Cash flow Bureau Veritas SA

Stocks

BVI

FR0006174348

Business Support Services

Market Closed - Euronext Paris Other stock markets 16:55:00 12/06/2026 BST			5-day change	1st Jan Change
25.46 ^EUR	+1.68%		-0.66%	-6.33%

06-09	BNP Paribas Cuts Bureau Veritas PT, Maintains Outperform Rating	MT
06-03	Strain grows on shipping industry with vessels stuck inside Hormuz	RE

14c8cfa66ff86110363fea72a86418.fdoIOfiUXl8iQ4YCK2K9KztpabpahM3XIQQaa5DPCKQ.Pr55b43bK2YSKvRKQyzkWApEXv0xxqDnGXx1DuSeXPwRiEVgrs4tPnZ71w

Published financial data: BUREAU VERITAS SA

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.98B	5.65B	5.87B	6.44B	6.68B
Total Revenues	4.98B	5.65B	5.87B	6.44B	6.68B
Cost of Goods Sold, Total	3.46B	3.97B	4.11B	4.58B	4.74B
Gross Profit	1.52B	1.68B	1.76B	1.86B	1.95B
Selling General & Admin Expenses, Total	60.5M	69.8M	68.5M	67.4M	73.4M
Depreciation & Amortization - (IS)	275M	297M	292M	284M	300M
Other Operating Expenses	473M	525M	516M	568M	510M
Other Operating Expenses, Total	808M	892M	876M	919M	883M
Operating Income	710M	792M	880M	943M	1.06B
Interest Expense, Total	-77.7M	-80.8M	-85.9M	-94.3M	-86.1M
Interest And Investment Income	4M	12.5M	45M	46M	21.4M
Net Interest Expenses	-73.7M	-68.3M	-40.9M	-48.3M	-64.7M
Income (Loss) On Equity Invest.	-	100K	700K	-800K	-1M
Currency Exchange Gains (Loss)	5.6M	500K	1.8M	3.5M	-30M
Other Non Operating Income (Expenses)	-5.8M	-14.3M	-24.3M	-20.4M	-14.6M
EBT, Excl. Unusual Items	636M	710M	818M	877M	952M
Restructuring Charges	-	-	-30.3M	-13.7M	-31.7M
Gain (Loss) On Sale Of Assets	2.4M	3.6M	3.7M	21.3M	53.7M
Asset Writedown	-	-	-22.1M	-4M	-5.7M
Other Unusual Items	6.6M	4.6M	-12.3M	-17.5M	-93.1M
EBT, Incl. Unusual Items	646M	718M	757M	863M	875M
Income Tax Expense	199M	233M	241M	274M	266M
Earnings From Continuing Operations	446M	485M	516M	589M	610M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	446M	485M	516M	589M	610M
Minority Interest	-25.3M	-17.9M	-12.2M	-19.8M	-21.5M
Net Income - (IS)	421M	467M	504M	569M	588M
Net Income to Common Incl Extra Items	421M	467M	504M	569M	588M
Net Income to Common Excl. Extra Items	421M	467M	504M	569M	588M
Per Share Items
Net EPS - Basic	0.93	1.03	1.11	1.27	1.32
Basic EPS - Continuing Operations	0.93	1.03	1.11	1.27	1.32
Basic Weighted Average Shares Outstanding	451M	452M	453M	450M	446M
Net EPS - Diluted	0.92	1.02	1.1	1.25	1.31
Diluted EPS - Continuing Operations	0.92	1.02	1.1	1.25	1.31
Diluted Weighted Average Shares Outstanding	455M	457M	457M	454M	449M
Normalized Basic EPS	0.83	0.94	1.1	1.17	1.29
Normalized Diluted EPS	0.82	0.93	1.09	1.16	1.28
Dividend Per Share	0.53	0.77	0.83	0.9	0.92
Payout Ratio	44.21	60.19	78.68	71.46	73.13
