Orange (MIL:1ORA) Cyclically Adjusted PB Ratio: 1.31 (As of Jul. 30, 2026) — 58% Above Median

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Director of Data and Quant Analytics at GuruFocus
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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

MIL:1ORA Orange SA MIL:1ORA
67 GF Score
Price €17.34
GF Value €13.14
Valuation Significantly Overvalued
! 4 Warning Signs
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What is Orange Cyclically Adjusted PB Ratio?

Orange MIL:1ORA +0.32% 67 Cyclically Adjusted PB Ratio is 1.31 as of Jul. 30, 2026, which is 58% above its 10-year median of 0.83. GuruFocus rates MIL:1ORA with a GF Score™ of 67/100 and a GF Value™ of €13.14 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 289 Telecommunication Services companies, Orange ranks better than 60.9% on this metric.

As of today (2026-07-30), Orange's current share price is €17.34. Orange's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 was €13.27. Orange's Cyclically Adjusted PB Ratio for today is 1.31.

The historical rank and industry rank for Orange's Cyclically Adjusted PB Ratio or its related term are showing as below:

MIL:1ORA' s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 0.74   Med: 0.83   Max: 1.4
Current: 1.31

During the past years, Orange's highest Cyclically Adjusted PB Ratio was 1.40. The lowest was 0.74. And the median was 0.83.

MIL:1ORA's Cyclically Adjusted PB Ratio is ranked better than
60.9% of 289 companies
in the Telecommunication Services industry
Industry Median: 1.74 vs MIL:1ORA: 1.31

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.

Orange's adjusted book value per share data for the three months ended in Jun. 2026 was €11.974. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €13.27 for the trailing ten years ended in Jun. 2026.

Shiller PE for Stocks: The True Measure of Stock Valuation


Orange  (MIL:1ORA) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Orange Cyclically Adjusted PB Ratio Related Terms


Orange Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Orange's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Orange Cyclically Adjusted PB Ratio Chart

Orange Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.79 0.73 0.79 0.74 1.09

Orange Quarterly Data
Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.98 0.00 1.09 0.00 1.24

MIL:1ORA vs VZ, TMUS, T: Cyclically Adjusted PB Ratio Comparison

For the Telecom Services subindustry, Orange's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Orange Cyclically Adjusted PB Ratio vs Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Orange's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Orange's Cyclically Adjusted PB Ratio falls into.


MIL:1ORA
67GF Score
Orange SA MIL:1ORA
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Orange Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Orange's Cyclically Adjusted PB Ratio for today is calculated as

Cyclically Adjusted PB Ratio=Share Price/ Cyclically Adjusted Book per Share
=17.34/13.27
=1.31

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Orange's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Orange's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=11.974/123.8300*123.8300
=11.974

Current CPI (Jun. 2026) = 123.8300.

Orange Quarterly Data

Book Value per Share CPI Adj_Book
201006 11.536 94.910 15.051
201012 10.986 95.450 14.252
201106 10.634 96.910 13.588
201112 10.470 97.800 13.257
201206 10.409 98.780 13.049
201212 9.251 99.100 11.560
201306 9.248 99.700 11.486
201312 9.274 99.800 11.507
201406 10.134 100.180 12.526
201412 11.159 99.860 13.838
201506 11.342 100.440 13.983
201512 11.668 100.040 14.443
201606 11.815 100.630 14.539
201612 11.745 100.650 14.450
201706 11.357 101.320 13.880
201712 11.647 101.850 14.161
201806 11.421 103.370 13.682
201812 11.561 103.470 13.836
201906 11.426 104.580 13.529
201912 12.027 104.980 14.187
202006 12.078 104.790 14.273
202012 12.997 104.960 15.334
202106 11.246 106.340 13.096
202112 12.164 107.850 13.966
202206 12.319 112.550 13.554
202212 11.957 114.160 12.970
202303 0.000 116.790 0.000
202306 11.803 117.650 12.423
202309 0.000 118.260 0.000
202312 11.975 118.390 12.525
202403 0.000 119.470 0.000
202406 11.813 120.200 12.170
202409 0.000 119.560 0.000
202412 11.953 119.950 12.340
202503 0.000 120.380 0.000
202506 11.065 121.360 11.290
202509 0.000 120.950 0.000
202512 11.186 120.900 11.457
202603 0.000 122.420 0.000
202606 11.974 123.830 11.974

