Valneva SE (VALN) 10-Year Financial Performance & Capital Metrics

VALN • • Industrial / General

HealthcareBiotechnologyInfectious DiseasesHepatitis & Viral Infections

AboutValneva SE, a specialty vaccine company, focuses on the development and commercialization of prophylactic vaccines for infectious diseases with unmet needs. Its commercial vaccines for travelers include IXIARO, an inactivated Vero cell culture-derived Japanese encephalitis vaccine indicated for active immunization against Japanese encephalitis; DUKORAL, an oral vaccine for the prevention of diarrhea caused by Vibrio cholera and/or heat-labile toxin producing Enterotoxigenic Escherichia coli bacterium; and VLA2001, a vaccine candidate against SARS-CoV-2. The company also develops VLA15, a vaccine candidate that has completed Phase II clinical trial against Borrelia; and VLA1553, a vaccine candidate, which is in Phase III clinical trial against the chikungunya virus. It sells its products in the United States, Canada, Germany, Austria, Nordics, the United Kingdom, other European countries, and internationally. Valneva SE has collaborations with Pfizer, Inc. to co-develop and commercialize its Lyme disease vaccine; and Instituto Butantan for the development, manufacturing, and marketing of single-shot chikungunya vaccine. The company was founded in 1998 and is headquartered in Saint-Herblain, France.Show more

Revenue $170M +10.3%
EBITDA $33M +151.0%
Net Income -$12M +87.9%
EPS (Diluted) -0.17 +88.4%
Gross Margin 41.89% +21.9%
EBITDA Margin 19.41% +146.3%
Operating Margin 7.86% +114.7%
Net Margin -7.22% +89.1%
ROE -7.91% +86.4%
ROIC 4.54% +110.8%
Debt/Equity 1.19 -26.7%
Interest Coverage 0.56 +115.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.47%