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	886M	974M	1.05B	1.1B	1.23B
EBITA	798M	883M	964M	1.01B	1.15B
EBIT	710M	792M	880M	943M	1.06B
EBITDAR	947M	1.04B	1.12B	1.17B	1.3B
Effective Tax Rate - (Ratio)	30.88	32.51	31.81	31.73	30.37
Total Current Taxes	200M	240M	272M	288M	282M
Total Deferred Taxes	-700K	-6.6M	-31.5M	-13.9M	-15.8M
Normalized Net Income	373M	426M	499M	528M	574M
Interest on Long-Term Debt	-	-	23.2M	22.6M	22.4M
Non-Cash Pension Expense	19.2M	1.8M	19.5M	21.5M	26M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	7.1M	4.9M	5.2M	4.9M	5M
Net Rental Expense, Total	60.5M	69.8M	68.5M	67.4M	73.4M
Imputed Operating Lease Interest Expense	12.06M	15.21M	16.86M	18.79M	16.97M
Imputed Operating Lease Depreciation	48.44M	54.59M	51.64M	48.61M	56.43M
Stock-Based Comp., Other (Total)	25.4M	27.2M	25.9M	25.4M	23.2M
Total Stock-Based Compensation	25.4M	27.2M	25.9M	25.4M	23.2M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1.42B	1.66B	1.17B	1.2B	1.37B
Short Term Investments	6.1M	21M	1.2M	1.2M	2.4M
Total Cash And Short Term Investments	1.43B	1.68B	1.18B	1.21B	1.37B
Accounts Receivable, Total	1.5B	1.57B	1.64B	1.67B	1.58B
Other Receivables	303M	281M	261M	294M	322M
Total Receivables	1.8B	1.85B	1.9B	1.96B	1.9B
Inventory	57.6M	54.7M	49.3M	45.3M	41M
Other Current Assets, Total	9M	9M	5.6M	159M	52.3M
Total Current Assets	3.29B	3.6B	3.13B	3.37B	3.36B
Gross Property Plant And Equipment	2.03B	2.1B	2.08B	2.21B	2.21B
Accumulated Depreciation	-1.29B	-1.34B	-1.3B	-1.4B	-1.39B
Net Property Plant And Equipment	741M	756M	780M	812M	814M
Long-term Investments	1.6M	1.3M	5.5M	5.3M	6.8M
Goodwill	2.08B	2.14B	2.13B	2.31B	2.27B
Other Intangibles, Total	402M	392M	360M	464M	393M
Deferred Tax Assets Long-Term	128M	123M	137M	132M	137M
Other Long-Term Assets, Total	106M	107M	103M	94.9M	75.7M
Total Assets	6.75B	7.12B	6.64B	7.19B	7.06B
Liabilities
Accounts Payable, Total	532M	558M	521M	544M	557M
Accrued Expenses, Total	650M	637M	676M	753M	756M
Short-term Borrowings	10.3M	6.4M	3.8M	3.6M	4.1M
Current Portion of Long-Term Debt	102M	529M	27.4M	531M	226M
Current Portion of Leases	108M	99.4M	108M	114M	118M
Current Income Taxes Payable	102M	104M	98.5M	105M	96.9M
Unearned Revenue Current, Total	224M	255M	257M	269M	248M
Other Current Liabilities	168M	191M	182M	220M	199M
Total Current Liabilities	1.9B	2.38B	1.87B	2.54B	2.2B
Long-Term Debt	2.36B	2.1B	2.08B	1.9B	2.39B
Long-Term Leases	308M	308M	320M	328M	348M
Pension & Other Post Retirement Benefits	186M	142M	147M	149M	144M
Deferred Tax Liability Non Current	87.8M	88.1M	85M	103M	84.5M
Other Non Current Liabilities	206M	172M	146M	144M	140M
Total Liabilities	5.05B	5.19B	4.65B	5.16B	5.31B
