Almirall SA (ES:ALM)
BME:ALM
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Almirall
(BME:ALM)
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Rating:59Neutral
Price Target:
€12.00
▼(-6.98% Downside)
Action:ReiteratedDate:02/26/26
The score is driven by improving financial performance and a solid balance sheet with moderate leverage, but tempered by historical earnings/FCF volatility and low returns. Technicals are mildly constructive (price above major averages) but momentum indicators are subdued. Valuation is the main headwind due to the very high P/E and only modest dividend yield.
Positive Factors
Recovering revenue & profitability
Almirall’s return to positive operating and net margins alongside 2025 revenue growth signals an operational inflection. Sustained profitability supports reinvestment in dermatology R&D and commercialization, improving ability to fund growth without relying solely on external financing.
Negative Factors
Historic earnings & cash flow volatility
Past swings between losses and profits and episodic negative FCF indicate operating and execution risk. This volatility complicates long-term planning, raises the probability of future financing needs, and weakens confidence in sustainably funding R&D or commercial scale-up.
Read all positive and negative factors
Positive Factors
Negative Factors
Recovering revenue & profitability
Almirall’s return to positive operating and net margins alongside 2025 revenue growth signals an operational inflection. Sustained profitability supports reinvestment in dermatology R&D and commercialization, improving ability to fund growth without relying solely on external financing.
Read all positive factors
Almirall (ALM) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€2.64B
Dividend Yield1.22%
Average Volume (3M)106.20K
Price to Earnings (P/E)35.1
Beta (1Y)0.60
Revenue Growth13.32%
EPS GrowthN/A
CountryES
Employees2,026
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.09
Shares Outstanding214,785,200
10 Day Avg. Volume134,753
30 Day Avg. Volume106,204
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.85
Price to Sales (P/S)2.49
P/FCF Ratio20.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€14.07Price Target Upside9.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.44
Revenue Forecast (FY)€1.23B
Almirall Business Overview & Revenue Model
Company Description
Almirall (ALM) is a global pharmaceutical company headquartered in Barcelona, Spain, specializing in the research, development, and commercialization of innovative dermatological products. The company operates primarily in the dermatology and resp...
How the Company Makes Money
Almirall makes money mainly by selling prescription pharmaceutical products, with a strategic focus on medical dermatology. Revenue is generated from (1) product sales in its key markets, where it markets and distributes branded dermatology medici...
Almirall Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.11B | 985.72M | 894.52M | 863.25M | 827.20M |
| Gross Profit | 456.65M | 767.68M | 577.12M | 680.78M | 655.61M |
| EBITDA | 218.90M | 173.80M | 114.33M | 157.01M | 132.34M |
| Net Income | 46.20M | 10.15M | -38.47M | 4.28M | -40.86M |
Balance Sheet | |||||
| Total Assets | 2.34B | 2.40B | 2.37B | 2.15B | 2.14B |
| Cash, Cash Equivalents and Short-Term Investments | 338.82M | 377.30M | 388.09M | 248.82M | 207.39M |
| Total Debt | 342.86M | 408.81M | 403.25M | 403.88M | 396.11M |
| Total Liabilities | 829.74M | 908.28M | 911.59M | 828.98M | 855.71M |
| Stockholders Equity | 1.49B | 1.49B | 1.46B | 1.32B | 1.29B |
Cash Flow | |||||
| Free Cash Flow | 134.29M | -664.00K | -65.82M | 38.62M | 162.70M |
| Operating Cash Flow | 169.20M | 160.77M | 93.48M | 155.10M | 233.85M |
| Investing Cash Flow | -132.94M | -140.04M | -122.56M | -68.54M | -57.26M |
| Financing Cash Flow | -75.59M | -31.58M | 168.21M | -45.12M | -134.88M |
Almirall Technical Analysis
Neutral
12.90
Price Trends
12.46
Negative
12.64
Negative
11.94
Positive
Market Momentum
-0.16
Negative
53.70
Neutral
93.39
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ALM, the sentiment is Neutral. The current price of 12.9 is above the 20-day moving average (MA) of 11.71, above the 50-day MA of 12.46, and above the 200-day MA of 11.94, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 53.70 is Neutral, neither overbought nor oversold. The STOCH value of 93.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ES:ALM.
Almirall Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | €782.57M | 19.26 | 45.95% | 3.31% | ― | ― | |
59 Neutral | €2.64B | 35.12 | 3.96% | 1.22% | 13.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | €1.48B | 20.17 | 18.13% | 3.51% | 11.04% | 8.29% | |
46 Neutral | €200.09M | 41.66 | 2.03% | 1.91% | -1.19% | -54.66% |
* Healthcare Sector Average
ES:ALM
Almirall
12.30
2.75
28.80%
ES:CBAV
Clinica Baviera
48.00
13.36
38.56%
ES:FAE
Faes Farma
4.74
0.83
21.35%
ES:RJF
LABORATORIO REIG JOFRE
2.45
-0.35
-12.56%
Almirall Corporate Events
Almirall Updates Board Regulations to Strengthen Corporate Governance Framework
Mar 19, 2026
Almirall’s Board of Directors has approved updated internal regulations that codify the principles guiding the board’s actions, its organizational structure, and the conduct expected from directors and senior managers. The rules are de...
Almirall Schedules Webcast to Present 2025 Financial Results
Feb 24, 2026
Almirall will present and discuss its 2025 financial results in a webcast with analysts and institutional investors on 23 February 2026 at 10:00 a.m. CET. The event, which can be followed live and later via full recording on the company’s we...
Almirall Publishes 2025 Corporate Governance Report in Enhanced Narrative Format
Feb 24, 2026
Almirall has released its 2025 Annual Corporate Governance Report, prepared in a free format authorized by Spain’s securities regulator, the CNMV, while preserving references to the official structure. The report aims to enhance clarity and ...
Almirall’s 2025 Pay Report Highlights Strong Dermatology Growth and Governance Backing
Feb 24, 2026
Almirall reported higher net sales in 2025, driven chiefly by strong performance of its European dermatology portfolio, notably Ebglyss, Ilumetri, and Wynzora, with Ebglyss expanding into major European markets. On the RD front, the Anti-IL1RAP ca...
Almirall Posts Slight Decline in Total Assets as 2025 Balance Sheet Remains Stable
Feb 24, 2026
Almirall reported total assets of €2.56 billion at 31 December 2025, slightly down from €2.59 billion a year earlier, reflecting a modest decrease in its balance sheet size. Non‑current assets declined mainly due to lower investm...
Almirall Issues FY 2025 Update With Strictly Informational Disclaimer
Feb 24, 2026
Almirall released a brief financial results and business update document for fiscal year 2025, dated February 23, 2026, intended solely for use during a company presentation. The company stresses that the material is a summarized Spanish translati...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.