SPIE SA (SPIE) AI Stock Analysis

• Market Cap: €8.08B
• Dividend Yield: 2.14%
• Average Volume (3M): 423.97K
• Price to Earnings (P/E): 190.1
• Beta (1Y): 1.06
• Revenue Growth: 10.87%
• EPS Growth: -10.35%
• Country: FR
• Employees: 52,002
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 1.13
• Shares Outstanding: 170,175,400
• 10 Day Avg. Volume: 328,859
• 30 Day Avg. Volume: 423,970
• PEG Ratio: -2.26
• Price to Book (P/B): 15.58
• Price to Sales (P/S): 3.23
• P/FCF Ratio: 44.87
• 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: €54.00
• Price Target Upside: 17.04% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.09
• Revenue Forecast (FY): €11.01B

• Rating: 56 Neutral
• Price Target: €50.00 ▲(8.37% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is driven primarily by solid financial performance (strong revenue growth and healthy cash generation) offset by a weak valuation profile due to an extremely high P/E. Technical signals are mixed-to-neutral, providing limited additional support.

Positive Factors

Top-line growth

Sustained revenue expansion across 2021–2025 reflects durable demand for multi-technical services and successful scaling. Strong top-line momentum supports better fixed-cost absorption, broader geographic and service penetration, and provides a foundation for continued investment in capabilities over the next 2–6 months and beyond.

Cash generation / FCF conversion

High free cash flow conversion indicates earnings quality and operational efficiency from contracting and recurring services. Consistent cash generation supports working-capital needs, funds maintenance capex, services M&A or debt reduction, and cushions earnings volatility common in engineering sectors.

Diversified service model

A multi-technical, multi-sector service model tied to long-term maintenance and projects creates recurring revenue visibility and cross-sell opportunities. Diversification across public, industrial and construction clients and sustainability-focused offerings reduces single-market exposure and aligns with structural demand for efficiency upgrades.

Negative Factors

Elevated leverage

Meaningful leverage for an Engineering & Construction business reduces financial flexibility and raises refinancing and interest-rate sensitivity. In cyclical or margin-compression scenarios, elevated debt limits the company's ability to pursue opportunistic investments or absorb project overruns without affecting liquidity or capital allocation.

Thin, volatile net margins

Persistent low and variable net margins point to exposure to project mix, contract pricing pressure and cost volatility. Even with improving EBITDA trends, thin net profitability makes earnings vulnerable to cost slips, reducing the margin of safety for reinvestment and returns if project execution becomes more challenging.

Recent FCF decline

A ~19% drop in free cash flow in 2025, despite multi-year growth prior, signals potential working-capital swings or project timing risks. If persistent, lower FCF constrains deleveraging, capital expenditure funding and strategic flexibility, heightening execution risk over the mid term.

SPIE SA Business Overview & Revenue Model

Company Description

SPIE SA is a leading European provider of multi-technical services in the fields of electrical, mechanical, and HVAC engineering, as well as energy and communication systems. The company operates across various sectors, including construction, industrial, and public services, offering a wide range of core services such as maintenance, installation, and operational support for infrastructure and facilities. SPIE is committed to delivering innovative solutions that enhance sustainability and efficiency in its clients' operations.

How the Company Makes Money

SPIE generates revenue primarily through the provision of technical services and solutions across its diverse sectors. The company's revenue model is based on long-term contracts and project-based work, which include maintenance services, installation projects, and energy efficiency upgrades. Key revenue streams include service contracts with industrial clients, public sector projects, and collaboration with construction firms. SPIE also benefits from strategic partnerships with leading technology providers, which enhance its service offerings and drive business growth. Additionally, the company focuses on sustainability initiatives, which are increasingly in demand, thereby contributing to its earnings through environmentally conscious projects.

SPIE SA Financial Statement Overview

Summary

Strong revenue expansion and generally steady operating profitability are supported by solid free-cash-flow conversion, but thin/volatile net margins (weaker in 2025) and meaningfully elevated leverage constrain the overall financial profile.

Income Statement

Revenue has expanded strongly from 2021–2025 (2025 up ~78% vs. 2024), indicating solid top-line momentum. Profitability at the operating level is fairly steady with operating profit margins generally around the mid-single digits and EBITDA margin improving versus earlier years, but net margin remains thin and fell in 2025 versus 2024 as net income declined despite higher revenue. Overall, growth is a key positive, while bottom-line volatility and low net profitability temper the score.

Balance Sheet

Leverage is consistently elevated, with debt running at roughly 1.3x equity in recent years, which is meaningful for an Engineering & Construction business and reduces flexibility in a downturn. Equity has grown over time and returns on equity have been respectable in most years (stronger in 2023–2024, softer in 2025), suggesting the company can generate value but with some variability. Overall, improving scale and equity growth are positives, while the debt load and uneven returns are the main constraints.

Cash Flow

Cash generation looks healthy: free cash flow is substantial and has consistently tracked close to reported earnings (free cash flow around ~0.87–0.91x net income), supporting earnings quality. Operating and free cash flow rose meaningfully from 2021 through 2024, though 2025 showed a notable step down in free cash flow (down ~19%). Overall, strong cash conversion is a strength, with the recent decline in cash flow growth the primary watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.40B	9.92B	8.73B	8.11B	6.99B
Gross Profit	504.70M	8.56B	703.53M	7.01B	6.09B
EBITDA	1.06B	876.11M	739.48M	587.24M	577.94M
Net Income	176.40M	273.18M	238.51M	151.54M	169.10M
Balance Sheet
Total Assets	10.30B	9.99B	9.15B	8.93B	8.61B
Cash, Cash Equivalents and Short-Term Investments	791.80M	718.16M	1.21B	1.28B	1.25B
Total Debt	2.80B	2.75B	2.51B	2.61B	2.52B
Total Liabilities	8.12B	7.89B	7.17B	7.03B	6.93B
Stockholders Equity	2.15B	2.08B	1.95B	1.89B	1.68B
Cash Flow
Free Cash Flow	747.50M	831.97M	651.66M	511.54M	448.98M
Operating Cash Flow	822.50M	920.52M	713.33M	577.36M	515.88M
Investing Cash Flow	-295.40M	-994.84M	-231.29M	-315.21M	-208.46M
Financing Cash Flow	-414.10M	-391.27M	-545.77M	-301.26M	-262.04M

SPIE SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 46.14
• 50DMA: Negative
• 100DMA: Positive
• 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:SPIE, the sentiment is Negative. The current price of 46.14 is below the 20-day moving average (MA) of 50.65, below the 50-day MA of 48.94, and below the 200-day MA of 47.40, indicating a neutral trend. The MACD of 0.38 indicates Positive momentum. The RSI at 35.48 is Neutral, neither overbought nor oversold. The STOCH value of 8.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:SPIE.

SPIE SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DG	73 Outperform	€71.08B	13.71	16.66%	3.96%	3.21%	4.24%
RXL	70 Neutral	€9.59B	16.83	4.63%	3.61%	2.16%	-64.02%
FGR	69 Neutral	€12.88B	11.12	14.39%	3.87%	7.71%	-2.82%
ALO	67 Neutral	€10.82B	11.61	3.14%	―	4.58%	―
EN	64 Neutral	€18.46B	14.13	8.45%	4.51%	0.88%	-2.06%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SPIE	56 Neutral	€8.08B	190.12	8.70%	2.14%	10.87%	-10.35%