May 2026
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Largest Public Companies in France
Benchmark revenue and EBITDA valuation multiples for public comps like
LVMH, L'Oreal, Hermès, TotalEnergies and Schneider Electric.
 | LVMH is a global producer and distributor of luxury goods. It operates six segments: fashion and leather goods, its largest and most profitable; watches and jewelry; wines and spirits; perfumes and cosmetics; selective retailing (including Sephora and airport duty-free retailer DFS); and other. Higher-profile brands include Louis Vuitton, Bulgari, Fendi, Givenchy, Tag Heuer, Hennessy, Moet & Chandon, Glenmorangie, Sephora, and Benefit. LVMH operates more than 5,000 stores around the globe. | $557 | +1% | $275B | $303B | 3.2x | 9.9x | ||
| L’Oréal is the largest beauty product maker in the world, participating in categories including skin care (39% of sales), makeup (19%), hair care (24%), fragrance (14%), and sanitary products (4%). The firm also has a diversified geographic footprint, generating 33% of sales in Europe, 27% from North America, 24% in North Asia, and the rest from various emerging markets across South Asia, Latin America, and Africa. L’Oréal owns a mix of premium and mass beauty brands sold through a wide range of channels such as mass retail, drugstores, department stores, travel retail, e-commerce, hair salons, and medi-spas. Leading brands include Lancôme, Yves Saint Laurent, Maybelline, Kiehl’s, L’Oréal Paris, Kerastase, CeraVe, Garnier, and Armani. | $428 | 0% | $229B | $231B | 4.4x | 18.3x | ||
| Hermes is a 180-year-old family controlled luxury goods company best known for its Birkin and Kelly bags. Its biggest segments are leather goods and saddlery, accounting for over 40% of revenue; clothes and accessories (29% of sales); silk and textiles (7%); and other products such as perfumes, watches, jewellery, and home furnishings. Hermes has about 300 stores globally. | $1,959 | -30% | $205B | $194B | 10.3x | 21.2x | ||
| TotalEnergies is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2024, it produced 1.5 million barrels of liquids and 5.2 billion cubic feet of natural gas per day. At the end of 2024, reserves stood at 11.1 billion barrels of oil equivalent, 54% of which are liquids. During 2024, it had LNG sales of 39.8 million metric tons. The company owns interests in refineries with a capacity of nearly 1.8 million barrels a day, primarily in Europe, distributes refined products in 65 countries, and manufactures commodity and specialty chemicals. At year-end, its gross installed renewable power generation capacity was 26 gigawatts. | $89 | +50% | $198B | $233B | 1.3x | 6.0x | ||
| Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India. | $322 | +26% | $181B | $196B | 4.1x | 19.9x | ||
| Airbus is a global aerospace and defense firm that designs, develops, and manufactures commercial and military jets and helicopters, as well as space launch vehicles and satellites. The company operates three divisions: commercial, defense and space, and helicopters. Commercial offers multiple configurations of aircraft ranging from the narrow-body (120-200 seats) A220 and A320 series to the much larger A330 and A350 wide-body models. The defense and space segment supplies governments with military hardware, including transport aircraft, aerial tankers, and the Eurofighter Typhoon multirole jet. The helicopter division manufactures turbine helicopters for the civil and public markets. | $212 | +13% | $167B | $161B | 1.9x | 13.3x | ||
| Safran is a key player in the global commercial and military aerospace propulsion and equipment sectors. The group has three reportable segments: aerospace propulsion (commercial and military aircraft engines and spare parts); aircraft equipment, defense, and aerosystems (diversified business supplying components ranging from landing gear to avionics); and aircraft interiors (seats, cabins, and in-flight entertainment systems). Safran is a partner to the CFM joint venture with GE Aviation, which produces narrow-body engines. | $338 | +12% | $140B | $138B | 3.8x | 9.9x | ||
| Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people. | $207 | -2% | $119B | $131B | 4.1x | 14.7x | ||
| The merger of Banque Nationale de Paris and Paribas created BNP Paribas in 2000, making it the largest publicly traded bank in France. Although BNP Paribas has operations in about 80 countries, it considers France, Italy, and Belgium to be its home markets. | $108 | +21% | $119B | $527B | 6.5x | — | ||
| Sanofi develops and markets drugs with a concentration in immunology, vaccines, and rare diseases. Although the company offers a diverse array of drugs, its highest revenue generator, Dupixent, accounts for approximately 30% of total sales. Profits for this immunology blockbuster drug are shared with Regeneron. About 45% of total revenue comes from the United States, 20% from Europe, and 6% from China. | $43 | -13% | $104B | $121B | 2.2x | 7.5x | ||
| AXA’s origins date back to Ancienne Mutuelle, which was one of the few insurers that remained after the creation of the French social security system. With the threat of nationalization, a merger took place between Drouot and AXA (still known as Mutuelles Unies in 1982) and later Présence. Ten years later, AXA acquired North American life insurer Equitable Holdings. This was a time of expansion as AXA also bought the French insurer UAP. As markets crashed at the turn of the millennium, AXA decided to refocus its business and exited its stake in US investment bank Donaldson, Lufkin & Jenrette. A few years later the firm expanded again with the acquisition of Swiss insurer Winterthur. About five years ago, AXA started to reshape its portfolio to technical risks. | $48 | +1% | $98B | $144B | 1.1x | — | ||
| Christian Dior SE is a holding company with full ownership of Christian Dior Couture and a controlling interest in LVMH. Christian Dior Couture sells apparel, leather goods, jewelry, and accessories under various Dior brands. The majority of sales are through its retail stores. Through LVMH, the company operates the following business groups: wines and spirits, fashion and leather goods, watches and jewelry, perfumes and cosmetics, and selective retailing. LVMH has dozens of brands throughout its businesses, including Dom Perignon, Hennessy, Louis Vuitton, Fendi, TAG Heuer, and Sephora. The company's revenue is distributed throughout Europe, Asia, and the United States. | $529 | +2% | $95B | $123B | 1.3x | 4.0x | ||
| EssilorLuxottica is a combination of the leading manufacturer of premium frames and sunglasses and the leading manufacturer of optical lenses. Both companies are significantly larger than the next biggest competitor and command over 15% of the fragmented global eyewear market. The company has a broad geographical presence, with around 37% of sales in Europe, 45% in North America, and the rest in Asia and Latin America. | $202 | -28% | $93B | $106B | 3.1x | 13.6x | ||
