DiscretionaryAutomobiles & Auto PartsFrance

Last close 18.15 USD on Nov 2, 2026, +14.4% year to date

Quant rating

Quant rating D Rank 243 of 297 in Consumer Discretionary

Growth D 250 of 297
Valuation B 104 of 297
Quality D 250 of 297
Revisions D 254 of 297
Momentum C 126 of 297

Wall Street consensus Sell (4.00)Average target 16.87 USD −7.1%

Historical valuation

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

Key data

Market cap: 25.2B
Enterprise value: 30.3B
52-week range: 15.35 – 20.57
3-year range: 14.84 – 20.67
Dividend yield: 4.52%
Beta (5 years): 1.00
Shares outstanding: 692M
Next earnings: Feb 9, 2027

About the company

Compagnie Generale des Etablissements Michelin SCA is a France-based mobility company. The Company operates through three segments: Automotive, Road Transportation and Specialty Businesses. Automotive, which comprises the business lines Automotive business to customers (B2C) Global Brands, Automotive B2C Regional Brands, Automotive Original Equipment and Mobility Experiences. Road Transportation comprises the business lines Long Distance Transportation, Urban Transportation and Services & Solutions. Specialty Businesses comprises the business lines Mining, Off-Highway Transportation, Two-Wheel, Aircraft and High-Tech Materials. It provides different kind of tires and related products and services through a dealership network. Its service offering includes truck driver assistance with Michelin Euro Assist, fleet tire advice, maintenance and management services and mobility assistance services, among others. Additionally, it provides branded lifestyle products and high-tech materials.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	30,527	28,153	31,279	30,597	27,050	–
Revenue growth	8.4%	−10.0%	2.2%	13.1%	8.2%	4.1%
EPS (basic, normalized)	–	–	–	–	–	–
EPS growth	–	–	–	–	–	–
Gross margin	27.0%	28.5%	28.0%	26.4%	29.4%	27.9%
Net margin	6.4%	6.9%	7.0%	7.0%	7.7%	7.0%
ROE	9.1%	10.3%	11.3%	12.5%	13.4%	11.3%

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
2025 actual	30,527	+8.4%	1.0x	–	–	–	–	–	–
2026	29,332	−3.9%	1.0x	5,211	–	5.8x	1.50	–	12.1x
2027	30,139	+2.8%	1.0x	5,475	+5.1%	5.5x	1.69	+12.7%	10.7x

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	29,332	−0.6%	−0.6%	−3.9%	1.50	+2.7%	+2.7%	+3.4%
2027	30,139	−2.5%	−2.5%	−5.7%	1.69	−18.0%	−18.0%	−17.2%
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 Automobiles & Auto Parts

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
MGDDY Compagnie Generale des Etablissements Michelin SCA	25.2B	–	6.4%	1.26x	12.1x	10.7x	5.8x	5.5x
DNZOY DENSO CORPORATION	34.4B	–	5.9%	0.91x	–	–	–	–
BRDCY BRIDGESTONE CORPORATION	33.1B	0.17x	7.2%	1.32x	14.5x	12.2x	6.2x	5.8x
CTTAY Continental AG	15.1B	1.70x	−2.3%	3.24x	11.0x	9.9x	7.1x	6.2x
ASEKY AISIN CORPORATION	9.7B	–	–	–	–	–	–	–
GNTX Gentex Corporation	4.3B	–	15.0%	1.74x	10.3x	9.6x	6.9x	6.8x
Mean		0.94x	6.4%	1.70x	12.0x	10.6x	6.5x	6.1x
Median		0.94x	6.4%	1.32x	11.6x	10.3x	6.6x	6.0x

