Valneva SE
VALNHealthcare|Biotechnology|FR
$5.51
-0.13 (-2.30%)
Tangible Book / Share
$0.63
Cash / Share
$1.28
Financials
Financial Snapshot
Market Cap
$524.2M
Enterprise Value
$564.7M
Revenue (TTM)
$143.5M
Net Income (TTM)
-$158.2M
Cash & Investments
$121.5M
Net Cash
-$88.7M
Free Cash Flow (TTM)
-$85.7M
Operating CF (TTM)
-$83.2M
Debt/Equity
2.59
Cash Runway & Burn Rate
Cash on Hand
$121.5M
Quarterly Burn
$20.8M
Monthly Burn
$6.9M
Est. Runway
~5.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $35.3M | $33.5M | $77.1M | $64.4M | $204.4M | $346.6M | $289.4M | $126.1M | $168.3M | $109.7M | $121.5M | |
| Operating Cash Flow | $6.5M | $12.8M | $16.3M | $5.5M | $137.7M | $76.9M | -$245.3M | -$202.7M | -$67.2M | -$52.9M | -$83.2M | |
| Free Cash Flow | $2.8M | $8.8M | $13.1M | -$5.4M | $118.3M | -$16.3M | -$274.7M | -$217.1M | -$83.7M | -$57.4M | -$85.7M | |
| Capital Expenditure | -$3.7M | -$4.0M | -$3.2M | -$10.9M | -$19.5M | -$93.2M | -$29.3M | -$14.3M | -$16.4M | -$4.5M | -$2.5M | |
| Financing Cash Flow | -$26.8M | -$10.4M | $30.9M | -$7.7M | $21.7M | $154.5M | $215.1M | $63.1M | $30.7M | -$621.0K | $53.7M |
R&D Spending
R&D (TTM)
$83.3M
R&D Intensity
58.1%
R&D Growth vs Prior
-2.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.1M | $105.3M | $113.0M | $126.2M | $110.3M | $348.1M | $361.3M | $153.7M | $169.6M | $174.7M | $143.5M | |
| R&D Expense | $24.6M | $23.4M | $12.2M | $37.9M | $84.5M | $173.3M | $104.9M | $59.9M | $74.1M | $85.3M | $83.3M | |
| R&D % of Revenue | 26.1% | 22.2% | 10.8% | 30.0% | 76.6% | 49.8% | 29.0% | 39.0% | 43.7% | 48.8% | 58.1% | |
| SG&A | $31.1M | $33.4M | $48.0M | $42.5M | $45.5M | $71.2M | $57.6M | $96.6M | $95.1M | $74.7M | $64.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $94.1M | $105.3M | $113.0M | $126.2M | $110.3M | $348.1M | $361.3M | $153.7M | $169.6M | $174.7M | $143.5M | |
| Cost of Revenue | $43.1M | $46.0M | $43.4M | $50.0M | $54.3M | $187.9M | $324.4M | $100.9M | $98.5M | $107.1M | $120.0M | |
| Gross Profit | $51.0M | $59.3M | $69.6M | $76.2M | $56.0M | $160.2M | $36.9M | $52.8M | $71.0M | $67.5M | $23.5M | |
| R&D | $24.6M | $23.4M | $12.2M | $37.9M | $84.5M | $173.3M | $104.9M | $59.9M | $74.1M | $85.3M | $83.3M | |
| SG&A | $31.1M | $33.4M | $48.0M | $42.5M | $45.5M | $71.2M | $57.6M | $96.6M | $95.1M | $74.7M | $64.2M | |
| Operating Income | -$42.6M | -$4.0M | $6.3M | -$811.0K | -$55.1M | -$61.4M | -$113.4M | -$82.1M | $13.3M | -$81.6M | -$116.1M | |
| Interest Expense | $6.1M | $5.1M | $3.8M | $2.6M | $10.7M | $17.0M | $19.1M | $23.3M | $24.0M | $41.9M | $40.7M | |
| Pretax Income | -$48.8M | -$12.6M | $3.4M | -$870.0K | -$65.3M | -$70.0M | -$144.8M | -$98.6M | -$11.5M | -$114.1M | -$158.1M | |