| Vinci is one of the world’s largest owners of transport infrastructure. Its concession assets include 4,400 kilometers of toll roads in France and 72 airports across 14 countries, making Vinci the world’s largest airport operator in terms of managed passenger numbers. The concession’s business contributes less than one fifth of group revenue but the majority of operating profit. Vinci’s contracting business provides a broad variety of energy and and construction services. France contributes 42% of group revenue. | $152 | +5% | $84B | $106B | 1.2x | 6.6x | ||
| Engie is a global energy firm formed by the 2008 merger of Gaz de France and Suez and the acquisition of International Power in 2012. It changed its name to Engie from GDF Suez in 2015. The company operates Europe's largest gas pipeline network in France and a global fleet of conventional and renewable power plants with 67 GW of capacity on a consolidated basis. Engie also operates a diverse suite of other energy businesses. | $32 | +45% | $81B | $127B | 1.5x | 7.5x | ||
| Credit Agricole S.A. is majority-owned by a group of 39 mutually owned, regional French banks, and together, they form the Credit Agricole Group, the largest cooperative bank globally. Credit Agricole S.A. houses all of Credit Agricole Group's activities, excluding the core French retail and commercial banking operations and including corporate and investment banking, its insurance operations, its international operations, notably in Italy, LCL, a separately branded French retail bank, and Credit Agricole S.A.'s majority interest in individually listed asset manager Amundi. Credit Agricole S.A. also acts as the central bank for the group. | $20 | +8% | $61B | $212B | 6.8x | — | ||
| Société Générale is a diversified European bank whose largest division is its corporate and investment bank, anchored by a well-regarded equity franchise. Its French retail operations include both the traditional branch network and fast-growing digital bank Boursorama. Internationally, Société Générale ranks among the largest banks in the Czech Republic and Romania. It also holds dominant positions in several African markets, though with a smaller earnings contribution. The group is a leading player in vehicle and equipment leasing through ALD Automotive. | $82 | +48% | $60B | $252B | 4.1x | — | ||
| Orange operates fixed-line and wireless businesses in France, where it is the market leader ahead of Iliad, Bouygues, and SFR, thanks to its incumbent position. It also has telecom businesses in Spain (through MasOrange), Poland, Belgium, Luxembourg, and Central Europe (Romania, Slovakia, and Moldova). Around 20% of revenue comes from emerging African markets, where it mainly operates wireless networks, and 20% comes from the enterprise segment, which serves companies with more than 50 employees in France and internationally. | $21 | +39% | $56B | $47B | 1.0x | 3.3x | ||
| Thales is a French aerospace and defense industrial and one of Europe's largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards. | $269 | -13% | $55B | $57B | 2.2x | 14.2x | ||
| Legrand is a global manufacturer of low-voltage electrical components, which are mostly used in residential (40%) and commercial (40%) buildings, as well as data centers. Its products include wiring devices, cable management, lighting, and audio visual equipment, sold under approximately 80 brands across 180 countries. Its products are sold primarily through specialist distributors that subsequently sell to installers/electricians. Legrand is a major supplier to global electrical equipment distributors, including Rexel and Sonepar. North America and Europe each account for 40% of group sales. | $185 | +50% | $48B | $54B | 4.8x | 20.1x | ||
| Danone is a global food and beverage industry leader with more than EUR 27 billion annual revenue. Its operations are organized into three broad segments: essential dairy and plant-based products, representing just over half of group revenue; specialized nutrition; and bottled water. The firm's portfolio includes well-known brands such as Danone/Dannon dairy products, Alpro plant-based dairy, Aptamil infant milk formula, Evian and Volvic bottled water, and leading medical nutrition brands. | $74 | -15% | $47B | $57B | 1.8x | 10.9x | ||
| Compagnie Saint-Gobain is a manufacturer of building materials that are mostly supplied to the construction industry. The company offers a vast range of products including glass, roofing, insulation, and a distribution business. Saint-Gobain has a well-documented history stretching back to the 17th century, with traces of its products visible across France's most prominent landmarks. Approximately two thirds of sales are generated in Europe, with France contributing 25% of group sales. | $93 | -18% | $45B | $57B | 1.0x | 6.5x | ||
| Kering is the world’s third-largest luxury goods conglomerate by revenue after LVMH and Richemont. Its flagship brand is Gucci, which accounts for over 40% of revenue and over 60% of operating profit. Its other leading brands include Bottega Veneta and Saint Laurent. Other smaller luxury brands (in ready-to-wear, leather goods, and jewellery) generate 19% of sales. Alexander McQueen, Balenciaga, and Boucheron are part of Kering’s portfolio. | $290 | +46% | $36B | $52B | 3.0x | 14.1x | ||
| Veolia is the largest water company globally and a leading player in France. It is also involved in waste management with significant exposure to France, the United Kingdom, Germany, the United States, and Australia. The third pillar of the group is energy services, giving the group significant exposure to Central Europe. Veolia started to refocus its activities in 2011, leading to the exit of almost half of its countries and its transport activity The integration of most activities of Suez in 2022 drove an EBITDA increase of nearly 40%. | $42 | +21% | $31B | $43B | 0.8x | 5.9x | ||
| Dassault Systèmes is a leading provider of computer-assisted design and product lifecycle management software, serving customers like Boeing and Volkswagen throughout the production process. The company’s flagship product, Catia, primarily serves the transportation, industrial equipment, and aerospace and defense industries. In life sciences, Dassault’s Medidata cloud platform optimizes clinical trial efficiency and is the leader in electronic data capture. | $23 | -38% | $31B | $28B | 3.8x | 11.5x | ||
| Dassault Aviation, a subsidiary of French multinational company Dassault Group, designs, builds, and maintains military fighter jets and is one of the largest manufacturers of business jets. It has a 26% stake in Thales, which contributes significantly to Dassault’s net profit. In 2024, Dassault Aviation generated EUR 6.2 billion in revenue with 14,600 employees. About 62% of revenue comes from defense aircraft equipment sales and services, while Falcon business jets generate the remaining 38% of sales. | $342 | -7% | $27B | $16B | 1.8x | 9.1x | ||