5Y6.09%

3Y-21.31%

TTM30.21%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-106.87%

EPS CAGR

10Y-

5Y-

3Y-

TTM-84%

ROCE

10Y Avg-11.93%

5Y Avg-17.88%

3Y Avg-16.73%

Latest3.88%

Peer Comparison

Hepatitis & Viral Infections

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADMAADMA Biologics, Inc.	4.16B	17.50	21.60	65.15%	42.87%	48.57%	2.64%	0.24
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
DWTXDogwood Therapeutics, Inc.	83.24M	2.80	-0.22			-49.37%		0.24
ALGSAligos Therapeutics, Inc.	44.22M	8.26	-0.39	-74.6%	-32.68%	-120.37%
INOInovio Pharmaceuticals, Inc.	108.55M	1.58	-0.40	-73.83%	-592.82%	-115.42%		0.17
BRNSBarinthus Biotherapeutics plc	29.81M	0.73	-0.47	17.66%	-408%	-89.73%		0.09
COCPCocrystal Pharma, Inc.	15.3M	1.11	-0.65			-126.11%		0.19
KLRSKalaris Therapeutics Inc	165.7M	8.86	-0.76			-170.84%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	78.36M	94.06M	105.29M	113.03M	126.2M	110.32M	348.08M	361.3M	153.71M	169.58M
Revenue Growth %	1.12%	0.2%	0.12%	0.07%	0.12%	-0.13%	2.16%	0.04%	-0.57%	0.1%
Cost of Goods Sold+	46.96M	43.08M	45.98M	43.43M	49.97M	54.3M	187.92M	324.44M	100.88M	98.54M
COGS % of Revenue	0.6%	0.46%	0.44%	0.38%	0.4%	0.49%	0.54%	0.9%	0.66%	0.58%
Gross Profit+	31.4M	50.99M	59.31M	69.6M	76.23M	56.02M	160.16M	36.86M	52.84M	71.04M
Gross Margin %	0.4%	0.54%	0.56%	0.62%	0.6%	0.51%	0.46%	0.1%	0.34%	0.42%
Gross Profit Growth %	0.59%	0.62%	0.16%	0.17%	0.1%	-0.27%	1.86%	-0.77%	0.43%	0.34%
Operating Expenses+	51.36M	93.43M	63.27M	63.34M	74.23M	111.13M	221.56M	150.31M	134.92M	57.71M
OpEx % of Revenue	0.66%	0.99%	0.6%	0.56%	0.59%	1.01%	0.64%	0.42%	0.88%	0.34%
Selling, General & Admin	23.52M	31.05M	33.42M	48.04M	42.54M	45.52M	71.25M	57.58M	96.55M	95.11M
SG&A % of Revenue	0.3%	0.33%	0.32%	0.43%	0.34%	0.41%	0.2%	0.16%	0.63%	0.56%
Research & Development	25.37M	24.59M	23.36M	12.19M	37.88M	84.45M	173.28M	104.92M	59.89M	74.14M
R&D % of Revenue	0.32%	0.26%	0.22%	0.11%	0.3%	0.77%	0.5%	0.29%	0.39%	0.44%
Other Operating Expenses	2.48M	37.79M	6.49M	19.83M	-3.07M	-18.85M	-22.98M	-12.2M	-21.52M	-111.54M
Operating Income+	-19.93M	-42.57M	-3.95M	6.26M	-811K	-55.11M	-61.39M	-113.44M	-82.09M	13.33M
Operating Margin %	-0.25%	-0.45%	-0.04%	0.06%	-0.01%	-0.5%	-0.18%	-0.31%	-0.53%	0.08%
Operating Income Growth %	0.16%	-1.14%	0.91%	2.58%	-1.13%	-66.95%	-0.11%	-0.85%	0.28%	1.16%
EBITDA+	-8.49M	-31.3M	7.19M	13.09M	7.72M	-45.31M	-47.11M	-92.41M	-64.5M	32.92M
EBITDA Margin %	-0.11%	-0.33%	0.07%	0.12%	0.06%	-0.41%	-0.14%	-0.26%	-0.42%	0.19%
EBITDA Growth %	0.26%	-2.69%	1.23%	0.82%	-0.41%	-6.87%	-0.04%	-0.96%	0.3%	1.51%
D&A (Non-Cash Add-back)	11.44M	11.27M	11.14M	6.83M	8.53M	9.8M	14.28M	21.04M	17.58M	19.59M
EBIT	-10.68M	-42.74M	-7.5M	7.14M	1.76M	-54.56M	-53.02M	-125.76M	-75.3M	12.5M
Net Interest Income+	-6.62M	-5.8M	-4.99M	-3.61M	-2.43M	-10.62M	-16.71M	-18.79M	-22.11M	-21.62M
Interest Income	3.1M	290K	72K	178K	199K	119K	249K	260K	1.21M	2.36M
Interest Expense	9.72M	6.09M	5.06M	3.79M	2.63M	10.74M	16.96M	19.05M	23.32M	23.98M
Other Income/Expense	-13.64M	-6.26M	-8.61M	-2.91M	-59K	-10.18M	-8.59M	-31.37M	-16.54M	-24.82M
Pretax Income+	-20.39M	-48.83M	-12.56M	3.35M	-870K	-65.3M	-69.98M	-144.81M	-98.63M	-11.49M
Pretax Margin %	-0.26%	-0.52%	-0.12%	0.03%	-0.01%	-0.59%	-0.2%	-0.4%	-0.64%	-0.07%
Income Tax+	224K	356K	-1.08M	88K	874K	-909K	3.45M	-1.54M	2.8M	761K
Effective Tax Rate %	1.01%	1.01%	0.91%	0.97%	2%	0.99%	1.05%	0.99%	1.03%	1.07%
Net Income+	-20.62M	-49.18M	-11.48M	3.26M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Net Margin %	-0.26%	-0.52%	-0.11%	0.03%	-0.01%	-0.58%	-0.21%	-0.4%	-0.66%	-0.07%
Net Income Growth %	0.22%	-1.39%	0.77%	1.28%	-1.53%	-35.92%	-0.14%	-0.95%	0.29%	0.88%
Net Income (Continuing)	-20.62M	-49.18M	-11.48M	2.14M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.56	-1.32	-0.30	0.08	-0.04	-1.42	-1.50	-2.48	-1.46	-0.17
EPS Growth %	0.4%	-1.36%	0.77%	1.27%	-1.48%	-36.37%	-0.06%	-0.65%	0.41%	0.88%
EPS (Basic)	-0.56	-1.32	-0.30	0.08	-0.04	-1.42	-1.50	-2.48	-1.46	-0.17
Diluted Shares Outstanding	36.37M	37.33M	38.72M	40.8M	45.87M	45.38M	48.81M	57.74M	69.31M	70.26M
Basic Shares Outstanding	36.37M	37.33M	38.27M	40.26M	45.87M	45.38M	48.81M	57.74M	69.47M	70.26M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	116.38M	91.2M	83.45M	125.97M	129.16M	308.43M	585.83M	424.66M	262.82M	299.01M
Cash & Short-Term Investments	41.91M	35.27M	33.55M	77.08M	64.44M	204.39M	346.64M	289.43M	126.08M	168.27M
Cash Only	41.91M	35.27M	33.55M	77.08M	64.44M	204.39M	346.64M	289.43M	126.08M	168.27M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	15.75M	16.91M	17.62M	11.26M	24.03M	19.23M	44.01M	23.91M	41.65M	35.2M
Days Sales Outstanding	73.38	65.63	61.09	36.36	69.5	63.63	46.15	24.16	98.89	75.78
Inventory	26.69M	22.7M	19.93M	22.73M	25.77M	26.93M	124.1M	35.1M	44.47M	53.66M
Days Inventory Outstanding	207.42	192.35	158.22	191	188.26	181.03	241.04	39.49	160.89	198.78
Other Current Assets	32.03M	9.4M	7.84M	10.26M	14.92M	57.83M	71.04M	76.21M	50.63M	41.87M
Total Non-Current Assets+	158.8M	115.69M	105.89M	103.93M	135.56M	140.74M	231.52M	196.69M	197.24M	201.02M
Property, Plant & Equipment	42.44M	39.04M	38.37M	38M	69.34M	78.15M	173.83M	154.04M	156.59M	158.12M
Fixed Asset Turnover	1.85x	2.41x	2.74x	2.97x	1.82x	1.41x	2.00x	2.35x	0.98x	1.07x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	98.57M	58.96M	48.47M	44.89M	41.81M	35.41M	32.7M	28.71M	25.57M	25.26M
Long-Term Investments	403K	426K	335K	1.12M	2.26M	2.13M	2.12M	0	0	0
Other Non-Current Assets	17.8M	17.69M	17.03M	17.23M	17.16M	19.47M	19.28M	8.3M	8.49M	8.04M
