Education
About Us
Working with TipRanks
Follow Us
Orange Sa (Adr) (ORANY)
OTHER OTC:ORANY
Top Page
Orange SA
(OTC:ORANY)
Select Model
Select Model
Rating:58Neutral
Price Target:
$19.50
▲(14.37% Upside)
Action:ReiteratedDate:12/31/25
The score is driven primarily by stable (but not strong) financial performance: resilient margins and solid operating cash flow are offset by declining revenue, elevated leverage, and only moderate free-cash-flow conversion. Technicals are supportive with an uptrend and positive MACD, though near-overbought readings temper the outlook. Valuation is the main drag due to a high P/E and modest dividend yield.
Positive Factors
Strategic Partnership
This partnership with Visa enhances Orange's financial services, potentially increasing market reach and revenue in Africa and the Middle East.
Market Expansion
Acquiring full control of MasOrange supports Orange's strategic growth in Spain, enhancing its competitive position and market influence.
Cash Generation
Strong cash generation supports ongoing investments and financial stability, enabling Orange to fund strategic initiatives and debt obligations.
Negative Factors
Revenue Decline
A significant revenue decline indicates challenges in maintaining market share and growth, potentially impacting long-term profitability.
Elevated Leverage
High leverage limits Orange's ability to maneuver financially, posing risks in a capital-intensive industry and affecting future investment capacity.
Free Cash Flow Decline
Declining free cash flow suggests increasing reinvestment needs or operational inefficiencies, which could constrain future growth and financial health.
Orange SA (ORANY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.55B
Dividend Yield0%
Average Volume (3M)26.73K
Price to Earnings (P/E)94.1
Beta (1Y)-0.18
Revenue Growth-4.52%
EPS Growth-49.12%
CountryUS
Employees126,909
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.38
Shares Outstanding2,660,056,600
10 Day Avg. Volume21,035
30 Day Avg. Volume26,734
Financial Highlights & Ratios
PEG Ratio-2.56
Price to Book (P/B)0.94
Price to Sales (P/S)0.65
P/FCF Ratio6.94
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue1.27
Enterprise Value/Gross Profit7.89
Enterprise Value/Ebitda4.18
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.33
Revenue Forecast (FY)$50.10B
Orange SA Business Overview & Revenue Model
Company DescriptionOrange S.A. operates as a telecommunications operator in France and internationally. It offers mobile services, such as voice, SMS, and data; and fixed broadband and narrowband services, as well as B2B fixed solutions and network services, including voice and data services. The company also sells handsets, broadband equipment, connected devices, and accessories. In addition, it provides IT and integration services comprising unified communication and collaboration services, such as LAN and telephony, consultancy, integration, and project management; hosting and infrastructure services, including cloud computing; customer relations management and other applications services; security services; and video conferencing, as well as sells related equipment. Further, the company offers national and international roaming services; online advertising services; and mobile virtual network operator, network sharing, and mobile financial services, as well as sells equipment to external distributors, brokers, and operators. It markets its products and services under the Orange brand name. The company was formerly known as France Telecom and changed its name to Orange S.A. in July 2013. Orange S.A. was incorporated in 1991 and is headquartered in Issy-les-Moulineaux, France.
How the Company Makes MoneyOrange SA generates revenue through several key streams. The company earns a substantial portion of its income from subscription services for mobile telephony, including voice, data, and messaging services. Additionally, Orange provides fixed-line services, including broadband internet and digital TV subscriptions. Business services, such as cloud computing, cybersecurity, and IT consulting, also contribute to its revenue. The company benefits from strategic partnerships and investments in emerging markets, enhancing its growth potential and market reach. Roaming fees and equipment sales, such as mobile devices and accessories, further augment its earnings.
Orange SA Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call highlights solid operational execution and financial discipline with revenue and EBITDAaL growth, strong organic cash flow (EUR 3.7bn, +>8%), disciplined eCapEx (~15% of sales), a robust balance sheet (net debt/EBITDAaL 1.8x) and major strategic progress on MASORANGE/PremiumFiber and sustainability goals. Key challenges are concentrated in Orange Business performance, significant one-off accounting charges (Senior Part-Time provision and copper decommissioning) that depress reported net income, ongoing wholesale headwinds, and competitive pressure at the low end in France. On balance the positive operational momentum, cash generation and strategic moves outweigh the managed headwinds and one-off charges.Q4-2025 Updates
Positive Updates
Group revenue growth
Full-year 2025 revenues of EUR 40.4 billion, up 0.9% year-on-year, driven by retail growth and strong performance in MEA and Europe.
EBITDAaL expansion and margin improvement
EBITDAaL grew by 3.8% in 2025 with a ~0.9 percentage point improvement in the EBITDAaL margin, reflecting disciplined cost control and operational efficiency.
Strong cash generation
Organic cash flow reached EUR 3.7 billion, up more than 8% year-on-year and above the guidance floor of EUR 3.6 billion; free cash flow all-in stood at EUR 2.8 billion and has grown 74% over three years.
