SMCP S.A.S. (SMCP) AI Stock Analysis

• Market Cap: €449.47M
• Dividend Yield: N/A
• Average Volume (3M): 96.46K
• Price to Earnings (P/E): 29.9
• Beta (1Y): 2.11
• Revenue Growth: 1.78%
• EPS Growth: N/A
• Country: FR
• Employees: 4,576
• Sector: General
• Sector Strength: N/A
• Industry: Apparel - Retail
• EPS (TTM): 0.07
• Shares Outstanding: 78,326,900
• 10 Day Avg. Volume: 107,686
• 30 Day Avg. Volume: 96,456
• PEG Ratio: -0.18
• Price to Book (P/B): 0.42
• Price to Sales (P/S): 0.41
• P/FCF Ratio: 2.34
• 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): 0.66
• Revenue Forecast (FY): €1.23B

• Rating: 56 Neutral
• Price Target: €6.00 ▼(-2.44% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is driven by uneven financial performance—especially volatile net profitability—partly offset by strong cash flow generation and a manageable balance sheet. Technicals are supportive but appear somewhat stretched, while valuation is a notable headwind due to the high P/E without a dividend yield provided.

Positive Factors

Strong cash generation

Consistently strong operating cash flow and materially positive free cash flow provide durable internal funding for store investments, digital growth and working-capital needs. Robust cash conversion cushions volatile reported earnings and supports reinvestment, debt service or shareholder returns over cycles.

Manageable leverage

Moderate debt-to-equity and stable equity capitalisation indicate a resilient balance sheet versus peers, giving the company capacity to finance omnichannel expansion and absorb demand shocks. Manageable leverage preserves strategic flexibility for investments and refinancing in a multi-quarter horizon.

Diversified brand and channels

A multi-brand accessible-luxury portfolio combined with direct stores, wholesale and e-commerce diversifies revenue and supports full-price selling. This omnichannel footprint improves customer reach, repeat purchases and inventory turnover, strengthening long-term revenue resilience and margin sustainability.

Negative Factors

Volatile profitability and growth

Flat-to-declining top-line and swings between loss and marginal profit indicate structural demand or execution issues. Inconsistent revenue growth undermines operating leverage and makes it difficult to sustainably scale margins or generate predictable EPS growth over multiple quarters.

Rising debt in 2025

An increase in total debt reduces financial flexibility and raises interest and refinancing exposure. Even with moderate leverage metrics, higher absolute debt heightens vulnerability to weaker trading periods and can crowd out investment or shareholder distributions if cash flow weakens.

Uneven free cash flow

Volatile free cash flow, including a sharp negative in 2025, shows sensitivity to working-capital swings and trading conditions. FCF unpredictability complicates capital allocation, store rollouts and inventory funding, making sustained deleveraging or consistent shareholder returns harder to rely on.

SMCP S.A.S. Business Overview & Revenue Model

Company Description

SMCP S.A. operates as a ready-to-wear and accessories retail company in France and internationally. It designs, markets, and sells women's wear, men's wear, and accessories. The company sells its products through a network of points of sale and websites under four brands, including Sandro, Maje, Claudie Pierlot, and De Fursac. As of December 31, 2021, it operated 745 points of sales in 42 countries. The company was founded in 1984 and is headquartered in Paris, France. SMCP S.A. is a former subsidiary of Shandong Ruyi Technology Group Co., Ltd.

How the Company Makes Money

SMCP primarily makes money by selling fashion products (ready-to-wear clothing, accessories, and related items) across a mix of distribution channels. The largest revenue stream is retail sales through directly operated stores, where SMCP earns the full retail margin on products sold in its branded boutiques and concessions. A second major stream is online sales via its own brand e-commerce sites and digital storefronts; revenue is recognized from product sales and includes the benefits of direct-to-consumer pricing while incurring fulfillment and digital marketing costs. SMCP also generates revenue through wholesale, selling products at wholesale prices to third-party department stores and independent retailers, which typically yields lower gross margins than direct retail but broadens distribution and brand reach. In addition, SMCP can earn income from partnerships such as concessions or shop-in-shop arrangements in department stores and, where applicable, franchise operations; if specific franchise or licensing revenue contributions are not publicly disclosed, they are null. Key factors supporting earnings include brand positioning in the accessible luxury segment, international store footprint, seasonal product refreshes that drive repeat purchases, and omnichannel customer acquisition (store + online) that supports full-price selling and inventory turnover.

