Consensus
Discover analysts' forecasts and recommendations on the value of Michelin shares.
Download document - Consensus
FULL YEAR 2025
Last Updated: April 17, 2025| In million of euros | Average | Maximum value | Minimum value | Responses |
|---|---|---|---|---|
| Sales | 27749 | 28360 | 27055 | 11 |
| Volume effect | -0,5% | 0,5% | -1,8% | 11 |
| Price-mix effect | 2,2% | 3,3% | 0,5% | 11 |
| Currency effect | 0,4% | 1,7% | -1,5% | 11 |
| Non tire effect | 0,1% | 0,4% | -0,5% | 11 |
| Scope effect | -0,1% | 0,1% | -0,7% | 11 |
| Segment operating income | 3480 | 3607 | 3342 | 11 |
| Segment operating margin | 12,5% | 13,1% | 12,2% | 11 |
| Operating income | 3 228 | 3 461 | 2 982 | 11 |
| Operating margin | 11,6% | 12,3% | 10,8% | 11 |
| Net Income | 2364 | 2619 | 2171 | 11 |
| Earnings per share (published) | 3 | 4 | 3 | 11 |
| Dividend per share | 2 | 2 | 2 | 10 |
| Net debt | 2478 | 3240 | 1444 | 11 |
| Free cash flow | 1843 | 2160 | 1671 | 11 |
| SR1 (PC & LT + related distribution) sales | 14898 | 15239 | 14374 | 11 |
| SR1 operating income | 1934 | 2030 | 1725 | 10 |
| SR1 operating margin | 13,0% | 13,5% | 12,0% | 10 |
| SR2 (Truck + related distribution) sales | 6705 | 7150 | 6467 | 11 |
| SR2 operating income | 619 | 675 | 545 | 10 |
| SR2 operating margin | 9,2% | 10,0% | 8,3% | 10 |
| SR3 (Other activities) sales | 6141 | 6787 | 5632 | 11 |
| SR3 operating income | 918 | 1235 | 778 | 10 |
| SR3 operating margin | 15,0% | 18,2% | 13,3% | 10 |
| TARGET PRICE | 37 | 45 | 28 | 19 |
FULL YEAR 2026
Last Updated: April 17, 2025| In million of euros | Average | Maximum value | Minimum value | Responses |
|---|---|---|---|---|
| Sales | 28646 | 29453 | 27797 | 11 |
| Volume effect | 1,5% | 3,5% | 0,4% | 11 |
| Price-mix effect | 1,5% | 2,1% | 0,2% | 11 |
| Currency effect | -0,3% | 0,0% | -1,5% | 11 |
| Non tire effect | 0,3% | 0,6% | 0,0% | 11 |
| Scope effect | 0,0% | 0,1% | 0,0% | 11 |
| Segment operating income | 3859 | 4200 | 3622 | 11 |
| Segment operating margin | 13,5% | 14,5% | 13,0% | 11 |
| Operating income | 3632 | 4050 | 3380 | 11 |
| Operating margin | 12,7% | 13,9% | 12,0% | 11 |
| Net Income | 2610 | 3063 | 2397 | 11 |
| Earnings per share (published) | 4 | 4 | 3 | 11 |
| Dividend per share | 2 | 2 | 2 | 10 |
| Net debt | 1825 | 3627 | 534 | 11 |
| Free cash flow | 2097 | 2538 | 1778 | 11 |
FULL YEAR 2027
Last Updated: April 17, 2025| In million of euros | Average | Maximum value | Minimum value | Responses |
|---|---|---|---|---|
| Sales | 29590 | 30390 | 28650 | 10 |
| Volume effect | 1,4% | 2,5% | 0,7% | 10 |
| Price-mix effect | 1,4% | 2,1% | 0,7% | 10 |
| Currency effect | -0,2% | 0,0% | -1,5% | 10 |
| Non tire effect | 0,3% | 0,6% | 0,0% | 10 |
| Scope effect | 0,0% | 0,0% | 0,0% | 10 |
| Segment operating income | 4112 | 4400 | 3847 | 10 |
| Segment operating margin | 13,9% | 14,7% | 13,4% | 10 |
| Operating income | 3877 | 4250 | 3605 | 10 |
| Operating margin | 13,1% | 14,1% | 12,6% | 10 |
| Net Income | 2820 | 3227 | 2525 | 10 |
| Earnings per share (published) | 4 | 5 | 4 | 10 |
| Dividend per share | 2 | 2 | 2 | 9 |
| Net debt | 1098 | 3350 | -653 | 10 |
| Free cash flow | 2326 | 2653 | 1925 | 10 |
Share coverage
FINANCIAL INSTITUTIONS
Alpha Value
Bank of America Merrill Lynch
Barclays
Citi
CM CIC
Deutsche Bank
Equita
Exane BNP Paribas
Goldman Sachs
HSBC
Intesa Sanpaolo
Jefferies
JP Morgan
Kepler Cheuvreux
Morgan Stanley
Oddo Securities
Société Générale
Stifel
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.
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- April 24, 2025
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