Vinci SA (DG) AI Stock Analysis

• Market Cap: €78.56B
• Dividend Yield: 3.96%
• Average Volume (3M): 841.63K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 0.99
• Revenue Growth: 3.21%
• EPS Growth: 4.24%
• Country: FR
• Employees: 282,481
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 5.43
• Shares Outstanding: 582,257,300
• 10 Day Avg. Volume: 986,154
• 30 Day Avg. Volume: 841,632
• PEG Ratio: 5.09
• Price to Book (P/B): 2.19
• Price to Sales (P/S): 0.89
• P/FCF Ratio: 8.39
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €142.20
• Price Target Upside: 1.03% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 12
• EPS Forecast (FY): 9.3
• Revenue Forecast (FY): €76.73B

• Rating: 73 Outperform
• Price Target: €151.00 ▲(7.28% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial performance (consistent revenue expansion, improved margins, and strong cash generation), tempered by elevated leverage and incomplete latest-year leverage/cash-quality metrics. Technicals are bullish but overbought, while valuation is supportive with a reasonable P/E and attractive dividend yield.

Positive Factors

Consistent revenue growth

Sustained multi-year revenue expansion and rising net/EBIT margins indicate durable demand for Vinci's services and improved project execution. This supports long-term earnings power, higher reinvestment capacity, and resilience across business cycles given large-scale contracted work.

Strong cash generation

High and improving operating and free cash flow provide durable capacity to service debt, fund capex, pay dividends and invest in concessions or renewables. Robust cash conversion underpins financial flexibility and supports strategic investments over the medium term.

Diversified concessions and services model

A business mix combining construction with long-term concessions and recurring services reduces cyclicality and smooths cash flows. Ownership/operation of transport assets plus energy and FM offerings strengthens competitive positioning and supports predictable, long-duration income streams.

Negative Factors

Elevated leverage

Meaningful leverage limits financial flexibility and raises refinancing and interest-rate exposure risk. High debt levels can constrain bidding on large projects, reduce capacity for opportunistic investment, and amplify earnings volatility if cash flows soften.

Missing recent leverage/cash-quality metrics

Gaps in latest-year leverage and cash-quality metrics reduce transparency and increase forecasting risk. Limited visibility into coverage ratios and conversion metrics complicates assessment of balance sheet resilience and credit profile over the next several quarters.

Margin consistency and segment variability

Volatile gross margins suggest mix shifts, project execution variability or reporting inconsistency across segments. This undermines predictability of future margins and free cash flow, complicating capital allocation and making medium-term profitability less certain.

Vinci SA Business Overview & Revenue Model

Company Description

VINCI SA, together with its subsidiaries, operates in the concessions, energy, and construction segments primarily in France. It Concessions segment operates motorway concessions with a network of 4,419 kilometers in France; 45 airports; 4,437 kilometers of motorways; highways, railways, and 4 stadiums, as well as operates airports in France and in 11 other countries. The company's Energy segment provides services to the manufacturing, infrastructure, facilities management, and information and communication technology sectors; engineering, procurement, and construction services in the energy sector, and manufacturing and energy-related services; and renewable energy concession projects development services. Its Construction segments engages in designing and carrying out projects that involve general contractor capabilities; works related to geotechnical and structural engineering, digital technology, nuclear or renewable thermal energy; and focuses on business area, such as buildings, civil engineering, infrastructure, and in a specific geographical area. The company also provides property development services for residential and commercial properties; and property services, as well as operates managed residences. It also operates in Germany, the United Kingdom, Albania, Belarus, Bosnia-Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine, Portugal, North America, Central and South America, Africa, Russia, the Asia-Pacific, the Middle East, and other European countries. The company was founded in 1899 and is headquartered in Nanterre, France.

How the Company Makes Money

Vinci generates revenue primarily through its construction and concessions businesses. The construction segment earns money by undertaking large-scale public and private projects, billing clients for labor and materials. The concessions division derives income from long-term contracts to operate and maintain infrastructure assets, such as toll roads and airports, which provide stable cash flows over time. Key partnerships with governments and private entities facilitate project financing and execution, while also enhancing Vinci's ability to secure new contracts. Additionally, the company benefits from diversification into energy services and facility management, which further contribute to its overall earnings.