| Michelin manufactures tires for passenger vehicles. The company also makes tires for all types of commercial vehicles as well as bicycle, motorcycle, earthmover, aviation, and agricultural tires. Its operations are organized into three operating segments namely Automotive and two-wheel; Road transportation; and Specialty businesses. The company generates maximum revenue from Automotive segments. The Specialty businesses include the Mining, Beyond-road, Two-wheel and Aircraft tire activities, as well as the High-Tech Materials activities. The Services & Solutions businesses are included for the majority part in the "Road transportation and related distribution" segment. | $38 | -3% | $26B | $29B | 0.9x | 5.3x | ||
| Headquartered in France, Publicis is the world’s second-largest ad holding company based on revenue. Publicis’ services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 80% of its revenue coming from more-developed regions such as North America and Europe. | $96 | -13% | $24B | $26B | 1.2x | 6.8x | ||
| Bouygues is a family-controlled French conglomerate that comprises a disparate range of assets: construction businesses, a TV network, and a telecom network. It is one of the largest construction companies in France and Europe, with over EUR 45 billion in revenue across the four engineering, procurement, and construction businesses under its ownership, as well as one of the four telecom operators in France. | $59 | +34% | $23B | $33B | 0.5x | 4.8x | ||
| Capgemini is a French IT services company with a global presence. The firm has over 450 offices globally, with more than half of its employees based in India. Capgemini provides services related to IT consulting, software application and technology services, infrastructure management, engineering research and development, and business process outsourcing. | $122 | -28% | $20B | $28B | 1.1x | 7.7x | ||
| Amundi resulted from the merger of the asset manager businesses of French banks Credit Agricole and Societe Generale in 2010. In 2017, it expanded into Italy, Germany, and Austria by acquiring Pioneer Investments, which had previously been UniCredit's asset manager. France accounts for just under half of assets under management, while Italy and the rest of Europe contribute about 30% combined. Assets from Asia are growing rapidly and contribute just shy of 20%. Amundi is the largest European asset manager and a top 10 asset manager globally. Credit Agricole remains a controlling shareholder with a 70% stake. | $100 | +20% | $20B | $18B | 2.4x | 6.5x | ||
| Pernod Ricard was formed in 1975 through the merger of Pernod, founded in 1805, and Ricard, created in 1932. Through acquisitions, the firm has grown to become the world’s second-largest distiller by volume, behind Diageo. Pernod Ricard possesses the most comprehensive spirits portfolio globally, distributing over 240 brands across 160 countries. Flagship spirits brands include Absolut vodka, Beefeater gin, Chivas Regal and The Glenlivet scotch whisky, Jameson Irish whiskey, Malibu rum, and Martell cognac. The firm has also shed noncore assets over the years, including several wine brands in 2025. | $75 | -28% | $19B | $32B | 2.5x | 8.5x | ||
| Unibail-Rodamco-Westfield owns a portfolio of quality malls, about two thirds in continental Europe. Since acquiring Westfield in 2018 URW also has about 10% in the UK and about a quarter in the USA, but it plans to drastically reduce exposure to the latter. More than 90% of rent comes from shopping centers, the remainder from offices, mostly Paris, as well as some offices attached to mixed-use assets around the world, and a similar amount from a conventions and exhibitions business in France. | $120 | +25% | $17B | $41B | 11.3x | 12.7x | ||
| Bollore SE is an infrastructure company domiciled in France. The company organizes itself into four segments: transportation and logistics, oil logistics, communication, and Electricity storage and systems. The transportation and logistics segment offers freight forwarding and logistics services. The oil logistics segment distributes oil and fuel. The communication segment provides advertising, cinema, and telecommunications services. The electricity storage and systems segment is engaged in the production and sale of electric batteries and their applications. The firm generates most of the revenue from the communications segment. | $6 | -4% | $17B | $11B | 3.1x | 20.5x | ||
| Ipsen is a global biotechnology company headquartered in France that develops and commercializes medicines across three therapeutic areas: oncology, neuroscience, and rare diseases. Ipsen was founded in 1929 as a consumer healthcare company focused on prescription-based products for digestive disorders and neurological disorders, but in February 2022, Ipsen announced the divestment of its consumer healthcare business, which accounted for only 8% of 2021 revenue. Ipsen has a large global footprint and sells more than 20 drugs in 115 countries. | $199 | +66% | $16B | $16B | 3.4x | 10.6x | ||
| Eiffage is a leading French infrastructure concessions operator and construction business. It operates four business lines: construction, infrastructure, energy, and concessions. Its concession assets include 2,635 kilometers of toll roads (88% of which belong to APRR and AREA), two airports, and numerous public/private partnerships in France. The concessions segment accounts for 16% of group revenue but generates 66% of group adjusted EBIT. Eiffage’s contracting division currently benefits from a record backlog, providing good visibility on sales growth and margin expansion. | $164 | +17% | $16B | $27B | 0.9x | 5.4x | ||
| Founded in 1959, Carrefour is a multiformat retailer with operations in over 40 countries. Approximately 75% of sales stem from Europe and the rest from Latin America. In France, where Carrefour generates nearly 50% of its total revenue, the firm has a grocery market share of 22%, behind market leader E.Leclerc (24%), according to Kantar. Carrefour operates over 15,000 stores in hypermarket, supermarket, convenience store, and discount store formats. In 2024, Carrefour completed the acquisition of the Cora and Match banners from Louis Delhaize group for an enterprise value of EUR 1.05 billion. | $20 | +33% | $14B | $13B | 0.1x | 2.4x | ||
| Bureau Veritas is a testing, inspection, and certification company. Its primary activities include testing products and materials, inspecting sites and equipment, and certifying products and systems to maintain global standards. Bureau Veritas is one of a handful of companies in the TIC sector that operate globally across numerous industries, including marine, industry, commodities, construction, and consumer products. Bureau Veritas was listed in 2007; it was previously privately owned by the Wendel Group, which retains a significant holding. | $30 | -12% | $14B | $16B | 2.0x | 10.4x | ||
| Rexel SA is a provider of electrical products and services to residential, nonresidential, and industrial markets. The product offering includes electrical equipment such as appliances and accessories, cables and routing, lighting, security and communication, home automation, climate control, and building management systems used in the construction, renovation, and maintenance of buildings and infrastructures. Clients include small and midsize installers, large installers and facility managers, commercial companies, and industrial customers. Rexel has three operating segments; Europe, North America, and Asia-Pacific, out of which a majority of its revenue is derived from Europe. | $45 | +58% | $13B | $18B | 0.8x | 10.1x | ||
