Euronext NV Unsponsored ADR (ERNXY)
OTHER OTC:ERNXY
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Euronext NV Unsponsored ADR
(OTC:ERNXY)
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Rating:73Outperform
Price Target:
$37.00
Action:ReiteratedDate:03/02/26
The score is driven primarily by strong profitability and a constructive earnings-call outlook (growth initiatives, disciplined leverage, and shareholder returns). It is tempered by weakening recent cash-flow/revenue signals in the provided financial statement summary, stretched technical momentum (overbought readings), and a valuation that looks more premium than bargain.
Positive Factors
High and expanding profitability
Euronext's very high and expanding margins reflect a scalable marketplace model with low incremental costs. Sustained operating and EBITDA margins support durable cash generation, funding investments, dividends and buybacks while insulating returns from moderate revenue variability over the next 2–6 months.
Negative Factors
Recent revenue and free cash flow weakness
A revenue dip alongside a sharp FCF decline reduces near‑term cash conversion visibility. If the revenue slowdown or lower cash conversion persists, it could constrain reinvestment capacity, reduce cushion for episodic costs, and pressure the pace of future buybacks or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
High and expanding profitability
Euronext's very high and expanding margins reflect a scalable marketplace model with low incremental costs. Sustained operating and EBITDA margins support durable cash generation, funding investments, dividends and buybacks while insulating returns from moderate revenue variability over the next 2–6 months.
Read all positive factors
Euronext NV Unsponsored ADR (ERNXY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$16.84B
Dividend YieldN/A
Average Volume (3M)1.53K
Price to Earnings (P/E)104.4
Beta (1Y)0.18
Revenue Growth18.00%
EPS Growth16.93%
CountryUS
Employees2,407
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)0.33
Shares Outstanding518,449,650
10 Day Avg. Volume217
30 Day Avg. Volume1,532
Financial Highlights & Ratios
PEG Ratio-1.33
Price to Book (P/B)14.22
Price to Sales (P/S)36.91
P/FCF Ratio94.52
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue9.08
Enterprise Value/Gross Profit10.69
Enterprise Value/Ebitda14.08
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Euronext NV Unsponsored ADR Business Overview & Revenue Model
Company Description
Euronext N.V., together with its subsidiaries, operates securities and derivatives exchanges in Continental Europe, Ireland, and Norway. The company offers a range of exchange and corporate services, including security listings, cash and derivativ...
How the Company Makes Money
Euronext primarily generates revenue from fees charged across the lifecycle of a trade and the ongoing needs of market participants and issuers. Major revenue streams include: (1) Trading services: transaction and connectivity fees from executing ...
Euronext NV Unsponsored ADR Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call communicated a broadly positive operational and financial story: double‑digit top‑line, EBITDA and EPS growth, expanding margins (full year), record custody assets, completed buyback and disciplined leverage (1.5x). Management also laid out concrete strategic steps (Admincontrol and Athex integration, power futures, CSD expansion and repo offering) that underpin growth. Key near‑term risks flagged were a sharp Q4 reduction in operating cash flow (working capital effects), non‑cash acquisition accounting adjustments, and a guided step‑up in underlying expenses for 2026 tied to integration and growth investments. On balance, the company’s strong results, prudent balance‑sheet management and clear execution plan outweigh the manageable operational and accounting headwinds.Positive Updates
Strong full-year top-line growth
Underlying revenue and income grew 12.1% in FY2025 to more than EUR 1.8 billion, with Q4 revenue at EUR 460.8 million, up 10.8% year‑on‑year.
Negative Updates
Q4 operating cash flow decline
Net cash flow from operating activities in Q4 2025 was EUR 85.5 million versus EUR 175 million in Q4 2024, primarily due to negative working capital impacts from clearing and Nord Pool CCP activity.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong full-year top-line growth
Underlying revenue and income grew 12.1% in FY2025 to more than EUR 1.8 billion, with Q4 revenue at EUR 460.8 million, up 10.8% year‑on‑year.
