Edenred SE EDEN
ParisPayments and financial technologyFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| €B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 1.9 | 1.6 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 1.7 | 1.6 |
| Debt | 4.5 | 4.8 |
| Net cash | -2.6 | -3.2 |
| Equity | -0.9 | -1.0 |
- Debt / EBITDA
- 3.74×
- Debt / equity
- –
- Leases (6/30/26)
- €115M
- Diluted shares
- 240M
- Book value / share
- −€4.09
- Price / book
- –
- Net cash / share
- −€13.18
- Market cap
- €5.9B
- Enterprise value
- €9.1B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 1.5% | -2.5 pts | |
| Operating margin | 31.2% | -3.7 pts | |
| FCF margin | -11.0% | -1.3 pts | |
| Capex / revenue | 6.7% | +0.2 pts | |
| Platform users | ≥60.0M | – | |
| Partner merchants | ≥2.0M | – | |
| New SME clients growth | ≥+10% | – | – |
| Net working capital | −€5.2B | – | |
| Business volume · 12/31/25 | ~€49.0B | +9% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About EDEN
Edenred provides prepaid employee benefits, fleet payments and corporate payment services. Benefits & Engagement generated EUR2,054 million of its EUR2,961 million 2025 revenue; Mobility contributed EUR683 million and other payment activities EUR224 million.
- Two Sided Network
More merchant acceptance increases user utility, while more than 60 million users and one million client companies offer merchants transaction volume.
- Float Prepayment
Employers pre-fund benefit instruments before users spend and merchants are reimbursed, creating investable float and negative working-capital economics.
- Two Sided Network
Dense multi-energy acceptance and service coverage improves fleet convenience and makes Edenred more useful to fleets and merchants.
- Oct 21, 2026
Q3 revenue was EUR725m. FY EBITDA guidance remains -10% to -7% like for like, while the absolute range changes to EUR1.22bn-1.26bn for scope. Edenred Pay North America has been equity-accounted since August 1.
- Sep 28, 2026
Fabrizio Ruggiero became Chief Operating Officer of Benefits & Engagement, replacing Arnaud Erulin and taking responsibility for client acquisition, cross-selling and merchant services.
- Aug 2026
Edenred completed its Mobility House Solutions acquisition, reported on August 3, adding ChargePilot and depot charging delivery under Edenred E-Mobility. The report does not state the exact closing day.
- Jul 31, 2026
Abry Partners invested USD75 million in Edenred Pay North America, with preferred conversion rights for 40% of common equity; Edenred moved the business to equity-method accounting and retained exposure to its future value.
- Jul 23, 2026
Edenred raised 2026 EBITDA guidance to a 7%-10% like-for-like decline from an 8%-12% decline after first-half results; regulatory changes still require an earnings reset.
Ownership
Go deeper on EDEN
- Compare stock research toolsFundamentals, valuation and screening platforms for EDEN.19 tools
- See EDEN's price chartNo price chart here yet. See price history and indicators.17 tools
- Read EDEN's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (€) | |||||||||||||
| Revenue | 4.89 | 5.60 | 5.77 | 6.71 | 5.97 | 6.19 | 7.68 | 9.51 | 11.30 | 12.03 | 12.42 | +10.5%/yr | |
| Cash flow | 1.77 | 2.10 | 2.20 | 1.92 | 2.93 | 2.30 | 3.83 | 3.98 | 4.07 | 5.16 | 5.22 | +12.6%/yr | |
| Earnings | 0.77 | 1.02 | 1.06 | 1.29 | 0.97 | 1.19 | 1.46 | 1.01 | 2.01 | 2.12 | 2.08 | +11.8%/yr | |
| Free cash flow | 1.53 | 1.76 | 1.82 | 1.51 | 2.50 | 1.86 | 3.26 | 3.26 | 3.21 | 4.35 | 4.38 | +12.4%/yr | |
| Capex | 0.25 | 0.33 | 0.38 | 0.40 | 0.42 | 0.43 | 0.57 | 0.72 | 0.86 | 0.80 | 0.85 | +13.9%/yr | |
| Dividends | 0.64 | 0.46 | 0.44 | 0.26 | 0.24 | 0.23 | 0.85 | 0.94 | 1.07 | 1.17 | 1.28 | +7.0%/yr | |
| Book value | -5.28 | -6.39 | -6.53 | -4.92 | -5.01 | -3.62 | -2.72 | -2.57 | -3.59 | -3.75 | -4.09 | – | |
| Diluted shares (M) | 233 | 236 | 239 | 242 | 245 | 263 | 264 | 264 | 253 | 246 | 240 | +0.6%/yr | |
| Totals (€B) | |||||||||||||
| Revenue | 1.1 | 1.3 | 1.4 | 1.6 | 1.5 | 1.6 | 2.0 | 2.5 | 2.9 | 3.0 | 3.0 | +11.2%/yr | |
| Operating income | 0.4 | 0.4 | 0.4 | 0.5 | 0.4 | 0.5 | 0.7 | 0.7 | 1.0 | 1.0 | 1.0 | +12.9%/yr | |
| Net income | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.3 | 0.4 | 0.3 | 0.5 | 0.5 | 0.5 | +12.5%/yr | |
| Free cash flow | 0.4 | 0.4 | 0.4 | 0.4 | 0.6 | 0.5 | 0.9 | 0.9 | 0.8 | 1.1 | 1.1 | +13.1%/yr | |
| Dividends | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | +7.6%/yr | |