Total Assets+	275.19M	206.88M	189.34M	229.91M	264.72M	449.16M	817.35M	621.34M	460.06M	500.03M
Asset Turnover	0.28x	0.45x	0.56x	0.49x	0.48x	0.25x	0.43x	0.58x	0.33x	0.34x
Asset Growth %	0.21%	-0.25%	-0.08%	0.21%	0.15%	0.7%	0.82%	-0.24%	-0.26%	0.09%
Total Current Liabilities+	46.36M	38.89M	37.67M	42.95M	41.3M	175.87M	368.98M	277.39M	158.86M	114.58M
Accounts Payable	6.33M	1.99M	5.26M	9.18M	8.87M	24.9M	16.04M	14.51M	17.56M	12.64M
Days Payables Outstanding	49.16	16.88	41.74	77.11	64.78	167.36	31.14	16.32	63.55	46.82
Short-Term Debt	24.84M	20.11M	16.54M	16.66M	2M	6.99M	7.11M	11.58M	44.08M	20.85M
Deferred Revenue (Current)	0	0	0	1000K	694K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-1.71M	7.67M	7.48M	6.03M	13.22M	35.53M	159.37M	184.01M	55.88M	44.59M
Current Ratio	2.51x	2.35x	2.22x	2.93x	3.13x	1.75x	1.59x	1.53x	1.65x	2.61x
Quick Ratio	1.93x	1.76x	1.69x	2.40x	2.50x	1.60x	1.25x	1.40x	1.37x	2.14x
Cash Conversion Cycle	231.64	241.1	177.57	150.25	192.98	77.31	256.04	47.33	196.23	227.73
Total Non-Current Liabilities+	84.49M	67.94M	59M	43.78M	88.27M	195.87M	277.79M	124.15M	172.95M	204.2M
Long-Term Debt	48.2M	34.02M	27.43M	14.27M	24.32M	46.38M	50.73M	87.23M	132.77M	166.52M
Capital Lease Obligations	28.37M	27.52M	26.66M	25.8M	56.59M	49.39M	53.69M	28.16M	29.09M	26.43M
Deferred Tax Liabilities	112K	65K	65K	0	0	412K	1.29M	694K	3.64M	4.16M
Other Non-Current Liabilities	7.81M	6.33M	-64K	655K	6.63M	99.63M	167.35M	8.07M	7.46M	7.08M
Total Liabilities	130.85M	106.83M	96.67M	86.72M	129.57M	371.74M	646.77M	401.55M	331.81M	318.78M
Total Debt+	102.25M	82.5M	71.5M	57.6M	85.22M	105.45M	114.66M	152.38M	208.82M	216.31M
Net Debt	60.35M	47.23M	37.95M	-19.48M	20.78M	-98.94M	-231.99M	-137.05M	82.74M	48.04M
Debt / Equity	0.71x	0.82x	0.77x	0.40x	0.63x	1.36x	0.67x	0.69x	1.63x	1.19x
Debt / EBITDA	-	-	9.95x	4.40x	11.04x	-	-	-	-	6.57x
Net Debt / EBITDA	-	-	5.28x	-1.49x	2.69x	-	-	-	-	1.46x
Interest Coverage	-2.05x	-6.99x	-0.78x	1.65x	-0.31x	-5.13x	-3.62x	-5.95x	-3.52x	0.56x
Total Equity+	144.34M	100.05M	92.67M	143.19M	135.15M	77.42M	170.58M	219.8M	128.25M	181.25M
Equity Growth %	0.16%	-0.31%	-0.07%	0.55%	-0.06%	-0.43%	1.2%	0.29%	-0.42%	0.41%
Book Value per Share	3.97	2.68	2.39	3.51	2.95	1.71	3.49	3.81	1.85	2.58
Total Shareholders' Equity	144.34M	100.05M	92.67M	143.19M	135.15M	77.42M	170.58M	219.8M	128.25M	181.25M
Common Stock	11.21M	11.64M	11.64M	13.64M	13.64M	13.65M	15.79M	20.75M	20.84M	24.38M
Retained Earnings	-112.84M	-164.52M	-171.9M	-168.17M	-169.16M	-233.55M	-306.97M	-450.25M	-551.68M	-563.93M
Treasury Stock	-1.01M	-1.01M	-1.11M	0	0	0	0	-645K	-645K	-645K
Accumulated OCI	-34.44M	-35.74M	-34.27M	0	45.76M	52.34M	52.51M	55.25M	65.73M	40.15M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-24.33M	6.5M	12.83M	16.31M	5.53M	137.74M	76.9M	-245.34M	-202.74M	-67.22M
Operating CF Margin %	-0.31%	0.07%	0.12%	0.14%	0.04%	1.25%	0.22%	-0.68%	-1.32%	-0.4%
Operating CF Growth %	-0.63%	1.27%	0.97%	0.27%	-0.66%	23.91%	-0.44%	-4.19%	0.17%	0.67%
Net Income	-20.62M	-49.18M	-11.48M	3.26M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Depreciation & Amortization	11.44M	11.27M	11.14M	6.83M	8.61M	9.8M	14.28M	21.04M	17.58M	19.59M
Stock-Based Compensation	1.02M	1.43M	811K	1.89M	2.55M	6.33M	14.51M	-8.66M	5.11M	7.97M
Deferred Taxes	238K	357K	-1.08M	88K	874K	-909K	3.45M	-1.54M	2.8M	761K
Other Non-Cash Items	-601K	40.97M	10.38M	1.25M	-1.76M	20.7M	81.96M	33.07M	18.25M	-71.72M
Working Capital Changes	-15.81M	1.67M	3.06M	2.99M	-3M	166.21M	36.13M	-145.98M	-145.06M	-11.57M
Change in Receivables	-3.23M	2.36M	597K	4.34M	-17.28M	-24.02M	-21.35M	12.4M	-2.85M	15.71M
Change in Inventory	7.54M	2.95M	1.06M	-2.79M	-2.42M	-4.2M	-92.37M	84.22M	-9.16M	-6.8M
Change in Payables	0	0	2.54M	0	13.01M	6.54M	35.24M	-14.05M	-17.4M	0
Cash from Investing+	-26.57M	14.89M	-4.06M	-2.92M	-10.69M	-19.34M	-93.12M	-29.05M	-20.59M	76.92M
Capital Expenditures	-2.65M	-3.68M	-4.04M	-3.17M	-10.88M	-19.47M	-93.17M	-29.32M	-14.23M	-13.87M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.09%	0.18%	0.27%	0.08%	0.09%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	261K	3.29M	72K	254K	199K	131K	55K	260K	4.6M	90.78M
Cash from Financing+	64.19M	-26.79M	-10.44M	30.95M	-7.7M	21.74M	154.5M	215.12M	63.08M	30.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.51M	-10.93M	-4.98M	-4.17M	-2.62M	-4.71M	-8.42M	-9.21M	-12.57M	-19.97M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.98M	2.82M	8.79M	13.13M	-5.36M	118.27M	-16.27M	-274.67M	-217.06M	-83.66M
FCF Margin %	-0.34%	0.03%	0.08%	0.12%	-0.04%	1.07%	-0.05%	-0.76%	-1.41%	-0.49%
FCF Growth %	-0.44%	1.1%	2.11%	0.49%	-1.41%	23.09%	-1.14%	-15.88%	0.21%	0.61%
FCF per Share	-0.74	0.08	0.23	0.32	-0.12	2.61	-0.33	-4.76	-3.13	-1.19
FCF Conversion (FCF/Net Income)	1.18x	-0.13x	-1.12x	5.00x	-3.17x	-2.14x	-1.05x	1.71x	2.00x	5.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.34%	-40.25%	-11.92%	2.77%	-1.25%	-60.58%	-59.21%	-73.41%	-58.29%	-7.91%
Return on Invested Capital (ROIC)	-8.01%	-18.14%	-2.13%	3.69%	-0.43%	-61.5%	-	-797.32%	-41.92%	4.54%
Gross Margin	40.07%	54.2%	56.33%	61.58%	60.4%	50.78%	46.01%	10.2%	34.37%	41.89%
Net Margin	-26.31%	-52.29%	-10.9%	2.89%	-1.38%	-58.37%	-21.09%	-39.66%	-65.99%	-7.22%
Debt / Equity	0.71x	0.82x	0.77x	0.40x	0.63x	1.36x	0.67x	0.69x	1.63x	1.19x
Interest Coverage	-2.05x	-6.99x	-0.78x	1.65x	-0.31x	-5.13x	-3.62x	-5.95x	-3.52x	0.56x
FCF Conversion	1.18x	-0.13x	-1.12x	5.00x	-3.17x	-2.14x	-1.05x	1.71x	2.00x	5.49x
Revenue Growth	112.22%	20.04%	11.94%	7.35%	11.64%	-12.58%	215.52%	3.8%	-57.46%	10.32%

