SGBAFOTCCommunications Services, NECFiscal year ends December 31
SES S.A.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 1, 2026
$4.58−0.23 (-4.78%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2022 to 2025
Gross margin
71.3%
Operating margin
2.4%
Net margin
-3.6%
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +31.3% | – | – | – | |
| Gross profit | +21.6% | – | – | – | |
| Operating income | 0.0% | – | – | – | |
| Free cash flow | -46.8% | – | – | – |
Returns and balance sheet
4 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2022 | FY2022 | FY2025 | Trend |
|---|---|---|---|---|
| Current ratio | – | – | 0.87 | |
| Debt to equity | – | – | 2.40 | |
| Net debt to EBITDA | – | – | 4.41× | |
| Interest coverage | – | – | 0.2× | |
| Capex to revenue | – | – | 19.9% |
Cash use needs five years of cash flow figures
SES 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 margin-3.6%
×Asset turnover0.22×
×Equity multiplier3.92×
=Return on equity, FY2025-3.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -3.6% | 0.22× | 3.92× | -3.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
2of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-€95.00M
- Cash generatingOperating cash flow above zero€908.00M
- Return on assets improvedROA up on the prior year– → -0.9%
- Earnings backed by cashOperating cash flow above net income€908.00M vs -€95.00M
- Less leverageLong-term debt to assets fell41.1% → 41.2%
- Better liquidityCurrent ratio rose2.83 → 0.87
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year76.96% → 71.26%
- More efficientAsset turnover rose– → 0.25