| Net cash | -1.2 | -1.2 | -1.2 | -1.8 | -2.1 | -1.9 | -1.4 | -2.7 | -2.8 | -2.6 | -3.2 | −€1.4B | |
| Margins & returns (%) | |||||||||||||
| Operating margin | 30.9 | 32.8 | 32.0 | 32.8 | 29.1 | 31.5 | 32.4 | 28.1 | 35.4 | 35.4 | 33.6 | +4.5 pts | |
| Net margin | 15.8 | 18.3 | 18.4 | 19.2 | 16.2 | 19.2 | 19.0 | 10.6 | 17.8 | 17.6 | 16.8 | +1.8 pts | |
| FCF margin | 31.2 | 31.5 | 31.6 | 22.6 | 41.9 | 30.1 | 42.4 | 34.3 | 28.4 | 36.2 | 35.2 | +5.0 pts | |
| ROIC | – | – | – | 55.6 | 34.4 | 37.5 | 61.0 | 23.3 | 36.7 | 41.7 | 31.0 | – | |
| Stock pay % of revenue | 0.8 | 0.9 | 0.9 | 1.0 | 1.0 | 0.7 | 1.0 | 0.8 | 1.0 | 0.8 | 1.0 | -0.0 pts | |
| Capex % of revenue | 5.1 | 5.9 | 6.5 | 6.0 | 7.1 | 7.0 | 7.4 | 7.6 | 7.6 | 6.7 | 6.8 | +1.6 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- narrowing
- Pricing power
- moderate
- Benefits & Engagement69.4%2 claims
- Mobility23.1%1 claim
- Payment Solutions & New Markets7.6%No moat
Moat claims
- Applies to
- Benefits & Engagement
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
More merchant acceptance increases user utility, while more than 60 million users and one million client companies offer merchants transaction volume. The effect is meaningful but non-exclusive because merchants and employers multi-home and Brazil now requires large issuers to support open-loop arrangements.
First-half 2026 Benefits operating revenue was EUR887 million against EUR905 million a year earlier; Brazil open-network rules and Italian merchant fee caps reduce the value of proprietary acceptance despite continued client acquisition.
- Platform users≥60,000,000
- Partner merchants≥2,000,000
- Business volume~€49.0B+9%
- New SME clients growth≥+10%
- Merchants and employers multi-home across issuers
- Open-loop mandates and interoperable wallets reduce acceptance differentiation
- Merchant fee caps compress the economic value captured from the network
- Adverse outcomes in the Italian competition proceeding could require conduct changes
- SourceEdenred first-half 2026 resultsJul 23, 2026
- SourceEdenred 2026 Half-Year Financial ReportJul 23, 2026
- Applies to
- Benefits & Engagement
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 7, 2026
Employers pre-fund benefit instruments before users spend and merchants are reimbursed, creating investable float and negative working-capital economics. The value varies with settlement duration, interest rates and regulation.
First-half 2026 other revenue rose only to EUR113 million from EUR112 million, while Brazil limits merchant reimbursement to 15 days; less time between prepayment and settlement reduces the funding benefit.
- Business volume~€49.0B+9%
- Other revenue€58M
- Net working capital−€5.2B
- Faster settlement requirements reduce float duration
- Declining interest rates reduce revenue earned on float
- Regulation restricts float investment options
- SourceEdenred 2025 Universal Registration DocumentMar 24, 2026
- SourceEdenred first-half 2026 resultsJul 23, 2026
- SourceEdenred 2026 Half-Year Financial ReportJul 23, 2026
- Applies to
- Mobility
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 7, 2026
Dense multi-energy acceptance and service coverage improves fleet convenience and makes Edenred more useful to fleets and merchants. The advantage is constrained by fleet multi-homing and by the ability of competitors to aggregate third-party fuel and charging networks.
Mobility operating revenue reached EUR373 million in first-half 2026 against EUR334 million a year earlier, while access to more than one million public charging points extends acceptance beyond fuel.
- Platform users≥60,000,000
- Partner merchants≥2,000,000
- Business volume~€49.0B+9%
- Mobility operating revenue€202M
- Fuel card economics pressured as fleets shift to EV charging and telematics bundles
- Oil majors and integrated fleet platforms compete aggressively on price
- Large fleets multi-home across providers, weakening exclusivity
- SourceEdenred 2025 Universal Registration DocumentMar 24, 2026
- SourceEdenred first-half 2026 resultsJul 23, 2026
- NewsEdenred completes Mobility House Solutions acquisitionAug 3, 2026
Profile change log
- Nov 11, 2026 · business change
Q3 revenue was EUR725m. FY EBITDA guidance remains -10% to -7% like for like, while the absolute range changes to EUR1.22bn-1.26bn for scope. Edenred Pay North America has been equity-accounted since August 1.
