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Capgemini SE (CGM) fair value: what the stock is really worth

We calculate from audited financials what Capgemini SE is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Technology · DE · ISIN FR0000125338

CS Broad data Sep 13, 2026

Capgemini SE

CGM · XETRA

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value €182.14 · Strongly undervalued (+72%)
!Quality 61/100
!Weak Growth (revenue 3y +0.7 %/yr)
!Thin margins · 7.1% net margin (TTM)
✓Moderate debt · generates free cash flow
·3.21% dividend yield
!Moderate moat 50/100

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 →

Price vs Fair Value

€210.91 €27.19 Fair Value €182.14 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range €27.19 – €210.91 · fair‑value band €114.38 – €256.95 · the €105.80 price screens below the €182.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Capgemini SE, together with its subsidiaries, provides consulting, digital transformation, technology, and engineering services primarily in North America, France, the United Kingdom, Ireland, the rest of Europe, the Asia-Pacific, and Latin America.

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Capgemini SE, together with its subsidiaries, provides consulting, digital transformation, technology, and engineering services primarily in North America, France, the United Kingdom, Ireland, the rest of Europe, the Asia-Pacific, and Latin America. It offers strategy and transformation services in strategy, technology, engineering, data science, and creative design fields to support companies and organizations in creating new models and new products within the digital economy. The company provides applications and technology services to help clients to develop, modernize, extend, and secure IT and digital environment, as well as designs and develops technological solutions in data strategy and architecture, data engineering, information governance, data science and analytics, artificial intelligence, and data-driven innovation fields. In addition, it offers cloud infrastructure services for its clients to build an optimal, agile, and secure foundation for business transformations; and business process outsourcing and transactional services, as well as installation and maintenance services for its clients' IT infrastructures in data centers or in the cloud. The company serves various industries, including aerospace and defense, automotive, banking and capital markets, consumer products, energy and utilities, healthcare, high-tech, hospitality and travel, insurance, life sciences, manufacturing, media and entertainment, public sector, retail, and telecoms. The company has a strategic alliance with OpenAI for the development and deployment of enterprise AI solutions. The company was formerly known as Cap Gemini S.A. and changed its name to Capgemini SE in June 2017. The company was incorporated in 1967 and is headquartered in Paris, France.

Stock analysis

Capgemini SE (CGM) currently trades at €105.80, while our model-based Fair Value estimate is €182.14, implying the stock looks roughly 41.9% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €168.22 per share, and 19 of the 24 models we run sit above the €105.80 price.

Bear case: the Dividend Discount group reads lowest at €43.68, and 5 of the 24 models stay below the price. Evidence for this calculation is high.

Scenario range: €114.38 (bear) to €256.95 (bull), the price of €105.80 sits below 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 61/100 (solid quality), in the Technology sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Capgemini SE reported revenue of €22.5B in FY2025 versus €18.2B in FY2021, a compound +5.5%/yr. Reported net income was €1.6B in FY2025, compounding +8.5%/yr from FY2021.

Key figures

Market cap €17.8B · P/E ratio 11.6 · P/S ratio 0.83 · EPS (TTM) €9.13 · Dividend yield 3.2% · Net margin 7.1% · Return on equity 13.7% · Return on assets (EBIT) 9.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at 60% fair-value upside, at 72%, CGM screens cheaper than that median.

Fair Value models

Bear €114.38 Fair Value €182.14 Bull €256.95
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€4.14 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF €107.87 €159.44 €244.89 76
Growth DCF €112.83 €162.44 €239.70 75
Owner Earnings €96.55 €143.82 €222.14 73
All 24 models by family
DCF Models
FCF DCF €107.87 €159.44 €244.89 76
Owner Earnings €96.55 €143.82 €222.14 73
5Y Revenue Exit €102.67 €164.00 €246.32 69
5Y EBITDA Exit €132.91 €216.12 €317.47 71
5Y P/E Exit €109.34 €175.50 €247.61 67
10Y Revenue Exit €99.66 €153.95 €217.44 64
10Y EBITDA Exit €122.14 €188.61 €266.13 65
10Y P/E Exit €107.59 €161.60 €218.32 61
Earnings-Based
Graham-Dodd €65.70 €123.56 €153.61 63
EPV €85.57 €104.50 €121.06 71
Dividend Discount
Gordon GGM €32.19 €43.68 €55.35 66
DDM Multi-Stage €32.19 €44.53 €59.12 64
Multiples
P/E Multiple €159.41 €212.55 €265.69 63
P/S Multiple €123.18 €164.24 €205.31 58
P/B Multiple €123.18 €164.24 €205.31 55
EV/EBIT €164.45 €228.59 €292.74 66
EV/EBITDA €174.72 €242.28 €309.85 67
EV/Revenue €109.36 €168.22 €227.08 53
Asset-Based
NCAV (Graham) €35.15 €47.10 €70.29 54
Growth DCF
Growth DCF €112.83 €162.44 €239.70 75
Rev-Margin DCF €102.67 €166.12 €239.20 69
Economic Profit
Residual Income €68.12 €85.02 €194.06 67
ROIC Compounder €86.90 €110.31 €134.99 69
Growth Earnings
Growth-Adj P/E €113.57 €162.24 €210.91 65

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Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 49

Profitability 46
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 27
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.7%
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.
+0.7%
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.
+10.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.2%
Dividend (yield on the price)3.2%
Profit margin 2021 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.11% → 11%

