SPIE S.a. (SPIE.PA) stock analysis

In our weekly check, SPIE S.a. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 5, red flags: 6.

About SPIE S.a.

SPIE S.a. is an Industrials company (Engineering & Construction) based in France, listed on PAR as SPIE.PA.

What our checks show for SPIE.PA

Red flags

• The net margin fell by 0.7 points over 5 years, to 1.7%: the company keeps less of each sale as profit.
• The gross margin fell by 82.2 points, to 4.9%: costs are rising faster than prices.
• The net margin is only 1.7%: little room if costs rise.
• The stock has fallen as much as 70% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 3.1 years.
• The share count grew by 314% in 2 years: each shareholder owns a smaller slice.

Warning signs

• Net debt is 1.9x a year of EBITDA (debt/equity 1.62). That limits room in a downturn and raises refinancing risk.
• Earnings per share fell 34.6% a year over the last 3 years.
• The dividend takes 89% of profit: little cushion if profit falls.
• Thinly traded (about 426 thousand shares a day): buying and selling can move the price.
• Return on capital (ROCE) is only 9.3%.

Strengths

• Operating cash flow is 4.66x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 141% a year over the next years.
• Analysts expect the net margin to improve by 18.2 points from today's 1.7%.
• Pay in shares is only 0% of free cash flow.

Similar companies

DY · ACM · FLR · IESC · FGR.PA · TTEK

Questions

What grade does SPIE S.a. (SPIE.PA) have?

In our weekly check, SPIE S.a. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 5, red flags: 6. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of SPIE.PA stock?

This week's biggest flags for SPIE S.a.: Margins falling, Gross margin falling, Thin margins. In total 11 of 25 checks show a warning or a red flag.

What does SPIE S.a. do?

SPIE S.a. is an Industrials company (Engineering & Construction) based in France, listed on PAR as SPIE.PA.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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