- Oct 7, 2026 · business change
Fabrizio Ruggiero became Chief Operating Officer of Benefits & Engagement, replacing Arnaud Erulin and taking responsibility for client acquisition, cross-selling and merchant services.
- Oct 7, 2026 · business change
Edenred completed its Mobility House Solutions acquisition, reported on August 3, adding ChargePilot and depot charging delivery under Edenred E-Mobility. The report does not state the exact closing day.
- Oct 7, 2026 · business change
Abry Partners invested USD75 million in Edenred Pay North America, with preferred conversion rights for 40% of common equity; Edenred moved the business to equity-method accounting and retained exposure to its future value.
- Oct 7, 2026 · business change
Edenred raised 2026 EBITDA guidance to a 7%-10% like-for-like decline from an 8%-12% decline after first-half results; regulatory changes still require an earnings reset.
- Oct 7, 2026 · business change
Edenred disclosed exploratory approaches from investment funds but said it had no information on the reality of their interest; the statement establishes no agreed takeover.
- Oct 7, 2026 · business change
Edenred agreed to acquire The Mobility House Solutions, adding charging installation and energy management for fleet depots to its Mobility offering.
- Oct 7, 2026 · business change
Italy opened an abuse-of-dominance investigation into Edenred's meal-voucher acceptance and merchant terms, adding conduct and financial risk to the fee-cap adjustment.
- Oct 7, 2026 · business change
A Brazilian Federal Regional Court decision made the new meal-voucher decree applicable to issuers, putting fee caps, open networks and faster merchant reimbursement into Edenred's operating outlook.
- Oct 7, 2026 · business change
The Paris Court of Appeal upheld the French meal-voucher antitrust fine; Edenred wrote down the EUR158 million payment receivable and appealed to the Court of Cassation.
- Oct 7, 2026 · analyst revision
Replaced first-half 2026 operating-revenue weights of 65.22%, 27.43% and 7.35% with full-year 2025 total-revenue weights of 69.37%, 23.07% and 7.56%, including float interest, to align segments with the reported consolidated revenue.
- Oct 7, 2026 · analyst revision
Verified the three existing moat claims, added narrowing benefits and float trajectories and a widening Mobility trajectory, and added sourced debate, management and market profiles. Ratings, industry, sector and the no-moat status of Payment Solutions & New Markets are unchanged.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Employee benefits and engagement
Employer-funded meal and food vouchers, commuting benefits, gift and reward payments, and employee engagement platforms. Excludes general-purpose consumer payments and payroll processing; national tax and payment rules define the usable benefits and acceptance.
- Edenred
- Pluxee
- Groupe Up
- Alelo
- Swile
- ePassi
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| EDEN | 54 | – | 33.6% | |
| Industry median | 10 | 73 | 52.7% | 33.6% |
| Sector median | 49 | 73 | 61.5% | 35.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Tax-supported benefits and higher voucher face-value limits can increase funded spending without adding users.
- SMEs use fewer benefits platforms than large companies, giving digital distribution room to add employers.
- Employers compete for staff with meal, commuting, wellness and engagement benefits, supporting a wider service portfolio.
- Digitization improves benefit use and merchant reach; e-commerce acceptance extends employee convenience.
- Brazil open payment networks and interoperability reduce proprietary acceptance advantages; its 15-day merchant settlement cap reduces float income.
- Merchant fee caps in Italy and Brazil reduce issuer revenue even when voucher spending grows.
- Falling interest rates reduce float income; currency movements in Brazil and other international markets change euro-reported results.
- Unemployment and weak employer hiring reduce funded users; repeated procurement tenders and merchant acceptance of multiple issuers limit pricing.
- Competition investigations can impose fines or changes to acceptance and settlement terms. Italy opened an Edenred abuse-of-dominance case in March 2026.
Bulls & bears
Can new clients and services replace the earnings lost to lower meal-voucher fees and shorter float duration without relying on a reversal of Brazil and Italy regulation?
Arguments
What to watch
- 1Benefits operating revenue and intrinsic growth versus reported growth
- 2Other revenue, prepaid balances and merchant settlement duration
- 3Mobility operating revenue and the use of Beyond Fuel services
Next check: FY2026 results on March 2, 2027: test the Brazil and Italy regulatory reset after Benefits & Engagement Q3 like-for-like revenue fell 5.9%, against Mobility growth of 10.7%. Reconcile Edenred Pay North America equity accounting with revised guidance and cash conversion.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 54/100 by <a href="https://www.findmymoat.com/stocks/XPAR:EDEN">Find My Moat</a> (as of September 2026)Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.