Revenue distribution by industry:

• Automotive tires: approx. 70%
• Aviation: approx. 15%
• Agricultural and industrial tires: approx. 10%
• Other (e.g. lifestyle products, maps): approx. 5%

TOP 3 markets and their percentage shares:

• Europe: approx. 40%
• North America: approx. 35%
• Asia-Pacific: approx. 20%

Michelin generates the majority of its revenue from the sale of automotive tires, which is the company's core competency. The European market is the strongest, followed by North America and the Asia-Pacific region. These markets are crucial for the company as they have a high demand for premium tires.

Production Sites: Worldwide, with a focus on Europe, North America, and Asia.

Michelin, as one of the world's leading tire manufacturers, operates production facilities on several continents. In Europe, significant plants are located in France, Germany, and Spain. In North America, the USA and Canada are important production sites. In Asia, Michelin has established production capacities in countries such as China, India, and Thailand.

This global presence enables Michelin to efficiently distribute its products and respond to regional market requirements. The strategic location of the plants contributes to optimizing supply chains and reducing transportation costs.

Revenue growth: 5% (estimated 2024)
Investments in research and development: 700 million euros (2024)

Michelin pursues a strategy focused on sustainability and innovation to secure future growth. The company heavily invests in research and development, particularly in the areas of sustainable materials and technologies to improve fuel efficiency.

Another key focus is on expanding into high-growth markets, especially in Asia and North America. Michelin plans to expand its production capacities in these regions to meet the increasing demand.

In addition, Michelin relies on strategic partnerships and acquisitions to diversify its product range and strengthen its market position. Digitization and expanding service offerings, especially in the field of mobility solutions, are also central components of the growth strategy.

Main raw materials: Natural rubber, synthetic rubber, carbon black, steel cord, textile cord

Main supplying countries:

• Natural rubber: Thailand, Indonesia, Vietnam
• Synthetic rubber: USA, Germany, Japan
• Carbon black: China, USA, Russia
• Steel cord: China, Italy, Japan
• Textile cord: South Korea, China, USA

Michelin sources a variety of raw materials from different countries to ensure the production of tires and other products. Natural rubber, an essential component, is mainly imported from Southeast Asia, as this region is a global leader in production.

Synthetic rubber is imported from countries with advanced chemical industries. Carbon black, used for tire reinforcement, comes from countries with strong petrochemical production. Steel and textile cords, which serve to reinforce the tire structure, are sourced from countries with highly developed metal and textile industries.

Market share: 14.8% (2024, estimate) Research and development expenditure: 700 million euros (2023) Gross margin: 28.5% (2023)

Michelin has a significant competitive advantage due to its strong market position and innovation capabilities. With an estimated market share of 14.8% in 2024, Michelin is one of the leading companies in the tire industry.

The company continuously invests in research and development, with an expenditure of 700 million euros in 2023, to drive technological advancements and product innovations. These investments enhance brand perception and enable Michelin to offer high-quality products known for their durability and performance.

Furthermore, a gross margin of 28.5% in 2023 contributes to financial stability and competitiveness by providing the company with room for price adjustments and strategic investments. Michelin also benefits from a global presence and a diversified product portfolio, allowing it to flexibly respond to different market requirements.

Institutional Investor Share: approximately 60% (estimated for 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated for 2025)

The institutional investor share at Michelin traditionally stands at around 60%, indicating the trust of large investors in the company's stability and growth potential. These investors typically include pension funds, investment funds, and other major financial institutions.

In 2025, there were no significant insider transactions, suggesting that the management and other insiders have not made significant changes to their stake in the company. This can be seen as a sign that the management has confidence in Michelin's current strategic direction and future development.

Market share of Michelin: 14% (2025, estimated)

Top competitors and their market shares:

1. Bridgestone Corporation: 15%
2. Michelin: 14%
3. Goodyear Tire & Rubber Company: 12%
4. Continental AG: 11%
5. Sumitomo Rubber Industries: 8%
6. Pirelli & C. S.p.A.: 7%
7. Hankook Tire & Technology: 6%
8. Yokohama Rubber Company: 5%
9. Zhongce Rubber Group Co., Ltd.: 4%
10. Cooper Tire & Rubber Company: 3%

Moat of Michelin:

Michelin has a significant moat characterized by its strong brand recognition, innovative technologies, and wide product portfolio. The company is known for its high quality and reliability, setting it apart from many competitors. Additionally, Michelin continuously invests in research and development to enhance its products and integrate new technologies.

Compared to its competitors, Michelin has an advantage in the premium tire segment, where it is considered a market leader. Bridgestone and Continental are also strong in research and development, giving them a technological edge. Goodyear and Pirelli have a strong focus on sports and high-performance tires, giving them an advantage in this segment.

Overall, Michelin has a robust moat, although the differences with competitors are not extremely pronounced, as all major companies in the industry make significant investments in innovation and brand building.

Revenue Growth: 5.2% (2024) Profit Growth: 4.8% (2024) Market Share in the Tire Industry: 14% (2024)

In 2024, Michelin achieved solid revenue growth of 5.2%, driven by strong demand for premium tires and successful expansion into emerging markets. The profit growth of 4.8% reflects the efficiency improvements and cost reduction measures implemented by the company.

The company has established itself as one of the leading players in the global tire industry, with a market share of 14%. This demonstrates Michelin's competitiveness and strong brand presence.

Furthermore, Michelin continuously invests in research and development, particularly in sustainable and innovative tire technologies, further enhancing future growth potential. The strategic focus on environmentally friendly products could lead to increased demand in the coming years.

Overall, the financial stability, combined with a clear strategic focus on innovation and sustainability, suggests that Michelin's stock could be an attractive long-term investment.

Dividend yield: 3.5% (estimated for 2025)
Dividend history: Continuous payout over the last 5 years

Michelin has pursued a stable dividend policy in recent years. The dividend yield is estimated to be around 3.5% for 2025, based on recent payouts and the current stock price.

The company has been paying dividends continuously over the past five years, indicating a reliable payout policy. Michelin is known for its solid financial foundation and its ability to pay dividends even in economically challenging times.

The reliability of the dividend is supported by Michelin's strong market position and the continuous demand for its products. Analysts expect the company to continue to be able to pay a stable dividend in the future.