SMCP S.A.S. Financial Statement Overview

Summary

Mixed fundamentals: revenue has been broadly flat with a modest decline in 2024 and weak reported growth in 2025, and net profitability has been volatile (loss in 2024, small profit in 2025). Offsetting this, cash generation is a clear strength with consistently solid operating cash flow and high free cash flow, while leverage appears manageable though debt increased in 2025.

Income Statement

Revenue has been broadly flat since 2021 (around €1.2B) with a modest decline in 2024 and a sharply negative reported growth rate in 2025. Profitability is volatile: net margin swung from strong in 2022 (~4.3%) to a loss in 2024 (~-1.9%), then back to a small profit in 2025 (~1.4%). Operating performance is mixed—EBITDA margin remains decent (~18.7% in 2025), but net income conversion is weak, suggesting ongoing pressure below the operating line and limited consistency in earnings.

Balance Sheet

Leverage looks manageable for the sector with debt-to-equity in the ~0.63–0.77 range across 2021–2025, though total debt increased in 2025 versus 2024. Equity has remained relatively stable (~€1.16–€1.18B), which supports balance sheet resilience. The key weakness is low and inconsistent returns for shareholders (negative in 2024, ~1.4% in 2025), indicating that while capitalization is adequate, profitability has not been strong enough to consistently generate attractive returns.

Cash Flow

Cash generation is a relative strength: operating cash flow has been consistently solid (~€210–€250M) and free cash flow remains high (~€160–€212M), including improvement in 2025 versus 2024. Free cash flow meaningfully exceeds reported earnings in multiple years (notably 2024 and 2025), pointing to good cash conversion and potential conservatism/non-cash charges impacting net income. The main watch item is uneven free-cash-flow growth (down in several years and sharply negative in 2025), suggesting cash performance may be sensitive to trading conditions and working-capital swings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.22B	1.21B	1.23B	1.21B	1.04B
Gross Profit	348.50M	763.30M	775.20M	769.20M	658.40M
EBITDA	227.30M	179.40M	121.30M	247.30M	213.00M
Net Income	16.60M	-23.60M	11.20M	51.30M	23.90M
Balance Sheet
Total Assets	2.15B	2.30B	2.35B	2.38B	2.41B
Cash, Cash Equivalents and Short-Term Investments	47.40M	48.50M	50.90M	73.30M	131.30M
Total Debt	871.30M	729.30M	749.50M	769.10M	861.30M
Total Liabilities	978.00M	1.14B	1.17B	1.21B	1.29B
Stockholders Equity	1.17B	1.16B	1.18B	1.17B	1.12B
Cash Flow
Free Cash Flow	212.10M	195.00M	160.80M	163.50M	203.40M
Operating Cash Flow	240.10M	233.90M	215.80M	209.00M	250.10M
Investing Cash Flow	-28.00M	-38.80M	-61.70M	-44.60M	-47.20M
Financing Cash Flow	-195.30M	-202.60M	-191.30M	-222.70M	-199.50M

SMCP S.A.S. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:SMCP, the sentiment is Neutral. The current price of 6.15 is below the 20-day moving average (MA) of 6.25, below the 50-day MA of 6.23, and above the 200-day MA of 5.82, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 42.75 is Neutral, neither overbought nor oversold. The STOCH value of 18.26 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:SMCP.

SMCP S.A.S. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RBO	67 Neutral	€262.39M	16.76	14.30%	3.72%	0.82%	-34.14%
ALVU	67 Neutral	€146.79M	18.62	―	2.38%	8.59%	-22.37%
SMCP	56 Neutral	€449.47M	29.90	1.30%	―	1.78%	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
MDM	48 Neutral	€48.72M	-0.29	-33.85%	3.00%	-10.98%	-905.89%