Valbiotis SA (ALVAL) AI Stock Analysis

• Market Cap: €23.92M
• Dividend Yield: N/A
• Average Volume (3M): 112.19K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: FR
• Employees: 44
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 23,698,235
• 10 Day Avg. Volume: 162,174
• 30 Day Avg. Volume: 112,190
• PEG Ratio: 0.05
• Price to Book (P/B): 2.36
• Price to Sales (P/S): 18.17
• P/FCF Ratio: -2.01
• 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): -0.35
• Revenue Forecast (FY): €4.53M

• Rating: 46 Neutral
• Price Target: €0.98 ▲(36.11% Upside)
• Action: Reiterated Date: 03/15/26
• Date: Action: Reiterated 03/15/26

The score is weighed down primarily by weak financial performance—persistent losses, negative gross profit in recent years, and continued cash burn indicating funding/dilution risk. Technical indicators are neutral to slightly improving and partially offset the fundamentals, while valuation is constrained by a negative P/E and no dividend data.

Positive Factors

Business model & differentiation

Valbiotis operates in nutraceuticals with clinically-oriented formulations targeting metabolic and cardiovascular prevention. This product-led, science-backed positioning supports durable differentiation versus generic supplements and can enable recurring sales and premium pricing if clinical claims sustain commercial adoption.

Manageable leverage

Reported debt-to-equity in the mid range (≈0.35–0.98 historically, ~0.73 in 2025) implies interest and leverage are not extreme. That moderate capital structure gives the company more structural flexibility to secure additional financing or absorb near-term operating losses without immediate solvency pressure, supporting continuity of R&D and commercialization.

Demonstrated revenue rebound potential

The sharp 2025 revenue rebound demonstrates the company can generate commercial sales after prior troughs, indicating tangible market traction or successful product placements. While volatile, the ability to reaccelerate revenue is a durable positive if management can translate episodic gains into stable, repeatable channels and scale fixed-cost absorption.

Negative Factors

Persistent cash burn & negative FCF

Sustained negative operating and free cash flow means the business cannot self-fund growth or operations long-term. Persistent cash burn forces reliance on external capital, increasing dilution risk and constraining investments. Over multiple quarters this undermines financial resilience and strategic optionality.

Consistent losses & negative gross profit

Deep, recurring operating and net losses and recent negative gross profit indicate the current cost structure and pricing cannot cover direct costs at scale. This structural margin weakness threatens long-term profitability unless the company materially improves unit economics, lowers costs, or achieves substantially higher, sustainable revenues.

Declining equity and asset base

Shrinking equity and falling asset levels reduce the balance sheet buffer and financial flexibility. That trend raises the likelihood of future financing needs on unfavorable terms, increases dilution risk for shareholders, and limits the company's ability to absorb shocks or fund expansion without external support.

Valbiotis SA Business Overview & Revenue Model

Company Description

Valbiotis SA engages in the research and development of health nutrition products to prevent and combat metabolic and cardiovascular diseases. The company develops TOTUM-63 that is in Phase II/III clinical trials for the treatment of type 2 diabetes; TOTUM-070, which is in Phase II clinical trials to treat hypercholesterolemia; and TOTUM-854 that is in Phase II/III clinical trials for arterial hypertension. It also develops TOTUM-448 for the treatment of patient with non-alcoholic fatty liver disease. It has a strategic partnership with Nestlé Health Science. Valbiotis SA was incorporated in 2014 and is headquartered in Périgny, France.

How the Company Makes Money

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Valbiotis SA Financial Statement Overview

Summary

Financial profile is very weak: consistently loss-making with deeply negative margins, volatile and low revenue, and negative gross profit in 2024–2025. Cash flow is a major concern with sustained negative operating/free cash flow (2025 FCF about -€8.2M), implying ongoing reliance on external funding. Balance sheet leverage is moderate, but shrinking equity and assets increase dilution and flexibility risk.

Income Statement

Profitability remains very weak: the company is consistently loss-making with deeply negative operating and net margins in every year shown (e.g., 2025 net loss of ~€9.4M on ~€0.9M revenue). Revenue is highly volatile—2025 shows a sharp rebound versus 2024, but the broader history swings materially (notably a much higher revenue year in 2023 followed by a collapse in 2024). Gross profit also turned negative in 2024–2025, indicating poor cost absorption at the current scale. Overall, the income statement reflects an early-stage biotech profile with limited revenue visibility and heavy operating cost burden.

Balance Sheet

Leverage looks manageable on paper, with debt-to-equity generally in the mid range (about 0.35–0.98 across the period, ~0.73 in 2025). However, equity has declined notably from 2023 to 2025, consistent with ongoing losses, and returns on equity are persistently and materially negative—signaling continued value dilution risk if losses persist. Asset levels have also trended down from 2023 to 2025, reducing balance-sheet flexibility versus prior years.

Cash Flow

Cash generation is the key pressure point: operating cash flow and free cash flow are negative in 2021–2025, with 2025 free cash flow around -€8.2M (worse than 2024 only modestly improved). While free cash flow roughly tracks net loss (cash burn broadly consistent with reported losses), the business is not self-funding and appears dependent on external capital to sustain operations. The only clear positive year in the set is 2020, which has not repeated.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	175.00K	905.00K	175.00K	4.73M	785.00K	298.00K
Gross Profit	-2.35M	-1.17M	-2.44M	2.69M	767.00K	282.00K
EBITDA	-9.17M	-9.49M	-9.17M	-6.41M	-11.13M	-9.14M
Net Income	-10.03M	-9.42M	-10.03M	-7.37M	-12.31M	-8.68M
Balance Sheet
Total Assets	19.61M	14.39M	19.61M	33.31M	27.17M	28.48M
Cash, Cash Equivalents and Short-Term Investments	11.58M	8.68M	11.58M	25.02M	20.83M	21.82M
Total Debt	5.72M	5.09M	5.72M	6.88M	7.18M	7.59M
Total Liabilities	9.24M	7.43M	9.24M	13.71M	13.86M	14.25M
Stockholders Equity	10.37M	6.96M	10.37M	19.60M	13.31M	14.23M
Cash Flow
Free Cash Flow	-11.68M	-8.19M	-11.80M	-8.30M	-9.48M	-7.58M
Operating Cash Flow	-11.54M	-8.04M	-11.54M	-8.06M	-9.19M	-7.16M
Investing Cash Flow	-61.00K	-77.00K	-61.00K	-250.00K	-197.00K	-7.00K
Financing Cash Flow	-1.84M	5.21M	-1.84M	12.49M	8.40M	14.40M

Valbiotis SA Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.72
• 50DMA: Positive
• 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:ALVAL, the sentiment is Neutral. The current price of 0.72 is below the 20-day moving average (MA) of 1.02, below the 50-day MA of 0.94, and below the 200-day MA of 0.83, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 51.11 is Neutral, neither overbought nor oversold. The STOCH value of 39.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALVAL.

Valbiotis SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALPAT	60 Neutral	€7.76M	-15.91	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ALDVI	47 Neutral	€26.93M	-0.86	―	―	101.95%	35.55%
ALVAL	46 Neutral	€23.92M	-1.75	―	―	―	―
SIGHT	45 Neutral	€19.76M	-0.93	51.23%	―	-92.35%	63.25%