Read all positive updates
Company Guidance
Management reiterated the Innovate for Growth 2027 ambition to deliver above‑5% CAGR in revenue and EBITDA by end‑2027 and provided 2026 operating guidance: total underlying expenses excluding D&A around EUR 770m (Q4‑annualised ex‑Athex ≈ EUR 720m), plus ~EUR 35m of Athex operating costs and ~EUR 15m of incremental underlying investment for strategic projects. They confirmed a strong balance sheet and liquidity position (cash > EUR 1.5bn at end‑2025; net debt/LTM adjusted EBITDA 1.5x, within a 1–2x target range), completed a EUR 250m share repurchase (finished Jan‑26), proposed a dividend of EUR 321.5m (≈+10% y/y), and completed refinancing actions including a EUR 600m (3‑yr, A‑) bond issue and a tender that leaves EUR 385.5m of 2026 bonds outstanding. Management anchored the guidance in FY‑25 results (underlying revenue +12.1% to >EUR 1.8bn; adjusted EBITDA EUR 1.1bn, +13.6%, FY adjusted EBITDA margin 62.7% +0.8pts; adjusted net income EUR 736.5m, +7.9%; adjusted EPS EUR 7.27, +10.3%) and Q4 metrics (revenue EUR 460.8m, +10.8%; Q4 adjusted EBITDA EUR 275m, margin 59.7%; Q4 adjusted net income EUR 179.6m; Q4 adjusted EPS EUR 1.77), while flagging near‑term product rollouts (power futures in March‑26, repo solution by June‑26, Euronext Securities CSD reference in Sept‑26) and the expected benefits from Admincontrol and Athex integrations.Euronext NV Unsponsored ADR Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.75B | 1.62B | 1.47B | 1.41B | 1.29B |
| Gross Profit | 1.55B | 1.16B | 1.10B | 1.04B | 958.49M |
| EBITDA | 1.11B | 975.60M | 904.96M | 811.76M | 756.32M |
| Net Income | 617.53M | 585.60M | 513.57M | 437.83M | 413.34M |
Balance Sheet | |||||
| Total Assets | 327.49B | 209.39B | 189.51B | 175.14B | 145.91B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 1.74B | 176.46B | 168.01B | 961.95M |
| Total Debt | 3.47B | 3.12B | 3.11B | 3.09B | 3.13B |
| Total Liabilities | 322.76B | 204.99B | 185.42B | 171.10B | 142.14B |
| Stockholders Equity | 4.54B | 4.25B | 3.95B | 3.91B | 3.65B |
Cash Flow | |||||
| Free Cash Flow | 682.20M | 621.36M | 723.04M | 516.97M | 476.12M |
| Operating Cash Flow | 812.10M | 708.60M | 826.07M | 616.49M | 543.71M |
| Investing Cash Flow | -387.70M | -37.07M | 157.91M | -122.58M | -4.22B |
| Financing Cash Flow | -495.10M | -441.67M | -522.21M | -282.37M | 3.84B |
Euronext NV Unsponsored ADR Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $32.01B | 23.89 | 22.99% | 1.06% | 15.13% | 44.37% | |
78 Outperform | $104.09B | 22.98 | 15.25% | 3.92% | 7.54% | 18.50% | |
78 Outperform | $128.22B | 22.66 | 13.84% | 0.73% | 8.54% | 24.07% | |
75 Outperform | $51.62B | 23.18 | 15.91% | 1.07% | 5.79% | 50.79% | |
73 Outperform | $16.84B | 104.42 | 14.94% | ― | 18.00% | 16.93% | |
72 Outperform | $88.47B | 28.00 | 11.60% | 1.19% | 10.34% | 20.64% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
ERNXY
Euronext NV Unsponsored ADR
33.56
0.62
1.89%
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CME
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287.27
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7.65%
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Intercontinental Exchange
156.19
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-5.92%
SPGI
S&P Global
433.19
-62.93
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NDAQ
Nasdaq
91.27
15.98
21.22%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.