Plant Advanced Technologies SA (ALPAT) AI Stock Analysis

• Market Cap: €7.98M
• Dividend Yield: N/A
• Average Volume (3M): 388.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.13
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: FR
• Employees: 56
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.14
• Shares Outstanding: 1,132,326
• 10 Day Avg. Volume: 379
• 30 Day Avg. Volume: 388
• PEG Ratio: 0.01
• Price to Book (P/B): 1.44
• Price to Sales (P/S): 6.86
• P/FCF Ratio: 6.34
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: €9.00 ▲(9.49% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is primarily supported by improved 2024 financial performance (profitability, cash generation, and lower leverage). It is held back by mixed technicals (below the 200-day average and slightly negative MACD) and weak/unclear valuation signals due to a negative P/E and no dividend yield.

Positive Factors

Return to Profitability

A return to material profitability and a ~48% net margin in 2024 indicates the business can generate economic profit at current scale. Durable profits improve reinvestment capacity for R&D/commercialization, support creditor confidence, and reduce reliance on dilutive financing if maintained.

Positive Cash Generation

Sustained positive operating and free cash flow strengthens liquidity and funds operations or growth without external capital. For a small biotech, this materially lowers refinancing risk, enables incremental product development or commercialization spending, and supports smoother operations over months.

Improved Leverage and Returns

Meaningful reduction in leverage and a positive ROE improve solvency and financial flexibility. Lower leverage reduces interest burden and covenant pressure, enabling management to pursue strategic partnerships or capex with less dilution risk and a stronger balance sheet cushion.

Negative Factors

Small, Volatile Revenue Base

A small and volatile revenue base undermines the durability of margins and cash flow; sharp swings (deep declines in prior years and a modest rebound) increase execution risk, limit scale economies, and make multi-quarter forecasting and reinvestment planning more uncertain.

Short Track Record of Positive Results

While 2024 improved, prior multi-year losses and intermittent negative cash flow indicate limited consistency. A short track record of profitability raises the chance that recent gains are cyclical, making long-term capital allocation and product commercialization riskier until multi-year stability is demonstrated.

Material Absolute Debt for Size

Despite improved leverage ratios, absolute debt remains material relative to a small revenue base. This can constrain R&D or commercialization spending, increase refinancing risk if revenue dips, and leave less room to absorb setbacks without resorting to dilutive or costly external financing.

Plant Advanced Technologies SA Business Overview & Revenue Model

Company Description

Plant Advanced Technologies SA, a plant biotechnology company, produces and sells actives for cosmetic, pharmaceutical, and agrochemical markets in France. Its technologies include PAT Plant Milking that produces active extracts through plant stimulation and living-root exudation while preserving plants; PAT Target Binding, which finds the ligands that bind to the protein targets of interest, such as enzymes; and PAT Friday, a recombinant protein expression system using natural protein excretion system of genetically modified carnivorous plants to produce outside their leaf in a sterile closed pitcher. The company was founded in 2005 and is headquartered in Vandœuvre-lès-Nancy, France.

How the Company Makes Money

Plant Advanced Technologies SA Financial Statement Overview

Summary

2024 shows a meaningful turnaround with strong profitability, improved leverage, and solid operating/free cash flow. The score is capped by the small revenue base and historically volatile results, including sustained losses and weak/negative cash flow in 2020–2022.

Income Statement

Profitability improved materially: 2024 returned to solid positive earnings (net margin ~48%) and positive operating profit after a loss in 2023, with revenue also rebounding (+~15% in 2024). However, the revenue base remains small and growth has been volatile (sharp decline in 2023), and prior years (2020–2022) show sustained losses and negative margins, which lowers confidence in durability.

Balance Sheet

Leverage has meaningfully improved versus 2021–2022: debt-to-equity is ~0.37 in 2024 (down from ~1.08 in 2022), supported by a larger equity base. Returns also turned positive in 2024 (ROE ~10%). The main weakness is the company’s history of negative returns (2020–2022) and still-material absolute debt levels, which can matter for a smaller revenue company.

Cash Flow

Cash generation is a relative strength: 2024 delivered strong positive operating cash flow (~2.5m) and free cash flow (~2.1m), with free cash flow exceeding 2023 and closely tracking earnings (free cash flow to net income ~0.83). The key risk is consistency—cash flow was minimal/negative in 2020–2022 and some 2023 coverage metrics are not available, so the track record is shorter than ideal.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.34M	1.93M	1.68M	2.34M	2.31M	1.72M
Gross Profit	-4.65M	2.24M	2.15M	-4.65M	-2.73M	-2.82M
EBITDA	-744.00K	956.45K	72.53K	-744.00K	-1.27M	-819.00K
Net Income	-849.00K	935.13K	79.17K	-849.00K	-1.13M	-543.00K
Balance Sheet
Total Assets	17.08M	16.00M	14.91M	17.08M	17.11M	17.27M
Cash, Cash Equivalents and Short-Term Investments	669.00K	79.70K	0.00	669.00K	2.49M	3.26M
Total Debt	5.97M	3.42M	4.36M	5.97M	6.14M	5.73M
Total Liabilities	10.29M	6.83M	6.78M	10.29M	9.73M	8.73M
Stockholders Equity	5.50M	9.17M	8.13M	5.50M	6.36M	7.53M
Cash Flow
Free Cash Flow	-1.20M	2.08M	972.53K	-479.00	-504.00	-499.00
Operating Cash Flow	-449.82K	2.50M	1.85M	-274.00	-388.00	78.00
Investing Cash Flow	-724.25K	-1.59M	-1.28M	-1.97K	-1.11K	-1.18K
Financing Cash Flow	107.14K	-585.89K	-851.03K	244.00	743.00	2.38K

Plant Advanced Technologies SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPAT	60 Neutral	€7.98M	-15.91	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Plant Advanced Technologies SA Corporate Events

Plant Advanced Technologies SA Reports H1 2025 Results with Optimistic Outlook

Plant Advanced Technologies SA reported a net loss of 162 k€ for the first half of 2025, with revenue at 155 k€, reflecting the seasonal nature of its business and exclusion of ongoing R&D contract revenues. Despite this, the company remains optimistic about achieving positive results for the third consecutive year, driven by portfolio diversification and CSR commitments. Operational highlights include advancements in cosmetics, pharmaceuticals, agrochemicals, and nutraceuticals, with promising developments in active ingredients and dietary supplements.