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Veolia Environnement SA ADR (VEOEY) Fair Value & Analysis

Industrials · US · Market cap $29.8B · ISIN US92334N1037

What is Veolia Environnement SA ADR really worth?

VE Veolia Environnement SA ADR logo Veolia Environnement SA ADR VEOEY · US
Price$18.58
Fair Value$14.26
Upside−23.2%
Quality37/100

Below-average quality, and trading another 30% above our fair value of $14.26.

As of Aug 30, 2026, the fair value of Veolia Environnement SA ADR is $14.26 per share against a price of $18.58, so the fair value sits 23% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Mixed Growth (revenue 5y +10.4 %/yr)
!Thin margins · 2.7% net margin
!High debt · generates free cash flow
!Mixed vs. peers (7/15)
!Moderate moat 45/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 2 out of 100

For context

·8.07% dividend yield
Evidence: Medium Range $6.83 – $22.95

Fair value as of: Aug 30, 2026

From 25 valuation models · updated 7 days ago

Share price −9.2% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The model range is unusually wide ($6.83 to $22.95). The outcome hinges heavily on assumptions, so read the point estimate with caution.

Price vs Fair Value (5 years)

$21.46 $7.82 Fair Value $14.26 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range $7.82 – $21.46 · fair‑value band $6.83 – $22.95 · the $18.58 price screens above the $14.26 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.

Full chart & analysis →

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Analysis

Veolia Environnement SA ADR (VEOEY) currently trades at $18.58, while our model-based Fair Value estimate is $14.26, implying the stock looks roughly 30.3% overvalued today. The Quality Score stands at 37/100 (below-average quality), in the Industrials sector. Bull case: the Multiples group reads highest at a median of $14.37 per share, and 7 of the 25 models we run sit above the $18.58 price. Bear case: the Asset-Based group reads lowest at $3.21, and 18 of the 25 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Veolia Environnement SA ADR generated revenue of $44.4B at a net margin of 2.7%. Revenue declined 0.4% year over year. It earns a return on equity of 12.2%. Net debt stands at $25.3B. Fundamentals as of Aug 30, 2026

Our scenario range runs from $6.83 (bear case) to $22.95 (bull case); at $18.58, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −35% fair-value upside, at −23%, VEOEY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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. Evidence
Highest evidence
FCF DCF $4.21 $8.35 $14.14 77
Growth DCF $4.54 $8.45 $13.71 76
5Y EBITDA Exit $15.69 $29.38 $44.59 74
All 25 models by family
DCF Models
FCF DCF $4.21 $8.35 $14.14 77
Owner Earnings $3.02 $6.67 $11.76 73
5Y Revenue Exit $10.02 $19.44 $31.04 71
5Y EBITDA Exit $15.69 $29.38 $44.59 74
5Y P/E Exit $3.80 $8.55 $13.19 69
10Y Revenue Exit $7.15 $15.13 $24.94 64
10Y EBITDA Exit $11.26 $21.79 $34.67 66
10Y P/E Exit $3.87 $7.82 $12.10 62
Earnings-Based
Graham-Dodd $5.43 $11.52 $14.61 66
PEG = 1.0 $1.75 $2.50 $3.25 57
EPV $12.05 $15.03 $17.64 74
Dividend Discount
Gordon GGM $6.16 $9.39 $12.86 68
DDM Multi-Stage $6.16 $8.83 $11.86 67
Multiples
P/E Multiple $10.78 $14.37 $17.96 63
P/S Multiple $10.18 $13.57 $16.96 58
P/B Multiple $6.47 $8.63 $10.79 55
EV/EBIT $19.62 $28.10 $36.58 65
EV/EBITDA $26.52 $37.31 $48.09 67
EV/Revenue $14.76 $23.58 $32.40 53
Asset-Based
NCAV (Graham) $2.40 $3.21 $4.79 54
Growth DCF
Growth DCF $4.54 $8.45 $13.71 76
Rev-Margin DCF $10.02 $19.49 $29.32 71
Economic Profit
Residual Income $5.17 $6.31 $12.76 72
ROIC Compounder $12.64 $16.66 $20.94 72
Growth Earnings
Growth-Adj P/E $8.01 $11.44 $14.87 67

Widest divergence: Multiples ($14.37) versus Asset-Based ($3.21). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 19.2
P/S ratio 0.53 P/E × margin
EPS (TTM) $0.9700 price ÷ EPS = P/E 19.2
Dividend yield 8.1% payout 155%
Net margin 2.7% FY2025
Return on equity 12.2% TTM
More key figures
Profitability
Return on assets (EBIT) 3.6% avg 5y
Operating margin 7.7% TTM
Growth
Revenue (TTM) $44.4B TTM
Revenue growth (YoY) −0.4% 3y avg −0.2%
EPS growth (YoY) −1.0%
Balance sheet & cash flow
Free cash flow $1.4B FY2025
Net debt $25.3B FY2025 · ≈ 18.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 37/100

