PLUXEE N.V. (PLX) AI Stock Analysis

• Market Cap: €2.20B
• Dividend Yield: 2.91%
• Average Volume (3M): 152.91K
• Price to Earnings (P/E): 6.3
• Beta (1Y): 0.96
• Revenue Growth: 6.36%
• EPS Growth: 48.97%
• Country: FR
• Employees: 5,368
• Sector: Industrials
• Sector Strength: 72
• Industry: Specialty Business Services
• EPS (TTM): 0.82
• Shares Outstanding: 147,174,700
• 10 Day Avg. Volume: 122,880
• 30 Day Avg. Volume: 152,906
• PEG Ratio: 0.26
• Price to Book (P/B): 6.82
• Price to Sales (P/S): 1.96
• P/FCF Ratio: 8.10
• 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: €13.75
• Price Target Upside: 34.67% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 1.47
• Revenue Forecast (FY): €1.26B

• Rating: 70 Outperform
• Price Target: €11.00 ▲(7.74% Upside)
• Action: Upgraded Date: 01/22/26
• Date: Action: Upgraded 01/22/26

The score is driven primarily by solid financial performance (growth, profitability improvement, and free cash flow) and a constructive earnings call with strong cash conversion and shareholder returns. Attractive valuation further supports the rating, while weak technical trend signals and balance-sheet leverage risks temper the overall score.

Positive Factors

Organic Revenue Growth

Sustained 10.6% organic revenue growth indicates durable end-market demand and successful commercial execution. It reflects recurring revenue from core offerings (not one-off items), supports predictable top-line expansion, and underpins multi-year planning and reinvestment in product and market expansion.

Margin Expansion / Operating Leverage

A 230bp recurring EBITDA margin gain demonstrates scalable cost structure and operational leverage. This suggests the business can convert incremental revenue into higher profitability, improving sustainable cash generation and enabling reinvestment or shareholder returns even if top-line growth slows.

Strong Free Cash Flow & Conversion

Substantial FCF growth and high (89%) cash conversion indicate the company reliably turns earnings into cash, supporting capex, M&A, dividends, and buybacks. Strong cash generation provides durable financial flexibility and funds strategic initiatives without immediate reliance on capital markets.

Negative Factors

High Leverage

A persistently high debt-to-equity ratio and low equity ratio increase sensitivity to interest-rate moves and economic shocks. High leverage can constrain strategic flexibility, limit M&A firepower, raise refinancing risk, and amplify earnings volatility when cash flow weakens despite strong ROE.

Declining Gross Margin

A declining gross margin signals cost pressures or reduced pricing power at the revenue origin. This trend, if structural, can cap long-term operating margin improvements and force heavier reliance on SG&A cuts or price increases that may impair growth or client retention.

Regulatory & Macro Uncertainty

Regulatory uncertainty in core markets (France, Brazil) and macro headwinds in parts of Europe and Mexico create lasting execution risk. Changes to rules or program timing can alter revenue recognition, increase compliance costs, and disrupt client programs, restraining sustainable growth visibility.

PLUXEE N.V. Business Overview & Revenue Model

Company Description

Pluxee N.V. offers employee benefits and engagement solutions services in France, Latin America, Continental Europe, and internationally. The company provides employee benefits comprising meal, food, gift, mobility, training, and wellness benefits; mental and physical well-being, leisure and culture, hybrid work, training, and uniforms; and other products and services, including rewards and recognition, public benefits, and fuel and fleet management. Its products are distributed through pre-paid cards, digital solutions, and paper vouchers. Pluxee N.V. was formerly known as Sodexo Asset Management 2 B.V. and changed its name to Pluxee N.V. in December 2023. The company was incorporated in 2022 and is headquartered in Issy-les-Moulineaux, France.

How the Company Makes Money

PLUXEE N.V. generates revenue through multiple streams, primarily by selling its proprietary energy management systems and technologies to commercial and industrial clients seeking to optimize their energy consumption and enhance sustainability. The company also earns income from installation services, maintenance contracts, and consulting services related to energy efficiency. Significant partnerships with governmental and private organizations focused on renewable energy projects further bolster its revenue, while participation in various incentive programs for renewable energy adoption provides additional financial support.

PLUXEE N.V. Financial Statement Overview

Summary

Strong revenue growth and improved profitability (higher EBIT/EBITDA and net margin) support the score, alongside solid free cash flow growth. Offsetting factors include high leverage (high debt-to-equity, low equity ratio), declining gross margin, and weaker cash conversion from operating cash flow versus net income.

Income Statement

PLUXEE N.V. has demonstrated consistent revenue growth over the years, with a notable increase in EBIT and EBITDA margins, indicating improved operational efficiency. However, the gross profit margin has declined, which could suggest rising costs or pricing pressures. The net profit margin has improved, reflecting better profitability.

Balance Sheet

The company exhibits a high debt-to-equity ratio, which poses a risk of financial leverage. However, the return on equity is strong, indicating effective use of equity to generate profits. The equity ratio is relatively low, suggesting a reliance on debt financing.

Cash Flow

PLUXEE N.V. shows positive free cash flow growth and a healthy free cash flow to net income ratio, indicating good cash generation relative to profits. However, the operating cash flow to net income ratio is low, suggesting potential challenges in converting income into cash.

Breakdown	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	1.29B	1.21B	1.05B	842.00M	731.00M
Gross Profit	361.00M	430.00M	445.00M	331.00M	282.00M
EBITDA	464.00M	338.00M	263.00M	303.00M	219.00M
Net Income	197.00M	133.00M	81.00M	174.00M	117.00M
Balance Sheet
Total Assets	6.40B	5.95B	5.67B	5.30B	4.68B
Cash, Cash Equivalents and Short-Term Investments	3.31B	2.23B	3.10B	2.77B	2.33B
Total Debt	1.27B	1.18B	1.31B	553.00M	334.00M
Total Liabilities	5.93B	5.59B	5.63B	4.59B	3.99B
Stockholders Equity	369.00M	258.00M	42.00M	699.00M	684.00M
Cash Flow
Free Cash Flow	311.00M	322.00M	443.00M	143.00M	113.00M
Operating Cash Flow	409.00M	438.00M	559.00M	221.00M	184.00M
Investing Cash Flow	-395.00M	-270.00M	-7.00M	46.00M	-109.00M
Financing Cash Flow	-17.00M	-213.00M	-43.00M	6.00M	60.00M

PLUXEE N.V. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:PLX, the sentiment is Negative. The current price of 10.21 is below the 20-day moving average (MA) of 10.78, below the 50-day MA of 11.13, and below the 200-day MA of 14.50, indicating a bearish trend. The MACD of -0.28 indicates Positive momentum. The RSI at 37.84 is Neutral, neither overbought nor oversold. The STOCH value of 9.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:PLX.

PLUXEE N.V. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLX	70 Outperform	€2.20B	6.30	―	2.91%	6.36%	48.97%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ELIS	63 Neutral	€5.71B	15.45	10.25%	1.88%	4.83%	52.47%
GLO	63 Neutral	€936.39M	10.36	17.70%	3.03%	9.51%	26.07%
TEP	62 Neutral	€2.96B	7.30	11.73%	6.86%	9.08%	-22.55%
SW	61 Neutral	€6.15B	7.25	18.37%	6.20%	1.16%	314.94%
IDL	56 Neutral	€2.09B	42.52	10.54%	―	18.03%	3.43%