Michelin shares in the lead group of the CAC 40, up 3% intraday
The Clermont-Ferrand tyre maker enjoys a well-oriented session in a Paris market supported by banks. The rebound lifts it into the upper part of the index table, after a more volatile start to the month.
A rise that places the stock among the top of the index
Michelin gains 2.87% to €33.36 intraday, while the CAC 40 rises 1.51%.
The stock outperforms the index and ranks among the strongest gainers in the CAC 40, well behind BNP Paribas, which leads with 5%. This move extends a 4.94% gain over the week, which erased part of the decline seen in mid-October, when the stock had fallen nearly 6% after the publication of its sales.
At midday, the stock has reclaimed its 20-day moving average (€32.64) and is 2.2% above it. It now trades in line with the MM50 (€33.38), and the €30.86 support remains well below. The RSI at 55 remains neutral.
Confirmed sales and an ongoing share buyback programme
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Michelin confirmed on October 20, 2026 its annual targets: growth in segment operating income and more than €1.6 billion in free cash flow before acquisitions. Over nine months, sales reached €19,175 million, down 0.5% as reported and up 1.0% at constant exchange rates.
Among the weak points cited at the time, the weakness of original equipment weighed on tyre volumes (-0.8%), while the MICHELIN brand grew 4% in replacement.
Over twelve months, the group bought back €1.0 billion of its own shares, equal to 4.4% of its market capitalisation, according to the latest declaration read on October 22, 2026. The analyst consensus is to be monitored for the stock. On the charts, resistance at €34.09 is the next level in sight.
SectorAutomobile et mobilité›Équipementiers automobiles
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 19 175 millions d'euros
Quarterly revenue: 19 175 millions d'euros
Revenue growth: -0,5 %
Guidance from the release
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
Risks mentioned
Faiblesse persistante de la Première monte, qui fait reculer les volumes pneumatiques du Groupe de 0,8 % à fin septembre, en particulier en Tourisme Camionnette en Europe et en Amérique du Nord (en Chine, les ventes du Groupe progressent sur un marché en recul de 7 %)
Concurrence des pneumatiques importés à bas prix, notamment d'Asie, qui pèse sur les marques Tier 2 en Amérique du Nord, Tier 3 dans les principales régions et sur le Poids lourd en Amérique du Sud
Faiblesse persistante des Convoyeurs, liée à la prudence des clients miniers en matière de dépenses et à la faiblesse du marché du minerai de fer, notamment en Australie
Opportunities identified
Expansion de Polymer Composite Solutions soutenue par les acquisitions de Cooley Group, Flexitallic et TexTech en 2026 (chiffre d'affaires +21,9 % publié, -2,7 % hors effet de périmètre à cause des Convoyeurs)
Activité Mines en croissance, avec des gains de parts de marché, qui compense la pression sur le Hors-la-route (segment Spécialités -0,9 % publié, +0,4 % à périmètre comparable)
Dynamique positive de la marque MICHELIN en Remplacement avec volume de +4% en fin septembre
Outlook / guidance
Management commentary: Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
