EXEL INDUSTRIES (EXE) AI Stock Analysis

• Market Cap: €226.67M
• Dividend Yield: 3%
• Average Volume (3M): 481.00
• Price to Earnings (P/E): 14.8
• Beta (1Y): 0.19
• Revenue Growth: -10.58%
• EPS Growth: -47.82%
• Country: FR
• Employees: 3,814
• Sector: General
• Sector Strength: N/A
• Industry: Agricultural - Machinery
• EPS (TTM): 2.18
• Shares Outstanding: 6,787,900
• 10 Day Avg. Volume: 288
• 30 Day Avg. Volume: 481
• PEG Ratio: -0.31
• Price to Book (P/B): 0.52
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 5.26
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 3.4
• Revenue Forecast (FY): €994.91M

• Rating: 66 Neutral
• Price Target: €37.00 ▼(-3.90% Downside)
• Action: Reiterated Date: 01/20/26
• Date: Action: Reiterated 01/20/26

The score is driven primarily by weakening 2025 revenue and margin compression, partially offset by improving leverage and solid operating/free cash flow. Technicals are modestly positive with price above key moving averages and positive MACD, while valuation is reasonable with a ~16.1 P/E and ~3.0% dividend yield.

Positive Factors

Leverage improvement

A meaningful reduction in gross debt to ~€140M from ~€226M materially improves financial flexibility. Lower leverage reduces interest burden and bankruptcy risk, enabling durable capacity for capex, targeted M&A or shareholder returns and better resilience across agricultural cycles.

Strong cash generation

Consistent OCF (~€71M) and positive FCF (~€46M) show the business converts earnings to cash. Sustained cashflow supports reinvestment in product lines and aftermarket, funds dividends or debt reduction, and provides a buffer against cyclical revenue swings despite the recent FCF dip.

Diversified product and aftermarket mix

A two-pronged model—agricultural equipment plus industrial coating/dispensing—plus recurring aftermarket sales reduces reliance on one cycle. Aftermarket parts, service and consumables provide steadier margin and cash flow, smoothing revenue volatility from equipment replacement cycles.

Negative Factors

Revenue volatility and 2025 decline

The recent ~6% revenue drop after several years of uneven growth signals weaker end-market demand and makes forecasting difficult. Volatile top-line undermines capacity utilization, dealer inventory planning and aftermarket throughput, raising execution risk over the medium term.

Margin compression

Significantly lower operating and net margins indicate reduced pricing power or higher cost absorption. Persistently thin margins limit ability to fund R&D, service expansion or cushion against raw material inflation, increasing sensitivity to modest volume or price shocks.

Falling returns on equity

ROE erosion to ~3.5% reflects weaker profit generation relative to capital employed. Low and declining ROE signals inefficient capital deployment and constrains internal funding for growth, increasing reliance on external financing or slower organic expansion.

EXEL INDUSTRIES Business Overview & Revenue Model

Company Description

EXEL Industries SA designs, manufactures, and markets agricultural spraying equipment worldwide. The company offers garden watering and spraying equipment; industrial spraying equipment; and leisure and garden equipment. In addition, it provides sugar beet harvesters; technical hoses; ocean-going yachts, prestigious day-sailers, and neo-classic fishing and open powerboats. The company offers its products under the Hardi, Evrard, Berthoud, Tecnoma, Nicolas, Matrot, CMC, Agrifac, Apache, Wauquiez, Rhéa-Marine, Tofinou, Hozelock, Laser, HOLMER, SAMES KREMLIN, TRICOFLEX, and Cooper Pegler brands. EXEL Industries SA was incorporated in 1952 and is based in Paris, France.

How the Company Makes Money

EXEL Industries makes money mainly by selling equipment and systems used for spraying, coating, and fluid dispensing. Its core revenue stream is the sale of agricultural spraying products (such as sprayers and related application equipment) to farmers and agricultural professionals, typically through dealer/distributor networks and, in some cases, direct sales depending on the brand and country. A second key revenue stream comes from industrial activities: the sale of coating, dispensing, or spraying solutions used in manufacturing and finishing processes (for example, paint/coating application, surface treatment, or the controlled dispensing of fluids), sold to industrial customers and integrators. In addition to initial equipment sales, EXEL typically generates recurring revenue from aftermarket activity, including spare parts, consumables, accessories, maintenance/repair services, and upgrades/retrofits that extend equipment life and performance. Overall earnings are influenced by end-market demand cycles (notably agricultural equipment replacement cycles and industrial production trends), product mix (new equipment versus aftermarket), and the breadth of its brand portfolio and distribution footprint. Specific partnership details are null.