Revenue by Segment

	2021	2022	2023	2024
IXIARO	45.1M	41.37M	73.48M	94.07M
IXIARO Growth	-	-8.27%	77.62%	28.01%
Third Party Products	-	26.55M	35.67M	33.19M
Third Party Products Growth	-	-	34.39%	-6.98%
DUKORAL	2.4M	17.34M	29.77M	32.3M
DUKORAL Growth	-	622.29%	71.76%	8.49%
Other Services	-	-	-	1.13M
Other Services Growth	-	-	-	-
Others Products	-	-	3.09M	-
Others Products Growth	-	-	-	-
COVID	253.31M	-	-	-
COVID Growth	-	-	-	-
Lyme Candidate Vaccine	14.3M	-	-	-
Lyme Candidate Vaccine Growth	-	-	-	-

Revenue by Geography

	2021	2022	2023	2024
UNITED STATES	-	21.99M	32.96M	48.59M
UNITED STATES Growth	-	-	49.89%	47.41%
CANADA	-	18.9M	28.19M	32.32M
CANADA Growth	-	-	49.14%	14.64%
GERMANY	-	20.34M	13.5M	18.37M
GERMANY Growth	-	-	-33.62%	36.07%
AUSTRIA	-	13.75M	14.58M	15.9M
AUSTRIA Growth	-	-	6.07%	9.01%
Nordics	-	-	12.7M	13.94M
Nordics Growth	-	-	-	9.78%
Other Europe	-	-	9.34M	9.06M
Other Europe Growth	-	-	-	-2.99%
FRANCE	-	2.63M	5.87M	7.22M
FRANCE Growth	-	-	123.47%	23.08%
Rest Of World	-	-	16.31M	4.69M
Rest Of World Growth	-	-	-	-71.23%

Frequently Asked Questions

Growth & Financials

Valneva SE (VALN) reported $196.3M in revenue for fiscal year 2024. This represents a 1813% increase from $10.3M in 2011.

