# Eutelsat Communications S.A. (ETL.L) fundamentals

Data as of 2026-11-04. LSE, United Kingdom. Sector: Communication Services / Fixed & Integrated Telecom. Price €4.20, market value €4.9 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Eutelsat Communications S.A. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 4.0×**. Each dollar of revenue is priced at 4.0×.
- **Price / book: 1.4×**. The shares trade at 1.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.3×**. Enterprise value is 12.3× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -0.7%** (5-yr avg -0.9%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 80.6%**. Eutelsat Communications S.A. keeps 80.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -17.8%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -37.0%**. The company reported a net loss over the last twelve months.
- **Return on equity: -12.6%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -4.4%**. Return on all capital, debt included, is -4.4%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -5.6%**. Each dollar of assets produces -5.6% of profit.

## Growth
- **Revenue growth (1 yr): -0.6%** (3-yr 3.0%/yr). Revenue fell 0.6% over the last year.
- **EPS growth (1 yr): 70.5%**. Earnings per share rose 70.5%, faster than revenue, so margins expanded or the share count shrank.

## Financial health
- **Debt to equity: 0.88**. Debt is 0.88 times equity, moderate leverage.
- **Net debt / EBITDA: 2.7×**. It would take 2.7 years of operating earnings to repay net borrowings, within the comfortable range.
- **Interest coverage: -1.3×**. Operating profit covers interest only -1.3×: fragile.
- **Current ratio: 2.87** (quick 2.76). Current assets cover the next year's liabilities 2.87 times.
- **Altman Z-score: 1.59**. A Z-score of 1.59 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Eutelsat Communications S.A. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): -1.5%** (YTD -1.5%, 3-mo 0.0%). The shares are down 1.5% over twelve months including dividends.
- **From 52-week high: -6.9%** (201.2% above the low). Trading 7% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 1**. An RSI of 1 is oversold; bounces are common, but oversold can stay oversold in a real decline.
- **Beta (1 yr): 0.49** (volatility 50%). Beta of 0.49 against the FTSE All-Share: the shares move much less than the market.

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Not investment advice.