Compagnie des Alpes (CDA) AI Stock Analysis

• Market Cap: €1.43B
• Dividend Yield: 3.96%
• Average Volume (3M): 31.30K
• Price to Earnings (P/E): 13.4
• Beta (1Y): 0.73
• Revenue Growth: 12.76%
• EPS Growth: 15.65%
• Country: FR
• Employees: 7,238
• Sector: General
• Sector Strength: N/A
• Industry: Leisure
• EPS (TTM): -0.54
• Shares Outstanding: 50,728,320
• 10 Day Avg. Volume: 27,140
• 30 Day Avg. Volume: 31,302
• PEG Ratio: 0.66
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 12.41
• 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: €30.00
• Price Target Upside: 8.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 2.53
• Revenue Forecast (FY): €1.49B

• Rating: 65 Neutral
• Price Target: €30.00 ▲(8.89% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is primarily held back by financial profile risks—higher leverage and uneven/free-cash-flow weakness despite solid earnings recovery. Technicals are supportive due to a clear uptrend, while reasonable valuation (P/E ~13 and ~3.6% yield) adds support.

Positive Factors

Revenue Recovery

Compagnie des Alpes shows a sustained multi-year top-line recovery with 2025 above 2024, indicating restoring demand across its parks and ski resorts. A durable revenue rebound supports utilization, steady seasonal cash inflows and the ability to reinvest in capacity and guest experience over the medium term.

High Operating Profitability

Consistently strong EBITDA margins (~28–29%) point to structurally profitable operations driven by ticketing and in‑park spending. This operating leverage across fixed-cost venues gives pricing power and margin resilience, enabling the company to generate cash and cover maintenance capex through typical business cycles.

Solid Operating Cash

Robust absolute operating cash flow provides a durable source of funds to service debt, cover seasonal working-capital swings, and finance routine reinvestment. Strong OCF in absolute terms increases financial flexibility relative to peers and supports medium-term operational stability despite cyclical revenues.

Negative Factors

Elevated Leverage

Debt rose materially in 2024–2025, leaving leverage high for a seasonal leisure operator. Elevated debt-to-equity (~1.38) increases refinancing, interest and covenant risk, reducing strategic flexibility and amplifying vulnerability to demand shocks or adverse seasons that compress cash flows.

Weak FCF Conversion

Free cash flow is modest relative to earnings and declined sharply in 2025, reflecting heavier investment or working-capital swings. Lower cash conversion constrains the company’s ability to de-lever, self-fund growth or sustain payouts, raising reliance on external financing during weaker periods.

Cyclicality & Margin Normalization

Margins have normalized from unusually strong 2022 levels and the business remains exposed to seasonality and weather. This structural cyclicality makes earnings and cash generation less predictable, increasing operational volatility and complicating long-term planning and investment timing.

Compagnie des Alpes Business Overview & Revenue Model

Company Description

Compagnie des Alpes SA, together with its subsidiaries, operates leisure facilities. It operates through Ski Areas, Leisure Parks, and Holdings and Supports segments. The Ski Areas segment operates ski lifts; and equips, maintains, and operates ski areas, as well as maintains ski runs and trails. It also sells land to real-estate developers. This segment operates ski resorts under the La Plagne, Les Arcs, Peisey-Vallandry, Tignes, Val d'Isère, Les Menuires, Méribel, Flaine, Serre Chevalier, Les Deux Alpes, Samoëns, and Megeve. The Leisure Parks segment develops and operates theme parks, combined amusement and animal parks, water parks, wax museums, and tourist sites. This segment operates leisure parks under Parc Astérix, Futuroscope, Grévin Paris, France Miniature, Walibi Rhône-Alpes, Walibi Holland, Walibi Belgium, Aqualibi, Bellewaerde, Aquapark, and Familypark. The Holdings and Supports segment is involved in the provision of consulting services; and tour-operator, travel agency, and real estate businesses. Compagnie des Alpes SA was founded in 1989 and is headquartered in Paris, France.