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less 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).
−5.8%
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.
+4.5%
Yearly sales growth analysts expect, extended to five years.
Forecast 2026 (sales)+7.1%
Forecast 2027 (sales)+4.3%
Projected 2028 (sales)+4.0%
Projected 2029 (sales)+3.7%
Projected 2030 (sales)+3.4%

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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

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Capgemini SE · Fair Value
€182.14 +42%Fair Value
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Cite: Fair Value Calculator (2026). "Capgemini SE Fair Value". https://www.fairvalue-calculator.com/stock/CGM

Frequently asked questions

Is Capgemini SE (CGM) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of €182.14 versus a price of €105.80, about +72% upside (undervalued).
What is the fair value of CGM?
Our model-based fair value for Capgemini SE is €182.14 (as of Sep 13, 2026), built from audited fundamentals. The current price: €105.80.
What is the quality score of CGM?
Capgemini SE has a Quality Score of 61/100. 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 Capgemini SE (CGM)?
Our model-based price target is the fair value of €182.14 (as of Sep 13, 2026) from 24 valuation models. Cautious scenario €114.38, optimistic scenario €256.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Capgemini SE stock forecast for 2026?
Our models put fair value at €182.14, about +72% upside versus a price of €105.80 (undervalued). Cautious scenario €114.38, optimistic scenario €256.95. The calculation is refreshed regularly with new filings.
What is the revenue of Capgemini SE (CGM)?
Capgemini SE reported trailing-twelve-month revenue of about €22.5B (latest available figure, as of Sep 13, 2026).
Does Capgemini SE pay a dividend?
Capgemini SE currently shows a dividend yield of about 3.21% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Capgemini SE (CGM)?
For today's price to be fair in a discounted-cash-flow model, Capgemini SE would have to grow free cash flow by -5.8 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +5.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of CGM use?
Our models discount Capgemini SE at 8.2 %: a base by market capitalisation (large), damped by beta 0.63, country premium for Germany. 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 Capgemini SE that is -5.8 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Capgemini SE (CGM) delivered so far?
Over the past 4 years revenue at Capgemini SE grew +5.5 % a year. The price currently implies -5.8 % per year free-cash-flow growth a 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 Capgemini SE (CGM) growing?
The median revenue growth in the sector is +4.5 % a year. That is the yardstick for the growth priced into Capgemini SE (-5.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Capgemini SE (CGM)?
The free-cash-flow yield on the price is 12.52 %: that much free cash flow Capgemini SE produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Capgemini SE (CGM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Capgemini SE it is €182.14 per share (as of Sep 13, 2026), against a price of €105.80. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Capgemini SE stock overvalued or undervalued in 2026?
As of Sep 13, 2026, CGM trades below its calculated fair value: price €105.80, fair value €182.14, a gap of about +72% (undervalued). 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 CGM?
No. The price is what the market pays today (€105.80); the fair value is what the company's own numbers justify (€182.14). For Capgemini SE the two are €76.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Capgemini SE worth?
The market values Capgemini SE at about €17.8B (market capitalisation, as of Sep 13, 2026). Per share that is €105.80; our models calculate a fair value of €182.14 per share.
What do the bullish and bearish scenarios say about CGM?
Our models span a range for Capgemini SE: cautious scenario €114.38, base €182.14, optimistic €256.95 per share (as of Sep 13, 2026, price €105.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is CGM from its 52-week high?
Capgemini SE trades at €105.80, about 31% below its 52-week high of €152.75 and 11% above the low of €95.42 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of €182.14 is for.
Which stocks are comparable to Capgemini SE?
From the same area (Technology) we also value International Business Machines Corporation, Accenture plc, Tata Consultancy Services Limited, Infosys Limited, 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 Capgemini SE stock attractive at the current price?
The data as of Sep 13, 2026: price €105.80, calculated fair value €182.14 (+72%), Quality Score 61/100, from 24 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 CGM calculated?
We run Capgemini SE through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €182.14, 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 16.1 % above its aggregate fair value. Capgemini SE currently trades 72 % below its own fair value, and the market average says nothing about that. 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 Capgemini SE (CGM)?
The closing price on Sep 21, 2026 was €105.80. Our model-based fair value is €182.14, about +72% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Capgemini SE right now?
The price is below even our cautious bear case (€114.38). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (€114.38 to €256.95) leaves room in how you read the outcome.

Key figures of Capgemini SE

How large is the market capitalisation of Capgemini SE (CGM)?
The market capitalisation of Capgemini SE is €17.8B. 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/E ratio of Capgemini SE (CGM)?
The price-to-earnings ratio of Capgemini SE is 11.6. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Capgemini SE (CGM)?
The price-to-sales ratio of Capgemini SE is 0.83 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Capgemini SE (CGM)?
Earnings per share at Capgemini SE are €9.13 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Capgemini SE (CGM)?
The dividend yield of Capgemini SE is 3.2% (payout 37.2%). 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 Capgemini SE (CGM)?
The net margin of Capgemini SE is 7.1% (fiscal year 2025). 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 Capgemini SE (CGM)?
The return on equity (ROE) of Capgemini SE is 13.7% (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 Capgemini SE (CGM)?
On an EBIT basis the return on assets of Capgemini SE is 9.5% (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 Capgemini SE (CGM)?
The operating margin of Capgemini SE is 12.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Capgemini SE (CGM)?
Revenue at Capgemini SE is growing +3.7% versus a year earlier (3y avg +0.7%). 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 Capgemini SE (CGM)?
Earnings per share at Capgemini SE are growing +5.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Capgemini SE (CGM) carry?
The net debt of Capgemini SE is €5.5B (fiscal year 2025, ≈ 2.5 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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