Michelin (ML.PA) stock forecast 2027–2029
What is the Michelin (ML.PA) stock forecast?
Our forecast for Michelin
€35.51by November 2027
€41.79by November 2029
From €33.56 at the November 9, 2026 close, that is a 10 % gain by 2027 and 36 % by 2029, dividends included.
It blends three cases for November 2027, € per share:
- Bear27.4328 % chance
- Base35.9552 % chance
- Bull45.6720 % chance
Our own forecast, built from Michelin's filings. It is not an average of analysts' price targets, so it can differ from them.
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Executive summary + 8 chapters · 21,593 words · 169 sources
Michelin (ML.PA) key numbers
Dividend yield is a year of dividends as a share of the price.
- 4.1 %dividend yield
- Feb 11, 2027next results, expected
- €12.7 billionrevenue in the quarter to Jun 2026, −3 % on a year earlier
Prices and ratios: our report, at the November 9, 2026 close. Revenue: the company's own figures.
Where could Michelin's shares go?
The weighted price is €35.51 in November 2027, a 10% return including dividends. It reaches €41.79 in November 2029, a 36% return including dividends. The bear case has a 28% probability. The base and bull cases have 52% and 20%, respectively.
What has to go right or wrong for Michelin?
In the bear case, low-cost imports and weak truck original-equipment demand keep volumes below plan. Raw-material inflation arrives before pricing catches up, plants remain underused and cash conversion weakens. The multiple contracts, producing €27.43 in November 2027 and €24.40 in November 2029. Its probability is 28%, below the specialists’ 30% estimates because replacement demand and Michelin’s €1.6bn cash-flow floor provide some support.
In the bull case, premium replacement gains broaden into market-share growth, truck and specialty demand recover, factories run better and acquisitions integrate successfully. Stronger cash funds dividends and buybacks while the multiple expands. The price reaches €45.67 first and €64.02 last. The probability is 20% because every favorable condition must hold together.
The forecast's table · base case, then bear / bull in brackets; EUR millions, per share in EUR, unless shown · November 2027
- Normal operating profit2,750 (2,450 / 3,050)
- Shares (millions)665 (675 / 664)
- Dividends per share1.38 (1.20 / 1.45)
- Enterprise value to normal operating profit10.00 (9.00 / 11.00)
- Net debt3,595 (3,533 / 3,226)
Bull case, 20 % chance: if it goes right
€64.02 by November 2029, +105 % with dividends.
Bear case, 28 % chance: if it goes wrong
€24.40 by November 2029, −18 % with dividends.
The next test: results expected February 11, 2027
How much cash does Michelin really make?
In 2025, operating cash flow was €3.82 billion. Capital spending was €2.02 billion, before lease payments. After €280 million of lease payments, free cash flow was €1.52 billion. Subtracting €75 million of stock-based pay as an economic cost gives €1.45 billion, although that deduction is not a cash payment in the year.
What does an investor pay for Michelin today?
Free cash flow is closer to the money left after operating and investment outlays. Michelin reported €2.2 billion of free cash flow in 2025 against €2.0 billion of capital expenditure, but inventories and delayed customer payments can move cash between years. The attractive yield therefore matters only if it survives normal factory investment.
Michelin earnings: how did the last quarter go?
Questions about Michelin (ML.PA) stock
Where will Michelin stock be in 5 years?
Our report's forecast goes to November 2029. By then it puts the shares between €24.40 in the bear case and €64.02 in the bull case, and at €41.79 with the three cases weighted by their chances. It makes no forecast past November 2029.
When is Michelin's next earnings date?
Results are expected on February 11, 2027. Michelin earnings: the next date and the last eight quarters →
Does Michelin pay a dividend?
Yes. At the November 9, 2026 close, a year of dividends came to 4.1 % of the share price (our report). Michelin dividend →
Who are Michelin's competitors?
Our report compares Michelin with Continental.
Why is this forecast different from analysts' price targets?
Analysts' price targets average the share prices that brokerage analysts expect. Our report builds its own three cases from Michelin's filings, gives each a chance and counts dividends.
More on Michelin (ML.PA)
More Michelin pages
This page gives the forecast. The report gives the reasons.
The full report: an executive summary and 8 chapters, 21,593 words, 54 tables. Its first page opens here, no account needed.
How it is made: AI reads Michelin's filings, writes the report, checks the numbers against them and cites each source, 169 in this one. How we work · Corrections
Read Michelin's full report freeNew accounts get one company's ready report free. No card.
Information only, not investment advice. The forecast gives three cases with their chances; it promises no price. Prices are those of the date shown.