How the Company Makes Money

Compagnie des Alpes primarily generates revenue through various streams associated with its ski resorts and leisure parks. The main sources of income include the sale of ski passes, which provide access to their ski areas, and entrance fees for their theme parks. Additionally, CDA earns money from hospitality services such as hotels, restaurants, and rental services for ski equipment. The company also benefits from partnerships with local tourism boards and transportation companies, which help promote its destinations. Seasonal variations influence revenue, with peak earnings typically occurring during winter for ski resorts and summer for theme parks. Moreover, strategic investments in improving the customer experience and expanding service offerings contribute to the company's profitability.

Compagnie des Alpes Financial Statement Overview

Summary

Strong post-pandemic revenue recovery and solid, stable profitability in 2023–2025 (net margin ~7–8%, EBITDA margin ~28–29%), but quality is constrained by higher leverage (debt-to-equity ~1.38 in 2025) and weaker cash conversion, with free cash flow dropping sharply in 2025.

Income Statement

Revenue has recovered strongly from the 2020–2021 downturn, rising from 2022 through 2025 (2025 revenue up ~5% vs. 2024). Profitability is now solid and fairly steady: net margin is ~7–8% in 2023–2025 and operating profitability remains healthy (EBITDA margin ~28–29% in 2023–2025). The main drawback is that margins are below the 2022 peak (net margin ~12% and higher operating margin), suggesting some normalization/pressure after an unusually strong year, and results are still cyclical as evidenced by losses in 2020–2021.

Balance Sheet

The balance sheet is serviceable but more levered than it was in 2022–2023. Debt increased materially in 2024–2025 (total debt ~€1.5B), taking debt-to-equity to ~1.38 in 2025 (vs. ~1.00 in 2023). Equity has grown, and returns on equity are positive and improving (about 9–10% in 2024–2025), but leverage remains a key risk factor for a leisure business that can face demand shocks.

Cash Flow

Operating cash generation is consistently positive and strong in absolute terms (~€341–€349M in 2024–2025), but cash conversion is mixed. Free cash flow is positive in 2023–2025, yet it is modest relative to earnings (about 21–25% of net income in 2024–2025) and 2025 free cash flow fell sharply year over year (large negative growth), pointing to heavier investment needs and/or working-capital swings. This weaker free-cash-flow profile reduces financial flexibility given the higher debt load.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	1.40B	1.24B	1.13B	958.54M	240.57M
Gross Profit	285.40M	1.01B	203.59M	203.00M	178.19M
EBITDA	409.80M	356.64M	314.86M	310.05M	7.57M
Net Income	107.10M	92.44M	90.37M	114.40M	-121.67M
Balance Sheet
Total Assets	3.24B	3.10B	2.54B	2.29B	2.25B
Cash, Cash Equivalents and Short-Term Investments	160.70M	234.26M	111.54M	304.09M	350.04M
Total Debt	1.51B	1.50B	1.01B	844.50M	1.01B
Total Liabilities	2.08B	2.01B	1.48B	1.27B	1.36B
Stockholders Equity	1.09B	1.03B	1.01B	970.79M	846.00M
Cash Flow
Free Cash Flow	87.30M	71.00M	13.60M	167.22M	-68.73M
Operating Cash Flow	348.70M	341.12M	259.75M	358.63M	77.72M
Investing Cash Flow	-291.97M	-380.09M	-287.35M	-164.37M	-117.62M
Financing Cash Flow	-141.52M	126.14M	-186.73M	-242.56M	394.39M

Compagnie des Alpes Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 27.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:CDA, the sentiment is Positive. The current price of 27.55 is above the 20-day moving average (MA) of 27.16, above the 50-day MA of 25.87, and above the 200-day MA of 22.08, indicating a bullish trend. The MACD of 0.70 indicates Negative momentum. The RSI at 72.76 is Negative, neither overbought nor oversold. The STOCH value of 71.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:CDA.

Compagnie des Alpes Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALTPC	74 Outperform	€165.78M	16.33	15.17%	7.83%	1.22%	2.39%
CDA	65 Neutral	€1.43B	13.39	―	3.96%	12.76%	15.65%
VLTSA	60 Neutral	€924.64M	-20.52	-3.36%	―	1.76%	-234.79%
CLARI	58 Neutral	€1.34B	-28.78	-1.70%	―	1.98%	85.87%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
EFG	43 Neutral	€320.68M	-1.50	―	―	-38.44%	-851.16%