| Net Income | -$49.2M | -$11.5M | $3.3M | -$1.7M | -$64.4M | -$73.4M | -$143.3M | -$101.4M | -$12.2M | -$115.2M | -$158.2M | |
| EPS (Diluted) | -1.32 | -0.30 | 0.08 | -0.04 | -1.42 | -1.50 | -2.48 | -1.46 | -0.17 | -1.32 | -1.82 | |
| EBITDA | -$31.5M | $3.6M | $12.8M | $10.3M | -$44.8M | -$38.7M | -$104.7M | -$57.7M | $32.1M | -$50.5M | -$93.2M | |
| Shares Out. (M) | 37.33 | 38.72 | 40.80 | 45.87 | 45.38 | 48.81 | 57.74 | 69.31 | 70.26 | 84.09 | 94.82 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $35.3M | $33.5M | $77.1M | $64.4M | $204.4M | $346.6M | $289.4M | $126.1M | $168.3M | $109.7M | $121.5M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $91.2M | $83.4M | $126.0M | $129.2M | $308.4M | $585.8M | $424.7M | $262.8M | $299.0M | $222.5M | $222.8M | |
| Total Assets | $206.9M | $189.3M | $229.9M | $264.7M | $449.2M | $817.4M | $621.3M | $460.1M | $500.0M | $398.8M | $388.1M | |
| Total Current Liabilities | $38.9M | $37.7M | $42.9M | $41.3M | $175.9M | $369.0M | $277.4M | $158.9M | $114.6M | $93.3M | $103.3M | |
| Long-Term Debt | $34.0M | $27.4M | $14.3M | $24.3M | $46.4M | $50.7M | $87.2M | $132.8M | $166.5M | $161.3M | $165.6M | |
| Total Liabilities | $106.8M | $96.7M | $86.7M | $129.6M | $371.7M | $646.8M | $401.5M | $331.8M | $318.8M | $292.7M | $307.0M | |
| Stockholders' Equity | $100.1M | $92.7M | $143.2M | $135.2M | $77.4M | $170.6M | $219.8M | $128.2M | $181.3M | $106.2M | $81.1M | |
| Retained Earnings | -$164.5M | -$171.9M | -$168.2M | -$169.2M | -$233.5M | -$307.0M | -$450.3M | -$551.7M | -$563.9M | -$679.1M | -$742.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.5M | $12.8M | $16.3M | $5.5M | $137.7M | $76.9M | -$245.3M | -$202.7M | -$67.2M | -$52.9M | -$83.2M | |
| Capital Expenditure | -$3.7M | -$4.0M | -$3.2M | -$10.9M | -$19.5M | -$93.2M | -$29.3M | -$14.3M | -$16.4M | -$4.5M | -$2.5M | |
| Free Cash Flow | $2.8M | $8.8M | $13.1M | -$5.4M | $118.3M | -$16.3M | -$274.7M | -$217.1M | -$83.7M | -$57.4M | -$85.7M | |
| Investing Cash Flow | $14.9M | -$4.1M | -$2.9M | -$10.7M | -$19.3M | -$93.1M | -$29.1M | -$20.6M | $76.9M | -$1.7M | -$4.8M | |
| Financing Cash Flow | -$26.8M | -$10.4M | $30.9M | -$7.7M | $21.7M | $154.5M | $215.1M | $63.1M | $30.7M | -$621.0K | $53.7M | |
| Issuance of Stock | $7.5M | $0.00 | $49.3M | $21.0K | $290.0K | $166.8M | $189.8M | $0.00 | $57.1M | $30.0M | $46.6M | |
| Repurchase of Stock | $0.00 | -$147.0K | -$23.0K | -$2.5M | $0.00 | $0.00 | $0.00 | -$240.0K | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$23.3M | -$5.3M | -$14.2M | -$2.6M | $26.2M | -$3.9M | $34.5M | $75.9M | -$6.5M | $61.0K | $1.5M | |
