VALN Healthcare

Valneva SE

$5.51+3.57%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: France
Market cap: 522.5M USD
Enterprise value: 610.1M USD
Full-time employees: 620

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.37 vs a peer median of 0.63) and more debt relative to equity (1.69× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.37 vs peers 0.63) and more debt vs equity (1.69× vs peers 0.22×)

Ranks #1,141 of 1,157 healthcare companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to December 2025.
Valneva had 25% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Valneva had 25% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Valneva looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to December 2025.
Valneva reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

12/ 100

Oct 5 12 → Nov 4 12

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-24.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rateNegative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-18.0%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · EUR→USD convertedNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-12.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · EUR→USD at the current rate · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield22.8%

SEC filings (IFRS mapped) · latest balance sheet · EUR→USD at the current rateReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

12-month revenue fell 2.9%

Why

Weaker than most peers on:

▼ 3-yr revenue
▼ EPS growth
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth-21.5%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score -3.26Sector median: 0.0584 · MAD: 0.0840

Revenue growth3.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -0.32Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

19/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 5.4 points to -47.0%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-47.0%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -4.44Sector median: 0.0706 · MAD: 0.1217

Return on assets-28.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -5.69Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-36.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -4.14Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin38.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-108.5%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.37

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -2.21Sector median: 0.6250 · MAD: 0.3380

Current ratio2.38×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -0.15Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.69×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score -7.19Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Valneva

Is Valneva getting weaker?: Its latest SEC filing (Mar 17, 2026) got weaker in some ways: operating margin fell 5.4 points to -47.0%; 12-month revenue fell 2.9%. Its overall score is unchanged at 12/100 since Oct 28, 2026.
How is Valneva valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -24.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -24.8% vs peers 1.5% (weaker than 100% of peers).
Is Valneva growing?: More slowly than most of its peers. Growth scores 13/100 against 1,393 healthcare peers. 3-year revenue growth -21.5% vs a peer median of 5.8% (weaker than 94% of peers).3-year revenue growth -21.5% vs peers 5.8% (weaker than 94% of peers).
How profitable is Valneva?: Less profitable than most of its peers. Profitability scores 19/100 against 1,393 healthcare peers. Return on assets -28.9% vs a peer median of 1.7% (weaker than 85% of peers).Return on assets -28.9% vs peers 1.7% (weaker than 85% of peers).
How risky is Valneva?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.69× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.69× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Dec 31, 2025 · filed Mar 17, 2026 · compared with the quarter ended Sep 30, 2025

Got weaker

Operating margin fell 5.4 points to -47.0%
12-month revenue fell 2.9%

Worth watching: Valneva is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	179.9M EUR	174.7M EUR	−2.9%
Net income (12 months)	−102.2M EUR	−115.2M EUR	+12.8%
Operating margin	-41.6%	-47.0%	−5.4 pts
Free cash flow (12 months)	−26.1M EUR	−57.3M EUR	+120.0%
Debt	167.7M EUR	179.2M EUR	+6.8%
Cash	143.5M EUR	109.7M EUR	−23.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in EUR, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	46.0%	10.2%	34.4%	41.9%	38.7%	▼ 3.2 pts
Operating margin	-17.6%	-31.4%	-53.4%	7.9%	-47.0%	▼ 55 pts
Net margin	-17.6%	-39.7%	-66.0%	-7.2%	-66.0%	▼ 59 pts
Return on assets (ROA)	-7.5%	-23.1%	-22.0%	-2.4%	-28.9%	▼ 26 pts
Return on equity (ROE)	-36.0%	-65.2%	-79.1%	-6.8%	-108.5%	▼ 102 pts
Free cash flow margin	-4.4%	-76.0%	-141.2%	-47.8%	-32.8%	▲ 15 pts
Current ratio	1.59×	1.53×	1.65×	2.61×	2.38×	▼ 8.6%
Quick ratio	1.25×	1.40×	1.37×	2.14×	1.85×	▼ 14%
Debt to equity	0.34×	0.45×	1.38×	1.03×	1.69×	▲ 63%
Interest coverage	-3.62×	-5.95×	-3.52×	0.56×	-1.96×	▼ 452%

VALN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.37 vs a peer median of 0.63) and more debt relative to equity (1.69× vs a peer median of 0.22×)higher risk: bigger price swings (beta 1.37 vs peers 0.63) and more debt vs equity (1.69× vs peers 0.22×)

Ranks #1,141 of 1,157 healthcare companies (bottom 2%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 25% from December 2022 to December 2025.

Valneva had 25% more shares at December 2025 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Valneva had 25% more shares at December 2025 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Valneva looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to December 2025.

Valneva reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Valneva

Is Valneva getting weaker?

Its latest SEC filing (Mar 17, 2026) got weaker in some ways: operating margin fell 5.4 points to -47.0%; 12-month revenue fell 2.9%. Its overall score is unchanged at 12/100 since Oct 28, 2026.

How is Valneva valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -24.8% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -24.8% vs peers 1.5% (weaker than 100% of peers).

Is Valneva growing?

More slowly than most of its peers. Growth scores 13/100 against 1,393 healthcare peers. 3-year revenue growth -21.5% vs a peer median of 5.8% (weaker than 94% of peers).3-year revenue growth -21.5% vs peers 5.8% (weaker than 94% of peers).

How profitable is Valneva?

Less profitable than most of its peers. Profitability scores 19/100 against 1,393 healthcare peers. Return on assets -28.9% vs a peer median of 1.7% (weaker than 85% of peers).Return on assets -28.9% vs peers 1.7% (weaker than 85% of peers).

How risky is Valneva?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.69× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.69× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

179.9M EUR

174.7M EUR

−2.9%

Net income (12 months)

−102.2M EUR

−115.2M EUR

+12.8%

Operating margin

-41.6%

-47.0%

−5.4 pts

Free cash flow (12 months)

−26.1M EUR

−57.3M EUR

+120.0%

Debt

167.7M EUR

179.2M EUR

+6.8%

Cash

143.5M EUR

109.7M EUR

−23.6%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

46.0%

10.2%

34.4%

41.9%

38.7%

▼ 3.2 pts

Operating margin

-17.6%

-31.4%

-53.4%

7.9%

-47.0%

▼ 55 pts

Net margin

-17.6%

-39.7%

-66.0%

-7.2%

-66.0%

▼ 59 pts

Return on assets (ROA)

-7.5%

-23.1%

-22.0%

-2.4%

-28.9%

▼ 26 pts

Return on equity (ROE)

-36.0%

-65.2%

-79.1%

-6.8%

-108.5%

▼ 102 pts

Free cash flow margin

-4.4%

-76.0%

-141.2%

-47.8%

-32.8%

▲ 15 pts

Current ratio

1.59×

1.53×

1.65×

2.61×

2.38×

▼ 8.6%

Quick ratio

1.25×

1.40×

1.37×

2.14×

1.85×

▼ 14%

Debt to equity

0.34×

0.45×

1.38×

1.03×

1.69×

▲ 63%

Interest coverage

-3.62×

-5.95×

-3.52×

0.56×

-1.96×

▼ 452%