Veolia Environnement VE SA (VIE) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Veolia Environnement VE SA stock €20.39, price €34.51, that is 40.9% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range €16.13 – €37.52 · fair‑value band €11.15 – €31.01 · the €34.51 price screens above the €20.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Veolia Environnement SA designs and provides water, waste, and energy management solutions. It operates through France and Hazardous Waste Europe; Europe; Americas, Asia Pacific, Africa Middle-East; Water Technologies; and Other segments.
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The company is involved in resource management; production, treatment, distribution, and delivery of drinking and industrial process water; customer relationship management; collection, treatment, and recycling of wastewater; provision of organic matter, salts, metals, complex molecules, and energy; design and construction of water treatment and network infrastructure; and sale of water treatment equipment, technologies, and facilities.
It also provides waste collection, product and waste material recovery, and waste-to-energy processing, including sale of recycled products; material recovery of organic waste; dismantling and remediation; hazardous waste processing and treatment; urban cleaning; and industrial maintenance and cleaning services.
In addition, the company engages in the operation and maintenance of heating and cooling networks; optimization of industrial utilities, such as steam generation, cooling, electricity, and compressed air; installation and maintenance of production equipment; development of energy services to reduce energy consumption and CO2 emissions of buildings; integrated services for building management; production of electricity from renewable and alternative energy sources, including geothermy, biomass, co-generation, and wastewater plants, etc.; and provision of Hubgrade, a management platform for building and infrastructure energy efficiency monitoring, as well as thermal and multi-technical services.
It serves industrial and service sector companies, public authorities, and individuals. The company was formerly known as Vivendi Environnement and changed its name to Veolia Environnement SA in January 2003. Veolia Environnement SA was founded in 1853 and is headquartered in Aubervilliers, France.
Stock analysis
Veolia Environnement VE SA (VIE) currently trades at €34.51, while our model-based Fair Value estimate is €20.39, 41% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €33.08 per share, and 3 of the 23 models we run sit above the €34.51 price.
Bear case: the Economic Profit group reads lowest at €14.47, and 20 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: €11.15 (bear) to €31.01 (bull), the price of €34.51 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 44/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Veolia Environnement VE SA reported revenue of €44.4B in FY2025 versus €28.5B in FY2021, a compound +11.7%/yr. Reported net income was €1.2B in FY2025, compounding +31.7%/yr from FY2021.
Key figures
Market cap €25.6B Large · P/E ratio 20.1 · P/S ratio 0.76 · EPS (TTM) €1.72 · Dividend yield 4.3% · Net margin 2.8% · Return on equity 13.4% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −8% fair-value upside, at −41%, VIE screens richer than that median.
Fair Value models
Bear€11.15Fair Value €20.39Bull€31.01
Price €34.51 · Downside -40.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1887 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Start year 2020 (pandemic). Over 10 years: +5.9% a year
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+24.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.2%
Dividend (yield on the price)4.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.20.2% vs 11.5%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 8%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +10.9% a year for the price and +4.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (79 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Long-term municipal contracts for integrated water, waste and energy services deliver recurring revenues, yet high debt relative to equity and capital intensity remain key constraints.
Main risk: Capital intensity and regulatory demands of fulfilling long-term municipal contracts could pressure margins and cash flows given the existing high debt relative to equity.
Veolia wins extended municipal contracts for water services that embed digital upgrades for resilience and efficiency under climate stress. Its integrated approach across water, waste and energy creates recurring revenue streams from cities and industry. Our models currently see the stock as overvalued. Does the stability of these long-term deals outweigh the capital intensity and regulatory demands of the business?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Waste Management · 154 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside−40.9% · Below median
Profitability
Return on equity (12 months)13.4% · Top 25%
Return on assets2.3% · Below median
Net margin (12 months)3.7% · Below median
Operating margin (12 months)8.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)0.7% · Below median
Dividend yield (12 months)4.3% · Top 25%
Balance sheet
Debt / equity2.36× · Highest 25%
Valuation Multiplesvs Waste Management median · lower = cheaper
P/E (12 months)20.1× · Pricier than median
P/B3.65× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.76× · Cheapest 25%
Price / free cash flow (fiscal year)23.3× · Pricier than median
EV/EBITDA9.2× · Cheaper than median
PEG0.97× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 32
FUTURE (revenue growth)4· sector 37
PAST (return on equity)54· sector 23
HEALTH (low debt)0· sector 83
DIVIDEND (yield)87· sector 52
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Veolia Environnement VE SA Fair Value". https://www.fairvalue-calculator.com/stock/VIE
Frequently asked questions
Is Veolia Environnement VE SA (VIE) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €20.39 versus a price of €34.51, about 41% lower (overvalued).
What is the fair value of VIE?
Our model-based fair value for Veolia Environnement VE SA is €20.39 (as of Nov 9, 2026), built from audited fundamentals. The current price: €34.51.
What is the quality score of VIE?
Veolia Environnement VE SA has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Veolia Environnement VE SA (VIE)?
Our model-based price target is the fair value of €20.39 (as of Nov 9, 2026) from 23 valuation models. Cautious scenario €11.15, optimistic scenario €31.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Veolia Environnement VE SA stock forecast for 2026?
Our models put fair value at €20.39, about 41% lower versus a price of €34.51 (overvalued). Cautious scenario €11.15, optimistic scenario €31.01. The calculation is refreshed regularly with new filings.
What is the revenue of Veolia Environnement VE SA (VIE)?
Veolia Environnement VE SA reported trailing-twelve-month revenue of about €44.5B (latest available figure, as of Nov 9, 2026).
