Bureau Veritas S.A.

BVI.PA

Consulting Services · Industrials

Price

€27.55

+0.13 (+0.47%)

Market Cap

€12.22B

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Strong

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Share count falling — buybacks

−1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 455.0M (2021) → 448.9M (2025)

Winston Score History

The full picture

Bureau Veritas is a French company that checks whether products, buildings, ships, and industrial facilities meet safety and quality standards. Its customers include manufacturers, construction firms, oil and gas companies, and governments that need independent verification before selling or operating something. The company is one of the largest testing, inspection, and certification businesses in the world.

Bureau Veritas earns money by charging fees each time it performs an inspection, runs a lab test, or issues a certification. It operates in over 140 countries, employs roughly 80,000 people, and competes mainly against a small group of global rivals like SGS and Intertek. Its main competitive advantage is its global network and long-standing accreditations, which are difficult for new entrants to replicate. The key growth driver is rising demand for supply chain transparency and stricter environmental and safety regulations worldwide, though a slowdown in industrial activity or construction spending could weigh on revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-25.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

26.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bureau Veritas S.A. is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

15.2%

Thin — 15.2% gross margin

Profit after running costs

Operating Margin

13.3%

Healthy — 13.3% operating margin

Return on the money invested

ROCE

21.2%

Exceptional — 21.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

-22.4%

Earnings shrinking (-22.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

191%

Turns 191% of profit into real cash

Spare cash per sale

FCF Margin

12.4%

Converts sales into free cash efficiently (12.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.66

Elevated debt (1.66)

Covers its interest

Interest Cover

7.74x

Adequate interest coverage (7.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

24.2x

Growth-priced — P/E 24.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+7.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.2 → 16.8)

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Dividends

Dividend

Dividend Yield

3.33%

Moderate income — 3.33% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+59.3%

Dividend growing fast (59.3% YoY)

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