EssilorLuxottica’s shares have fallen 40% in 2026, pushing the stock near its 52-week low amid governance turbulence and regulatory scrutiny over its Ray-Ban Meta smartglasses. The company, which trades at €161.15 with a market capitalization of €73.1 billion, faces a criminal complaint in Germany alleging its Ray-Ban Meta Wayfarers violate privacy laws by enabling covert recording.
The complaint, filed on August 12 by advocacy group HateAid, names EssilorLuxottica’s Ray-Ban unit alongside Meta, Fielmann, and Apollo-Optik. The devices, marketed as smartglasses with recording capabilities, have drawn public backlash over privacy concerns, contributing to reputational risks for the company. Leonardo Maria Del Vecchio, son of the late Luxottica founder and chairman of the Ray-Ban brand, resigned on August 24, criticizing CEO Francesco Milleri’s management style as "distant" and "impersonal."
Despite the challenges, analysts maintain a bullish outlook. Consensus targets imply a 56% upside to the current share price, with a fair-value estimate of €183.49, representing a 13.9% premium. The stock trades at 21.6x forward earnings and 29.5x trailing earnings, while offering a 2.5% dividend yield backed by 35 consecutive years of payments.
Revenue growth has slowed, rising 7.5% to €28.5 billion in 2025 from €25.4 billion in 2023. However, profitability metrics have weakened: EBITDA remained flat at €5.57 billion, net income declined to €2.31 billion from €2.36 billion, and net margins contracted from 9.0% to 8.1% over the same period. The Del Vecchio family’s Delfin holding retains a 32.4% stake in EssilorLuxottica.