| Aeroports de Paris SA is a French airport operator. The group owns the three commercial airports in Paris (Charles de Gaulle, Orly, and Paris-Le Bourget) and has stakes in several international airports, including a portfolio of Turkish Airports, through its holding of TAV Airports, and an indirect stake in Indian airports New Delhi and Hyderabad through its recent acquisition of GMR Airports. The group's reporting segments are Aviation, Retail and Services, Real Estate, International and airport developments, and Others. The majority of its revenue is generated from the Aviation segment, which includes all the activities carried out by the group as the airport operator of the three main airports in the Paris region: Paris-Charles de Gaulle, Paris-Orly, and Paris-Le Bourget. | $126 | -8% | $12B | $22B | 2.8x | 8.8x | ||
| Accor operates 850,285 rooms across 48 brands, addressing the economy through luxury segments as of December 2024. Ibis (economy scale) is the largest brand (18% of total rooms at the end of 2024), followed by midscale brands Mercure (16%) and Novotel (13%). FRHI offers additional luxury and North American exposure. After the sale of the majority of HotelInvest (owned assets) in 2018-19, the majority of total EBITDA comes from asset-light managed and franchised hotels. Europe and North Africa represent 42% of rooms, Asia-Pacific 35%, the Americas 12%, and India, Middle East, and Africa 11%. Premium, midscale, and economy are 84% of total rooms, while luxury and lifestyle are the remaining 16%. | $52 | -3% | $12B | $16B | 2.4x | 11.8x | ||
| Getlink SE manages and operates a railroad tunnel connecting continental Europe and the United Kingdom. It is organized into the following segments: Eurotunnel, Europorte, and ElecLink. The Eurotunnel segment, which derives maximum revenue, operates and markets its shuttle services in the tunnel and also provides access, on payment of a toll, for the circulation of the railway companies’ high-speed passenger trains (Eurostar) and rail freight services through its railway network. The Europorte segment covers the entire rail freight transport logistics chain in France as well as cross-border flows to Belgium and Germany. The ElecLink segment is engaged in the operation of its electricity interconnector which runs through the Channel Tunnel linking the French and British electricity grids. | $22 | +13% | $12B | $16B | 8.6x | 25.3x | ||
| Klepierre is a French real estate company with a focus on the European retail property market. The company generates the vast majority of its revenue from the rents received from its shopping centres. The company also operates development, refurbishment, and extension programs in its shopping centres. By geography, maximum of the shopping centres are located in France and Belgium, with the others in Scandinavia, Italy, the Netherlands, Iberia, Germany, and elsewhere. The tenants include large retail companies. | $41 | +2% | $12B | $21B | 11.1x | 9.1x | ||
| Ayvens SA, formerly known as Ayvens, is a full-service leasing and fleet management group. It offers a diverse range of passenger cars, light commercial vehicles, and options for electric vehicles. The group also provides insurance services. It provides clients with motor third-party liability, material damage insurance, as well as theft and passenger insurance. The company's segmentation comprises 4 regions: Region 1, Region 2, Region 3, and Region 4. The company derives key revenue from Region 2 and Region 3. The company generates revenue from leasing, servicing, and proceeds of car sales, with the majority of revenue deriving from leasing activity. | $13 | +28% | $10B | $50B | 1.7x | 3.9x | ||
| SPIE SA is a European provider of multi-technical services in electrical, mechanical, and HVAC engineering and communication systems as well as specialized energy-related services. It helps its customers design, build, operate and maintain facilities that are energy-efficient and environmentally friendly. The group structures its activities around operating segments: France, North-Western Europe, Germany, Central Europe, and Global Services Energy. The majority of its revenue is derived from the France segment. It has a geographic presence in Europe, Africa, North, America, Asia-Pacific and Middle East. | $59 | +14% | $10B | $12B | 1.0x | 12.3x | ||
| BioMérieux designs, develops, and manufactures a broad portfolio of in vitro diagnostics for detecting disease-causing pathogens and contamination. The company operates in four segments: molecular biology (42% of 2024 sales), microbiology (33%), immunoassays (10%), and industrial applications (about 15%). The Americas account for the largest portion of the firm's revenue (40%), followed by Asia-Pacific (27%) and Europe, the Middle East, and Africa (27%). BioMérieux is headquartered in Marcy-l'Étoile, France. | $84 | -38% | $10B | $10B | 2.0x | 9.8x | ||
| Abivax SA is a France-based clinical-stage biotechnology company focused on developing therapeutics that harness the body’s natural regulatory mechanisms to stabilize the immune response in patients with chronic inflammatory diseases. Company is evaluating its drug candidate, obefazimod, in Phase 3 clinical trials for the treatment of adults with moderately to severely active ulcerative colitis. Its initial focus is on inflammatory bowel diseases, chronic conditions involving inflammation of the gastrointestinal tract, of which the two common forms are UC and CD. | $124 | +1960% | $10B | $9B | 1726.0x | (33.9x) | ||
| Renault manufactures and sells around 2.3 million vehicles per year. On a global scale, it is relatively small, with just over 2% market share. With around 80% of its revenue sourced from only three brands – Renault, Dacia, and Alpine - in Europe, the company is the third-largest player, with Renault being the third-largest single brand in Europe. Renault has no exposure to the US and China. Its alliance with Nissan allows it to leverage the scale of 6 million vehicles by sharing platform infrastructure, capacity, and R&D. | $34 | -36% | $10B | $68B | 1.0x | (10.3x) | ||
| Alstom develops and markets equipment, systems, and services for the railway transport sector, including rolling stock, maintenance and modernization services, signaling, and infrastructure, which are offered separately, bundled, or as fully integrated solutions. The company is one of the key international players in the industry with a strong position in European markets. | Railways+2 | $20 | -11% | $9B | $12B | 0.6x | 8.1x | |
| Gaztransport et technigaz SA is a France-based company that provides services relating to the building of liquefied natural gas storage and transport facilities. The company owns its proprietary testing laboratories and conducts research through its partnerships with research institutions, engineering companies, laboratories and universities. The company's clients mainly comprise liquefied natural gas carriers. The company generated almost all its revenue from South Korea and China. | $240 | +27% | $9B | $9B | 9.1x | 13.4x | ||