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

What does a Cyclically Adjusted PB Ratio of 1.31 mean?
Orange (MIL:1ORA) has a Cyclically Adjusted PB Ratio of 1.31 as of Jul. 30, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Orange and its competitors. This is 58% above median its historical median of 0.83. Over the past decade, Orange's Cyclically Adjusted PB Ratio has ranged from 0.74 to 1.40. According to the industry distribution chart, Orange ranks #113 out of 289 companies in the Telecommunication Services industry, placing it in the top 39.1%.
Is Orange's Cyclically Adjusted PB Ratio too high?
Orange's current Cyclically Adjusted PB Ratio of 1.31 is 58% above median its 10-year median of 0.83. Over the past 10 years, this metric has ranged from a low of 0.74 to a high of 1.40. The Telecommunication Services industry median Cyclically Adjusted PB Ratio is 1.74. Orange's value of 1.31 is 24.7% below this industry median. Based on the distribution chart, Orange ranks #113 out of 289 companies in the Telecommunication Services industry, which is above the industry midpoint. Overall, Orange has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Orange's Cyclically Adjusted PB Ratio compare to VZ and TMUS?
According to the Telecommunication Services industry distribution chart, Orange ranks #113 out of 289 companies for Cyclically Adjusted PB Ratio. This puts Orange in the upper half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.74. Orange's value of 1.31 is 24.7% below this benchmark. Historically, Orange's own Cyclically Adjusted PB Ratio has ranged from 0.74 to 1.40 over the past decade. While the company's 10-year median is 0.83 vs. the industry median of 1.74, Orange has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Telecommunication Services company?
The median Cyclically Adjusted PB Ratio among Telecommunication Services companies is 1.74, based on 289 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Orange's current Cyclically Adjusted PB Ratio of 1.31 is 24.7% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Orange and its competitors. For the Telecommunication Services industry, the median Cyclically Adjusted PB Ratio is 1.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Orange's current Cyclically Adjusted PB Ratio is 1.31, which is 58% above median its own 10-year median of 0.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Orange stock overvalued right now?
Based on GuruFocus' analysis, Orange (MIL:1ORA) is currently considered Significantly Overvalued. The stock's GF Value™ is €13.14, compared to a current price of €17.34 — trading 32% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 1.31, which is 58% above median its 10-year median of 0.83 and 24.7% below the Telecommunication Services industry median of 1.74. Orange's overall GF Score™ is 67/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Orange (MIL:1ORA), the current Cyclically Adjusted PB Ratio is 1.31 as of Jul. 30, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Orange (MIL:1ORA) Overvalued in 2026?

Based on GuruFocus' analysis, Orange stock appears to be overvalued. The current stock price of €17.34 is trading 32% above its estimated GF Value™ of €13.14. GuruFocus considers Orange to be Significantly Overvalued.

Key valuation signals for MIL:1ORA:

  • Cyclically Adjusted PB Ratio: 1.31 (58% above median its 10-year median of 0.83)
  • GF Value™: €13.14 vs. price of €17.34 (32% above fair value)
  • GF Score™: 67/100 with 4 warning signs
  • Industry Position: 24.7% below the Telecommunication Services median (#113 of 289)

No single metric tells the full story. See the MIL:1ORA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Orange Business Description

Address 111, quai du president Roosevelt, Issy-les-Moulineaux, Paris, FRA, 92130
Orange operates fixed-line and wireless businesses in France, where it is the market leader ahead of Iliad, Bouygues, and SFR, thanks to its incumbent position. It also has telecom businesses in Spain (through MasOrange), Poland, Belgium, Luxembourg, and Central Europe (Romania, Slovakia, and Moldova). Around 20% of revenue comes from emerging African markets, where it mainly operates wireless networks, and 20% comes from the enterprise segment, which serves companies with more than 50 employees in France and internationally.
67GF Score

Get the complete analysis for MIL:1ORA

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€17.34
Price
€13.14
GF Value