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Consensus

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

Download document - Consensus

First quarter 2026

Last Updated: April 16, 2026
First quarter 2026
in million eurosConsensusMaximum valueMinimum valueResponses
Sales61106283603911
Volume-3,1%-1,8%-4,0%11
Price-Mix1,4%2,4%0,6%11
Currency-5,0%-3,5%-6,0%11
Non tire0,1%0,4%0,0%11
Scope0,4%0,6%0,0%11
Consumer (PC&LT + related distribution) sales3361345232908
Transportation (Truck + related distribution) sales1380142213388
Specialties (Mining, Beyond-Road, Aircraft) sales1079112310358
PCS sales3213463008

First half 2026

Last Updated: April 16, 2026
First half 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales1273312843125909
Volume-1,5%-0,9%-2,3%9
Price-Mix1,5%2,1%1,0%9
Currency-3,1%-2,6%-4,0%9
Non tire0,2%0,4%0,0%9
Scope0,6%1,1%0,0%9
Segment operating income1392159212909
Segment operating margin10,9%12,4%10,1%9
Operating income1259148911559
Operating margin9,9%11,6%9,1%9
Net Income8389847579
Earnings per share (published)1,201,391,089
Net debt4297545733857
Free cash flow exc. M&A-4341-2757
Consumer - Sales6937706868917
Op. Income8218757937
Op. Margin11,8%12,4%11,3%7
Transportation - Sales2809284127437
Op. Income1331511227
Op. Margin4,7%5,3%4,4%7
Specialties - Sales2258234021907
Op. Income2983442547
Op. Margin13,2%15,5%11,5%7
PCS - Sales7007376507
Op. Income104118777
Op. Margin14,8%16,7%11,8%7

FULL YEAR 2026

Last Updated: April 16, 2026
FULL YEAR 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales26446271002584613
Volume effect0,3%1,2%-1,2%13
Price-mix effect1,6%3,5%0,3%13
Currency effect-1,5%-0,8%-3,1%13
Non tire0,3%1,4%0,0%13
Scope1,1%1,9%0,0%13
Segment operating income28813171271313
Segment operating margin10,9%12,0%10,3%13
Operating income26322861244213
Operating margin10,0%10,7%9,3%13
Net Income18152010170713
Earnings per share (published)2,622,802,5012
Dividend per share1,371,501,2012
Net debt33694187266311
Free cash flow1460172275713
Consumer (PC&LT + related distribution) sales14435147351402011
Consumer operating income16831798157410
Consumer operating margin11,7%12,2%11,0%10
Transportation (Truck + related distribution) sales59636180560011
Transportation operating income34149027010
Transportation operating margin5,7%8,0%4,4%10
Specialties (Other activities) sales45494807433011
Specialties operating income64271957110
Specialties operating margin14,1%16,6%12,8%10
PCS (Other activities) sales15191695127011
PCS operating income23127018410
PCS operating margin15,3%16,0%14,5%10
TARGET PRICE32,840,027,017

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

Upcoming Events
Past Events
  • April 29, 2026

    2026 1st Quarter Sales

  • April 8, 2026

    8:30 Michelin Pre-close call Q1 2026 (for sell-side analysts)

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