Valneva SE (VALN) grew revenue by 10.3% over the past year. This is steady growth.

Valneva SE (VALN) reported a net loss of $67.0M for fiscal year 2024.

Dividend & Returns

Valneva SE (VALN) has a return on equity (ROE) of -7.9%. Negative ROE indicates the company is unprofitable.

Valneva SE (VALN) had negative free cash flow of $34.4M in fiscal year 2024, likely due to heavy capital investments.

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Valneva SE (VALN) 10-Year Financial Performance & Capital Metrics

VALN • • Industrial / General

HealthcareBiotechnologyInfectious DiseasesHepatitis & Viral Infections

Revenue $170M +10.3%
EBITDA $33M +151.0%
Net Income -$12M +87.9%
EPS (Diluted) -0.17 +88.4%
Gross Margin 41.89% +21.9%
EBITDA Margin 19.41% +146.3%
Operating Margin 7.86% +114.7%
Net Margin -7.22% +89.1%
ROE -7.91% +86.4%
ROIC 4.54% +110.8%
Debt/Equity 1.19 -26.7%
Interest Coverage 0.56 +115.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 80 (top 20%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.47%

5Y6.09%

3Y-21.31%

TTM30.21%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-106.87%

EPS CAGR

10Y-

5Y-

3Y-

TTM-84%

ROCE

10Y Avg-11.93%

5Y Avg-17.88%

3Y Avg-16.73%

Latest3.88%

Peer Comparison

Hepatitis & Viral Infections

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ADMAADMA Biologics, Inc.	4.16B	17.50	21.60	65.15%	42.87%	48.57%	2.64%	0.24
CVACCureVac N.V.	1.05B	4.66	6.47	8.96%	37.93%	33.02%	7.95%	0.06
DWTXDogwood Therapeutics, Inc.	83.24M	2.80	-0.22			-49.37%		0.24
ALGSAligos Therapeutics, Inc.	44.22M	8.26	-0.39	-74.6%	-32.68%	-120.37%
INOInovio Pharmaceuticals, Inc.	108.55M	1.58	-0.40	-73.83%	-592.82%	-115.42%		0.17
BRNSBarinthus Biotherapeutics plc	29.81M	0.73	-0.47	17.66%	-408%	-89.73%		0.09
COCPCocrystal Pharma, Inc.	15.3M	1.11	-0.65			-126.11%		0.19
KLRSKalaris Therapeutics Inc	165.7M	8.86	-0.76			-170.84%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	78.36M	94.06M	105.29M	113.03M	126.2M	110.32M	348.08M	361.3M	153.71M	169.58M
Revenue Growth %	1.12%	0.2%	0.12%	0.07%	0.12%	-0.13%	2.16%	0.04%	-0.57%	0.1%
Cost of Goods Sold+	46.96M	43.08M	45.98M	43.43M	49.97M	54.3M	187.92M	324.44M	100.88M	98.54M
COGS % of Revenue	0.6%	0.46%	0.44%	0.38%	0.4%	0.49%	0.54%	0.9%	0.66%	0.58%
Gross Profit+	31.4M	50.99M	59.31M	69.6M	76.23M	56.02M	160.16M	36.86M	52.84M	71.04M
Gross Margin %	0.4%	0.54%	0.56%	0.62%	0.6%	0.51%	0.46%	0.1%	0.34%	0.42%
Gross Profit Growth %	0.59%	0.62%	0.16%	0.17%	0.1%	-0.27%	1.86%	-0.77%	0.43%	0.34%
Operating Expenses+	51.36M	93.43M	63.27M	63.34M	74.23M	111.13M	221.56M	150.31M	134.92M	57.71M
OpEx % of Revenue	0.66%	0.99%	0.6%	0.56%	0.59%	1.01%	0.64%	0.42%	0.88%	0.34%
Selling, General & Admin	23.52M	31.05M	33.42M	48.04M	42.54M	45.52M	71.25M	57.58M	96.55M	95.11M
SG&A % of Revenue	0.3%	0.33%	0.32%	0.43%	0.34%	0.41%	0.2%	0.16%	0.63%	0.56%
Research & Development	25.37M	24.59M	23.36M	12.19M	37.88M	84.45M	173.28M	104.92M	59.89M	74.14M
R&D % of Revenue	0.32%	0.26%	0.22%	0.11%	0.3%	0.77%	0.5%	0.29%	0.39%	0.44%
Other Operating Expenses	2.48M	37.79M	6.49M	19.83M	-3.07M	-18.85M	-22.98M	-12.2M	-21.52M	-111.54M
Operating Income+	-19.93M	-42.57M	-3.95M	6.26M	-811K	-55.11M	-61.39M	-113.44M	-82.09M	13.33M
Operating Margin %	-0.25%	-0.45%	-0.04%	0.06%	-0.01%	-0.5%	-0.18%	-0.31%	-0.53%	0.08%
Operating Income Growth %	0.16%	-1.14%	0.91%	2.58%	-1.13%	-66.95%	-0.11%	-0.85%	0.28%	1.16%
EBITDA+	-8.49M	-31.3M	7.19M	13.09M	7.72M	-45.31M	-47.11M	-92.41M	-64.5M	32.92M
EBITDA Margin %	-0.11%	-0.33%	0.07%	0.12%	0.06%	-0.41%	-0.14%	-0.26%	-0.42%	0.19%
EBITDA Growth %	0.26%	-2.69%	1.23%	0.82%	-0.41%	-6.87%	-0.04%	-0.96%	0.3%	1.51%
D&A (Non-Cash Add-back)	11.44M	11.27M	11.14M	6.83M	8.53M	9.8M	14.28M	21.04M	17.58M	19.59M
EBIT	-10.68M	-42.74M	-7.5M	7.14M	1.76M	-54.56M	-53.02M	-125.76M	-75.3M	12.5M
Net Interest Income+	-6.62M	-5.8M	-4.99M	-3.61M	-2.43M	-10.62M	-16.71M	-18.79M	-22.11M	-21.62M
Interest Income	3.1M	290K	72K	178K	199K	119K	249K	260K	1.21M	2.36M
Interest Expense	9.72M	6.09M	5.06M	3.79M	2.63M	10.74M	16.96M	19.05M	23.32M	23.98M
