Compagnie des Alpes (CDA) AI Stock Analysis

• Market Cap: €1.24B
• Dividend Yield: 3.96%
• Average Volume (3M): 31.30K
• Price to Earnings (P/E): 10.1
• Beta (1Y): 0.80
• 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: €27.00 ▼(-2.00% Downside)
• 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 & stable margins

Consistent revenue recovery and sustained mid-to-high teens operating profitability provide durable cash-earning capacity. This indicates resilient demand across parks and resorts and gives management room to reinvest in operations and product quality, supporting medium-term cash flow stability and operational planning.

Robust operating cash generation

Strong absolute operating cash flow demonstrates the business can internally fund a substantial portion of working capital and routine investments. Over the next several quarters this helps service obligations and fund park maintenance, reducing reliance on external financing during normal cycles.

High operating profitability (EBITDA)

Sustained high EBITDA margins reflect structural cost efficiency and pricing power across a portfolio of destination assets. That operating leverage improves resilience to demand variability, enabling the company to cover fixed costs and maintain profitability through typical seasonal swings.

Negative Factors

Elevated leverage

Higher leverage reduces financial flexibility for a capital-intensive, cyclical leisure operator. With debt-to-equity near 1.4, the company faces greater interest and refinancing exposure, which can constrain capital allocation, slow investment or dividend policies, and amplify downside in demand shocks.

Weak free-cash-flow conversion

Modest FCF relative to earnings and a sharp drop in 2025 weaken the firm's ability to deleverage or fund growth from operations. Persistent low conversion increases dependency on external funding for capex or debt repayment and limits buffer against cyclical revenue swings.

Cyclicality & weather exposure

Significant exposure to seasonality and weather-driven demand makes revenue and margins inherently volatile. Structural sensitivity to snowfall and temperature patterns complicates forecasting, forces higher maintenance and capacity planning, and raises downside risk during adverse seasons.

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

CDA primarily generates revenue by operating destination assets and monetizing visitor volume through multiple on-site spending categories. In its mountain resorts (ski areas), a core revenue stream comes from selling lift passes (daily, multi-day, season passes) that provide access to ski lifts and the ski domain. Additional mountain-related revenue is typically earned from ancillary services tied to the resort experience, such as food and beverage on the mountain and in resort-operated venues, rentals and services where operated, and other visitor services linked to the ski area ecosystem; if CDA does not directly operate a specific service in a given resort, revenue would instead be limited to its own operated activities. In its leisure parks segment, CDA earns money from ticketing/admissions (including day tickets and passes), and then from in-park per-capita spending, notably food and beverage, merchandise/retail, and other paid experiences within the parks. Across both segments, profitability is influenced by factors such as visitor attendance, pricing and product mix (e.g., season passes vs. day tickets), capacity utilization, and seasonality; weather conditions (especially snowfall and temperature) are a material driver for ski-area performance. Information on specific named partnerships or counterparties contributing to earnings: null.

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: Negative
• Last Price: 27.55
• 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:CDA, the sentiment is Negative. The current price of 27.55 is above the 20-day moving average (MA) of 27.02, above the 50-day MA of 26.54, and above the 200-day MA of 22.83, indicating a neutral trend. The MACD of -0.39 indicates Positive momentum. The RSI at 30.58 is Neutral, neither overbought nor oversold. The STOCH value of 8.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	€166.37M	7.63	14.64%	7.83%	1.22%	2.39%
CDA	65 Neutral	€1.24B	10.12	―	3.96%	12.76%	15.65%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
CLARI	47 Neutral	€1.29B	873.33	-1.70%	―	1.98%	85.87%
EFG	43 Neutral	€302.43M	-1.55	―	―	-38.44%	-851.16%
VLTSA	41 Neutral	€875.46M	-7.99	-3.36%	―	1.76%	-234.79%