FNCTFOTCTelephone Communications (No Radiotelephone)Fiscal year ends December 31Also trades as ORANY
ORANGE
Financials through fiscal 2023, year ended Dec 31, 2023Last filing: 20-F on Mar 29, 2024
$16.19−0.35 (-2.12%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2023
Gross margin
–
Operating margin
11.3%−0.4 pts over 5 years
Net margin
5.5%+0.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2023
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.5% | +1.4% | +1.3% | – | |
| Operating income | +3.5% | -3.5% | +0.6% | – | |
| Net income | +13.7% | -20.3% | +4.5% | – | |
| EPS, diluted | +16.4% | -20.8% | +6.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2014 | FY2018 | FY2023 | Trend |
|---|---|---|---|---|
| Return on equity | – | 6.3% | 7.7% | |
| Return on assets | – | 2.0% | 2.2% | |
| Current ratio | – | 0.72 | 0.83 | |
| Debt to equity | – | – | 1.13 | |
| Net debt to EBITDA | – | – | – | |
| Interest coverage | – | – | – | |
| Inventory turnover | – | – | – | |
| Diluted shares | – | 2.66B | 2.66B |
Cash use needs five years of cash flow figures
Orange does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.5%
×Asset turnover0.40×
×Equity multiplier3.45×
=Return on equity, FY20237.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2023 | 5.5% | 0.40× | 3.45× | 7.7% |
| FY2022 | 4.9% | 0.40× | 3.40× | 6.7% |
| FY2021 | 0.5% | 0.39× | 3.23× | 0.7% |
| FY2020 | 11.4% | 0.39× | 3.23× | 14.5% |
| FY2019 | 7.1% | 0.40× | 3.37× | 9.6% |
| FY2018 | 4.7% | 0.41× | 3.23× | 6.3% |
| FY2017 | 4.5% | 0.43× | 3.07× | 5.9% |
| FY2016 | 6.9% | 0.43× | 3.02× | 9.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2023 against fiscal 2022
7of 8 tests passed in fiscal 2023. Some tests lack the figures they need.
- ProfitableNet income above zero€2.44B
- Cash generatingOperating cash flow above zero€12.05B
- Return on assets improvedROA up on the prior year2.0% → 2.2%
- Earnings backed by cashOperating cash flow above net income€12.05B vs €2.44B
- Less leverageLong-term debt to assets fell29.1% → 27.7%
- Better liquidityCurrent ratio rose0.92 → 0.83
- No dilutionShare count did not rise2.69B → 2.66B
- Gross margin improvedGross margin up on the prior year99.00% → –
- More efficientAsset turnover rose0.40 → 0.40