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Orange SA
(OTC:ORANY)
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Rating:59Neutral
Price Target:
$19.50
▲(4.45% Upside)
Action:Reiterated
Date:07/28/26
The score is held back primarily by weakened profitability and high leverage despite solid underlying cash generation. Upgraded guidance and expected MasOrange accretion improve the outlook, but valuation is unattractive due to the very high P/E, and technicals are mixed with the stock below key intermediate-term moving averages.
Positive Factors
Resilient cash generation
Orange generates durable operating cash flow and positive free cash flow, giving the company funding for network capex, dividends, and deleveraging. Persistent cash generation supports strategic investments (fiber/5G) and M&A despite recent FCF growth softness that warrants monitoring.
Negative Factors
High leverage and shrinking equity
Sizeable net debt and a declining equity base reduce financial flexibility in a capital-intensive telecom sector. Elevated leverage limits the company's ability to absorb shocks, pursue large acquisitions or accelerate fiber/5G rollouts without further balance-sheet action or heavier reliance on cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient cash generation
Orange generates durable operating cash flow and positive free cash flow, giving the company funding for network capex, dividends, and deleveraging. Persistent cash generation supports strategic investments (fiber/5G) and M&A despite recent FCF growth softness that warrants monitoring.
Read all positive factors
Orange SA (ORANY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.44B
Dividend Yield3.16%
Average Volume (3M)37.66K
Price to Earnings (P/E)11.1
Beta (1Y)-0.09
Revenue Growth10.52%
EPS Growth296.96%
CountryUS
Employees123,503
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)1.58
Shares Outstanding2,660,056,600
10 Day Avg. Volume71,547
30 Day Avg. Volume37,665
Financial Highlights & Ratios
PEG Ratio-1.39
Price to Book (P/B)3.17
Price to Sales (P/S)2.06
P/FCF Ratio24.08
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.37
Revenue Forecast (FY)$51.68B
Orange SA Business Overview & Revenue Model
Company Description
Orange S.A. operates as a major telecommunications provider, serving customers in France and worldwide. The company delivers a broad spectrum of services, including essential mobile communication features like voice calls, text messages, and data ...
How the Company Makes Money
Orange makes money primarily by charging for connectivity and communications services, complemented by enterprise IT services and select digital/financial offerings. Key revenue streams typically include: (1) Retail mobile services: recurring subs...
Orange SA Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: management reported a record H1, upgraded full-year guidance (EBITDAaL >4% and organic cash flow ~EUR 4.3bn), confirmed MasOrange and Scorefit are accretive/captured in plans, showed clear operational momentum in France, stabilization in Spain, and strong growth drivers in Africa & Middle East (mobile data and Orange Money). Key execution initiatives — data center JV, satellite trials, and B2B wins — provide upside. The main negatives are regulatory timing risk on the French consolidation (possible 18-month review), accounting-driven near-term EBITDAaL drag in Spain (IFRS3), competitive pricing pressure in parts of Spain, wholesale/PSTN headwinds in France, and the balance-sheet impact of Scorefit and local wildfire disruption. Overall, highlights substantially outweigh the lowlights.Positive Updates
Upgraded 2026 Guidance and Strong H1
Company reported a record H1 and raised 2026 guidance (now including MasOrange for 7 months). EBITDAaL guidance increased to above 4% and organic cash flow guidance was upgraded to circa EUR 4.3 billion.
Negative Updates
Lengthy French Regulatory Review Risk
French competition authority confirmed it will lead the merger review; public comments indicate the process may take at least 18 months. Pre-notification started end of June with RFI exchanges; while management targets closing in H2 next year, the regulatory timeline presents potential delay risk.
Read all updates
Q2-2026 Updates
Positive
Negative
Upgraded 2026 Guidance and Strong H1
Company reported a record H1 and raised 2026 guidance (now including MasOrange for 7 months). EBITDAaL guidance increased to above 4% and organic cash flow guidance was upgraded to circa EUR 4.3 billion.
