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Consensus

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

Download document - Consensus

Full year 2025

Last Updated: November 3, 2025
Full year 2025
in million eurosConsensusMaximum valueMinimum valueResponses
Sales25 81326 01725 66011
Volume effect-5,0%-4,4%-5,6%11
Price-mix effect2,7%3,6%2,5%11
Currency effect-3,0%-2,5%-3,5%11
Non tire0,2%0,3%0,0%11
Scope0,0%0,1%-0,5%11
Segment operating income2 6502 7962 52211
Segment operating margin10,3%10,7%9,7%11
Operating income2 2592 5451 88011
Operating margin8,8%9,8%7,3%11
Net Income1 5861 7971 30511
Earnings per share (published)2,262,551,8711
Dividend per share1,231,381,1011
Net debt2 9683 4162 52710
Free cash flow exc. M&A1 6951 9651 52811
SR1 (PC&LT + related distribution) sales14 24114 55013 97111
SR1 operating income1 6421 7751 51610
SR1 operating margin11,5%12,2%10,7%10
SR2 (Truck + related distribution) sales6 0156 1255 90011
SR2 operating income25634520010
SR2 operating margin4,3%5,8%3,3%10
SR3 (Other activities) sales5 5535 7705 02111
SR3 operating income74383058910
SR3 operating margin13,4%14,8%11,0%10
TARGET PRICE32,038,025,015

FULL YEAR 2026

Last Updated: November 3, 2025
FULL YEAR 2026
In million of eurosAverageMaximum valueMinimum valueResponses
Sales26 43327 45025 56011
Volume effect1,7%4,4%0,6%11
Price-mix effect1,7%2,8%-0,2%11
Currency effect-1,4%0,0%-2,2%11
Non tire0,3%1,0%0,0%11
Scope0,0%0,2%-0,5%11
Segment operating income2 9403 2702 05411
Segment operating margin11,1%12,1%7,9%11
Operating income2 7873 0762 52611
Operating margin10,5%11,4%9,7%11
Net Income1 9542 1881 78511
Earnings per share (published)2,833,172,5511
Dividend per share1,411,631,2011
Net debt2 4863 6891 58410
Free cash flow1 6852 1901 41511

FULL YEAR 2027

Last Updated: November 3, 2025
FULL YEAR 2027
In million of eurosAverageMaximum valueMinimum valueResponses
Sales27 40429 42426 52111
Volume effect1,8%4,1%-0,1%11
Price-mix effect1,6%2,5%0,5%11
Currency effect0,0%0,0%-0,4%11
Non tire effect0,3%1,1%0,0%11
Scope effect0,1%1,0%0,0%11
Segment operating income3 4073 9613 08811
Segment operating margin12,4%13,8%11,6%11
Operating income3 2043 7672 88811
Operating margin11,7%13,1%10,8%11
Net Income2 2902 6581 87211
Earnings per share (published)3,343,962,7611
Dividend per share1,652,091,3011
Net debt1 9883 80075710
Free cash flow1 7892 7691 32111

Share coverage

FINANCIAL INSTITUTIONS

  • Alpha Value

  • Barclays

  • 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
  • October 22, 2025

    2025 3rd Quarter & 9 months Sales

  • October 8, 2025

    Pre-close call Q3 2025 (for sell-side analysts)

See All Events