Alstom stock holds as investors track order backlog and margins

Alstom stock (FR0010220475) is being judged less by broad market mood than by the numbers in its latest reported figures: revenue reached EUR 18.5 billion in fiscal 2024-25, adjusted EBIT was EUR 1.18 billion, and the order backlog stood at EUR 95.0 billion at 31 March 2025. Those figures frame the French rail group as investors look for follow-through on profitability and execution.

Revenue at EUR 18.5 billion

In fiscal 2024-25, Alstom reported revenue of EUR 18.5 billion, up 4.9% on a reported basis and 6.2% organically, according to the companys annual results for the year ended 31 March 2025. Adjusted EBIT reached EUR 1.18 billion, which Alstom said corresponded to an adjusted EBIT margin of 6.4%.

The order book remains the other major anchor. At 31 March 2025, Alstom reported an order backlog of EUR 95.0 billion, a level that gives the group visibility across rolling project cycles and multi-year rail contracts.

Margin still matters most

Alstom also reported net income, group share of EUR 153 million for fiscal 2024-25, after a much weaker prior year period that had been shaped by restructuring and integration costs. Free cash flow improved to EUR 502 million in the same fiscal year, a key change for a capital-intensive business where working capital and project milestones can swing cash generation.

That combination - EUR 1.18 billion in adjusted EBIT, EUR 95.0 billion in backlog, and EUR 502 million in free cash flow - is what makes the next update important for the stock. For investors, the central question is whether Alstom can keep margin expansion and cash conversion moving in the same direction.

Order book at EUR 95.0 billion

The EUR 95.0 billion backlog at 31 March 2025 is the number that best captures Alstoms medium-term revenue base. It helps explain why the market often treats contract wins, delivery progress, and margin conversion as more important than a single quarterly swing.

In practical terms, that backlog supports project visibility across rolling delivery windows, while the 6.4% adjusted EBIT margin shows how much room still matters between revenue growth and bottom-line progress.

Rolling stock remains central

Rolling stock remains the core of Alstoms business mix, alongside services and signaling, and that is where large-ticket railway programs usually create the clearest impact on backlog and future delivery. The product and segment mix matters because it shapes both margin and cash timing across the fiscal year.

For investors, the product lens is straightforward: stronger execution in rolling stock and services tends to matter more than headline revenue alone, especially when the balance sheet and free cash flow are still being watched closely.

Latest price context

As a market reference, Alstom stock trades on Euronext Paris, and the companys latest reported financial base puts the focus on EUR 18.5 billion of fiscal 2024-25 revenue, EUR 1.18 billion of adjusted EBIT, and EUR 95.0 billion of backlog. Those are the figures that frame the next reaction whenever the company updates investors.

Price data was not included in the available research set, so the relevant market anchor here is the reported scale of the business and its backlog rather than a dated quote.