Common Stock, Total	54.3M	54.3M	54.5M	54.5M	54.5M
Retained Earnings	1.58B	1.81B	1.88B	1.92B	1.66B
Comprehensive Income and Other	-	-	-	-	-
Total Common Equity	1.64B	1.86B	1.94B	1.97B	1.71B
Minority Interest	68.6M	65.9M	57.7M	64.1M	42.2M
Total Equity	1.71B	1.93B	1.99B	2.04B	1.75B
Total Liabilities And Equity	6.75B	7.12B	6.64B	7.19B	7.06B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	453M	452M	454M	449M	444M
ECS Total Common Shares Outstanding	453M	452M	454M	449M	444M
Book Value / Share	3.62	4.12	4.27	4.4	3.86
Tangible Book Value	-843M	-674M	-551M	-806M	-956M
Tangible Book Value Per Share	-1.86	-1.49	-1.22	-1.8	-2.16
Total Debt	2.89B	3.05B	2.54B	2.87B	3.09B
Net Debt	1.46B	1.36B	1.36B	1.67B	1.72B
Debt Equivalent of Unfunded Proj. Benefit Obligation	186M	142M	147M	149M	144M
Debt Equivalent Oper. Leases	484M	558M	548M	539M	587M
Minority Interest, Total (Incl. Fin. Div)	68.6M	65.9M	57.7M	64.1M	42.2M
Equity Method Investments, Total	800K	900K	5.2M	4.8M	6.2M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	-	-	-	-	-
Land - (BS)	19.2M	18.5M	17.5M	23.7M	21.4M
Buildings, Total	71.9M	73.5M	72M	64.5M	54.4M
Machinery, Total	1.26B	1.23B	1.19B	1.24B	1.19B
Full Time Employees	74.92K	77.8K	77.72K	80.28K	78.85K
Part Time Employees	4.78K	4.79K	3.79K	3.96K	3.2K
Accumulated Allowance for Doubtful Accounts (Supple)	79.3M	72.9M	70.6M	75.1M	76.3M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	421M	467M	504M	569M	588M
Depreciation & Amortization - CF	187M	206M	208M	213M	216M
Amortization of Goodwill and Intangible Assets - (CF)	88.1M	90.8M	83.6M	70.9M	83.6M
Depreciation & Amortization, Total	275M	297M	292M	284M	300M
Asset Writedown & Restructuring Costs	-	-	-	-	-
Other Operating Activities, Total	108M	83.6M	78.1M	90.9M	100M
Change In Accounts Receivable	-146M	-52.5M	-130M	-67.6M	-48.9M
Change In Accounts Payable	61.6M	33M	-5.2M	40.1M	75.7M
Change in Other Net Operating Assets	70.5M	7M	82.1M	88.3M	-7.7M
Cash from Operations	791M	835M	820M	1B	1.01B
Capital Expenditure	-121M	-130M	-158M	-146M	-147M
Sale of Property, Plant, and Equipment	6.5M	4.7M	14.1M	6.1M	5.2M
Cash Acquisitions	-58.4M	-76.6M	-58.9M	-314M	-126M
Divestitures	1.6M	-1.2M	17.5M	105M	156M
Investment in Marketable and Equity Securities, Total	2.9M	3.5M	-5.9M	500K	-3M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-3.8M	-300K	2.8M	-	-800K
Other Investing Activities, Total	200K	100K	-	-	700K
Cash from Investing	-172M	-200M	-188M	-348M	-115M
Long-Term Debt Issued, Total	46.3M	202M	900K	1B	699M
Total Debt Issued	46.3M	202M	900K	1B	699M
Short Term Debt Repaid, Total	-12.9M	-17.3M	-29.6M	-58.3M	-35.6M
