Altheora SA (ALORA) AI Stock Analysis

• Market Cap: €6.77M
• Dividend Yield: N/A
• Average Volume (3M): 8.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: -12.60%
• EPS Growth: 16.97%
• Country: FR
• Employees: 279
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.06
• Shares Outstanding: 13,528,334
• 10 Day Avg. Volume: 4,759
• 30 Day Avg. Volume: 8,980
• PEG Ratio: 0.22
• Price to Book (P/B): 0.49
• Price to Sales (P/S): 0.14
• P/FCF Ratio: -19.82
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.09
• Revenue Forecast (FY): €40.80M

• Rating: 49 Neutral
• Price Target: €0.51 ▲(5.21% Upside)
• Action: Reiterated Date: 01/30/26
• Date: Action: Reiterated 01/30/26

The score is held down primarily by weak financial performance (ongoing losses, recent revenue decline, high leverage, and inconsistent cash generation). Technicals provide some offset with price still above longer-term moving averages and a positive MACD, but near-term weakness and a loss-making valuation profile keep the overall score below average.

Positive Factors

B2B project & contract model

Altheora’s B2B, project- and contract-based model (series production plus prototyping, tooling and industrialization services) creates durable customer ties and recurring program revenue potential. Long-term contracts and manufacturing services raise switching costs and support predictable volumes once programs scale.

Strong gross and EBITDA margins

Relatively strong gross margins and a positive EBITDA margin signal operational efficiency in composite manufacturing and some pricing power. Sustained underlying margins enable reinvestment into tooling, R&D and capacity expansion, improving competitive position in high-spec lightweight parts markets.

Positive operating cash flow

Despite inconsistency, positive operating cash flow demonstrates the business can generate cash from ongoing operations. Over a 2–6 month horizon, improving convertibility would reduce external financing needs, help fund capex for serial programs, and support margin improvement when coupled with revenue stabilization.

Negative Factors

Revenue decline & persistent losses

Recent revenue decline and ongoing net losses are structural concerns: lower top-line reduces scale benefits in production and strains margins, while continued losses impede reinvestment into tooling and R&D. If trends persist, competitive positioning and ability to win series contracts could weaken.

High leverage and falling equity

Elevated debt-to-equity and declining equity lower financial flexibility and raise refinancing risk, especially in capital-intensive composite tooling cycles. High fixed interest costs constrain cash available for industrialization and capacity builds, increasing vulnerability if revenue recovery lags.

Weak free cash flow conversion

Difficulty turning profits into free cash flow limits the firm's ability to self-fund tooling, series ramps and working-capital needs. Persistent weak FCF conversion forces reliance on external funding or equity dilution, which can hinder long-term program wins and incremental margin improvement.

Altheora SA Business Overview & Revenue Model

Company Description

Altheora SA manufactures and sells composite materials worldwide. The company offers composite materials for use in various sectors, including aeronautics, railways, and motorized equipment, as well as sports, recreation, marine, and medical. It also provides painting and industrial coatings. The company was formerly known as Mecelec Composites SA and changed its name to Altheora SA in June 2021. Altheora SA was founded in 1934 and is headquartered in Mauves, France.

How the Company Makes Money

Altheora generates revenue through several key streams, primarily from project-based contracts for custom software development and consulting services. The company charges clients based on the scope and complexity of the projects undertaken. Additionally, Altheora offers subscription-based services for its cloud computing solutions and data analytics platforms, providing ongoing support and updates. Strategic partnerships with technology providers and industry leaders enhance its offerings and expand its market reach, contributing to a steady flow of income. Furthermore, Altheora may also benefit from maintenance contracts and ongoing service agreements, ensuring a recurring revenue model.

Altheora SA Financial Statement Overview

Summary

Weak overall fundamentals: revenue has recently declined, net income remains consistently negative, and EBIT margins are deteriorating despite relatively strong gross margins. Balance sheet risk is elevated due to high leverage and declining equity, while operating cash flow is positive but inconsistent and free cash flow generation is pressured.

Income Statement

Altheora SA has experienced fluctuating revenue growth over the years, with a recent decline in total revenue. The gross profit margin remains relatively strong, but consistent negative net income and declining EBIT margins indicate challenges in achieving profitability. The EBITDA margin is positive, suggesting some operational efficiency, but overall profitability remains a concern.

Balance Sheet

The company exhibits a high debt-to-equity ratio, indicating significant leverage, which could pose risks if earnings do not improve. Stockholders' equity has been declining, reducing the equity ratio. The ability to manage liabilities effectively while improving equity levels will be crucial for financial stability.

Cash Flow

Altheora's operating cash flow is positive but has been inconsistent, impacting free cash flow generation negatively. The free cash flow to net income ratio indicates difficulties in translating profits into cash, highlighting potential liquidity concerns. Improving cash flow management will be key to enhancing financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	18.90M	36.99M	41.34M	35.03M	31.97M	25.54M
Gross Profit	0.00	22.23M	23.63M	16.92M	17.36M	13.38M
EBITDA	-500.00K	1.42M	1.57M	987.00K	1.68M	987.00K
Net Income	-800.00K	-1.74M	-2.02M	-1.69M	-228.00K	-314.00K
Balance Sheet
Total Assets	32.62M	32.97M	37.84M	45.18M	35.11M	32.79M
Cash, Cash Equivalents and Short-Term Investments	699.00K	1.73M	3.76M	5.80M	3.72M	8.06M
Total Debt	11.97M	13.44M	15.37M	18.52M	9.80M	11.30M
Total Liabilities	23.25M	22.72M	25.66M	31.09M	26.25M	22.57M
Stockholders Equity	9.37M	10.25M	12.18M	14.09M	8.86M	10.21M
Cash Flow
Free Cash Flow	306.00K	-253.00K	84.00K	-3.54M	-3.77M	-2.27M
Operating Cash Flow	838.00K	888.00K	1.26M	-621.00K	864.00K	-294.00K
Investing Cash Flow	-532.00K	-999.00K	-1.18M	-8.81M	-4.15M	-1.47M
Financing Cash Flow	-1.93M	-2.92M	-2.13M	11.52M	-1.60M	5.71M

Altheora SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.48
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALORA, the sentiment is Positive. The current price of 0.48 is below the 20-day moving average (MA) of 0.50, below the 50-day MA of 0.53, and above the 200-day MA of 0.46, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 51.18 is Neutral, neither overbought nor oversold. The STOCH value of 56.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALORA.

Altheora SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ALORA	49 Neutral	€6.77M	-1.78	―	―	-12.60%	16.97%