| Nexans is a French company that manufactures and distributes cable products. The company operates through three segments. The Building and Territories segment provides reliable cabling systems and smart energy solutions enabling buildings and territories to be more efficient, sustainable, and people friendly. The generation and Transmission segment partners with its customers from the start of the cycle right through to the end (systems management) to help them find the cabling solution that is the best suited to their needs in terms of efficiency and reliability. Industry and Solutions: this segment provides support to OEMs and industrial infrastructure project managers in personalizing their cabling. Geographically France, Germany, and Norway are the three markets for the company. | $190 | +63% | $8B | $9B | 0.9x | 11.9x | ||
| Technip Energies NV is an engineering and technology company specialized in providing projects, technologies, products, and services on energy infrastructure both onshore and offshore. Technip Energies is positioned on two business segments addressing its key markets: Technology Products & Services (TPS) and Project Delivery. Substantial revenue is derived from the Project Delivery segment. | $43 | +13% | $8B | $4B | 0.5x | 5.3x | ||
| Compagnie du Cambodge is a holding company that manages portfolio of investments. | $124 | +10% | $8B | $6B | 36.8x | 104.8x | ||
| Sodexo is one of the largest food service companies globally, operating in 45 countries with annual sales exceeding EUR 20 billion. Sodexo's model rests on operating on-premises catering facilities, rather than centralized industrial kitchens. Food services remain the largest business segment, contributing 66% of revenue in 2024. Sodexo has its own group purchasing organization, or GPO, Entegra, with annual purchasing of over EUR 37 billion. The company spun off its benefits and service business, Pluxee, and now focuses on food services and its second business, facilities-management services. | $50 | -29% | $7B | $12B | 0.4x | 6.7x | ||
| Covivio SA is a French real estate investment trust involved in the ownership of properties mainly in France, Italy, and Germany. The majority of the properties in the company's real estate portfolio are office buildings located in Paris and Milan. German residential properties also represent a significant percentage of its total assets. Fonciere des Regions derives nearly all of its revenue in the form of rental income from the ownership and maintenance of its portfolio of properties. French offices generate the majority revenue for the company, while Italian office buildings and German residential buildings in Berlin, Hamburg, and Dresden also contribute sizable income streams. | $65 | +7% | $7B | $19B | 11.4x | 11.6x | ||
| Soitec is a French company that manufactures and sells engineered semconductor wafers. Soitec supplies silicon-on-insulator, or SOI, wafers worldwide and also provides other engineered substrates like gallium nitride or silicon carbide. Soitec sells wafers to fabrication plants that use the them to produce chips. Soitec has facilities in France, Singapore, and China. | $202 | +303% | $7B | $8B | 7.4x | 24.1x | ||
| Elis SA provides multiservice solutions to various end markets including the hospitality, healthcare, and commerce industries. The company’s products and services include providing flat linen, workwear, hygiene products, and well-being services. The company operates in various countries across Europe and Latin America, with a majority of revenue stemming from France. | $32 | +16% | $7B | $12B | 2.0x | 5.8x | ||
| Compagnie de l'Odet is a France-based holding company with a major interest in the Bollore Group. The Bollore Group's operations are based on four areas: Transportation and logistics, Oil logistics, Communication, and Electricity storage and systems. Alongside these businesses, the group also manages several investments including plantations, real estate assets, and a portfolio of equity investments. It derives key revenue from the Communication business area and has operations in France, other parts of Europe, Africa, Asia-Pacific, and the United States. | $1,658 | -2% | $7B | $741M | 0.2x | 1.4x | ||
| Scor is the world’s sixth-largest reinsurer, selling nonlife and life reinsurance. Scor Global Life insures life insurance and annuities. This means in its co-insurance agreements Scor shares in premiums and claims of life insurance contracts that have been sold by a primary insurer. In its excess of loss agreements, Scor reimburses a primary insurer for claims that are filed above an agreed amount. Scor also sells property and casualty reinsurance in coinsurance and excess of loss. Historically, Scor has been better in specialist lines and not as good in lines where there is a large potential for loss. | $37 | +10% | $7B | $9B | 0.5x | — | ||
| Vallourec SA is engaged in the provision of tubular solutions to the oil and gas industry. Its expertise also extends to the industry sector including mechanicals, automobile, and construction. The company has structured its operations into the following business segments, Seamless Tubes, Specialty Products and and Holding companies and other. The group has a large portfolio of tubular products including a range of seamless tubes, specialty tubes; and connections and accessories. Its primary geographic markets are Europe, North America, South America, Asia, and Rest of the World. Geographically the company receives maximum revenue from North America. | $28 | +62% | $6B | $6B | 1.4x | 6.6x | ||
| Gecina Nom is a French Real Estate Investment Trust with assets located in Paris, France, and the surrounding region. The majority of Gecina's real estate property portfolio is comprised of office buildings with residential properties also making up a substantial percentage. The majority of Gecina's properties are located in the City of Paris, while others are also located in the Paris region and other French cities, such as Lyon. Gecina generates revenue from rental income and the sale of its real estate properties. The majority of this rental revenue is derived from its office buildings. Gecina's customers and occupants include businesses, students, and individuals. It also manages the construction, redevelopment, and environmental operations of its assets. | $86 | -23% | $6B | $14B | 14.2x | 22.0x | ||
| Edenred is a France-listed prepaid corporate services provider operating in 45 countries. The company was listed in 2010 following a spinoff from hotel group Accor. Edenred's main business, Ticket Restaurant, offers prepaid meal vouchers that employers provide their employees as an additional benefit. The company is also involved in other areas, such as prepaid fuel cards and payment and expense management systems. Edenred is also moving beyond its historical services, adding well-being, gift, EV, toll, and business-to-business accounts payable automation services. | $25 | -21% | $6B | $7B | 2.0x | 4.8x | ||