Long-Term Debt Repaid, Total	-626M	-222M	-642M	-950M	-691M
Total Debt Repaid	-639M	-239M	-672M	-1.01B	-726M
Issuance of Common Stock	45.4M	8.6M	5.7M	18.1M	13.4M
Repurchase of Common Stock	-	-49.8M	-1.9M	-192M	-191M
Common Dividends Paid	-186M	-281M	-396M	-407M	-430M
Common & Preferred Stock Dividends Paid	-186M	-281M	-396M	-407M	-430M
Other Financing Activities, Total	-73.2M	-52.5M	-17.1M	-21.7M	-40.7M
Cash from Financing	-807M	-412M	-1.08B	-610M	-676M
Foreign Exchange Rate Adjustments	11.3M	22.3M	-36.7M	-12.7M	-54M
Miscellaneous Cash Flow Adjustments	-	-	-	-3.6M	-1M
Net Change in Cash	-177M	245M	-486M	30.5M	161M
Supplemental Items
Cash Interest Paid	73.2M	52.5M	17.1M	21.7M	40.7M
Cash Income Tax Paid (Refund)	199M	230M	241M	280M	281M
Levered Free Cash Flow	534M	646M	604M	630M	924M
Unlevered Free Cash Flow	583M	697M	657M	689M	978M
Change In Net Working Capital	40.8M	-7.6M	52.6M	63.1M	-138M
Net Debt Issued / Repaid	-593M	-37.4M	-671M	-7.9M	-27.5M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.67	7.13	7.99	8.52	9.31
Return on Total Capital	9.62	10.34	11.58	12.48	13.63
Return On Equity %	29.82	26.66	26.31	29.24	32.17
Return on Common Equity	29.26	26.66	26.52	29.14	31.93
Margin Analysis
Gross Profit Margin %	30.49	29.8	29.93	28.89	29.12
SG&A Margin	1.21	1.24	1.17	1.05	1.1
EBITDA Margin %	17.79	17.23	17.87	17.07	18.4
EBITA Margin %	16.03	15.62	16.43	15.73	17.15
EBIT Margin %	14.26	14.01	15	14.63	15.9
Income From Continuing Operations Margin %	8.96	8.58	8.79	9.14	9.12
Net Income Margin %	8.45	8.26	8.58	8.84	8.8
Net Avail. For Common Margin %	8.45	8.26	8.58	8.84	8.8
Normalized Net Income Margin	7.48	7.53	8.5	8.2	8.59
Levered Free Cash Flow Margin	10.73	11.44	10.29	9.78	13.83
Unlevered Free Cash Flow Margin	11.7	12.33	11.2	10.7	14.64
Asset Turnover
Asset Turnover	0.75	0.81	0.85	0.93	0.94
Fixed Assets Turnover	6.8	7.55	7.64	8.1	8.22
Receivables Turnover (Average Receivables)	3.58	3.69	3.66	3.89	4.11
Inventory Turnover (Average Inventory)	69.67	70.65	79.07	96.88	109.75
Short Term Liquidity
Current Ratio	1.74	1.51	1.67	1.33	1.53
Quick Ratio	1.7	1.48	1.64	1.25	1.48
Operating Cash Flow to Current Liabilities	0.42	0.35	0.44	0.4	0.46
Days Sales Outstanding (Average Receivables)	101.82	99.04	99.78	94.01	88.77
Days Outstanding Inventory (Average Inventory)	5.24	5.17	4.62	3.78	3.33
Average Days Payable Outstanding	51.71	50.18	47.92	42.54	42.45
Cash Conversion Cycle (Average Days)	55.35	54.03	56.47	55.25	49.65
Long Term Solvency
Total Debt/Equity	169.25	157.95	127.3	141.13	175.99
Total Debt / Total Capital	62.86	61.23	56.01	58.53	63.77
LT Debt/Equity	156.38	125.02	120.34	109.27	156.14
