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Consensus

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

Download document - Consensus

Full year 2025

Last Updated: January 29, 2026
Full year 2025
in million eurosConsensusMaximum valueMinimum valueResponses
Sales25 84326 07825 63110
Volume effect-4,9%-4,2%-5,3%10
Price-mix effect2,7%3,2%2,4%10
Currency effect-2,9%-2,4%-3,2%10
Non tire0,2%0,3%0,1%10
Scope0,0%0,1%-0,5%10
Segment operating income2 6582 8172 55910
Segment operating margin10,3%10,9%9,9%10
Operating income2 2732 5672 1599
Operating margin8,8%9,9%8,3%9
Net Income1 6101 7131 4889
Earnings per share (published)2,292,432,089
Dividend per share1,281,381,159
Net debt2 5692 9861 8879
Free cash flow exc. M&A1 9972 2371 5099
SR1 (PC&LT + related distribution) sales14 26014 46114 07110
SR1 operating income1 6431 7081 5368
SR1 operating margin11,5%12,0%10,8%8
SR2 (Truck + related distribution) sales5 9986 1045 86010
SR2 operating income2703491808
SR2 operating margin4,5%5,8%3,0%8
SR3 (Other activities) sales5 5845 7545 34810
SR3 operating income7388176618
SR3 operating margin13,3%14,5%11,7%8
TARGET PRICE31,738,025,017

FULL YEAR 2026

Last Updated: January 29, 2026
FULL YEAR 2026
In million eurosAverageMaximum valueMinimum valueResponses
Sales26 16926 60625 85810
Volume effect0,7%1,5%-0,2%10
Price-mix effect1,8%2,8%1,0%10
Currency effect-1,6%-0,7%-2,1%10
Non tire0,3%0,7%0,0%10
Scope0,0%0,1%0,0%10
Segment operating income2 9443 1482 73610
Segment operating margin11,2%11,8%10,5%10
Operating income2 6352 8982 4239
Operating margin10,1%10,9%9,3%9
Net Income1 8381 9711 6379
Earnings per share (published)2,652,822,379
Dividend per share1,391,501,329
Net debt2 2593 2791 0959
Free cash flow1 5991 8341 3729

FULL YEAR 2027

Last Updated: January 29, 2026
FULL YEAR 2027
In million eurosAverageMaximum valueMinimum valueResponses
Sales27 08427 78326 60510
Volume effect1,7%4,9%-0,1%10
Price-mix effect1,6%2,5%1,0%10
Currency effect-0,1%0,0%-0,5%10
Non tire effect0,3%1,0%0,0%10
Scope effect0,0%0,1%0,0%10
Segment operating income3 3233 5173 07510
Segment operating margin12,3%12,8%11,6%10
Operating income3 0213 2472 7049
Operating margin11,1%12,0%10,0%9
Net Income2 1662 2911 9839
Earnings per share (published)3,133,302,859
Dividend per share1,581,651,479
Net debt1 6673 331-309
Free cash flow1 7492 0871 1759

Share coverage

FINANCIAL INSTITUTIONS

  • Alpha Value

  • Bank of America

  • Barclays

  • Berenberg

  • Citi

  • CM CIC

  • Deutsche Bank

  • Equita

  • Exane BNP Paribas

  • Goldman Sachs

  • Intesa Sanpaolo

  • Jefferies

  • JP Morgan

  • Kepler Cheuvreux

  • Morgan Stanley

  • Oddo Securities

  • Société Générale

  • UBS


Consensus

The Earnings consensus is a compound of estimates of Michelin’s financial results prepared by stockbrokers’s financial analyst teams. This information is supplied by Michelin's Investor Relations Department.
The consensus is calculated on the basis of data published by financial analysts who monitor the Michelin share or are directly collected from them.

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

  • Reporting Segment RS1: Automotive, Two-wheel  and related distribution (including Michelin Travel Partner and other Experiences activities)

  • Reporting Segment RS2: Road transportation and related distribution

  • Reporting Segment RS3: Specialty business and related distribution - Mining, Off the road and aircraft tires, High-Tech Materials, Michelin Lifestyle Ltd.


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.

Agenda

Upcoming Events
Past Events
  • January 12, 2026

    Pre-close call FY 2025 (for sell-side analysts)

  • October 22, 2025

    2025 3rd Quarter & 9 months Sales

See All Events