Catana Group SA (ALCAT) AI Stock Analysis

• Market Cap: €79.36M
• Dividend Yield: 6.23%
• Average Volume (3M): 61.67K
• Price to Earnings (P/E): 8.5
• Beta (1Y): 0.95
• Revenue Growth: -23.79%
• EPS Growth: -56.20%
• Country: FR
• Employees: 670
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Recreational Vehicles
• EPS (TTM): 0.24
• Shares Outstanding: 30,706,179
• 10 Day Avg. Volume: 91,125
• 30 Day Avg. Volume: 61,666
• PEG Ratio: -0.14
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.57
• P/FCF Ratio: -7.33
• 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: €2.50
• Price Target Upside: -13.19% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.39
• Revenue Forecast (FY): €183.50M

• Rating: 56 Neutral
• Price Target: €3.00 ▲(4.17% Upside)
• Action: Downgraded Date: 02/19/26
• Date: Action: Downgraded 02/19/26

The score is held back primarily by weakening financial performance in 2025 and recurring negative free cash flow, alongside a clear bearish technical trend. These risks are partially offset by a very low P/E and a high dividend yield, which improve the valuation profile.

Positive Factors

Premium brand & niche market position

Catana’s established Bali and Catana brands anchor a premium niche in multihull leisure vessels. That durable brand recognition supports pricing power, dealer relationships and appeal to charter operators, helping sustain order flow and margins across cycles.

After-sales and service revenue potential

Recurring spare parts, maintenance and refit services create a steady revenue stream less sensitive to new-boat cycles. A growing installed base increases predictable aftermarket cash flows, improves margin stability and supports long-term customer retention.

Proven growth and profitability track record through 2024

Historic multi-year growth and elevated margins show the business model can generate strong returns when demand is healthy. This operational track record indicates management and production processes can scale profitably, aiding recovery if market conditions normalize.

Negative Factors

Sharp 2025 revenue and margin slump

A ~22% revenue drop and material margin compression in 2025 reflect weaker pricing, mix or volumes and highlight the company’s cyclicality. Such structural demand weakness can persist across quarters, reducing earnings power and pressuring cash generation for several months to quarters.

Negative free cash flow in recent years

Two consecutive years of negative free cash flow reduce financial flexibility, force reliance on external funding or draw on reserves, and raise quality-of-earnings concerns. Persistent negative FCF undermines the company’s ability to fund growth or withstand prolonged downturns.

Rising financial leverage

Increasing debt relative to equity and softer ROE weaken balance-sheet resilience. Higher leverage elevates interest and covenant risk, narrows strategic optionality for investment or buybacks, and magnifies downside if demand and margins remain pressured.

Catana Group SA Business Overview & Revenue Model

Company Description

SA Catana Group designs, constructs, and markets pleasure boats in France and internationally. It offers catamarans under the CATANA and Bali brand names. The company was formerly known as Poncin Yachts SA. SA Catana Group was founded in 2001 and is based in Canet-en-Roussillon, France.

How the Company Makes Money

Catana Group SA generates revenue primarily through the sale of its catamarans. The company designs and manufactures a range of luxury sailing and motor catamarans, which are then sold to individual customers, charter companies, and maritime service providers. Revenue is also supplemented through after-sales services, including maintenance and repair services, as well as customizations and upgrades for existing vessels. Key revenue streams include new boat sales, service contracts, and parts sales. The company's growth and earnings are further supported by strategic partnerships with distributors and dealers globally, enabling Catana Group to reach a broad customer base and maintain a strong presence in the competitive maritime market.

Catana Group SA Financial Statement Overview

Summary

Income statement strength through 2021–2024 was offset by a sharp 2025 downturn (revenue down ~22% with meaningful margin compression). The balance sheet remains manageable but leverage increased recently. Cash flow is the key weakness, with negative free cash flow in 2024 and 2025 raising flexibility and earnings-quality concerns.

Income Statement

The company delivered strong growth and healthy profitability through 2021–2024, with rising revenue and solid operating and net margins alongside strong returns in 2023–2024. However, the latest annual period (2025) shows a sharp reversal: revenue fell about 22% and profitability compressed significantly versus prior years (gross and net margins dropped materially), indicating weaker pricing, mix, and/or volume. Overall, the earnings profile looks cyclical and recently deteriorated, which pulls the score to the mid-range despite the strong prior run.

Balance Sheet

The balance sheet appears reasonably supported by equity, with moderate leverage overall and debt levels that are not excessive relative to shareholders’ equity. That said, leverage has increased in the latest year (debt-to-equity rising from 2023/2024 levels), while profitability on equity has cooled from very strong 2024 levels—suggesting a less favorable risk/return setup than last year. In sum, financial leverage is manageable, but the recent direction is a mild negative.

Cash Flow

Cash generation is the weakest area. Operating cash flow is positive but low relative to reported profits in recent years, and free cash flow has turned negative in both 2024 and 2025, implying heavy investment and/or working-capital pressure. The gap between net income and cash flow (including negative free cash flow relative to net income) raises quality-of-earnings concerns and reduces financial flexibility if the downturn persists.

Breakdown	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	174.90M	229.50M	207.33M	148.57M	101.77M
Gross Profit	18.00M	130.18M	112.20M	84.46M	60.71M
EBITDA	24.10M	47.38M	34.55M	29.01M	18.97M
Net Income	11.80M	29.68M	19.35M	15.90M	14.13M
Balance Sheet
Total Assets	230.93M	225.89M	210.34M	176.44M	114.06M
Cash, Cash Equivalents and Short-Term Investments	42.66M	50.17M	63.14M	67.16M	45.58M
Total Debt	60.74M	44.91M	25.43M	24.40M	27.43M
Total Liabilities	125.83M	126.23M	130.44M	113.17M	61.09M
Stockholders Equity	100.84M	93.55M	72.81M	59.16M	50.30M
Cash Flow
Free Cash Flow	-13.68M	-11.83M	2.48M	32.39M	12.44M
Operating Cash Flow	6.14M	13.24M	13.46M	37.39M	18.64M
Investing Cash Flow	-21.18M	-25.84M	-9.84M	-5.50M	-5.86M
Financing Cash Flow	3.55M	-381.00K	-7.66M	-10.31M	-2.10M

Catana Group SA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALCAT, the sentiment is Neutral. The current price of 2.88 is above the 20-day moving average (MA) of 2.61, above the 50-day MA of 2.67, and below the 200-day MA of 3.01, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.99 is Neutral, neither overbought nor oversold. The STOCH value of 22.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALCAT.

Catana Group SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALVDM	74 Outperform	€636.64M	27.52	―	2.96%	5.87%	36.49%
TRI	71 Outperform	€3.07B	12.10	11.60%	2.07%	-6.78%	-36.04%
RBO	67 Neutral	€268.47M	16.76	14.30%	3.72%	0.82%	-34.14%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ALCAT	56 Neutral	€79.36M	8.49	13.33%	6.23%	-23.79%	-56.20%