Almirall (ALM) AI Stock Analysis

• Market Cap: €2.58B
• Dividend Yield: 1.22%
• Average Volume (3M): 106.20K
• Price to Earnings (P/E): 55.7
• Beta (1Y): 0.53
• Revenue Growth: 13.32%
• EPS Growth: N/A
• Country: ES
• Employees: 2,026
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.09
• Shares Outstanding: 214,785,200
• 10 Day Avg. Volume: 134,753
• 30 Day Avg. Volume: 106,204
• PEG Ratio: 0.17
• Price to Book (P/B): 1.85
• Price to Sales (P/S): 2.47
• P/FCF Ratio: 20.54
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €13.77
• Price Target Upside: 6.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.44
• Revenue Forecast (FY): €1.23B

• Rating: 59 Neutral
• Price Target: €14.00 ▲(8.53% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 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

Revenue recovery

A clear top-line recovery to ~€1.11B in 2025 reflects restored commercial traction in Almirall's core dermatology portfolio. Sustained revenue growth from 2021–2025 indicates improving market position and product demand, supporting mid‑term cash generation and investment capacity.

Improved cash generation

Operating cash flow turning consistently positive and a sizeable FCF rebound in 2025 materially strengthen the firm's ability to fund R&D, support launches, and meet obligations without relying on external financing. This improves financial flexibility over the coming quarters.

Manageable, improving leverage

Moderate and improving leverage (D/E ~0.24) and a solid capital base enhance resilience to R&D cadence and cyclical pressures. A stronger balance sheet supports strategic options—partnerships, selective M&A, or sustained investment in dermatology—over the medium term.

Negative Factors

Earnings and FCF volatility

Historic swings in profitability and cash generation reduce predictability of free cash flow and make multi‑period planning harder. This volatility increases execution risk for launches and R&D projects and can constrain consistent capital returns or reinvestment over the next several quarters.

Low returns on equity

A persistently low ROE signals limited efficiency in converting equity into profitable growth. Even with recent recovery, such muted returns imply the company must materially lift margins or grow revenues faster to generate sustainable shareholder value over the medium term.

Thin and uneven margins

Modest operating and net margins provide little cushion against pricing pressure, higher R&D or commercial spend, or competitive incursions. The prior years' losses and thin margins raise concern that profitability is not yet robust enough to be durable without continued execution and portfolio strength.

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 respiratory sectors, offering a range of prescription medicines, over-the-counter products, and medical devices. Almirall's core portfolio includes treatments for skin conditions such as psoriasis, atopic dermatitis, and acne, along with products aimed at chronic obstructive pulmonary disease (COPD).

How the Company Makes Money

Almirall generates revenue primarily through the sale of its pharmaceutical products across various markets. The company’s revenue model is based on direct sales of its proprietary drugs, which include a mix of branded medications and generics. Key revenue streams also come from partnerships and collaborations with other pharmaceutical companies, which may involve co-development and licensing agreements for specific products. Additionally, Almirall invests in research and development to expand its product portfolio, which can lead to new market opportunities and increased sales. The company’s ability to innovate and respond to market demands, along with maintaining strategic partnerships, significantly contributes to its earnings.

Almirall Financial Statement Overview

Summary

Operations are recovering: 2025 revenue rose to ~€1.11B (+3.3% YoY) and profitability turned positive (operating margin ~6.6%, net margin ~4.1%). Balance sheet leverage is moderate and improving (debt-to-equity ~0.24), but earnings and free-cash-flow have been volatile in recent years (losses in 2021/2023; negative/near-zero FCF in 2023–2024) and returns remain low (ROE ~3.1%).

Income Statement

Revenue has grown steadily from 2021–2025 (with a sharp drop in 2021 followed by consistent recovery), culminating in 2025 revenue of ~€1.11B (+3.3% YoY). Profitability has improved meaningfully versus 2023’s loss, with 2025 returning to positive operating profit (~6.6% operating margin) and a modest net margin (~4.1%). However, earnings quality has been uneven over the period (losses in 2021 and 2023, very thin net margins in 2022 and 2024), indicating profitability is still not consistently durable.

Balance Sheet

Leverage appears manageable, with debt-to-equity improving to ~0.24 in 2025 from ~0.27–0.31 in prior years, which supports financial flexibility. Equity is stable around ~€1.49B and total assets are ~€2.34B, suggesting a solid capital base. The main weakness is muted shareholder returns: return on equity remains low (~3.1% in 2025) after being near zero or negative in several earlier years, reflecting that profitability has not been strong enough relative to the balance sheet size.

