Bureau Veritas SA
- Industria
- Testing & Certification Services
- Bolsa
- París
- País / Región
- France
- Fecha de salida a bolsa
- 24 de octubre de 2007
- Empleados
- 78.849
- Sitio web
- group.bureauveritas.com
Rango de valoración compuesto · conservador €18–€19 / razonable €23–€31 / optimista €34–€34. A €26.16, Dentro del rango de valor intrínseco razonable.
Datos de EODHD, mostrados en la moneda de reporte; solo a título informativo, no constituye asesoramiento de inversión.
Bureau Veritas SA provides laboratory testing, inspection, and certification services. It operates through six segments: Marine & Offshore; Agri-Food & Commodities; Industry; Buildings & Infrastructure; Certification; and Consumer Products services. The company engages in inspecting, analyzing, auditing, and certifying the products, assets, and management systems of its clients in relation to regulatory or self-imposed standards, as well as issues compliance reports. It also provides technical services, including asset integrity management for marine and offshore; post accident expertise, risk assessment for the offshore industry, marine accident investigations, pre- and post salvage advice, and refloating of vessels; inspection, audit, certification, and testing services for oil and petrochemicals, metals and minerals, and agri commodities; technical control, code compliance, independent technical assistance, quality assurance/quality control, construction management, and project management assistance; laboratory and on-site testing services for manufacturing and process industries; inspection services for products, services, assets, and installations, as well as various services designed to control quality, verify quantity, and meet regulatory requirements; and certification services for management systems, products, and people. The company serves construction and civil engineering, real estate, transportation, oil and gas, marine and offshore, nuclear, defense, automotive, aerospace, IT, electronics, power and utilities, consumer products, and retail industries, as well as financial services and public sectors. It operates in approximately 140 countries through a network of offices and laboratories. Bureau Veritas SA was founded in 1828 and is headquartered in Neuilly-sur-Seine, France.
Historia
Bureau Veritas began in 1828 in Antwerp as an information office for maritime insurers, formed after a stretch of heavy ship losses across Europe left underwriters needing independent information on the condition of ships and equipment. It adopted the Bureau Veritas name in 1829, published a ship register, and moved its head office to Paris in 1833. After decades of expansion under long-term owners including Wendel, it listed on Euronext Paris on 2007-10-24. The group scaled and repositioned through acquisitions such as Inspectorate in 2010, which broadened its commodities exposure, and Secura in 2021, which reached into cybersecurity; it also deliberately reduced reliance on cyclical oil, gas, and commodity-heavy activities. In October 2024 it sold its Food Testing business for an enterprise value of EUR 360 million (the unit had EUR 133 million of 2023 revenue), and in April 2026 it announced the LotusWorks acquisition, sharpening exposure to data centers and semiconductors and creating a mission-critical assets platform of roughly EUR 300 million of revenue. On management, Didier Michaud-Daniel led the company from 2012; Hinda Gharbi joined as COO in May 2022 from Schlumberger, became Deputy CEO in January 2023, and was appointed CEO in June 2023, the same governance transition in which Laurent Mignon became chairman, and she launched the LEAP | 28 plan. Ownership stayed concentrated: Wendel cut its stake in April 2024 to roughly 26.5% of capital and 41.2% of voting rights, with Bpifrance's Lac1 vehicle becoming a cornerstone investor at around 4% of capital, and Wendel trimmed further in September 2025 to roughly 21.4% of capital and about 35% of voting rights. Revenue rose from EUR 4.60 billion in 2020 to EUR 4.98 billion in 2021, EUR 5.65 billion in 2022, EUR 5.87 billion in 2023, EUR 6.24 billion in 2024, and EUR 6.47 billion in 2025.
Posición en el sector
Bureau Veritas is a global testing, inspection and certification (TIC) network operating across six lines: Marine & Offshore, Buildings & Infrastructure, Industry, Agri-Food & Commodities, Certification, and Consumer Products, with 2025 revenue of EUR 6.47 billion and a 16.3% adjusted operating margin. It sits in the first rank of listed TIC names and is the most balanced of the group: less margin-rich than Intertek (smaller on sales at GBP 3.43 billion but an 18.1% 2025 margin), less scaled than SGS (the broader global benchmark, with 2025 sales of CHF 6.95 billion, a 16.0% AOI margin, and 24% ROIC), less lab-intensive than Eurofins (larger on revenue at EUR 7.30 billion with a heavier laboratory footprint), and less mining-driven than ALS. Its moats come from concrete sources: accreditation and independence in a market the company says has high barriers to entry, where decades of recognition across marine classification, building approvals, industrial inspections, and certification schemes cannot be bought quickly; network density across more than 140 countries and over 1,350 locations, which lets multinational customers standardize suppliers and compliance and creates geographic switching costs; portfolio breadth with selective depth in profitable niches such as Marine & Offshore (23.4% adjusted operating margin in 2025); and cash discipline, with net capex of only EUR 141.8 million in 2025, or 2.2% of revenue. The wider TIC market is large and fragmented; the Financial Times cited EUR 160 billion to EUR 180 billion when discussing a potential SGS-Bureau Veritas combination in 2025, a combined group that would still have represented only around 8% of the market. Customers choose Bureau Veritas for credible cross-border coverage, enough local presence to execute, and the ability to bridge physical-asset assurance, regulatory compliance, and sustainability-related verification.