Other Income/Expense	-13.64M	-6.26M	-8.61M	-2.91M	-59K	-10.18M	-8.59M	-31.37M	-16.54M	-24.82M
Pretax Income+	-20.39M	-48.83M	-12.56M	3.35M	-870K	-65.3M	-69.98M	-144.81M	-98.63M	-11.49M
Pretax Margin %	-0.26%	-0.52%	-0.12%	0.03%	-0.01%	-0.59%	-0.2%	-0.4%	-0.64%	-0.07%
Income Tax+	224K	356K	-1.08M	88K	874K	-909K	3.45M	-1.54M	2.8M	761K
Effective Tax Rate %	1.01%	1.01%	0.91%	0.97%	2%	0.99%	1.05%	0.99%	1.03%	1.07%
Net Income+	-20.62M	-49.18M	-11.48M	3.26M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Net Margin %	-0.26%	-0.52%	-0.11%	0.03%	-0.01%	-0.58%	-0.21%	-0.4%	-0.66%	-0.07%
Net Income Growth %	0.22%	-1.39%	0.77%	1.28%	-1.53%	-35.92%	-0.14%	-0.95%	0.29%	0.88%
Net Income (Continuing)	-20.62M	-49.18M	-11.48M	2.14M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.56	-1.32	-0.30	0.08	-0.04	-1.42	-1.50	-2.48	-1.46	-0.17
EPS Growth %	0.4%	-1.36%	0.77%	1.27%	-1.48%	-36.37%	-0.06%	-0.65%	0.41%	0.88%
EPS (Basic)	-0.56	-1.32	-0.30	0.08	-0.04	-1.42	-1.50	-2.48	-1.46	-0.17
Diluted Shares Outstanding	36.37M	37.33M	38.72M	40.8M	45.87M	45.38M	48.81M	57.74M	69.31M	70.26M
Basic Shares Outstanding	36.37M	37.33M	38.27M	40.26M	45.87M	45.38M	48.81M	57.74M	69.47M	70.26M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	116.38M	91.2M	83.45M	125.97M	129.16M	308.43M	585.83M	424.66M	262.82M	299.01M
Cash & Short-Term Investments	41.91M	35.27M	33.55M	77.08M	64.44M	204.39M	346.64M	289.43M	126.08M	168.27M
Cash Only	41.91M	35.27M	33.55M	77.08M	64.44M	204.39M	346.64M	289.43M	126.08M	168.27M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	15.75M	16.91M	17.62M	11.26M	24.03M	19.23M	44.01M	23.91M	41.65M	35.2M
Days Sales Outstanding	73.38	65.63	61.09	36.36	69.5	63.63	46.15	24.16	98.89	75.78
Inventory	26.69M	22.7M	19.93M	22.73M	25.77M	26.93M	124.1M	35.1M	44.47M	53.66M
Days Inventory Outstanding	207.42	192.35	158.22	191	188.26	181.03	241.04	39.49	160.89	198.78
Other Current Assets	32.03M	9.4M	7.84M	10.26M	14.92M	57.83M	71.04M	76.21M	50.63M	41.87M
Total Non-Current Assets+	158.8M	115.69M	105.89M	103.93M	135.56M	140.74M	231.52M	196.69M	197.24M	201.02M
Property, Plant & Equipment	42.44M	39.04M	38.37M	38M	69.34M	78.15M	173.83M	154.04M	156.59M	158.12M
Fixed Asset Turnover	1.85x	2.41x	2.74x	2.97x	1.82x	1.41x	2.00x	2.35x	0.98x	1.07x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	98.57M	58.96M	48.47M	44.89M	41.81M	35.41M	32.7M	28.71M	25.57M	25.26M
Long-Term Investments	403K	426K	335K	1.12M	2.26M	2.13M	2.12M	0	0	0
Other Non-Current Assets	17.8M	17.69M	17.03M	17.23M	17.16M	19.47M	19.28M	8.3M	8.49M	8.04M
Total Assets+	275.19M	206.88M	189.34M	229.91M	264.72M	449.16M	817.35M	621.34M	460.06M	500.03M
Asset Turnover	0.28x	0.45x	0.56x	0.49x	0.48x	0.25x	0.43x	0.58x	0.33x	0.34x
Asset Growth %	0.21%	-0.25%	-0.08%	0.21%	0.15%	0.7%	0.82%	-0.24%	-0.26%	0.09%
Total Current Liabilities+	46.36M	38.89M	37.67M	42.95M	41.3M	175.87M	368.98M	277.39M	158.86M	114.58M
Accounts Payable	6.33M	1.99M	5.26M	9.18M	8.87M	24.9M	16.04M	14.51M	17.56M	12.64M
Days Payables Outstanding	49.16	16.88	41.74	77.11	64.78	167.36	31.14	16.32	63.55	46.82
Short-Term Debt	24.84M	20.11M	16.54M	16.66M	2M	6.99M	7.11M	11.58M	44.08M	20.85M
Deferred Revenue (Current)	0	0	0	1000K	694K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	-1.71M	7.67M	7.48M	6.03M	13.22M	35.53M	159.37M	184.01M	55.88M	44.59M
Current Ratio	2.51x	2.35x	2.22x	2.93x	3.13x	1.75x	1.59x	1.53x	1.65x	2.61x
Quick Ratio	1.93x	1.76x	1.69x	2.40x	2.50x	1.60x	1.25x	1.40x	1.37x	2.14x
Cash Conversion Cycle	231.64	241.1	177.57	150.25	192.98	77.31	256.04	47.33	196.23	227.73
Total Non-Current Liabilities+	84.49M	67.94M	59M	43.78M	88.27M	195.87M	277.79M	124.15M	172.95M	204.2M
Long-Term Debt	48.2M	34.02M	27.43M	14.27M	24.32M	46.38M	50.73M	87.23M	132.77M	166.52M
Capital Lease Obligations	28.37M	27.52M	26.66M	25.8M	56.59M	49.39M	53.69M	28.16M	29.09M	26.43M
Deferred Tax Liabilities	112K	65K	65K	0	0	412K	1.29M	694K	3.64M	4.16M
Other Non-Current Liabilities	7.81M	6.33M	-64K	655K	6.63M	99.63M	167.35M	8.07M	7.46M	7.08M
