AC — Accor SAConsumer Cyclical · LodgingEURONEXT

€10.4B

Mkt Cap

€13.5B

Ent. Value

-€3.1B

Net Cash

€44.22

52W €38 – €50

€10.4B

Mkt Cap

€13.5B

Ent. Value

-€3.1B

Net Cash

25.6×

P/E TTM

5.10

PEG

16.9×

P/FCF

2.4×

P/Book

1.8×

P/Sales

11.8×

EV/EBITDA

15.5×

EV/EBIT

22.0×

EV/FCF

2.4×

EV/Sales

4.6%

Earn Yld

6.3%

FCF Yld

3.1%

Div Yld

€44.22

All values in Euros (EUR)

EUR	FY2025	FY2024	FY2023	FY2022
Revenue	5.64B	5.61B	5.06B	4.22B
YoY Growth	+0.6%	+10.9%	+19.7%	—
Gross Profit	2.94B	2.89B	2.55B	2.04B
Gross Margin	52.1%	51.5%	50.5%	48.4%
R&D	—	—	—	—
SG&A	—	—	—	—
EBIT	869.00M	779.00M	724.00M	447.00M
EBIT Margin	15.4%	13.9%	14.3%	10.6%
D&A	330.00M	341.00M	279.00M	228.00M
EBITDA	1.14B	1.33B	1.08B	794.00M
EBITDA Margin	20.2%	23.8%	21.5%	18.8%
Net Income	449.00M	610.00M	633.00M	402.00M
Net Margin	8.0%	10.9%	12.5%	9.5%
EPS (diluted)	€1.61	€2.33	€2.51	€1.39
Shares (dil., M)	240	246	252	289

Company Brief

Accor SA operates a chain of hotels worldwide. The company operates through Premium, Midscale and Economy; and Luxury & Lifestyle segments. Its Premium, Midscale and Economy segment includes the Ibis, Novotel, Mercure, Swissôtel, Mövenpick, and Pullman brands operating in Europe and North Africa, the Middle East, Africa, the Asia-Pacific, the Americas, and China. The company Luxury & Lifestyle segment includes the Raffles and Fairmont, Sofitel, MGallery and Emblems, and Ennismore brands. It also owns, leases, manages, and franchises hotels. In addition, the company provides discount card programs; catering and event management; digital, hotel booking, and concierge services; and other services in events, fine dining, and entertainment, as well as operation of performance venues and coworking spaces. Further, it offers hotel management, personnel, procurement, treasury and management, IT, advertising, and other advice services. Accor SA was incorporated in 1960 and is headquartered in Issy-les-Moulineaux, France.

CEOMr. Sebastien Marie Christophe BazinEmployees17,337IPO Date2000-01-03CountryFranceWebsitegroup.accor.com/en

Margins (TTM)

Gross Margin	52.1%
EBITDA Margin	20.2%
EBIT Margin	15.4%
Net Margin	8.0%
FCF Margin	10.9%

Returns on Capital

ROIC	7.8%
ROCE	9.7%
ROE	10.5%
ROA	3.8%
Asset Turnover	0.48×

Earnings Quality

FCF / Net Income	136.5%
SBC / Net Income	9.1%
SBC / Revenue	0.7%
Capex / D&A	0.60×

Growth (CAGR)

Metric	3yr
Revenue	10.1%
EPS	5.0%
FCF	15.3%
Dividend	—

Ownership

Float	67.7%
Shares Out.	234.7M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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Balance Sheet

Cash & ST Invest.	€1.4B
Total Debt	€4.3B
Net Cash / (Debt)	-€3.1B
Total Assets	€11.7B
Total Equity	€4.3B
Goodwill & Intang.	€5.4B
Tangible Book Value	-€1.1B
NCAV (Graham)	-€4.6B
Tangible Book/sh	-€4.65
NCAV/sh	-€19.39

Leverage

D/E Ratio	1.00×
Net Debt / EBITDA	2.71×
Interest Coverage	5.50×
Current Ratio	1.05×
Quick Ratio	1.04×

