Lagardere S.A.

MMB.PA

Travel Services · Consumer Cyclical

Exchange

Euronext Paris

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Strong

Stability

Mixed

Valuation

Good

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Winston Score History

The full picture

Lagardère is a French company that runs two main businesses: travel retail shops and book publishing. Its travel retail division, called Lagardère Travel Retail, operates thousands of stores inside airports, train stations, and motorway stops — selling food, drinks, books, and luxury goods to travelers. It also owns Hachette Livre, one of the largest book publishers in the world, which publishes titles across dozens of countries and languages.

The company makes money by selling products directly in its retail stores and by earning royalties and fees from publishing books. Lagardère operates in over 40 countries, with a strong presence in Europe and North America, and its airport retail locations give it a captive customer base that is hard for competitors to replicate. The key growth driver is a continued recovery in global air travel, which brings more foot traffic to its airport stores, though rising rents for terminal space and any slowdown in travel demand remain meaningful risks to its retail margins.

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

+5.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-4.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

75.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€875M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Lagardere S.A. is growing revenue at 5% 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

8.5%

Thin — 8.5% gross margin

Profit after running costs

Operating Margin

7.6%

Modest — 7.6% operating margin

Return on the money invested

ROCE

32.1%

Exceptional — 32.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+4.7%

Slow sales growth (+4.7% YoY)

Profit growth

EPS YoY

+21.0%

Earnings growing fast (+21.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

636%

Turns 636% of profit into real cash

Spare cash per sale

FCF Margin

11.0%

Modest free cash flow (11.0%)

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

2.57

Heavy debt load (2.57)

Covers its interest

Interest Cover

3.79x

Tight — interest eats into profit (3.8x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.6x

no trend

Attractive valuation — P/E 12.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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