Carbios SA (ALCRB) AI Stock Analysis

• Market Cap: $169.02M
• Dividend Yield: N/A
• Average Volume (3M): 54.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.43
• Revenue Growth: 90.91%
• EPS Growth: -22.05%
• Country: FR
• Employees: 154
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -1.40
• Shares Outstanding: 16,905,630
• 10 Day Avg. Volume: 34,450
• 30 Day Avg. Volume: 54,144
• PEG Ratio: -6.69
• Price to Book (P/B): 0.57
• Price to Sales (P/S): 831.12
• P/FCF Ratio: -1.22
• Enterprise Value/Market Cap: 0.84
• Enterprise Value/Revenue: 243.76
• Enterprise Value/Gross Profit: 261.75
• Enterprise Value/Ebitda: -5.84
• 1Y Price Target: $14.00
• Price Target Upside: 41.10% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: €10.50 ▲(5.85% Upside)

Carbios SA's stock score is primarily influenced by strong technical indicators, suggesting bullish momentum. However, financial performance and valuation concerns due to ongoing losses and negative cash flows weigh down the overall score.

Positive Factors

Strong Revenue Growth

Sustained high revenue growth indicates accelerating commercial traction for Carbios' enzymatic recycling technology. Over 2–6 months this reflects meaningful demand adoption and expands the runway for converting R&D into recurring licensing and industrial revenues as scale improves.

High Gross Profit Margin

A 70%+ gross margin suggests attractive unit economics for the enzymatic depolymerization process. If industrial throughput rises, high gross margins can support durable operating leverage, enabling the company to cover fixed costs and move toward sustainable profitability over the medium term.

Conservative Leverage

Low debt relative to equity provides financial flexibility during capital-intensive scale-up of recycling plants. This conservative leverage reduces insolvency risk and preserves capacity to raise funds or invest in industrialization without excessive interest burden over the coming months.

Negative Factors

Severe Profitability Losses

Deep negative margins show the business currently consumes far more resources than it generates, driven by high operating and scaling costs. Without material margin improvement or cost control during commercialization, long-term viability and investor returns remain at risk.

Negative Operating Cash Flow

Persistent negative operating cash flows mean operations don't self-fund growth, forcing reliance on equity or debt. Over months this pressures liquidity and can dilute shareholders or raise financing costs, complicating the path to industrial-scale, self-sustaining recycling operations.

Negative Return on Equity

A negative ROE indicates current capital deployment is destroying shareholder value rather than creating it. Unless Carbios converts revenue growth into positive net returns through margin expansion and operational scalability, equity holders face prolonged underperformance.

Carbios SA Business Overview & Revenue Model

Company Description

Carbios SAS, a green chemistry company, develops industrial bioprocesses for the biodegradation and bio recycling of polymers in France. The company engages in the production of EVANESTO, an enzymatic biodegradation solution for polylactic acid (PLA) based single-use plastics; and enzymatic recycling of polyethylene terephthalate (PET). It also offers PLA, a biosourced and biodegradable plastic polymer used in food packaging, disposable tableware, and electronics and medical applications; and recycles plastic waste into plastic materials. The company also exports its products. Carbios SAS has a development agreement with Novozymes to produce enzyme for recycling of PET-plastics and fibers. The company was founded in 2011 and is headquartered in Saint-Beauzire, France.

How the Company Makes Money

Carbios generates revenue through its proprietary enzymatic recycling technology, which is licensed to various partners in the plastics and packaging industries. The company earns money by charging licensing fees for the use of its technology and receiving royalties based on the production volumes of recycled materials. Additionally, Carbios collaborates with major industry players to develop and commercialize its solutions, which can lead to joint ventures and partnerships that provide financial backing and shared resources. The growing demand for sustainable plastic recycling solutions and regulatory pressures on plastic waste management further enhance Carbios's market potential and revenue opportunities.

Carbios SA Financial Statement Overview

Summary

Carbios SA shows strong revenue growth but struggles with profitability and cash flow management. The company has a moderate leverage position but faces risks due to ongoing losses and negative cash flows.

Income Statement

Carbios SA has shown significant revenue growth of 76.62% in the latest year, which is a positive indicator. However, the company is struggling with profitability, as indicated by negative net profit margins (-243.48%) and EBIT margins (-237.41%). The gross profit margin is relatively high at 70.59%, but the overall financial health is impacted by substantial losses.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.23, indicating a conservative leverage position. However, the return on equity is negative (-16.58%), reflecting the company's inability to generate profits from its equity base. The equity ratio is not provided, but the overall stability is moderate with potential risks due to ongoing losses.

Cash Flow

Carbios SA's cash flow statement reveals a challenging situation with negative operating cash flow and free cash flow. Despite a 34.26% growth in free cash flow, the company has a high free cash flow to net income ratio of 3.07, indicating reliance on external financing or reserves to cover losses. The operating cash flow to net income ratio is negative, further highlighting cash flow issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	582.00K	136.00K	24.00K	70.00K	105.00K	128.00K
Gross Profit	542.00K	96.00K	24.00K	70.00K	105.00K	61.00K
EBITDA	-24.28M	-32.29M	-18.73M	-20.73M	5.29M	-6.39M
Net Income	-38.57M	-33.11M	-27.22M	-27.74M	3.78M	-8.27M
Balance Sheet
Total Assets	240.94M	279.98M	302.01M	183.96M	178.73M	47.36M
Cash, Cash Equivalents and Short-Term Investments	71.70M	93.11M	191.82M	100.56M	104.96M	29.08M
Total Debt	44.85M	45.67M	48.62M	46.01M	20.29M	10.80M
Total Liabilities	65.53M	80.31M	67.69M	58.52M	32.00M	15.06M
Stockholders Equity	175.41M	199.68M	234.31M	125.44M	146.74M	32.30M
Cash Flow
Free Cash Flow	-63.23M	-92.76M	-49.39M	-34.77M	-21.25M	-8.66M
Operating Cash Flow	-29.36M	-30.20M	-22.59M	-23.05M	-9.04M	-4.77M
Investing Cash Flow	-17.21M	-70.58M	-22.39M	-9.33M	-22.84M	-9.25M
Financing Cash Flow	171.00K	-1.28M	136.25M	26.75M	107.76M	27.20M

Carbios SA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.92
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALCRB, the sentiment is Neutral. The current price of 9.92 is below the 20-day moving average (MA) of 10.98, below the 50-day MA of 11.03, and above the 200-day MA of 8.79, indicating a neutral trend. The MACD of -0.21 indicates Positive momentum. The RSI at 37.55 is Neutral, neither overbought nor oversold. The STOCH value of 10.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALCRB.

Carbios SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ALCRB	57 Neutral	$169.02M	-4.36	-19.12%	―	90.91%	-22.05%
LHYFE	45 Neutral	€137.02M	-3.71	―	―	209.99%	-16.49%