Read all positive updates
Company Guidance
Management raised 2026 group EBITDAaL guidance to above 4% (now including MasOrange for seven months) and upgraded organic cash flow guidance to circa €4.3bn; they said the MasOrange transaction will deliver immediate EBITDAaL accretion of about €900m, be cash‑accretive with low incremental CapEx and is expected to deliver low‑single‑digit EBITDAaL growth in H2 while contributing to the H2 recovery. They reiterated a "stable‑plus" FY‑26 EBITDAaL outlook, confirmed the July Scorefit closing (IFRS debt +€1.3bn) and said Scorefit and other measures are factored into the group efficiency program (above €600m target for 2025–28). For the French data‑center JV Orange will contribute assets (no equity), be a co‑controller expecting dividends and revenue/margin from Orange Business, retain ~50% of value creation and has plans to scale capacity ~10x.Orange SA Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.76B | 38.80B | 40.26B | 39.68B | 39.13B | 42.52B |
| Gross Profit | 8.50B | 6.11B | 23.61B | 22.91B | 22.96B | 24.55B |
| EBITDA | 13.90B | 11.37B | 13.29B | 13.70B | 14.19B | 11.33B |
| Net Income | 4.20B | 516.77M | 2.35B | 2.44B | 2.15B | 9.46M |
Balance Sheet | ||||||
| Total Assets | 126.40B | 110.76B | 111.07B | 125.63B | 120.79B | 111.65B |
| Cash, Cash Equivalents and Short-Term Investments | 11.43B | 15.21B | 12.23B | 9.16B | 11.21B | 12.38B |
| Total Debt | 8.86B | 50.00B | 49.67B | 58.16B | 45.96B | 41.00B |
| Total Liabilities | 91.25B | 82.11B | 79.79B | 92.33B | 88.76B | 72.71B |
| Stockholders Equity | 31.82B | 25.23B | 31.77B | 29.69B | 28.64B | 32.34B |
Cash Flow | ||||||
| Free Cash Flow | 5.14B | 3.32B | 3.77B | 4.57B | 2.58B | 2.94B |
| Operating Cash Flow | 12.72B | 10.35B | 11.03B | 13.03B | 11.81B | 13.28B |
| Investing Cash Flow | -10.47B | -6.19B | -1.58B | -7.57B | -10.98B | -7.06B |
| Financing Cash Flow | -634.54M | -842.39M | -6.20B | -5.91B | -3.51B | -5.72B |
Orange SA Technical Analysis
Negative
18.67
Price Trends
19.13
Negative
19.79
Negative
18.60
Positive
Market Momentum
-0.08
Positive
46.15
Neutral
24.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ORANY, the sentiment is Negative. The current price of 18.67 is below the 20-day moving average (MA) of 18.85, below the 50-day MA of 19.13, and above the 200-day MA of 18.60, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 46.15 is Neutral, neither overbought nor oversold. The STOCH value of 24.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $18.65B | 14.53 | 9.70% | 5.69% | 16.10% | 24.13% | |
71 Outperform | $14.46B | 14.95 | 13.16% | 8.52% | -3.37% | -27.49% | |
62 Neutral | $36.89B | -70.93 | -0.79% | 3.59% | 16.69% | 87.12% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $49.44B | 11.06 | 14.52% | 3.15% | 10.52% | 296.96% | |
47 Neutral | $36.85B | 730.74 | 0.13% | ― | -2.40% | -98.39% |
* Communication Services Sector Average
ORANY
Orange SA
18.64
2.40
14.76%
BIDU
Baidu
104.84
13.77
15.12%
TLK
PT Telekomunikasi Indonesia Tbk
14.64
-4.54
-23.69%
VIV
Telefonica Brasil
11.58
0.08
0.69%
VOD
Vodafone
16.09
4.88
43.49%
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.