MeritValue

Sanofi

SNYdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'pretaxIncome'

The thesis, from the filings

Sanofi earns about 9% on equity, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $52.88 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$6.22B1$8.37B2$5.4B3$5.56B3$7.81B3
Operating cash flow$10.5B4$10.5B5$10.3B6$9.08B6$10.8B6
Capital expenditure—————
Free cash flow (derived)—————
Total debt$20.3B7$19.2B8$16.5B8$16.1B8$18.7B8
Cash & equivalents$10.1B9$12.7B10$8.71B10$7.44B10$7.66B10
Diluted shares1.26B1.26B1.26B1.26B1.22B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$585.32
your share of equity
Profit it earned you last year
$64.07
Free cash flow it threw off
—
Debt you’d be carrying
$153.37

10 shares is a claim on $585.32 of net worth that earned you $64.07 last year, against $153.37 of debt.

iii. Is this a good business?
Moat signal · return on equity
9% avg · 5y
FY21 9%FY22 11%FY23 7%FY24 7%FY25 11%

It earned an average 9% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
€52.88
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings€6.22B
  • growthAssumed0.0%
Graham Number
€91.59
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001121404-24-000009 (ProfitLossAttributableToOwnersOfParent)
  2. 20-F · period ending 2022-12-31 · accession 0001121404-25-000010 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001628280-26-008403 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-12-31 · accession 0001121404-24-000009 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001121404-25-000010 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001628280-26-008403 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001121404-25-000010 (Borrowings)
  8. 20-F · period ending 2022-12-31 · accession 0001628280-26-008403 (Borrowings)
  9. 20-F · period ending 2021-12-31 · accession 0001121404-25-000010 (CashAndCashEquivalents)
  10. 20-F · period ending 2022-12-31 · accession 0001628280-26-008403 (CashAndCashEquivalents)