Total Liabilities	130.85M	106.83M	96.67M	86.72M	129.57M	371.74M	646.77M	401.55M	331.81M	318.78M
Total Debt+	102.25M	82.5M	71.5M	57.6M	85.22M	105.45M	114.66M	152.38M	208.82M	216.31M
Net Debt	60.35M	47.23M	37.95M	-19.48M	20.78M	-98.94M	-231.99M	-137.05M	82.74M	48.04M
Debt / Equity	0.71x	0.82x	0.77x	0.40x	0.63x	1.36x	0.67x	0.69x	1.63x	1.19x
Debt / EBITDA	-	-	9.95x	4.40x	11.04x	-	-	-	-	6.57x
Net Debt / EBITDA	-	-	5.28x	-1.49x	2.69x	-	-	-	-	1.46x
Interest Coverage	-2.05x	-6.99x	-0.78x	1.65x	-0.31x	-5.13x	-3.62x	-5.95x	-3.52x	0.56x
Total Equity+	144.34M	100.05M	92.67M	143.19M	135.15M	77.42M	170.58M	219.8M	128.25M	181.25M
Equity Growth %	0.16%	-0.31%	-0.07%	0.55%	-0.06%	-0.43%	1.2%	0.29%	-0.42%	0.41%
Book Value per Share	3.97	2.68	2.39	3.51	2.95	1.71	3.49	3.81	1.85	2.58
Total Shareholders' Equity	144.34M	100.05M	92.67M	143.19M	135.15M	77.42M	170.58M	219.8M	128.25M	181.25M
Common Stock	11.21M	11.64M	11.64M	13.64M	13.64M	13.65M	15.79M	20.75M	20.84M	24.38M
Retained Earnings	-112.84M	-164.52M	-171.9M	-168.17M	-169.16M	-233.55M	-306.97M	-450.25M	-551.68M	-563.93M
Treasury Stock	-1.01M	-1.01M	-1.11M	0	0	0	0	-645K	-645K	-645K
Accumulated OCI	-34.44M	-35.74M	-34.27M	0	45.76M	52.34M	52.51M	55.25M	65.73M	40.15M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-24.33M	6.5M	12.83M	16.31M	5.53M	137.74M	76.9M	-245.34M	-202.74M	-67.22M
Operating CF Margin %	-0.31%	0.07%	0.12%	0.14%	0.04%	1.25%	0.22%	-0.68%	-1.32%	-0.4%
Operating CF Growth %	-0.63%	1.27%	0.97%	0.27%	-0.66%	23.91%	-0.44%	-4.19%	0.17%	0.67%
Net Income	-20.62M	-49.18M	-11.48M	3.26M	-1.74M	-64.39M	-73.42M	-143.28M	-101.43M	-12.25M
Depreciation & Amortization	11.44M	11.27M	11.14M	6.83M	8.61M	9.8M	14.28M	21.04M	17.58M	19.59M
Stock-Based Compensation	1.02M	1.43M	811K	1.89M	2.55M	6.33M	14.51M	-8.66M	5.11M	7.97M
Deferred Taxes	238K	357K	-1.08M	88K	874K	-909K	3.45M	-1.54M	2.8M	761K
Other Non-Cash Items	-601K	40.97M	10.38M	1.25M	-1.76M	20.7M	81.96M	33.07M	18.25M	-71.72M
Working Capital Changes	-15.81M	1.67M	3.06M	2.99M	-3M	166.21M	36.13M	-145.98M	-145.06M	-11.57M
Change in Receivables	-3.23M	2.36M	597K	4.34M	-17.28M	-24.02M	-21.35M	12.4M	-2.85M	15.71M
Change in Inventory	7.54M	2.95M	1.06M	-2.79M	-2.42M	-4.2M	-92.37M	84.22M	-9.16M	-6.8M
Change in Payables	0	0	2.54M	0	13.01M	6.54M	35.24M	-14.05M	-17.4M	0
Cash from Investing+	-26.57M	14.89M	-4.06M	-2.92M	-10.69M	-19.34M	-93.12M	-29.05M	-20.59M	76.92M
Capital Expenditures	-2.65M	-3.68M	-4.04M	-3.17M	-10.88M	-19.47M	-93.17M	-29.32M	-14.23M	-13.87M
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.09%	0.18%	0.27%	0.08%	0.09%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	261K	3.29M	72K	254K	199K	131K	55K	260K	4.6M	90.78M
Cash from Financing+	64.19M	-26.79M	-10.44M	30.95M	-7.7M	21.74M	154.5M	215.12M	63.08M	30.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.51M	-10.93M	-4.98M	-4.17M	-2.62M	-4.71M	-8.42M	-9.21M	-12.57M	-19.97M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-26.98M	2.82M	8.79M	13.13M	-5.36M	118.27M	-16.27M	-274.67M	-217.06M	-83.66M
FCF Margin %	-0.34%	0.03%	0.08%	0.12%	-0.04%	1.07%	-0.05%	-0.76%	-1.41%	-0.49%
FCF Growth %	-0.44%	1.1%	2.11%	0.49%	-1.41%	23.09%	-1.14%	-15.88%	0.21%	0.61%
FCF per Share	-0.74	0.08	0.23	0.32	-0.12	2.61	-0.33	-4.76	-3.13	-1.19
FCF Conversion (FCF/Net Income)	1.18x	-0.13x	-1.12x	5.00x	-3.17x	-2.14x	-1.05x	1.71x	2.00x	5.49x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-15.34%	-40.25%	-11.92%	2.77%	-1.25%	-60.58%	-59.21%	-73.41%	-58.29%	-7.91%
Return on Invested Capital (ROIC)	-8.01%	-18.14%	-2.13%	3.69%	-0.43%	-61.5%	-	-797.32%	-41.92%	4.54%
Gross Margin	40.07%	54.2%	56.33%	61.58%	60.4%	50.78%	46.01%	10.2%	34.37%	41.89%
Net Margin	-26.31%	-52.29%	-10.9%	2.89%	-1.38%	-58.37%	-21.09%	-39.66%	-65.99%	-7.22%
Debt / Equity	0.71x	0.82x	0.77x	0.40x	0.63x	1.36x	0.67x	0.69x	1.63x	1.19x
Interest Coverage	-2.05x	-6.99x	-0.78x	1.65x	-0.31x	-5.13x	-3.62x	-5.95x	-3.52x	0.56x
FCF Conversion	1.18x	-0.13x	-1.12x	5.00x	-3.17x	-2.14x	-1.05x	1.71x	2.00x	5.49x
Revenue Growth	112.22%	20.04%	11.94%	7.35%	11.64%	-12.58%	215.52%	3.8%	-57.46%	10.32%