| Stock Based Comp. | $1.4M | $811.0K | $1.9M | $2.6M | $6.3M | $14.5M | -$8.7M | $5.1M | $8.0M | $9.5M | $0.00 | |
| Net Change in Cash | -$6.6M | -$1.7M | $43.5M | -$12.6M | $140.0M | $142.3M | -$60.1M | -$160.5M | $42.2M | -$58.6M | -$46.6M |
Dilution Tracker
Shares outstanding grew 85.3% over 5 years — significant dilution
Shares Outstanding
95M
5-Year Share Growth
+85.3%
Stock Issuance (TTM)
$46.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 37.33 | 38.72 | 40.80 | 45.87 | 45.38 | 48.81 | 57.74 | 69.31 | 70.26 | 84.09 | 94.82 | |
| Change vs Prior % | — | 3.7% | 5.4% | 12.4% | -1.1% | 7.6% | 18.3% | 20.0% | 1.4% | 19.7% | 12.8% | |
| Stock Issuance | $7.5M | $0.00 | $49.3M | $21.0K | $290.0K | $166.8M | $189.8M | $0.00 | $57.1M | $30.0M | $46.6M | |
| Stock Repurchase | $0.00 | -$147.0K | -$23.0K | -$2.5M | $0.00 | $0.00 | $0.00 | -$240.0K | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.4M | $811.0K | $1.9M | $2.6M | $6.3M | $14.5M | -$8.7M | $5.1M | $8.0M | $9.5M | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 54.2% | 56.3% | 61.6% | 60.4% | 50.8% | 46.0% | 10.2% | 34.4% | 41.9% | 38.7% | 16.4% | |
| Operating Margin % | -45.3% | -3.8% | 5.5% | -0.6% | -50.0% | -17.6% | -31.4% | -53.4% | 7.9% | -46.7% | -80.9% | |
| Net Margin % | -52.3% | -10.9% | 2.9% | -1.4% | -58.4% | -21.1% | -39.7% | -66.0% | -7.2% | -66.0% | -110.2% | |
| EBITDA Margin % | -33.5% | 3.5% | 11.4% | 8.2% | -40.6% | -11.1% | -29.0% | -37.6% | 18.9% | -28.9% | -65.0% | |
| FCF Margin % | 3.0% | 8.3% | 11.6% | -4.2% | 107.2% | -4.7% | -76.0% | -141.2% | -49.3% | -32.8% | -59.7% | |
| ROE % | -49.2% | -12.4% | 2.3% | -1.3% | -83.2% | -43.0% | -65.2% | -79.1% | -6.8% | -108.5% | -152.1% | |
| ROA % | -23.8% | -6.1% | 1.4% | -0.7% | -14.3% | -9.0% | -23.1% | -22.0% | -2.4% | -28.9% | -40.6% | |
| ROIC % | -22.5% | -2.1% | 3.0% | -0.4% | -19.2% | -13.4% | -29.5% | -23.6% | 3.3% | -25.0% | -40.5% | |
| R&D / Revenue % | 26.1% | 22.2% | 10.8% | 30.0% | 76.6% | 49.8% | 29.0% | 39.0% | 43.7% | 48.8% | 58.1% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 20.0% | 11.9% | 7.4% | 11.6% | -12.6% | 215.5% | 3.8% | -57.5% | 10.3% | 3.0% | |
| Gross Profit | 62.4% | 16.3% | 17.4% | 9.5% | -26.5% | 185.9% | -77.0% | 43.3% | 34.5% | -5.0% | |
| Operating Income | -113.5% | 90.7% | 258.3% | -113.0% | -6695.3% | -11.4% | -84.8% | 27.6% | 116.2% | -712.4% | |
| Net Income | -138.6% | 76.7% | 128.4% | -153.4% | -3592.3% | -14.0% | -95.1% | 29.2% | 87.9% | -840.6% | |
| EPS (Diluted) | -135.7% | 77.3% | 126.7% | -147.5% | -3636.8% | -5.6% | -65.3% | 41.1% | 88.1% | -656.9% | |
| Operating Cash Flow | 126.7% | 97.2% | 27.1% | -66.1% | 2391.2% | -44.2% | -419.0% | 17.4% | 66.8% | 21.3% | |
