Purpose: This paper aims to determine how integrated reporting (IR) can effectively report on multiple capitals that, when taken together, should create value in a sustainable way, with the objective of reducing information asymmetry. Design/methodology/approach: To answer this research question, a qualitative content analysis was conducted of the IR disclosed by the French companies in the period 2013-16. Findings: The study reveals that information asymmetry is not reduced since companies mention only some capitals as inputs to their value creation process while almost entirely excluding natural capital. Moreover, companies disclose only positive information, mainly about their financial capital, without mentioning any destruction of capital, especially natural capital. Finally, the lack of compulsory reporting prevents any comparison between companies or over time. Research limitations/implications: Given its exploratory nature, this research presents several limitations. First, only a few companies have disclosed an IR in France, preventing the generalization of the findings to a larger number of companies. Second, the IR studied covered a period of only four years, preventing the generalization of the findings over a longer period of time. Practical implications: This paper provides insights about the information disclosed through IR in French companies and has implications for adopters and regulators.