| Arkema SA is a French chemical company formerly known for its large presence in the acrylics market. However, the company has now developed a strong portfolio of speciality materials. Arkema is organized into four segments. Adhesive solutions, advanced materials, and coatings solutions contain the more specialized material businesses. The intermediates segment houses the remaining commodity chemical businesses. Geographically, sales are split fairly equally among Europe, the US, and Asia. | $74 | +2% | $6B | $8B | 0.8x | 6.6x | ||
| FDJ United is engaged in Offline and online lottery games and sports betting. Its lottery games include draw games and instant games. Its lottery offers in France include prize draws such as Loto and Euromillions, as well as Illiko instant games. Also through its subsidiaries it has diversified with the roll-out of a French payment and collection service under the Nirio brand name. | $27 | -28% | $5B | $7B | 1.5x | 6.4x | ||
| JCDecaux SE is an outdoor advertising company. The company focuses on three main business areas namely Street Furniture, Transport advertising, and Billboard advertising. Street furniture advertising relates to bus stop advertising, newspaper kiosks, public benches, and free-standing panels. Transport which focuses on advertising in land transport networks and airports and Billboard Advertising which concerns the marketing of billboards, neon-light billboards, and advertising wraps. The company generates the majority of its revenue from the Street Furniture segment in the form of Advertising. The company has a geographical presence in Europe, Asia-Pacific, France, the Rest of the world, the United kingdom, and North America. | $22 | +26% | $5B | $8B | 1.8x | 5.1x | ||
| L D C SA is a food processing company that provides poultry products, as well as a range of delicatessen food. It operates its business in four segments Upstream division, Poultry division, The Delicatessen division, and International division. The upstream division is responsible for branch management. Poultry division is engaged in the poultry, pig and cattle farming, as well as egg production and others. The Delicatessen division offers ready-to-eat meals and snacks like pizzas, sandwiches, tarts and desserts. The International division focuses on international development with countries specific strategies. | $135 | +39% | $5B | $5B | 0.7x | 7.7x | ||
| Teleperformance SE provides outsourced customer experience management services, such as customer care solutions, technical support, customer acquisition services, digital solutions, analytics, visa application management, debt collection services, interpreting and translation services, and back-office services. The clients of Teleperformance's services range over various industries, from telecoms and technology firms to the public and retail sectors. The company is organized into two operating segments: Core Services & D.I.B.S (Digital Integrated Business Services) and Specialized Services. A vast majority of the company’s revenue is generated by the Core Services & D.I.B.S segment. | $75 | -27% | $4B | $9B | 0.7x | 4.2x | ||
| Rubis SCA specializes in bulk liquid storage and the distribution of petroleum products. The company's operated businesses are Rubis Terminal, Rubis Energie, and Rubis Support and Services. Rubis Terminal stores, and Rubis Renouvelables. Its customers include energy and chemical groups, energy traders, and hypermarkets. The company's business segments are; Energy Distribution and Renewable Electricity Production. The majority of its revenue is generated from the Energy Distribution segment, which includes the retail and distribution of fuels, heating oils, lubricants, liquefied gases, and bitumen, as well as logistics, which includes trading supply, refining activity, and shipping. Geographically, the company derives maximum revenue from the Caribbean followed by Africa and Europe. | $41 | +25% | $4B | $6B | 0.8x | 6.4x | ||
| Covivio Hotels is engaged in the real estate sector. The company functions as a real estate investment trust, with special emphasis in the holding and management of real estate assets particularly in the hotel sector. Its investment portfolio includes hotels, massage therapy institutes, clinics, garden centers and leisure villages located in Europe. | $27 | +5% | $4B | $7B | 8.3x | 11.4x | ||
| Banijay Group NV media and entertainment company. It has over 130 production companies across 23 territories, a multi-genre catalogue boasting over 185,000 hours of original standout programming, and a complementary live entertainment business. | $10 | -18% | $4B | $7B | 1.3x | 6.8x | ||
| Wendel SE is a long-term, private equity investment firm that focuses on Africa, North America, and Europe. Over a third of the company's outstanding shares are concentrated in family wealth, which shares its name with the company. Its principal investments are in mobile telephone infrastructure, packaging and labels, paints, coatings and finishing products, and security services. It has two operating segments principal investments portfolio and private asset management platform which includes IK Partners - European private equity firm. The principal investments portfolio includes Bureau Veritas, Stahl, Scalian, CPI, ACAMS, Tarkett and Globeducate. | PE & VC+1 | $103 | +4% | $4B | $8B | 0.9x | 4.7x | |
| Eutelsat Communications is a French commercial satellite provider with coverage spanning the European continent, the Middle East, Africa, India, and the Americas. It operates a fleet of over 36 satellites serving broadcasters, telecommunications operators, Internet service providers, and government agencies. These satellites are used for video broadcasting, news gathering, broadband services, and data connectivity solutions. The company generates revenue in Europe, the Americas, the Middle East, North Africa, and Asia. | $3 | +12% | $4B | $5B | 3.7x | 7.6x | ||
| Eurazeo SE is an investment holding company operating as a conglomerate of four private equity segments. The company makes investments across a diverse array of industries and asset sizes, mostly in Europe. Eurazeo Capital, the company's greatest revenue contributor, makes investments in medium and large-sized companies above a certain asset threshold. Its other divisions consist of investments in small- and medium-sized companies, provide growth capital to smaller-sized enterprises, and make investments in real assets. The company is increasingly expanding into the Chinese, Brazilian, and American markets. Eurazeo measures performance by changes in net asset value. | PE & VC+1 | $57 | -20% | $4B | $5B | 10.2x | (13.2x) | |
| Lisi SA predominantly designs, manufactures, and markets fasteners and other components for the aerospace and vehicular sectors. The company has three operating segments: Aerospace, Automotive, and Medical. Products are manufactured to serve as original or replacement equipment. The majority of the company's revenue is generated from the Aerospace segment, which manufactures structural fasteners, installation tools, motor mounts, etc., for the aerospace industry. Geographically, it derives key revenue from the European Union and the rest from North America and other regions. | $79 | +110% | $4B | $4B | 1.9x | 15.6x | ||
