(EDEN) Edenred - Overview
Sector: Financial Services | Industry: Credit Services | Exchange: PA (France) | Market Cap: 5.146m EUR | Total Return: -13.8% in 12m
Avg Turnover: 14.1M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Edenred SE is a French-based digital services and payments platform specializing in corporate expense management and employee benefits. The company operates a three-sided marketplace connecting corporate clients, employee users, and partner merchants through dedicated payment solutions. Its primary offerings include meal vouchers, fuel cards, gift certificates, and mobility services designed to streamline business travel and incentive programs.
The business model relies on a high-volume transactional network where Edenred earns revenue through service fees from corporate clients and commissions from participating merchants. As a leader in the prepaid corporate services sector, the company benefits from high barriers to entry due to the extensive merchant acceptance networks required to remain competitive. For a deeper analysis of these competitive moats, consider reviewing the detailed financial metrics on ValueRay.
Recent expansions have focused on digitizing the fleet and mobility segment, incorporating electric vehicle charging platforms and integrated cloud solutions for commercial transportation. Headquartered in Issy-les-Moulineaux, Edenred maintains a global presence, leveraging regional brands like Ticket Restaurant and UTA Edenred to capture market share in both developed and emerging economies.
- Interest rate fluctuations impact financial revenue earned on floating client funds
- Regulatory caps on merchant commission fees threaten core meal voucher margins
- Expansion into digital fleet management and EV charging platforms drives volume growth
- European labor market strength dictates total employee headcount and voucher issuance
- Shift toward digital corporate payment solutions improves operational leverage and scalability
| Net Income: 1.03b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.12 > 0.02 and ΔFCF/TA 4.28 > 1.0 |
| NWC/Revenue: -7.38% < 20% (prev -21.77%; Δ 14.40% < -1%) |
| CFO/TA 0.14 > 3% & CFO 1.96b > Net Income 1.03b |
| Net Debt (3.71b) to EBITDA (2.34b): 1.58 < 3 |
| Current Ratio: 0.96 > 1.5 & < 3 |
| Outstanding Shares: last quarter (221.4m) vs 12m ago -16.40% < -2% |
| Gross Margin: 49.32% > 18% (prev 0.54%; Δ 4.88k% > 0.5%) |
| Asset Turnover: 39.76% > 50% (prev 28.36%; Δ 11.40% > 0%) |
| Interest Coverage Ratio: 5.85 > 6 (EBITDA TTM 2.34b / Interest Expense TTM 316.0m) |
| A: -0.03 (Total Current Assets 8.86b - Total Current Liabilities 9.25b) / Total Assets 13.6b |
| B: -0.12 (Retained Earnings -1.57b / Total Assets 13.6b) |
| C: 0.14 (EBIT TTM 1.85b / Avg Total Assets 13.4b) |
| D: -0.08 (Book Value of Equity -1.10b / Total Liabilities 14.4b) |
| Altman-Z'' = 0.28 = B |
| DSRI: 0.31 (Receivables 1.46b/3.36b, Revenue 5.34b/3.77b) |
| GMI: 1.10 (GM 49.32% / 54.43%) |
| AQI: 1.05 (AQ_t 0.34 / AQ_t-1 0.32) |
| SGI: 1.42 (Revenue 5.34b / 3.77b) |
| TATA: -0.07 (NI 1.03b - CFO 1.96b) / TA 13.6b) |
| Beneish M = -3.24 (Cap -4..+1) = AA |
As of May 26, 2026, the stock is trading at EUR 22.58 with a total of 499,038 shares traded.
Over the past week, the price has changed by +3.77%,
over one month by +5.42%,
over three months by +22.98% and
over the past year by -13.83%.
Edenred has no consensus analysts rating.
P/E Trailing = 10.467
P/E Forward = 10.4167
P/S = 1.8838
P/EG = 1.5102
Revenue TTM = 5.34b EUR
EBIT TTM = 1.85b EUR
EBITDA TTM = 2.34b EUR
Long Term Debt = 3.38b EUR (from longTermDebt, last quarter)
Short Term Debt = 34.0m EUR (from shortTermDebt, last quarter)
Debt = 4.95b EUR (from shortLongTermDebtTotal, last quarter) + Leases 119.0m
Net Debt = 3.71b EUR (calculated: Debt 4.95b - CCE 1.24b)
Enterprise Value = 8.86b EUR (5.15b + Debt 4.95b - CCE 1.24b)
Interest Coverage Ratio = 5.85 (Ebit TTM 1.85b / Interest Expense TTM 316.0m)
EV/FCF = 5.39x (Enterprise Value 8.86b / FCF TTM 1.64b)
FCF Yield = 18.55% (FCF TTM 1.64b / Enterprise Value 8.86b)
FCF Margin = 30.76% (FCF TTM 1.64b / Revenue TTM 5.34b)
Net Margin = 19.25% (Net Income TTM 1.03b / Revenue TTM 5.34b)
Gross Margin = 49.32% ((Revenue TTM 5.34b - Cost of Revenue TTM 2.71b) / Revenue TTM)
Gross Margin QoQ = 61.59% (prev 42.87%)
Tobins Q-Ratio = 0.65 (Enterprise Value 8.86b / Total Assets 13.6b)
Interest Expense / Debt = 6.39% (Interest Expense 316.0m / Debt 4.95b)
Taxrate = 30.18% (134.0m / 444.0m)
NOPAT = 1.29b (EBIT 1.85b * (1 - 30.18%))
Current Ratio = 0.96 (Total Current Assets 8.86b / Total Current Liabilities 9.25b)
Debt / Equity = -6.05 (negative equity) (Debt 4.95b / totalStockholderEquity, last quarter -818.0m)
Debt / EBITDA = 1.58 (Net Debt 3.71b / EBITDA 2.34b)
Debt / FCF = 2.26 (Net Debt 3.71b / FCF TTM 1.64b)
Total Stockholder Equity = -956.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.65% (Net Income 1.03b / Total Assets 13.6b)
RoE = 166.5% (Net Income TTM 1.03b / Total Stockholder Equity 617.5m)
RoCE = 46.22% (EBIT 1.85b / Capital Employed (Equity 617.5m + L.T.Debt 3.38b))
RoIC = 29.67% (NOPAT 1.29b / Invested Capital 4.35b)
WACC = 5.77% (E(5.15b)/V(10.1b) * Re(7.02%) + D(4.95b)/V(10.1b) * Rd(6.39%) * (1-Tc(0.30)))
Discount Rate = 7.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.67 | Cagr: -7.54%
[DCF] Terminal Value 77.97% ; FCFF base≈1.40b ; Y1≈1.61b ; Y5≈2.37b
[DCF] Fair Price = 137.5 (EV 35.6b - Net Debt 3.71b = Equity 31.9b / Shares 231.9m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 40.45 | EPS CAGR: 16.22% | SUE: 0.0 | # QB: 0
Revenue Correlation: 81.99 | Revenue CAGR: 22.30% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=2.11 | Chg30d=+1.20% | Revisions=+23% | GrowthEPS=-18.6% | GrowthRev=-1.2%
EPS next Year (2027-12-31): EPS=2.40 | Chg30d=+1.16% | Revisions=+8% | GrowthEPS=+13.6% | GrowthRev=+6.5%
[Analyst] Revisions Ratio: +23%