Revenue by Segment

	2021	2022	2023	2024
IXIARO	45.1M	41.37M	73.48M	94.07M
IXIARO Growth	-	-8.27%	77.62%	28.01%
Third Party Products	-	26.55M	35.67M	33.19M
Third Party Products Growth	-	-	34.39%	-6.98%
DUKORAL	2.4M	17.34M	29.77M	32.3M
DUKORAL Growth	-	622.29%	71.76%	8.49%
Other Services	-	-	-	1.13M
Other Services Growth	-	-	-	-
Others Products	-	-	3.09M	-
Others Products Growth	-	-	-	-
COVID	253.31M	-	-	-
COVID Growth	-	-	-	-
Lyme Candidate Vaccine	14.3M	-	-	-
Lyme Candidate Vaccine Growth	-	-	-	-

Revenue by Geography

	2021	2022	2023	2024
UNITED STATES	-	21.99M	32.96M	48.59M
UNITED STATES Growth	-	-	49.89%	47.41%
CANADA	-	18.9M	28.19M	32.32M
CANADA Growth	-	-	49.14%	14.64%
GERMANY	-	20.34M	13.5M	18.37M
GERMANY Growth	-	-	-33.62%	36.07%
AUSTRIA	-	13.75M	14.58M	15.9M
AUSTRIA Growth	-	-	6.07%	9.01%
Nordics	-	-	12.7M	13.94M
Nordics Growth	-	-	-	9.78%
Other Europe	-	-	9.34M	9.06M
Other Europe Growth	-	-	-	-2.99%
FRANCE	-	2.63M	5.87M	7.22M
FRANCE Growth	-	-	123.47%	23.08%
Rest Of World	-	-	16.31M	4.69M
Rest Of World Growth	-	-	-	-71.23%

Frequently Asked Questions

Growth & Financials

Valneva SE (VALN) reported $196.3M in revenue for fiscal year 2024. This represents a 1813% increase from $10.3M in 2011.

Valneva SE (VALN) grew revenue by 10.3% over the past year. This is steady growth.

Valneva SE (VALN) reported a net loss of $67.0M for fiscal year 2024.

Dividend & Returns

Valneva SE (VALN) has a return on equity (ROE) of -7.9%. Negative ROE indicates the company is unprofitable.

Valneva SE (VALN) had negative free cash flow of $34.4M in fiscal year 2024, likely due to heavy capital investments.