| Tikehau Capital SCA is an asset management and investment group that manages billions of assets and shareholders' equity. The group invests in various asset classes private debt, real estate, private equity, and liquid strategies including through Tikehau IM an asset management subsidiary that operates on behalf of institutional and private shareholders. | $21 | -6% | $4B | $6B | 7.9x | 36.6x | ||
| Exosens SA is a high-tech company specializing in electro-optical technologies for amplification, detection, and imaging. It offers products such as night vision tubes, ultraviolet cameras, travelling wave tubes, and various detectors for defense, life sciences, nuclear, and industrial sectors. With multiple production sites in Europe and North America. The company’s activities are organized into two main segments: Amplification, which focuses on electron or electromagnetic wave amplification systems mainly used in defense night vision equipment and generates the majority of its revenue, and Detection & Imaging, which provides high value-added components for commercial markets such as nuclear power, research, and industrial applications. | $71 | +42% | $4B | $4B | 7.8x | 24.7x | ||
| Virbac SA is a drug manufacturing company with a focus on animal health. The company generates the vast majority of its revenue in Europe, and it also has its presence in Europe, North America, Far East Asia, India, Africa & Middle East (IMEA), Pacific, and Latin America. | $430 | +12% | $4B | $4B | 2.2x | 11.2x | ||
| Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France is a co-operative bank. The company offers current and savings accounts, mortgage and financing products, bank cards, insurance, and distance banking services. It offers services in the regions of Essonne, Hauts de Seine, Paris, Seine-Saint-Denis, Val-de-Marne, Val-d'Oise, and Yvelines. | $129 | +54% | $4B | $3B | 2.7x | — | ||
| Trigano SA is a French design, manufacturer and distributer of leisure vehicles and trailers. The company organizes itself into two segments: leisure vehicles and leisure equipment. Leisure vehicles, which constitute majority of the company revenue, it manufactures campervans, caravans, mobile homes, and related accessories. The vehicles segment largely derives revenue from campervan sales. Leisure equipment includes trailers, garden equipment, and camping equipment. The company generates maximum of its sales across France, from Leisure Vehicles Segment. | $186 | +25% | $4B | $3B | 0.8x | 6.9x | ||
| SEB SA is engaged in designing, manufacturing, and marketing cookware and small household appliances including pressure cookers, irons, steam generators, kettles, waffle makers, deep fryers, toasters, and food processors, among others. The products are marketed under various brands such as Tefal, Seb, Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF, Emsa, Supor, etc. The group's activities are organized into two activities: Consumer business, which derives maximum revenue, and Professional business. Geographically, the group generates maximum revenue from Western Europe, followed by China, North America, South America, and other countries in Europe, the Middle East, Africa (EMEA), and Asia. | $63 | -37% | $3B | $6B | 0.6x | 7.1x | ||
| Based in France, Valeo is an automotive parts supplier that operates through four business segments, including powertrain systems (PTS, 31% of 2022 revenue), thermal systems (THS, 22%), comfort and driving assistance systems (CDA, 22%), and visibility systems (VIS, 25%). As of 2022, Valeo generated 84% of its revenue through original equipment sales and 11% of revenue through aftermarket parts. The firm’s five largest automaker customers accounted for 53% of 2022 revenue. Europe is Valeo’s largest geographic market at 45% of 2022 revenue, followed by Asia at 33%, and Americas at 22%. | $14 | +28% | $3B | $8B | 0.3x | 2.4x | ||
| Vicat SA manufactures and sells cement, ready-mix concrete, and aggregates to the construction and building industries. The company also provides a range of services, including construction, chemistry, transportation, and concrete pumping and pre-casting. The firm organizes itself into three segments based on product: Cement, Concrete and Aggregates, and Other Products and Services. The Cement segment generates the majority of revenue. It sells its products and services around the world, with a majority of its revenue being generated in France. | $75 | +13% | $3B | $5B | 1.0x | 4.9x | ||
| Air France-KLM is a European airline group engaged in businesses that include passenger and cargo transportation, low-cost operations, and aircraft maintenance. The group has four segments: network, maintenance, Transavia, and others. The network segment derives key revenue that includes the passenger and cargo network, mainly coming from passenger transportation services on scheduled flights with the group's airline code. The company's geographic markets include France, Benelux, Europe, and the rest of the world, with the majority of revenue coming from France, including its overseas division. | $12 | +8% | $3B | $12B | 0.3x | 1.7x | ||
| Sopra Steria is a French IT services company operating across Europe. Just over a third of its employees are based in France, where around half of the group's revenue is generated. Sopra Steria's primary business is systems integration, which accounts for around 60% of the group's revenue. Other services offered include business process outsourcing, hybrid cloud, technology services, and consulting. | $163 | -26% | $3B | $4B | 0.6x | 5.2x | ||
| Canal+ SA is media and entertainment company and also operates short-form video streaming platforms with Dailymotion. It operates in three business segments, Europe, Africa and Asia, and Content Production, Distribution and Other. Key revenue is generated from Europe which includes subscription-TV, advertising-based television and OTT businesses across France, the Overseas Territories, Poland and also in Central Europe and the Benelux through M7, and the Group’s FTTH business in the Overseas Territories. | $3 | +14% | $3B | $6B | 0.7x | 7.6x | ||
| Lagardere SA is in the business of content publishing, production, broadcasting, and distribution. It is also engaged in the travel retail business with various brands such as Relay and Aelia Duty-Free, and other selective distribution brands. The company operates through divisions: Lagardere Publishing, Lagardere Travel Retail, and others. | $21 | -8% | $3B | $8B | 0.8x | 4.9x | ||