Long-Term Debt / Total Capital	58.08	48.47	52.94	45.31	56.58
Total Liabilities / Total Assets	74.72	72.92	69.99	71.7	75.18
EBIT / Interest Expense	9.14	9.8	10.25	10	12.34
EBITDA / Interest Expense	12.68	13.48	13.64	13.01	15.82
(EBITDA - Capex) / Interest Expense	11.13	11.87	11.81	11.46	14.11
Total Debt / EBITDA	2.93	2.8	2.17	2.34	2.27
Net Debt / EBITDA	1.48	1.25	1.16	1.36	1.26
Total Debt / (EBITDA - Capex)	3.34	3.18	2.5	2.66	2.54
Net Debt / (EBITDA - Capex)	1.69	1.42	1.34	1.54	1.41
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.26	13.44	3.84	6.35	3.68
Gross Profit, 1 Yr. Growth %	12.35	10.87	4.32	6.02	4.44
EBITDA, 1 Yr. Growth %	31.51	9.86	3.33	4.92	11.7
EBITA, 1 Yr. Growth %	40.09	10.53	4.36	5.18	12.95
EBIT, 1 Yr. Growth %	73.18	11.46	5.7	7.11	12.58
Earnings From Cont. Operations, 1 Yr. Growth %	221.24	8.61	6.46	14.21	3.45
Net Income, 1 Yr. Growth %	235.91	10.88	7.93	13.04	3.27
Normalized Net Income, 1 Yr. Growth %	134.99	14.28	10.45	5.91	8.59
Diluted EPS Before Extra, 1 Yr. Growth %	229.39	10.87	7.84	13.64	4.8
Accounts Receivable, 1 Yr. Growth %	16.93	4.71	4.53	1.9	-5.49
Inventory, 1 Yr. Growth %	37.8	-5.03	-9.87	-8.11	-9.49
Net Property, Plant and Equip., 1 Yr. Growth %	2.22	2.09	3.23	3.97	0.3
Total Assets, 1 Yr. Growth %	2.84	5.43	-6.67	8.29	-1.83
Tangible Book Value, 1 Yr. Growth %	-25.53	-20.05	-18.22	46.15	18.67
Common Equity, 1 Yr. Growth %	32.35	13.65	3.97	1.84	-13.22
Cash From Operations, 1 Yr. Growth %	-2.27	5.59	-1.82	22.58	0.19
Capital Expenditures, 1 Yr. Growth %	22.97	7.52	21.14	-7.42	0.75
Levered Free Cash Flow, 1 Yr. Growth %	-11.46	17.65	-10.14	3.27	46.21
Unlevered Free Cash Flow, 1 Yr. Growth %	-13.5	16.54	-8.99	3.8	41.53
Dividend Per Share, 1 Yr. Growth %	47.22	45.28	7.79	8.43	2.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.17	10.82	8.54	6.79	5.01
Gross Profit, 2 Yr. CAGR %	-1.28	11.61	7.54	5.17	5.25
EBITDA, 2 Yr. CAGR %	-2.73	20.2	8.77	4.12	8.3
EBITA, 2 Yr. CAGR %	-1.84	24.44	9.87	4.77	9.04
EBIT, 2 Yr. CAGR %	-1.05	38.93	11.32	6.41	9.86
Earnings From Cont. Operations, 2 Yr. CAGR %	6.61	86.78	7.53	10.27	8.69
Net Income, 2 Yr. CAGR %	6.96	92.99	9.39	10.46	8.04
Normalized Net Income, 2 Yr. CAGR %	2.04	63.88	15.72	8.16	7.24
Diluted EPS Before Extra, 2 Yr. CAGR %	5.28	91.1	9.35	10.7	9.13
Accounts Receivable, 2 Yr. CAGR %	0.72	10.65	4.62	3.21	-1.86
Inventory, 2 Yr. CAGR %	1.42	14.39	-7.48	-9	-8.81
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.61	2.16	2.66	3.6	2.12
Total Assets, 2 Yr. CAGR %	-2.12	4.13	-0.81	0.53	3.1
Tangible Book Value, 2 Yr. CAGR %	-23.01	-22.84	-19.14	9.33	31.69
Common Equity, 2 Yr. CAGR %	13.86	22.64	8.7	2.9	-5.99
Cash From Operations, 2 Yr. CAGR %	-1.83	1.58	1.82	9.7	10.82
