Rankings Food, drinks & restaurants Kering
Kering
66
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−8
- Quality of growth−7
- Multiples vs own history−5
Strengths
- Debt reduction+1
- Growing segments+1
How the score is built
From 100 to 66, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 180.54 EUR
- Median analyst target
- 233.90 EUR
- Upside to median
- +29.6%
- Analysts
- 26
- Target range
- 160.00 – 340.00 EUR
- 52-week change
- −41%
- P/E (trailing)
- n/a
- Forward P/E
- 21.8
- PEG
- 0.55
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−19 of −30
- −8MarginOperating margin 11.3% (TTM) vs 24.3–28.4% in 2021–2023 and net margin −1.5% (loss of EUR 213m TTM); EPS has fallen from EUR 29.31 in 2022 to −1.74. H1 2026 gave a running operating margin of 12.8%, only 0.4 points better than a year earlier.
- −7Quality of growthRevenue has fallen from EUR 20.4bn (2022) to 14.5bn TTM, and Gucci from 10.5 to 5.7bn (−45%); Gucci fell again 5% like-for-like in H1 2026, and the group's +1% came from eyewear and jewellery.
- −4Capital allocationAcquisitions of EUR 5.1bn in 2023 (including Creed) and property investments of 3.3bn in 2024 were financed with debt (gross debt from 9.9 to 20.1bn), after which the dividend was cut from 14 to 3 EUR, and the beauty division and properties had to be sold.
Price
Today's multiples against the company's own history and its peers. · 3 findings−9 of −35
- −5Multiples vs own historyForward P/E 27.9 vs 14.3–25.1 in 2021–2024, even though the margin is less than half of what it was then; EV/EBITDA 10.7 is at the bottom of the 10.2–21.0 range, but on a sharply reduced EBITDA.
- −2PeersForward P/E 27.9 is above LVMH (17.0) and in line with L'Oréal (27.0) and Hermès (29.2), despite a far lower margin and no growth in the main brand.
- −2Normalised FCF yieldExcluding Beauté and property sales, FCF after leasing was only EUR 1.25bn in 2025 (about 4.5% of the market cap of 28bn), and lease payments of 1.1bn a year have risen after sale-and-leaseback.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−9 of −35
- −5Execution of the Gucci turnaroundBarclays calls the goal of growth in all brands in 2026 'increasingly unattainable' and expects Gucci −5% like-for-like; Gucci has now declined for eleven quarters in a row, and the ReconKering plan must deliver within 18 months.
- −2Debt and interest coverageDebt/EBITDA 4.9 incl. leasing and interest coverage only 2.7x; debt/equity 1.17.
- −2China and the Middle EastThe Middle East costs about 2 percentage points of growth, and China continues to drag according to Barclays; sales in Chinese luxury centres fell 10–15% in July–August.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Debt reductionThe sale of Kering Beauté to L'Oréal for 4.0 bn EUR and property sales reduced net debt (excl. leases) by 4.7 bn to 3.3 bn EUR in H1 2026.
- +1Growing segmentsKering Eyewear grew 8% like-for-like in H1 with a 23% operating margin, and jewellery grew 20%.
Caveats
What the score does not capture, or where the data is weak.
Luxury does not fit the industry list: placed under 'Consumer: food, beverages & restaurants' as the nearest consumer category. Stockanalysis' TTM FCF of EUR 6.9bn (P/FCF 4.1, FCF yield 24.7%) is distorted by the sale of Kering Beauté to L'Oréal (4.0bn, closed 31 March 2026) and property sales; the company's own free operating cash flow in H1 was 1.8bn excluding these items. Net debt is 9.4bn including leases per stockanalysis and 3.3bn excluding leases in the company's figures. H1 net income 189m reported vs 355m adjusted (excluding one-offs). Stockanalysis' forecast page gives 404, so formula points may be missing or rest on thin ground. The Pinault family (Artémis) controls the company – mentioned, no points. Any obligation to buy the rest of Valentino and the credit rating have not been examined. Q3 revenue 22 Oct. 2026.
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