| Altarea SCA is a real estate investment trust predominantly engaged in the acquisition, development, and management of properties throughout Western and Southern Europe. The company's real estate portfolio is composed of residential, retail, office, and mixed-use spaces. Altarea derives the majority of its revenue from rental income related to the leasing of its real estate assets. Its operating segments are; Retail; Residential; Business property; New businesses; and Others. Maximum rental income is generated from the Retail segment which consists of shopping centers under management or development. Geographically, it generates maximum revenue from France and the rest from Italy, Spain, and other regions. | $129 | +9% | $3B | $6B | 2.4x | 27.6x | ||
| Moncey (Fin) Nom SA formerly Moncey (Financiere) is a holding company that manages a portfolio of investments. The company holds approximately 42% of the industrial and financial company of Artois. | $157 | +24% | $3B | $3B | 1139.0x | 1922.2x | ||
| Societe Industrielle et Financiere de l'Artois SA is a France-based holding company specializing in manufacturing and marketing of terminals and computer peripheral equipment. | $10,968 | +6% | $3B | $2B | 13.6x | 226.9x | ||
| Emeis operates a comprehensive care offering of mental health clinics and medical and rehabilitation care, retirement homes, assisted living and home care. | $18 | +52% | $3B | $13B | 1.8x | 14.5x | ||
| Coface SA is a property and casualty insurance company. The vast majority of its revenue is generated by its group reinsurance business. Majority of the company's sales are generated in Europe. The company offers credit insurance products to protect companies against potentially uncollected payments from their customers. Coface's plan focuses on risk management. The company considers merger and acquisition investment as a component of its operational growth Plan.. | $19 | -1% | $3B | $5B | 2.5x | — | ||
| Bic manufactures and markets writing instruments lighters shavers advertising and promotional products in France and globally. The company offers its products through various channels stationery stores office supplies companies convenience stores distributors wholesalers cash, and e-commerce. Its products include BIC 3, BIC Comfort 3, BIC Flex range BIC Flex Hybrid range BIC Pure 3 Lady BIC Soleil and Others. The company generates majority of the market is in North America followed by Europe and the developing markets of the Middle East Africa, and Asia. | $69 | +10% | $3B | $3B | 1.1x | 8.2x | ||
| Carmila SA, formerly Carmila SAS is a retail property company, which engages in marketing, leasing, shopping center management and portfolio management. It regenerates and extracts value on shopping centers anchored by Carrefour stores. The company operates through the following segments: France; Spain; and Italy. Majority of the firm's revenue gets derived from France region. | $20 | -7% | $3B | $6B | 9.0x | 14.2x | ||
| Verallia is a manufacturer of glass containers for the food and beverage industries. As a global supplier and partner for its customers in the wine, spirits and food markets. The Group has identified the following 3 operating segments corresponding to the geographical areas in which the assets are located. Southern and Western Europe, comprising production sites located in France, Italy, Spain and Portugal. Southern and Western Europe. Northern and Eastern Europe, comprising production sites located in Germany, the United Kingdom, Poland, Ukraine and Russia. Latin America, comprising production sites located in Brazil, Argentina, and Chile. The company generates the majority of its revenue from Southern and Western Europe. | $23 | -28% | $3B | $5B | 1.3x | 6.7x | ||
| ID Logistics is a France-based company engaged in the logistics industry. It serves the retail, FMCG, cosmetics and fragrance, e-commerce, fashion, and high-tech sectors. The company offers its customers a range of services for their supply chain, such as warehousing, temperature controlled logistics, and e-business. Its geographical segment includes France and International. The company derives a majority of its revenue from the International segment. | $412 | -15% | $3B | $4B | 1.0x | 6.1x | ||
| OPmobility is a company which comprises of five complementary business groups that enable it to offer its customers a wide range of solutions: intelligent exterior systems, complex modules, lighting systems, energy storage systems, and battery and hydrogen electrification solutions. OPmobility also offers its customers an activity dedicated to the development of software, OPn'Soft. | $18 | +47% | $3B | $4B | 0.4x | 4.8x | ||
| Rémy Cointreau is the world’s third-largest distiller of cognac by volume, with a 13% global volume share in 2024, according to Euromonitor. Cognac represented 62% of Rémy's sales in fiscal 2025. The remainder of Rémy’s portfolio is made up of smaller brands, including Cointreau orange liqueur, Metaxa Greek spirit, Mount Gay rum, Bruichladdich single malt scotch, The Botanist gin, Hautes Glaces French whiskey, and Westland American whiskey. The company also distributes third-party brands. Rémy is controlled by the Andromede family, which owns 42% equity interest and consolidates the business in the Andromede Group. The Cointreau family owns a further 27%, and the rest of the equity is a free float. | $49 | -10% | $3B | $3B | 2.9x | 11.5x | ||
| Alten is an engineering and technology consulting firm. The company provides design and research projects for the technical and information systems divisions of corporate clients in the industrial, telecommunications, and service sectors. Alten’s business consists of three operating segments: engineering and technology consulting; telecoms and networks; and information systems. The engineering and technology consulting segment contributes the majority of group revenue. Alten generates approximately half of its revenue in France with most of the balance derived in other European countries. | $72 | -14% | $3B | $2B | 0.5x | 6.5x | ||
| Vivendi SE is an integrated content, media, and communications group. The company has established itself as a key player in content, media, and entertainment by developing a portfolio of listed and unlisted assets, each a leader in its market. It is present in the video game sector with Gameloft, and also holds a certain percentage of stakes in other companies such as Universal Music Group, Banijay, TIM, MediaForEurope, Telefonica, and Prisca. Its business segments include Gameloft, which derives maximum revenue, and Share of UMG, Corporate, and Other. Geographically, the group generates maximum revenue from North America, followed by EMEA (Europe, the Middle East, Africa), Asia Pacific, and Latin America. | $2 | -27% | $2B | $4B | 10.7x | 19.6x | ||
| Vusion is a company that offers Vuision Retail IOT technology platform to help retailers transform their physical stores into high-value digital assets that are more automated, data-driven, and connected in real-time to suppliers and consumers. It connects shelves to the cloud, providing real-time accurate information on product availability and location, allowing for reduced inventory, out-of-stock, and waste, as well as improved on-shelf availability and merchandizing compliance. | IoT+1 | $136 | -- | $2B | $2B | 1.0x | 4.5x | |
| Median | $73 | +7% | $9B | $12B | 1.8x | 7.7x |
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