Of which business quality 34 · Market factors (momentum, volatility) 57

Profitability 34
Margins and returns on capital today
Quality Growth 43
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 13
Balance sheet, leverage, solvency risk
Investment 91
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Veolia Environnement SA ADR reported revenue of €42.6B in FY2025 versus €28.5B in FY2021, a compound +10.6%/yr. Reported net income was €1.2B in FY2025, compounding +30.4%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
$42.6B
Latest YoY
−4.6%
Avg. revenue growth/yr (3Y) ⓘ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.
−0.2%
Avg. revenue growth/yr (5Y) ⓘ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.
+10.4%
Avg. revenue growth/yr (26Y) ⓘ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.
+2.8%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+11.9% · in USD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+3.8%
Dividend yield8.1%
Trend ⓘ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.5Y 3.8% vs 10Y 1.6%, steady
Operating margin (EBIT) ⓘ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.3.5% (2020) → 7.8% (2025) · rising
Worst earnings drop185% (2011) (loss year, drop beyond 100%) · in USD
Revenue +10.6%/yr
FY21 €28.5B
FY22 €42.9B
FY23 €45.4B
FY24 €44.7B
FY25 €42.6B
Net income +30.4%/yr
FY21 €404M
FY22 €716M
FY23 €937M
FY24 €1.1B
FY25 €1.2B
Character of growth · EPS growth decomposed (2014-2025) +6.0 % p.a.
Revenue per share +0.2 %

of which total revenue +6.9 % · buybacks/dilution −6.2 %

EBIT margin +3.5 %
Tax rate +0.1 %
Residual (interest, one-offs) +2.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

VEOEY screens 30% overvalued. Compare with Waste Management, Inc →

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Cite: Fair Value Calculator (2026). "Veolia Environnement SA ADR Fair Value". https://www.fairvalue-calculator.com/stock/VEOEY

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Waste Management · 165 stocks

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.

Quality Score 37 · Bottom 25%
Fair Value upside −23% · Below median
Return on equity (TTM) 12% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 3% · Below median
Operating margin (TTM) 8% · Below median
Revenue growth 0% · Below median
Dividend yield (TTM) 8.1% · Top 25%
Debt / equity 2.36× · Higher than 75% of peers

Valuation Multiples vs Waste Management median · lower = cheaper

P/E (TTM) 19.2× · Cheaper than median
P/B 4.24× · Pricier than 75% of peers
P/S (TTM) 0.67× · Cheaper than median
P/FCF 21.2× · Pricier than 75% of peers
EV/EBITDA 6.6× · Cheaper than median
PEG 1.22× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE2 · sector 3
FUTURE0 · sector 18
PAST49 · sector 26
HEALTH0 · sector 82
DIVIDEND100 · sector 45

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Waste Management stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Waste Management, Inc WM $217.76 $128.02 −41%
Republic Services, Inc RSG $220.92 $120.63 −45%
Waste Connections, Inc WCN C$230.52 C$78.67 −66%
Clean Harbors, Inc CLH $311.81 $154.01 −51%
GFL Environmental Inc GFL C$57.62 C$44.27 −23%
Fomento de Construcciones y Contratas, S.A FCC €11.30 €7.30 −35%
GEM Co 002340 ¥6.67 ¥5.27 −21%
Zhejiang Weiming Environment Protection Co 603568 ¥14.86 ¥20.95 +41%
Cleanaway Waste Management Limited CWY A$2.60 A$1.18 −55%
Beijing GeoEnviron Engineering & Technology, Inc 603588 ¥14.10 ¥9.35 −34%

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Frequently asked questions

Is Veolia Environnement SA ADR (VEOEY) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of $14.26 versus a price of $18.58, about −23% upside (overvalued).
What is the fair value of VEOEY?
Our model-based fair value for Veolia Environnement SA ADR is $14.26 (as of Aug 30, 2026), built from audited fundamentals. The current price: $18.58.
What is the quality score of VEOEY?
Veolia Environnement SA ADR has a Quality Score of 37/100. 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 SA ADR (VEOEY)?
Our model-based price target is the fair value of $14.26 (as of Aug 30, 2026) from 25 valuation models. Cautious scenario $6.83, optimistic scenario $22.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Veolia Environnement SA ADR stock forecast for 2026?
Our models put fair value at $14.26, about −23% upside versus a price of $18.58 (overvalued). Cautious scenario $6.83, optimistic scenario $22.95. The calculation is refreshed regularly with new filings.
What is the revenue of Veolia Environnement SA ADR (VEOEY)?
Veolia Environnement SA ADR reported trailing-twelve-month revenue of about $44.4B (latest available figure, as of Aug 30, 2026).
What is the net profit margin of VEOEY?
The net profit margin of Veolia Environnement SA ADR is about 2.7%, meaning it keeps roughly 2.7% of revenue as net income. Based on the latest reported figures.
Does Veolia Environnement SA ADR pay a dividend?
Veolia Environnement SA ADR currently shows a dividend yield of about 8.07% relative to its recent price (as of Aug 30, 2026).
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