Robust balance sheet and financing achievements
Net debt-to-EBITDAaL ratio of 1.8x (stable and in line with guidance around 2x); successfully issued two jumbo bonds (EUR 5bn and $6bn) that were massively oversubscribed, supporting upcoming MASORANGE refinancing.
Discipline on investment intensity
eCapEx maintained at ~15% of sales in 2025; group eCapEx (ex-MEA) decreased >3% year-on-year, demonstrating disciplined capital allocation.
MASORANGE and PremiumFiber transactions
Signed binding agreement to acquire remaining 50% of MASORANGE for EUR 4.25 billion; MASORANGE delivered >EUR 300 million cumulative synergies and adjusted EBITDA minus recurring net CapEx up 10%. PremiumFiber began operations in Q4 with >12 million premises and ~5 million connected customers (largest FibreCo in Europe by customers).
Africa & Middle East outperformance
MEA achieved double-digit revenue growth (11 consecutive quarters) and double-digit EBITDAaL growth (six consecutive years); EBITDAaL margin rose above 39% (+0.6 points) and EBITDAaL minus CapEx up 17% on FX-comparable basis (14% historical), driving strong cash generation.
Europe and customer growth
Europe returned to revenue growth (+2% in 2025) with EBITDAaL at EUR 2.0 billion (+3.2%) and ~700,000 net new customers added in 2025; convergence revenues up 6% with improving ARPU in markets like Poland.
France commercial resilience
France retail ex-PSTN revenues up 0.6% in 2025; Q4 net adds of 134,000 mobile and 315,000 fiber (record since Q4 2022); convergence ARPU ~EUR 79, up 1.2% YoY; mobile churn reduced by >2 percentage points YoY; OpEx reduced ~4% leading to a 1.1 point EBITDAaL margin improvement in France.
Sustainability and digital inclusion milestones
Fully achieved 2025 greenhouse gas targets across all scopes: Scope 1 & 2 emissions down 49% vs 2015 and Scope 3 down 16% vs 2018; 4G population coverage in MEA increased to 80%; >3 million people benefited from free digital training since 2022.
Procurement and AI-driven efficiency
Procurement initiative on track for a midterm EUR 700 million target; generated >EUR 300 million of value in 2025, partly thanks to AI-enabled savings.
Negative Updates
Orange Business challenges
Orange Business revenue still impacted by portfolio pruning and a weak IT/French macro environment; EBITDAaL declined ~6% year-on-year in 2025 (though trend is improving) and management recorded an impairment of ~EUR 330 million driven by market evolution.
Significant exceptional charges affecting net income
Three main 2025 exceptional items reduced reported net income: provision related to Senior Part-Time of EUR 1.2 billion (net of tax), impairment of Orange Business ~EUR 330 million, and start of depreciation of copper dismantling asset ~EUR 370 million; total adjustments of ~EUR 1.95 billion led to adjusted net income of EUR 3.1 billion.
Copper decommissioning accounting and earnings impact
Recognized a EUR 1.7 billion provision and corresponding dismantling asset; depreciation/amortization impact was ~EUR 360 million in 2025 and is expected to be roughly linear annually through 2030, negatively impacting reported net income.
Wholesale and structural revenue headwinds
Continued structural decline in wholesale revenues (noted particularly in France), which offsets retail service growth and weighs on top-line performance in some segments.
MASORANGE quarterly volatility
MASORANGE reported some Q4 seasonality and volatility (including a year-on-year quarterly EBITDA decline noted in some trackers of ~17% driven by comparatives and prior-year provision reversals), though FY performance met targets and cumulative synergies exceeded EUR 300 million.
Slight YoY free cash flow decline
Free cash flow all-in showed a slight year-on-year decline due to expected phasing of telco license payments between 2024 and 2025.
Competitive pressure at the low end in France
The low-end of the French market remains competitive, contributing to mix-driven ARPU declines in mobile-only and fixed-only segments despite convergent ARPU growth; management notes continued promotional intensity on entry-level offers.