| Free Cash Flow | 110.5% | 211.4% | 49.4% | -140.8% | 2308.5% | -113.8% | -1588.2% | 21.0% | 61.5% | 31.4% | |
| R&D Expense | -3.1% | -5.0% | -47.8% | 210.7% | 122.9% | 105.2% | -39.5% | -42.9% | 23.8% | 15.1% | |
| SG&A Expense | 32.0% | 7.6% | 43.8% | -11.4% | 7.0% | 56.5% | -19.2% | 67.7% | -1.5% | -21.5% | |
| Total Assets | -24.8% | -8.5% | 21.4% | 15.1% | 69.7% | 82.0% | -24.0% | -26.0% | 8.7% | -20.2% | |
| Book Value / Share | -32.5% | -9.7% | 46.9% | -17.1% | -42.1% | 104.8% | 8.9% | -51.4% | 39.4% | -51.1% | |
| Debt | -19.3% | -13.3% | -19.4% | 47.9% | 23.7% | 8.7% | 32.9% | 37.0% | 3.6% | -4.2% | |
| Diluted Shares | 2.6% | 3.7% | 5.4% | 12.4% | -1.1% | 7.6% | 18.3% | 20.0% | 1.4% | 19.7% |
Valuation
P/E (TTM)At Loss
P/S3.33
10Y Low / Med / High1.75 / 8.00 / 9.95
P/B5.85
10Y Low / Med / High1.64 / 7.99 / 13.97
EV/EBITDAAt Loss
10Y Low / Med / High10.74 / 106.95 / 241.74
EV/Revenue3.95
10Y Low / Med / High1.52 / 7.99 / 10.45
P/FCFAt Loss
10Y Low / Med / High8.29 / 95.78 / 331.63
Intrinsic Value Models (per share)
Tangible Book / Share
$0.63
Cash / Share
$1.28
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -19.00 | -73.33 | 284.32 | -619.73 | -15.22 | -32.54 | -4.79 | -6.43 | -24.20 | -5.69 | -2.78 | |
| P/S Ratio | 9.95 | 8.00 | 8.20 | 8.56 | 8.89 | 6.85 | 1.90 | 4.23 | 1.75 | 3.61 | 3.33 | |
| P/B Ratio | 9.36 | 9.09 | 6.48 | 7.99 | 12.67 | 13.97 | 3.12 | 5.07 | 1.64 | 5.95 | 5.85 | |
| EV/EBITDA | -31.25 | 241.74 | 70.67 | 106.95 | -19.70 | -55.52 | -5.24 | -12.70 | 10.74 | -14.44 | -5.49 | |
| EV/Revenue | 10.45 | 8.36 | 8.03 | 8.72 | 7.99 | 6.18 | 1.52 | 4.77 | 2.03 | 4.17 | 3.95 |
Analyst Estimates & Quality
Altman Z-Score
-2.00
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $155.5M | $297.7M | $251.8M |
| Net Income | -$78.0M | $48.0M | $25.6M |
| EPS | $-0.93 | $0.57 | $0.30 |
| # Analysts (EPS) | 1 | 1 | 1 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| COVID | $253.3M | — | — | — | — |
| DUKORAL | $2.4M | $17.3M | $29.8M | $32.3M | $31.9M |
| IXIARO | $45.1M | $41.4M | $73.5M | $94.1M | $98.4M |
| Lyme Candidate Vaccine | $14.3M | — | — | — | — |
| Third Party Products | — | $26.5M | $35.7M | $33.2M | $19.2M |
| Others Products | — | — | $3.1M | — | — |
| Other Services | — | — | — | $1.1M | $87.0K |
By Geography
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| AUSTRIA | $13.7M | $14.6M | $15.9M | $9.5M |
| CANADA | $18.9M | $28.2M | $32.3M | $30.1M |
| FRANCE | $2.6M | $5.9M | $7.2M | $14.7M |
| GERMANY | $20.3M | $13.5M | $18.4M | $17.5M |
| UNITED STATES | $22.0M | $33.0M | $48.6M | $53.6M |
| Nordics | — | $12.7M | $13.9M | $13.9M |
| Other Europe | — | $9.3M | $9.1M | $13.9M |
| Rest Of World | — | $16.3M | $4.7M | $8.9M |