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Consensus

Discover analysts' forecasts and recommendations on the value of Michelin shares.

Download document - Consensus

First half 2026

Last Updated: June 2, 2026
First half 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales1276412908125269
Volume-0,8%-0,2%-2,0%9
Price-Mix1,4%1,8%1,1%9
Currency-3,3%-2,9%-4,0%9
Non tire0,2%0,9%0,0%9
Scope0,5%1,0%0,0%9
Segment operating income1375152012849
Segment operating margin10,8%11,8%10,1%9
Operating income1256141811398
Operating margin9,8%11,0%9,0%8
Net Income8681 0787909
Earnings per share (published)1,231,531,079
Net debt3975529433126
Free cash flow exc. M&A13310-3326
Consumer - Sales7004711568489
Op. Income8348757299
Op. Margin11,9%12,5%10,5%9
Transportation - Sales2780284327069
Op. Income134156989
Op. Margin4,8%5,5%3,5%9
Specialties - Sales2249229522098
Op. Income2913082618
Op. Margin12,9%13,6%11,8%8
PCS - Sales7117666648
Op. Income105131788
Op. Margin14,7%17,1%11,8%8

FULL YEAR 2026

Last Updated: June 2, 2026
FULL YEAR 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales26480271502565112
Volume effect0,2%1,6%-1,0%12
Price-mix effect1,9%2,7%0,9%12
Currency effect-1,5%-0,8%-2,6%12
Non tire0,4%1,9%-0,3%12
Scope0,9%1,9%0,0%12
Segment operating income27832948255712
Segment operating margin10,5%10,9%9,8%12
Operating income25632850230711
Operating margin9,7%10,5%8,8%11
Net Income17692014159012
Earnings per share (published)2,352,850,0012
Dividend per share1,341,501,1012
Net debt32544187265711
Free cash flow15631791123212
Consumer (PC&LT + related distribution) sales14465150161402012
Consumer operating income16711809152811
Consumer operating margin11,6%12,2%10,8%11
Transportation (Truck + related distribution) sales58916215560012
Transportation operating income30234227311
Transportation operating margin5,1%5,5%4,5%11
Specialties (Other activities) sales45384906428512
Specialties operating income58268948111
Specialties operating margin12,8%14,2%10,4%11
PCS (Other activities) sales15861699141312
PCS operating income23326215911
PCS operating margin14,7%16,0%10,0%11
TARGET PRICE32,340,026,017

Share coverage

FINANCIAL INSTITUTIONS

  • AlphaValue

  • Bank of America

  • Barclays

  • Berenberg

  • Citi

  • CIC

  • Deutsche Bank

  • Equita

  • BNP Paribas Exane

  • Intesa Sanpaolo

  • Jefferies

  • JP Morgan

  • Kepler Cheuvreux

  • Morgan Stanley

  • Oddo BHF

  • Bernstein

  • UBS


Consensus

The Earnings consensus is a compound of estimates of Michelin’s financial results prepared by broker’s financial analyst teams. This information is supplied by Michelin's Investor Relations Department.

The consensus is calculated on the basis of data collected by financial analysts who monitor the Michelin share.

The consensus respects the presentation of the Michelin Group's segment information:

  • Consumer: Automotive, Two-wheel and related distribution, Lifestyle

  • Transportation: Road transportation and related distribution, Connected Solutions

  • Specialties: Mining, Beyond-Road, Aircraft tires, related distribution

  • Polymer Composite Solutions

 

The consensus is provided by Michelin for information purposes only. The fact that this consensus can be found on Michelin’s website in no way signifies validation or approval by Michelin of any or all of the estimates presented. This information should not be construed as an invitation to buy or sell shares or to enter into any type of transaction whatsoever. The Michelin share being exclusively traded in France on the Premier Marché of Paris Euronext, before engaging in any transactions, Michelin therefore invites you to consult your financial advisor.

2025 Universal Registration Document

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Agenda

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Past Events
  • May 22, 2026

    2026 Annual General Meeting

  • April 29, 2026

    2026 1st Quarter Sales

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