Company Guidance
Orange reiterated clear financial and operational targets: organic cash flow guidance of at least EUR 3.6 billion was met and exceeded at EUR 3.7 billion (>8% YoY), eCapEx is being held at around 15% of sales, and the net debt-to-EBITDAaL target of ~2x was met with a 1.8x ratio; full-year EBITDAaL grew 3.8% with a +0.9 point margin improvement and free cash flow all‑in was EUR 2.8 billion. Management also confirmed a mid‑term procurement savings target of EUR 700 million (over EUR 300 million realized in 2025), MASORANGE cumulative synergies of >EUR 300 million and MASORANGE deleveraging to 3.6x net debt/adjusted EBITDA (from 4.5x), while PremiumFiber covers >12 million premises with ~5 million connected customers and Europe has ~100 million FTTH‑connectable homes. Capital markets measures were highlighted (two jumbo bond issues: EUR 5bn and $6bn, both heavily oversubscribed), and sustainability and cash‑return metrics were reiterated (adjusted net income EUR 3.1 billion after ~EUR 1.95 billion of adjustments; Scope 1&2 emissions down 49% vs 2015; Scope 3 down 16% vs 2018).Orange SA Financial Statement Overview
Summary
Operating profitability and cash generation are steady (2024 gross margin ~54%, EBITDA margin ~31%, operating cash flow ~€11.0B), but revenue declined ~7.3% in 2024 and leverage is elevated (debt-to-equity ~1.56), limiting financial flexibility. Free cash flow (~€3.8B) is solid but declined ~5.4% and cash conversion is only moderate (~34% of net income).Income Statement
Profitability is steady for a telecom, with 2024 gross margin at ~54%, EBITDA margin at ~31%, and EBIT margin at ~12%. Net margin is modest (~5%) but far improved versus 2021’s near-breakeven result. The main weakness is growth: revenue declined ~7.3% in 2024 after being roughly flat-to-down in several prior years, indicating limited top-line momentum despite stable operating profitability.62
Positive
Balance Sheet
Leverage is meaningful: 2024 debt is ~€49.7B versus equity of ~€31.8B (debt-to-equity ~1.56), which reduces financial flexibility in a capital-intensive industry. Returns on equity are moderate (~7.4% in 2024), showing the business is profitable but not generating outsized returns relative to the balance sheet risk. A positive is that equity is sizable in absolute terms, but the overall debt load remains a key constraint.49
Neutral
Cash Flow
Cash generation is solid: 2024 operating cash flow is ~€11.0B and free cash flow is ~€3.8B, supporting ongoing funding needs. However, free cash flow fell ~5.4% in 2024 and free cash flow is only ~34% of net income, pointing to heavier reinvestment/cash needs and/or working-capital pressure. Overall cash conversion is adequate but not particularly strong given the leverage profile.58
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.79B | 40.26B | 42.90B | 39.13B | 42.52B | 48.19B |
| Gross Profit | 7.04B | 23.61B | 7.82B | 22.96B | 24.55B | 9.58B |
| EBITDA | 13.28B | 13.29B | 13.70B | 14.19B | 11.33B | 16.00B |
| Net Income | 1.22B | 2.35B | 2.44B | 2.15B | 9.46M | 5.21B |
Balance Sheet | ||||||
| Total Assets | 101.62B | 111.07B | 125.63B | 120.79B | 126.60B | 135.71B |
| Cash, Cash Equivalents and Short-Term Investments | 10.58B | 12.23B | 9.16B | 11.21B | 12.38B | 13.89B |
| Total Debt | 7.51B | 49.67B | 58.16B | 45.96B | 41.00B | 63.09B |
| Total Liabilities | 69.00B | 79.79B | 92.33B | 88.76B | 72.71B | 97.30B |
| Stockholders Equity | 29.25B | 27.78B | 29.69B | 28.64B | 30.53B | 35.18B |
Cash Flow | ||||||
| Free Cash Flow | 3.42B | 3.77B | 4.57B | 2.58B | 2.94B | 4.73B |
| Operating Cash Flow | 11.08B | 11.03B | 13.03B | 11.81B | 13.28B | 14.47B |
| Investing Cash Flow | -5.28B | -1.58B | -7.57B | -10.98B | -7.06B | -6.34B |
| Financing Cash Flow | -6.47B | -6.20B | -5.91B | -3.51B | -5.72B | -6.17B |
Orange SA Technical Analysis
Positive
17.05
Price Trends
18.35
Positive
17.16
Positive
16.23
Positive
Market Momentum
0.85
Positive
62.24
Neutral
79.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ORANY, the sentiment is Positive. The current price of 17.05 is below the 20-day moving average (MA) of 20.30, below the 50-day MA of 18.35, and above the 200-day MA of 16.23, indicating a bullish trend. The MACD of 0.85 indicates Positive momentum. The RSI at 62.24 is Neutral, neither overbought nor oversold. The STOCH value of 79.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ORANY.
Orange SA Risk Analysis
Orange SA disclosed 35 risk factors in its most recent earnings report. Orange SA reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Orange SA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $20.26B | 15.76 | 15.54% | 6.14% | -5.21% | -7.45% | |
70 Outperform | $26.27B | 24.69 | 9.34% | 5.03% | -3.16% | 4.70% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $34.98B | -8.29 | -7.08% | 3.77% | 19.67% | -278.51% | |
58 Neutral | $55.55B | 94.07 | ― | 0.00% | -4.52% | -49.12% | |
46 Neutral | $41.68B | 74.02 | 2.03% | ― | -2.70% | -56.75% |
* Communication Services Sector Average
ORANY
Orange SA
20.87
9.06
76.69%
BIDU
Baidu
123.56
36.41
41.78%
TLK
PT Telekomunikasi Indonesia Tbk
20.76
6.87
49.48%
VIV
Telefonica Brasil
16.33
8.36
104.89%
VOD
Vodafone
15.18
6.69
78.71%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.