Vinci SA Financial Statement Overview

Summary

Overall financials are solid: strong multi-year revenue growth and improved profitability versus 2020, supported by robust operating and free cash flow. The main constraint is elevated leverage (debt rising in 2025) and some missing/zeroed 2025 leverage and cash-quality metrics that reduce latest-year clarity.

Income Statement

Vinci shows steady top-line momentum, with revenue rising from 44.1B (2020) to 75.4B (2025) and positive growth in each year post-2020. Profitability also improved versus 2020, with net margin moving from ~2.8% (2020) to ~6.5% (2025) and EBIT margin now around ~11–12% in recent years, indicating a more normalized earnings profile. The main watch-out is margin consistency: gross margin data swings materially across years (and 2025 gross margin appears inconsistent vs prior years), which adds noise to comparability and suggests mixed business/segment dynamics or reporting variability.

Balance Sheet

The balance sheet is supported by growing equity (21.0B in 2020 to 30.8B in 2025) and solid returns on equity in the mid-teens range in 2022–2024 (~16–17%), pointing to decent capital efficiency. However, leverage is meaningful: total debt increased to 41.2B in 2025 (from 36.3B in 2024), and historical debt-to-equity has generally run above 1.0x (2020–2024), leaving less flexibility if operating conditions weaken. Some 2025 leverage/return metrics are missing or shown as zero, limiting trend clarity for the latest year.

Cash Flow

Cash generation is a clear strength: operating cash flow has grown from 6.7B (2020) to 11.9B (2025), and free cash flow remains robust at 8.0B in 2025. Free cash flow has generally expanded over time, supporting debt service capacity and reinvestment, though the latest year shows a modest pullback (free cash flow growth of about -5% in 2025). Several coverage/quality indicators are missing or shown as zero for 2025, which reduces transparency on how well cash conversion tracked earnings in the most recent period.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	75.37B	72.77B	69.89B	62.51B	50.23B
Gross Profit	11.00B	42.34B	9.65B	8.05B	6.81B
EBITDA	12.98B	12.78B	11.99B	10.54B	7.79B
Net Income	4.90B	4.86B	4.70B	4.26B	2.60B
Balance Sheet
Total Assets	133.06B	129.49B	118.56B	111.99B	100.82B
Cash, Cash Equivalents and Short-Term Investments	18.50B	16.17B	16.17B	13.33B	11.27B
Total Debt	41.22B	36.26B	31.42B	31.02B	33.77B
Total Liabilities	98.74B	95.46B	86.52B	82.58B	76.05B
Stockholders Equity	30.75B	29.95B	28.11B	25.94B	22.88B
Cash Flow
Free Cash Flow	8.01B	7.66B	7.21B	5.89B	5.74B
Operating Cash Flow	11.89B	11.71B	10.54B	9.39B	7.81B
Investing Cash Flow	-5.26B	-9.05B	-3.98B	-5.30B	-5.80B
Financing Cash Flow	-4.27B	-3.03B	-3.43B	-2.78B	-3.26B

Vinci SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 140.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:DG, the sentiment is Positive. The current price of 140.75 is above the 20-day moving average (MA) of 134.63, above the 50-day MA of 125.41, and above the 200-day MA of 121.88, indicating a bullish trend. The MACD of 5.23 indicates Negative momentum. The RSI at 75.14 is Negative, neither overbought nor oversold. The STOCH value of 81.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:DG.

Vinci SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DG	73 Outperform	€78.56B	16.08	16.66%	3.96%	3.21%	4.24%
FGR	69 Neutral	€14.16B	13.28	14.39%	3.87%	7.71%	-2.82%
SPIE	66 Neutral	€8.93B	43.44	10.66%	2.14%	10.87%	-10.35%
EN	64 Neutral	€20.20B	17.80	8.45%	4.51%	0.88%	-2.06%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ASY	57 Neutral	€673.85M	84.35	2.67%	2.41%	6.72%	-90.75%
RNO	48 Neutral	€9.30B	-0.80	-46.54%	6.19%	8.44%	-937.75%