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Bureau Veritas
(BVI)
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Rating:73Outperform
Price Target:
€33.00
▲(22.31% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid fundamentals and strong cash generation, tempered by elevated and rising leverage that increases balance-sheet risk. Technicals add support with the stock trading above key moving averages, while valuation is reasonable but not cheap given the ~20.7 P/E, offset somewhat by a ~3.14% dividend yield.
Positive Factors
Strong cash generation
Free cash flow of ~€820M (2025) and operating cash flow near ~€967M demonstrate durable internal funding. Consistent cash generation supports capex, dividends and debt servicing, giving the company financial resilience and strategic optionality over the next several quarters.
Negative Factors
Elevated, rising leverage
Rising debt and a debt-to-equity around 2.01x—combined with a year-over-year equity decline—reduce financial flexibility. Elevated leverage increases refinancing and interest-rate risk and could constrain capital allocation, deleveraging ability, or opportunistic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Free cash flow of ~€820M (2025) and operating cash flow near ~€967M demonstrate durable internal funding. Consistent cash generation supports capex, dividends and debt servicing, giving the company financial resilience and strategic optionality over the next several quarters.
Read all positive factors
Bureau Veritas (BVI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€12.30B
Dividend Yield3.36%
Average Volume (3M)1.08M
Price to Earnings (P/E)24.0
Beta (1Y)0.93
Revenue Growth1.88%
EPS Growth-22.65%
CountryFR
Employees80,449
SectorGeneral
Sector StrengthN/A
IndustryConsulting Services
Share Statistics
EPS (TTM)1.14
Shares Outstanding453,871,520
10 Day Avg. Volume713,778
30 Day Avg. Volume1,078,337
Financial Highlights & Ratios
PEG Ratio4.32
Price to Book (P/B)7.08
Price to Sales (P/S)1.87
P/FCF Ratio14.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€32.06Price Target Upside18.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.53
Revenue Forecast (FY)€6.73B
Bureau Veritas Business Overview & Revenue Model
Company Description
Bureau Veritas S.A., a French company, delivers a broad spectrum of global testing, inspection, and certification (TIC) services. Its core mission is to guarantee that products, assets, and management systems meet either mandatory regulations or v...
How the Company Makes Money
Bureau Veritas primarily makes money by selling fee-based testing, inspection, and certification services to businesses and public-sector customers that need to demonstrate compliance, safety, quality, and performance against regulations and stand...
Bureau Veritas Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.53B | 6.47B | 6.24B | 5.87B | 5.65B | 4.98B |
| Gross Profit | 1.30B | 1.55B | 4.50B | 1.76B | 1.27B | 1.12B |
| EBITDA | 1.18B | 1.24B | 1.25B | 1.14B | 1.11B | 1.01B |
| Net Income | 503.60M | 588.00M | 569.40M | 503.70M | 466.70M | 420.90M |
Balance Sheet | ||||||
| Total Assets | 6.99B | 7.06B | 7.19B | 6.64B | 7.12B | 6.75B |
| Cash, Cash Equivalents and Short-Term Investments | 942.10M | 1.37B | 1.22B | 1.18B | 1.66B | 1.42B |
| Total Debt | 3.04B | 3.09B | 2.87B | 2.54B | 3.05B | 2.89B |
| Total Liabilities | 5.29B | 5.31B | 5.16B | 4.65B | 5.19B | 5.05B |
| Stockholders Equity | 1.66B | 1.71B | 1.97B | 1.94B | 1.86B | 1.64B |
Cash Flow | ||||||
| Free Cash Flow | 809.20M | 819.70M | 858.90M | 662.10M | 652.40M | 596.70M |
| Operating Cash Flow | 960.20M | 966.70M | 1.00B | 819.70M | 782.50M | 717.70M |
| Investing Cash Flow | -245.00M | -115.50M | -347.80M | -188.00M | -200.00M | -172.20M |
| Financing Cash Flow | -590.40M | -634.80M | -610.20M | -1.08B | -359.50M | -733.40M |
Bureau Veritas Technical Analysis
Positive
26.98
Price Trends
26.94
Positive
26.35
Positive
26.45
Positive
Market Momentum
0.29
Positive
46.68
Neutral
12.52
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:BVI, the sentiment is Positive. The current price of 26.98 is below the 20-day moving average (MA) of 27.81, above the 50-day MA of 26.94, and above the 200-day MA of 26.45, indicating a neutral trend. The MACD of 0.29 indicates Positive momentum. The RSI at 46.68 is Neutral, neither overbought nor oversold. The STOCH value of 12.52 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:BVI.
Bureau Veritas Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | €12.30B | 24.00 | 37.30% | 3.41% | 1.88% | -22.65% | |
71 Outperform | €8.62B | 18.58 | 9.89% | 1.40% | -3.18% | 22.52% | |
59 Neutral | €12.25B | 23.20 | 14.81% | 1.08% | 3.38% | 28.21% | |
58 Neutral | €2.26B | 35.92 | 10.20% | ― | 14.25% | 16.74% | |
57 Neutral | €8.07B | 47.92 | 8.70% | 2.23% | 3.06% | 47.94% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €17.55B | 60.00 | 7.11% | 0.41% | 3.76% | 29.94% |
* General Sector Average
FR:BVI
Bureau Veritas
27.36
1.43
5.53%
FR:BIM
bioMerieux
73.00
-51.79
-41.50%
FR:ERF
Eurofins Scientific
70.10
3.37
5.05%
FR:IDL
ID LOGISTICS
344.50
-112.00
-24.53%
FR:DIM
Sartorius Stedim Biotech
181.20
4.92
2.79%
FR:SPIE
SPIE SA
47.92
-3.84
-7.41%
Bureau Veritas Corporate Events
Bureau Veritas Publishes Half‑Year 2026 Financial Report
Jul 29, 2026
Bureau Veritas has made its half‑year financial report for the period ended June 30, 2026 available to the public and filed it with the French financial markets authority. The report, accessible via the company’s website, provides inve...
Bureau Veritas Lifts 2026 Growth Targets as Portfolio Shift Accelerates
Jul 29, 2026
Bureau Veritas reported first-half 2026 revenue of €3.26 billion, up 5.0% organically, with adjusted operating margin edging up to 15.5% despite geopolitical headwinds in the Middle East. Adjusted net profit rose 3.9% and adjusted EPS climbe...
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.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower 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.
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.