Does Veolia Environnement VE SA pay a dividend?
Veolia Environnement VE SA currently shows a dividend yield of 4.35% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Veolia Environnement VE SA (VIE) and when is the ex-dividend date?
Veolia Environnement VE SA pays a dividend of €1.50 per share a year, a dividend yield of 4.3%. The last ex-dividend date was May 11, 2026. A dividend has been paid every year since at least 2001. The payout ratio is 87.2% of earnings. Free cash flow covers the dividend 1.31 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Veolia Environnement VE SA (VIE)?
For today's price to be fair in a discounted-cash-flow model, Veolia Environnement VE SA would have to grow free cash flow by +13.3 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.3 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of VIE use?
Our models discount Veolia Environnement VE SA at 9.7 %: a base by market capitalisation (large), damped by beta 0.98, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Veolia Environnement VE SA that is +13.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Veolia Environnement VE SA (VIE) delivered so far?
Over the past 5 years revenue at Veolia Environnement VE SA grew +11.3 % a year. The price currently implies free-cash-flow growth of +13.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Veolia Environnement VE SA (VIE) growing?
The median revenue growth in the sector is +4.8 % a year. That is the yardstick for the growth priced into Veolia Environnement VE SA (+13.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Veolia Environnement VE SA (VIE)?
The free-cash-flow yield on the price is 5.71 %: that much free cash flow Veolia Environnement VE SA produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Veolia Environnement VE SA (VIE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Veolia Environnement VE SA it is €20.39 per share (as of Nov 9, 2026), against a price of €34.51. It is the blended result of 23 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Veolia Environnement VE SA stock overvalued or undervalued in 2026?
As of Nov 9, 2026, VIE trades above its calculated fair value: price €34.51, fair value €20.39, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VIE?
No. The price is what the market pays today (€34.51); the fair value is what the company's own numbers justify (€20.39). For Veolia Environnement VE SA the two are €14.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Veolia Environnement VE SA worth?
The market values Veolia Environnement VE SA at about €25.6B (market capitalisation, as of Nov 9, 2026). Per share that is €34.51; our models calculate a fair value of €20.39 per share.
What do the bullish and bearish scenarios say about VIE?
Our models span a range for Veolia Environnement VE SA: cautious scenario €11.15, base €20.39, optimistic €31.01 per share (as of Nov 9, 2026, price €34.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VIE?
Veolia Environnement VE SA trades at a price-to-earnings ratio of 20.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €20.39 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 22.3. Other multiples: PEG 1.0, P/B 3.7, P/S 0.8, EV/EBITDA 9.2.
What is the PEG ratio of VIE?
The PEG ratio of Veolia Environnement VE SA is 0.97 (P/E divided by earnings growth, as of Nov 9, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Veolia Environnement VE SA (VIE)?
Balance-sheet figures for Veolia Environnement VE SA (as of Nov 9, 2026): return on equity 13.4%, debt of 2.36 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is VIE from its 52-week high?
Veolia Environnement VE SA trades at €34.51, about 8% below its 52-week high of €37.52 and 27% above the low of €27.21 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of €20.39 is for.
Which stocks are comparable to Veolia Environnement VE SA?
From the same area (Industrials) we also value Waste Management, Inc, Republic Services, Inc, Waste Connections, Inc, Clean Harbors, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Veolia Environnement VE SA stock attractive at the current price?
The data as of Nov 9, 2026: price €34.51, calculated fair value €20.39 (−41%), Quality Score 44/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VIE calculated?
We run Veolia Environnement VE SA through 23 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €20.39 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Veolia Environnement VE SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Veolia Environnement VE SA (VIE)?
The closing price on Nov 9, 2026 was €34.51. Our model-based fair value is €20.39, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Veolia Environnement VE SA right now?
The price sits above even our optimistic bull case (€31.01). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (€11.15 to €31.01). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Where does the earnings growth of Veolia Environnement VE SA (VIE) come from?
Earnings per share at Veolia Environnement VE SA grew +12.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.8 %, EBIT margin +4.2 %, tax rate +1.0 %, residual (interest, one-offs) +3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Veolia Environnement VE SA
How large is the market capitalisation of Veolia Environnement VE SA (VIE)?
The market capitalisation of Veolia Environnement VE SA is €25.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Veolia Environnement VE SA (VIE)?
The price-to-sales ratio of Veolia Environnement VE SA is 0.76 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Veolia Environnement VE SA (VIE)?
Earnings per share at Veolia Environnement VE SA are €1.72 (price ÷ EPS = P/E 20.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Veolia Environnement VE SA (VIE)?
The dividend yield of Veolia Environnement VE SA is 4.3% (payout 87.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Veolia Environnement VE SA (VIE)?
The net margin of Veolia Environnement VE SA is 2.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Veolia Environnement VE SA (VIE)?
The return on equity (ROE) of Veolia Environnement VE SA is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Veolia Environnement VE SA (VIE)?
On an EBIT basis the return on assets of Veolia Environnement VE SA is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Veolia Environnement VE SA (VIE)?
The operating margin of Veolia Environnement VE SA is 8.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Veolia Environnement VE SA (VIE)?
Revenue at Veolia Environnement VE SA is growing +0.7% versus a year earlier (3y avg +1.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Veolia Environnement VE SA (VIE)?
Earnings per share at Veolia Environnement VE SA are growing +5.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Veolia Environnement VE SA (VIE) carry?
The net debt of Veolia Environnement VE SA is €12.2B (fiscal year 2025, ≈ 8.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026