EXEL INDUSTRIES Financial Statement Overview

Summary

Mixed fundamentals: revenue declined ~6% in 2025 and profitability weakened (net margin ~1.7%, operating margin ~3.7%). Offsetting this, leverage improved with debt down materially (to ~€140M in 2025 from ~€226M in 2022) and cash generation remains solid (2025 operating cash flow ~€71M; free cash flow ~€46M), though FCF fell ~16.7% YoY.

Income Statement

Revenue has been volatile: strong growth in 2021–2023, essentially flat in 2024, and a notable decline in 2025 (annual revenue down ~6%). Profitability has weakened meaningfully in the latest year, with net margin falling to ~1.7% (from ~2.8% in 2024 and ~3.9% in 2023) and operating margin easing to ~3.7% (from ~4.8% in 2024). The company remains profitable in recent years, but the trajectory shows margin compression and reduced earnings power versus the 2021–2023 period.

Balance Sheet

Leverage appears manageable and improving, with total debt declining from ~€226M (2022) to ~€140M (2025), while equity has grown modestly over time. This supports balance sheet resilience. That said, returns on equity have cooled to ~3.5% in 2025 (down from ~6.7% in 2024 and ~9.6% in 2023), indicating weaker profitability relative to the capital base despite the healthier debt trend.

Cash Flow

Cash generation is a relative strength. Operating cash flow rebounded strongly after a weak 2022 (negative operating and free cash flow), and 2025 shows solid operating cash flow (~€71M) and free cash flow (~€46M). However, free cash flow declined year over year in 2025 (down ~16.7%), suggesting some pressure from working capital and/or investment needs. Overall, the business is currently generating cash well, but the downshift in free cash flow growth is a watch item.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	983.00M	1.10B	1.09B	977.03M	876.77M
Gross Profit	475.50M	516.69M	507.78M	447.26M	419.14M
EBITDA	60.19M	82.65M	95.34M	67.48M	83.88M
Net Income	16.30M	31.16M	42.50M	28.58M	43.48M
Balance Sheet
Total Assets	840.40M	887.29M	884.18M	893.33M	781.36M
Cash, Cash Equivalents and Short-Term Investments	41.77M	50.20M	64.86M	65.52M	83.32M
Total Debt	140.31M	178.76M	182.66M	226.09M	125.88M
Total Liabilities	373.13M	422.93M	440.11M	473.67M	391.39M
Stockholders Equity	465.90M	463.14M	442.86M	419.64M	389.95M
Cash Flow
Free Cash Flow	45.92M	19.31M	62.34M	-68.84M	46.94M
Operating Cash Flow	70.80M	49.54M	82.65M	-41.88M	62.95M
Investing Cash Flow	-24.23M	-28.18M	-20.51M	-55.08M	-14.37M
Financing Cash Flow	-53.36M	-33.38M	-57.52M	85.44M	-26.22M

EXEL INDUSTRIES Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 38.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EXE, the sentiment is Negative. The current price of 38.5 is above the 20-day moving average (MA) of 35.84, above the 50-day MA of 37.45, and above the 200-day MA of 37.79, indicating a bearish trend. The MACD of -1.09 indicates Positive momentum. The RSI at 29.23 is Positive, neither overbought nor oversold. The STOCH value of 20.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:EXE.

EXEL INDUSTRIES Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPM	73 Outperform	€132.46M	8.23	11.66%	2.03%	3.35%	242.49%
EXE	66 Neutral	€226.67M	14.82	―	3.00%	-10.58%	-47.82%
AKW	65 Neutral	€193.20M	3.48	2.94%	7.43%	-8.58%	-52.26%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
LAT	49 Neutral	€217.04M	-5.96	-22.05%	―	8.61%	-216.67%
PIG	45 Neutral	€64.08M	-1.84	-10.74%	9.91%	-25.59%	-218.88%