Capital Expenditures, 2 Yr. CAGR %	-2.73	14.98	14.13	5.9	-3.42
Levered Free Cash Flow, 2 Yr. CAGR %	-5	3.48	4.84	-3.12	23.04
Unlevered Free Cash Flow, 2 Yr. CAGR %	-5.84	1.69	4.87	-2.3	21.35
Dividend Per Share, 2 Yr. CAGR %	-	46.25	25.14	8.11	5.28
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.27	3.48	8.44	8.96	5.74
Gross Profit, 3 Yr. CAGR %	14.46	2.62	9.12	7.03	4.94
EBITDA, 3 Yr. CAGR %	1.84	1.3	15.87	7.47	6.62
EBITA, 3 Yr. CAGR %	2.94	2.12	19.14	8.28	7.46
EBIT, 3 Yr. CAGR %	3.62	2.95	28.99	9.9	8.46
Earnings From Cont. Operations, 3 Yr. CAGR %	7.91	7.27	54.87	9.71	7.94
Net Income, 3 Yr. CAGR %	8.16	8.25	59	10.6	8.01
Normalized Net Income, 3 Yr. CAGR %	5.19	5.97	46.54	12.35	8.3
Diluted EPS Before Extra, 3 Yr. CAGR %	6.58	7.11	57.92	10.76	8.7
Accounts Receivable, 3 Yr. CAGR %	2.09	2.03	8.57	3.71	0.22
Inventory, 3 Yr. CAGR %	42.51	-0.78	5.66	-7.7	-9.16
Net Property, Plant and Equip., 3 Yr. CAGR %	16.28	-2.43	2.51	3.09	2.49
Total Assets, 3 Yr. CAGR %	3.47	0.33	0.4	2.14	-0.26
Tangible Book Value, 3 Yr. CAGR %	-20.64	-22.03	-21.33	-1.5	12.36
Common Equity, 3 Yr. CAGR %	19.54	13.79	16.07	6.36	-2.78
Cash From Operations, 3 Yr. CAGR %	4.87	0.59	0.43	8.32	6.44
Capital Expenditures, 3 Yr. CAGR %	-2.59	0.57	17	6.44	4.16
Levered Free Cash Flow, 3 Yr. CAGR %	6.84	2.97	0.02	4.71	11.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	5.94	1.95	-0.82	4.87	10.63
Dividend Per Share, 3 Yr. CAGR %	-1.82	-	32.11	19.3	6.11
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.83	3.8	4.12	4.79	7.75
Gross Profit, 5 Yr. CAGR %	1.42	3.29	11.64	3.62	7.55
EBITDA, 5 Yr. CAGR %	1.87	3.79	4.56	3.27	12.78
EBITA, 5 Yr. CAGR %	2.65	4.66	5.66	4.11	14.99
EBIT, 5 Yr. CAGR %	3.25	5.54	6.63	5.38	20.97
Earnings From Cont. Operations, 5 Yr. CAGR %	5.89	7.45	7.76	8.46	34.42
Net Income, 5 Yr. CAGR %	5.67	8.67	8.66	9.13	36.23
Normalized Net Income, 5 Yr. CAGR %	3.68	7.73	9.28	8.1	29.33
Diluted EPS Before Extra, 5 Yr. CAGR %	4.74	7.23	7.68	8.53	36.22
Accounts Receivable, 5 Yr. CAGR %	2.49	3.24	3.1	2.5	4.27
Inventory, 5 Yr. CAGR %	22.83	22.41	19.89	-4.15	-0.39
Net Property, Plant and Equip., 5 Yr. CAGR %	7.39	9.23	10.62	-0.06	2.35
Total Assets, 5 Yr. CAGR %	2.07	5.88	1.74	0.41	1.47
Tangible Book Value, 5 Yr. CAGR %	-10.49	-16.24	-20.04	-10.75	-3.32
Common Equity, 5 Yr. CAGR %	6.47	13.92	15.08	9.3	6.69
Cash From Operations, 5 Yr. CAGR %	5.87	7.51	3.64	4.14	4.47
Capital Expenditures, 5 Yr. CAGR %	-5.03	-1.78	3.78	2.67	8.36
Levered Free Cash Flow, 5 Yr. CAGR %	8.98	7.95	6.62	1.27	8.9
Unlevered Free Cash Flow, 5 Yr. CAGR %	7.51	7.01	6.04	0.96	7.74
Dividend Per Share, 5 Yr. CAGR %	-0.74	6.58	8.19	-	20.64