Cash Flow

Operating cash flow is consistently positive and improved versus 2023 (2025 at ~€169M). Free cash flow rebounded sharply in 2025 (~€134M) after being roughly breakeven to negative in 2023–2024, which is a constructive inflection. Still, cash flow volatility is a key concern (negative free cash flow in 2023 and near-zero in 2024), and 2025 free cash flow remains below net income (free cash flow to net income ~0.79), implying conversion is decent but not exceptionally strong.

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	713.30M	767.68M	577.12M	680.78M	655.61M
EBITDA	74.10M	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	359.66M	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

• Technical Analysis Sentiment: Negative
• Last Price: 12.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ES:ALM, the sentiment is Negative. The current price of 12.9 is below the 20-day moving average (MA) of 13.12, below the 50-day MA of 13.00, and above the 200-day MA of 11.87, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 35.27 is Neutral, neither overbought nor oversold. The STOCH value of 13.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ES:ALM.

Almirall Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FAE	78 Outperform	€1.49B	18.67	14.89%	3.51%	11.04%	8.29%
ROVI	72 Outperform	€4.12B	29.68	20.70%	1.50%	-9.39%	-25.92%
PHM	71 Outperform	€1.38B	18.13	17.22%	1.04%	7.35%	5375.64%
RJF	65 Neutral	€202.54M	45.50	2.03%	1.91%	-1.19%	-54.66%
ALM	59 Neutral	€2.58B	55.73	1.45%	1.22%	13.32%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Almirall Corporate Events

Almirall Schedules Webcast to Present 2025 Financial Results

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 website, underlines Almirall’s ongoing commitment to financial transparency and engagement with the capital markets.

The webcast is positioned as a key touchpoint for investors to assess the company’s recent performance and outlook based on the disclosed figures. By facilitating direct access to management’s commentary for both live and replay audiences, Almirall supports informed decision-making for shareholders and market participants.

The most recent analyst rating on (ES:ALM) stock is a Hold with a EUR14.00 price target. To see the full list of analyst forecasts on Almirall stock, see the ES:ALM Stock Forecast page.

Almirall Publishes 2025 Corporate Governance Report in Enhanced Narrative Format

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 transparency for stakeholders by using a narrative approach and includes the required Statistical Annex.

The document covers key governance areas such as ownership structure, the General Meeting, administrative bodies, related-party and intragroup transactions, and risk control and management systems, including those for financial reporting. By detailing its degree of compliance with corporate governance recommendations and highlighting other relevant information, Almirall reinforces its commitment to robust oversight and best practices in corporate governance.

The most recent analyst rating on (ES:ALM) stock is a Hold with a EUR14.00 price target. To see the full list of analyst forecasts on Almirall stock, see the ES:ALM Stock Forecast page.

Almirall’s 2025 Pay Report Highlights Strong Dermatology Growth and Governance Backing

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 R&D front, the Anti-IL1RAP candidate for hidradenitis suppurativa progressed to Phase II, while the company reiterated its goal of running six proof-of-concept studies by the end of 2026.

The company fully applied the Remuneration Policy approved in 2024, and shareholder support for its 2024 remuneration report rose sharply, with 98.80% backing at the 2025 AGM. This strong endorsement underscores improved governance and transparency around directors’ pay, reinforcing Almirall’s commitment to aligning remuneration with performance and maintaining high standards in its engagement with investors.

The most recent analyst rating on (ES:ALM) stock is a Hold with a EUR14.00 price target. To see the full list of analyst forecasts on Almirall stock, see the ES:ALM Stock Forecast page.

Almirall Posts Slight Decline in Total Assets as 2025 Balance Sheet Remains Stable

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 investments in group companies and associates, although intangible assets and property, plant and equipment increased, signaling continued investment in core operations.

Current assets also eased to €597 million from €611 million, with reductions in cash and cash equivalents partly offset by higher inventories and current accruals. The stable asset mix, with a strong base of intangibles and intra‑group investments, suggests Almirall is maintaining its strategic focus on proprietary products and group structure while managing liquidity more tightly going into 2026.

The most recent analyst rating on (ES:ALM) stock is a Hold with a EUR14.00 price target. To see the full list of analyst forecasts on Almirall stock, see the ES:ALM Stock Forecast page.

Almirall Issues FY 2025 Update With Strictly Informational Disclaimer

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 translation of an English version available on its website and may not be disclosed or reused without prior written consent.

The release emphasizes that past share price or security performance data cannot be relied upon as an indicator of future results, and that the document contains forward-looking information based on internal estimates and external sources not independently verified. Almirall also clarifies that the document is not an offer or solicitation to buy, sell, or subscribe for securities in any jurisdiction, underscoring its purely informational and non‑transactional nature for stakeholders and investors.

The most recent analyst rating on (ES:ALM) stock is a Hold with a EUR14.00 price target. To see the full list of analyst forecasts on Almirall stock, see the ES:ALM Stock Forecast page.