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Consensus

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

Download document - Consensus

First half 2026

Last Updated: July 9, 2026
First half 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales12780129181252613
Volume-0,7%-0,2%-2,0%13
Price-Mix1,2%1,8%1,0%13
Currency-3,2%-2,9%-3,7%13
Non tire0,2%0,7%0,0%13
Scope0,6%1,0%0,0%13
Segment operating income13991473130913
Segment operating margin10,9%11,6%10,5%13
Operating income12231418103012
Operating margin9,6%11,0%8,1%12
Net Income8451 07866911
Earnings per share (published)1,211,530,9611
Net debt4146529430778
Free cash flow exc. M&A98366-33210
Consumer - Sales69717115684813
Op. Income83792476312
Op. Margin12,0%13,0%11,0%12
Transportation - Sales28272857276613
Op. Income1371709812
Op. Margin4,9%6,0%3,5%12
Specialties - Sales22302273219212
Op. Income29631825511
Op. Margin13,3%15,4%11,5%11
PCS - Sales71978165312
Op. Income1111547811
Op. Margin15,5%20,9%11,8%11

FULL YEAR 2026

Last Updated: July 9, 2026
FULL YEAR 2026
in million eurosAverageMaximum valueMinimum valueResponses
Sales26529271502565115
Volume effect0,2%1,6%-1,0%15
Price-mix effect2,0%3,5%0,9%15
Currency effect-1,4%-0,6%-2,5%15
Non tire0,3%1,9%-0,3%15
Scope1,0%1,9%0,0%15
Segment operating income27952948261215
Segment operating margin10,5%10,9%10,0%15
Operating income24982850230115
Operating margin9,4%10,5%8,7%15
Net Income17332014158715
Earnings per share (published)2,512,852,3014
Dividend per share1,321,501,1015
Net debt35755570265715
Free cash flow15381791123214
Consumer (PC&LT + related distribution) sales14484150161402015
Consumer operating income16591809152614
Consumer operating margin11,5%12,2%10,7%14
Transportation (Truck + related distribution) sales59386215560015
Transportation operating income31249127014
Transportation operating margin5,2%8,0%4,4%14
Specialties sales45444906428515
Specialties operating income59267948114
Specialties operating margin13,0%15,0%11,0%14
PCS sales15641724127015
PCS operating income23626618414
PCS operating margin15,1%16,1%14,5%14
TARGET PRICE32,540,027,017

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
  • July 2, 2026

    Michelin Pre-close call H1 2026 (for sell-side analysts)

  • May 22, 2026

    2026 Annual General Meeting

See All Events