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Orange S.A.
🇫🇷 ORA.PA · Paris · FR0000133308
Telecom
Scores
Key Metrics
Powered by EODHDP/E (TTM)
167.7
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Net Debt/EBITDA (TTM)
2.9x
Latest quarter: 6.9x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
Latest quarter (2026-06-30): 6.9x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
14.2%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
2.4x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
4.39%
TTM: 4.66%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Forward Yield (estimated): 4.39%
Trailing Yield (TTM, last 12 months): 4.66%
Payout Ratio (Fwd)
50.7% TTM
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Final | — | 11 Jun 2027 | — | EUR | 0.45 |
| Declared | Interim | 28 Jul 2026 | 01 Dec 2026 | 03 Dec 2026 | EUR | 0.3 |
| Paid | Final | 19 Feb 2026 | 11 Jun 2026 | 15 Jun 2026 | EUR | 0.45 |
| Paid | Interim | 29 Jul 2025 | 02 Dec 2025 | 04 Dec 2025 | EUR | 0.3 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
Orange is a dominant European telecommunications provider offering highly defensive connectivity revenues and robust free cash flow generation. The recent statutory net loss is a temporary accounting artifact driven by strategic labor restructuring and legacy copper write-downs, which masks strong underlying operating cash flow growth. The stock is well worth considering for new positions given its highly secure 4.6% yield and undemanding valuation.
Sector Context
Telecommunications is a highly capital-intensive, essential service sector characterized by high infrastructure moats but heavy regulatory and labor burdens. DGI investors favor European telecoms like Orange for their defensive cash flows, recognizing that statutory earnings are frequently distorted by massive depreciation and restructuring charges, making Free Cash Flow and FFO the true metrics of dividend sustainability.
Temporary Opportunity Identified
The Q2 2025 net loss of -€398 million is a purely accounting-driven artifact caused by one-time structural provisions (labor restructuring, copper dismantling, and B2B impairments). These charges mask robust underlying operational performance, including a 3.8% EBITDAaL growth.
📊 Strategy Analysis
- • Underlying telecom operations remain highly resilient, with Organic Cash Flow from telecom activities growing 7.7% in the first half of 2025 despite statutory losses.
- • The 4.68% forward dividend is exceptionally well-covered by cash flows, boasting a 1.73x FCF coverage ratio and a low 18.5% cash flow payout.
- • Compelling valuation at a TTM P/E of 10.8x and a P/FFO of 4.06x, presenting a significant discount for a dominant European infrastructure asset.
⚠ What to Watch
- • Structurally high legacy labor costs in France necessitate periodic massive restructuring, evidenced by the recent €1.54 billion pre-tax provision for the Senior Part-Time plan.
- • The legally mandated dismantling of the legacy French copper network by 2030 requires substantial ongoing capital expenditure and recently triggered a €370 million depreciation charge.
- • Unresolved legal liabilities act as a capital drag, primarily a €312 million cash seizure in an ongoing VAT dispute.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-08-22
Disclaimer: This information is for educational purposes only. Not financial advice.