Capital Allocation (last FY)

Capex	€197.0M
Capex / Revenue	3.5%
SBC	€41.0M
Dividends Paid	€327.0M
Buybacks	€452.0M

Dividends

Annual DPS	€1.35
Yield (fwd)	3.05%
Payout Ratio	78.3%
Ex-div Date	2026-06-01

Valuation vs History

P/E vs 4Y	25.6×vs 18.5× median
Div yield vs 10Y	320.0%vs 2.7% median

Buyback History

FY 2025€452.0M-3.7%

FY 2024€404.0M-3.4%

FY 2023€401.0M-4.1%

FY 2022——

Margins (TTM)

Gross Margin	52.1%
EBITDA Margin	20.2%
EBIT Margin	15.4%
Net Margin	8.0%
FCF Margin	10.9%

Returns on Capital

ROIC	7.8%
ROCE	9.7%
ROE	10.5%
ROA	3.8%
Asset Turnover	0.48×

Earnings Quality

FCF / Net Income	136.5%
SBC / Net Income	9.1%
SBC / Revenue	0.7%
Capex / D&A	0.60×

Growth (CAGR)

Metric	3yr
Revenue	10.1%
EPS	5.0%
FCF	15.3%
Dividend	—

Ownership

Float	67.7%
Shares Out.	234.7M
Insiders %	—
Institutions %	—
Institutions (of float)	—
Institution holders	—
Insider net buy 6M	—

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€44.22

All values in Euros (EUR)

EUR	FY2025	FY2024	FY2023	FY2022
Revenue	5.64B	5.61B	5.06B	4.22B
YoY Growth	+0.6%	+10.9%	+19.7%	—
Gross Profit	2.94B	2.89B	2.55B	2.04B
Gross Margin	52.1%	51.5%	50.5%	48.4%
R&D	—	—	—	—
SG&A	—	—	—	—
EBIT	869.00M	779.00M	724.00M	447.00M
EBIT Margin	15.4%	13.9%	14.3%	10.6%
D&A	330.00M	341.00M	279.00M	228.00M
EBITDA	1.14B	1.33B	1.08B	794.00M
EBITDA Margin	20.2%	23.8%	21.5%	18.8%
Net Income	449.00M	610.00M	633.00M	402.00M
Net Margin	8.0%	10.9%	12.5%	9.5%
EPS (diluted)	€1.61	€2.33	€2.51	€1.39
Shares (dil., M)	240	246	252	289

Company Brief

CEOMr. Sebastien Marie Christophe BazinEmployees17,337IPO Date2000-01-03CountryFranceWebsitegroup.accor.com/en

Balance Sheet

Cash & ST Invest.	€1.4B
Total Debt	€4.3B
Net Cash / (Debt)	-€3.1B
Total Assets	€11.7B
Total Equity	€4.3B
Goodwill & Intang.	€5.4B
Tangible Book Value	-€1.1B
NCAV (Graham)	-€4.6B
Tangible Book/sh	-€4.65
NCAV/sh	-€19.39

Leverage

D/E Ratio	1.00×
Net Debt / EBITDA	2.71×
Interest Coverage	5.50×
Current Ratio	1.05×
Quick Ratio	1.04×

Capital Allocation (last FY)

Capex	€197.0M
Capex / Revenue	3.5%
SBC	€41.0M
Dividends Paid	€327.0M
Buybacks	€452.0M

Dividends

Annual DPS	€1.35
Yield (fwd)	3.05%
Payout Ratio	78.3%
Ex-div Date	2026-06-01

Valuation vs History

P/E vs 4Y	25.6×vs 18.5× median
Div yield vs 10Y	320.0%vs 2.7% median

Buyback History

FY 2025€452.0M-3.7%

FY 2024€404.0M-3.4%

FY 2023€401.0M-4.1%

FY 2022——

Not investment adviceUpdated 4/17/2026