Technical analysis

1M−2.3%
3M−9.9%
1Y+19.2%
3Y+36.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Compagnie Generale des Etablissements Michelin SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	30,527	28,153	31,279	30,597	27,050	24,999
Cost of revenue	22,284	20,131	22,508	22,530	19,110	18,019
Gross profit	8,244	8,022	8,771	8,067	7,941	6,980
Selling, general & administrative expenses	4,148	3,743	3,951	3,715	3,758	3,812
Research & development	926	814	834	747	775	789
Depreciation/amortization	109	106	100	83.5	88.7	106
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	303	576	876	126	259	537
Other operating expenses	−21.1	60.0	82.8	163	−97.8	22.0
Operating income	2,779	2,724	2,927	3,233	3,157	1,713
Net interest income (expense)	4.7	−83.9	−109	−351	−293	−427
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−132	−109	−69.5	−39.6	−54.6	−90.4
Net income before taxes	2,652	2,531	2,748	2,842	2,809	1,196
Provision for taxes	698	575	560	692	712	432
Minority interest	1.2	−6.2	0	−8.6	−1.1	8.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,956	1,951	2,188	2,141	2,096	772
Extraordinary items	–	–	–	–	–	–
Net income	1,956	1,951	2,188	2,141	2,096	772
EBIT, normalized	3,082	3,300	3,803	3,359	3,416	2,251
EBITDA, normalized	5,473	5,458	6,019	5,440	5,476	4,498
Basic EPS, normalized	–	–	–	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Compagnie Generale des Etablissements Michelin SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	4,894	4,375	3,090	3,070	5,590	6,146
Receivables	5,135	4,925	5,381	4,729	4,271	3,798
Total inventory	5,982	5,900	6,011	6,762	5,815	4,835
Prepaid expenses	161	194	141	–	–	–
Other current assets	590	487	461	1,571	1,290	1,198
Total current assets	16,761	15,881	15,085	16,132	16,966	15,977
Property, plant & equipment	15,517	14,476	14,724	14,069	13,943	14,538
Goodwill	3,121	2,929	3,291	2,601	2,599	2,609
Intangibles	2,283	2,195	1,980	1,930	2,059	2,418
Long-term investments	1,961	1,682	2,045	2,118	2,268	1,723
Note receivable	274	369	596	245	440	359
Other long-term assets	1,211	1,140	1,120	733	996	1,014
Total assets	41,128	38,671	38,841	37,827	39,270	38,638
Liabilities
Accounts payable	3,931	3,908	3,978	4,293	4,305	3,332
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,451	1,244	1,498	1,168	1,387	1,050
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,003	1,656	901	2,097	2,056	2,098
Other current liabilities	2,428	2,208	2,170	2,116	2,321	2,235
Total current liabilities	8,812	9,017	8,546	9,673	10,070	8,715
Long-term debt	6,759	5,973	5,966	5,759	6,830	8,431
Minority interest	4.7	9.3	3.3	6.4	−3.4	−2.4
Other liabilities	4,327	4,389	4,510	4,079	5,351	6,066
Total liabilities	19,903	19,388	19,026	19,516	22,247	23,210
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	404	365	394	382	406	436
Additional paid-in capital	2,052	2,408	2,982	2,892	3,122	3,354
Retained earnings (accumulated deficit)	20,145	16,766	17,014	15,318	14,240	13,184
Treasury stock	0	0	0	0	0	0
Other equity	−1,375	−257	−575	−280	−745	−1,545
Total equity	21,225	19,283	19,815	18,311	17,022	15,429
Total liabilities & shareholders' equity	41,128	38,671	38,841	37,827	39,270	38,638

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Compagnie Generale des Etablissements Michelin SCA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,954	1,957	2,188	2,150	2,097	763
Depreciation, depletion & amortization	2,282	2,053	2,116	1,997	1,971	2,141
Deferred taxes	–	–	–	–	–	–
Non-cash items	685	1,286	1,513	1,234	1,046	1,060
Changes in working capital	−435	−807	17.7	−3,314	−1,811	147
Cash from operations	4,487	4,489	5,835	2,067	3,304	4,111
Investing activities
Capital expenditures	−2,387	−2,342	−2,510	−2,291	−1,938	−1,679
Other investing cash flows	499	156	−724	210	−52.3	−15.9
Cash from investing	−1,887	−2,186	−3,234	−2,082	−1,991	−1,695
Financing activities
Financing cash flow items	−176	79.7	−22.1	−73.8	46.6	−128
Cash dividends paid	−1,144	−995	−986	−859	−466	−436
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,317	93.2	−1,570	−1,057	−1,210	2,206
Cash from financing	−2,637	−822	−2,578	−1,991	−1,629	1,641
Foreign exchange effects	−31.7	−10.4	−99.3	−25.7	14.8	−50.1
Net change in cash	−69.3	1,471	−76.1	−2,031	−301	4,007
Free cash flow	2,100	2,147	3,325	−225	1,365	2,432

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.