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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.
Veolia EnvironnementCHIX:VIEP -0.21%78 Forward Rate of Return (Yacktman) % is 20.43% as of Dec. 2025, which is 15% below its 10-year median of 24.15. GuruFocus rates CHIX:VIEP with a GF Score™ of 78/100 and a GF Value™ of €31.38 (Fairly Valued). The stock has 4 warning signs investors should review. Among 147 Waste Management companies, Veolia Environnement ranks better than 95.24% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Veolia Environnement's forward rate of return for was 20.43%.
The historical rank and industry rank for Veolia Environnement's Forward Rate of Return (Yacktman) % or its related term are showing as below:
CHIX:VIEp'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 9.07 Med: 24.15 Max: 32.66
Current: 31.62
During the past 13 years, Veolia Environnement's highest Forward Rate of Return was 32.66. The lowest was 9.07. And the median was 24.15.
CHIX:VIEp's Forward Rate of Return (Yacktman) % is ranked better than 95.24% of 147
companies
in the Waste Management industry
Industry Median: 5.29
vs CHIX:VIEp: 31.62
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Veolia Environnement (CHIX:VIEp) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Veolia Environnement Forward Rate of Return (Yacktman) % Related Terms
Veolia Environnement Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Veolia Environnement's Forward Rate of Return (Yacktman) % 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.
Veolia Environnement Forward Rate of Return (Yacktman) % Chart
CHIX:VIEP vs WM, RSG, WCN: Forward Rate of Return (Yacktman) % Comparison
For the Waste Management subindustry, Veolia Environnement's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Veolia Environnement Forward Rate of Return (Yacktman) % vs Waste Management Industry
For the Waste Management industry and Industrials sector, Veolia Environnement's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Veolia Environnement's Forward Rate of Return (Yacktman) % falls into.
Veolia Environnement Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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.
What does a Forward Rate of Return (Yacktman) % of 20.43% mean?
Veolia Environnement (CHIX:VIEP) has a Forward Rate of Return (Yacktman) % of 20.43% as of Dec. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Veolia Environnement and its competitors. This is 15% below median its historical median of 24.15. Over the past decade, Veolia Environnement's Forward Rate of Return (Yacktman) % has ranged from 9.07 to 32.66. According to the industry distribution chart, Veolia Environnement ranks #7 out of 147 companies in the Waste Management industry, placing it in the top 4.8%.
Is Veolia Environnement's Forward Rate of Return (Yacktman) % too high?
Veolia Environnement's current Forward Rate of Return (Yacktman) % of 20.43% is 15% below median its 10-year median of 24.15. Over the past 10 years, this metric has ranged from a low of 9.07 to a high of 32.66. The Waste Management industry median Forward Rate of Return (Yacktman) % is 5.29. Veolia Environnement's value of 20.43% is 286.2% above this industry median. Based on the distribution chart, Veolia Environnement ranks #7 out of 147 companies in the Waste Management industry, which is in the top quartile — a strong position relative to peers. Overall, Veolia Environnement has a GF Score™ of 78/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Veolia Environnement's Forward Rate of Return (Yacktman) % compare to WM and RSG?
According to the Waste Management industry distribution chart, Veolia Environnement ranks #7 out of 147 companies for Forward Rate of Return (Yacktman) %. This places Veolia Environnement in the top 5% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 5.29. Veolia Environnement's value of 20.43% is 286.2% above this benchmark. Historically, Veolia Environnement's own Forward Rate of Return (Yacktman) % has ranged from 9.07 to 32.66 over the past decade. While the company's 10-year median is 24.15 vs. the industry median of 5.29, Veolia Environnement has consistently been above 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 Forward Rate of Return (Yacktman) % for a Waste Management company?
The median Forward Rate of Return (Yacktman) % among Waste Management companies is 5.29, based on 147 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Veolia Environnement's current Forward Rate of Return (Yacktman) % of 20.43% is 286.2% above 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Veolia Environnement and its competitors. For the Waste Management industry, the median Forward Rate of Return (Yacktman) % is 5.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Veolia Environnement's current Forward Rate of Return (Yacktman) % is 20.43%, which is 15% below median its own 10-year median of 24.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Veolia Environnement stock overvalued right now?
Based on GuruFocus' analysis, Veolia Environnement (CHIX:VIEP) is currently considered Fairly Valued. The stock's GF Value™ is €31.38, compared to a current price of €31.42 — trading 0.1% above its estimated fair value. The current Forward Rate of Return (Yacktman) % is 20.43%, which is 15% below median its 10-year median of 24.15 and 286.2% above the Waste Management industry median of 5.29. Veolia Environnement's overall GF Score™ is 78/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Veolia Environnement (CHIX:VIEP), the current Forward Rate of Return (Yacktman) % is 20.43% as of Dec. 2025. 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 Veolia Environnement (CHIX:VIEP) Overvalued in 2026?
Based on GuruFocus' analysis, Veolia Environnement stock appears to be overvalued.
The current stock price of €31.42 is trading 0.1% above its estimated GF Value™ of €31.38.
GuruFocus considers Veolia Environnement to be Fairly Valued.
Key valuation signals for CHIX:VIEP:
Forward Rate of Return (Yacktman) %: 20.43% (15% below median its 10-year median of 24.15)
GF Value™: €31.38 vs. price of €31.42 (0.1% above fair value)
Industry Position: 286.2% above the Waste Management median (#7 of 147)
No single metric tells the full story. See the CHIX:VIEP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Veolia is the largest water company globally and a leading player in France. It is also involved in waste management with significant exposure to France, the United Kingdom, Germany, the United States, and Australia. The third pillar of the group is energy services, giving the group significant exposure to Central Europe. Veolia started to refocus its activities in 2011, leading to the exit of almost half of its countries and its transport activity The integration of most activities of Suez in 2022 drove an EBITDA increase of nearly 40%.
78GF Score
Get the complete analysis for CHIX:VIEP
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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