Clariane (CLARI) AI Stock Analysis

• Market Cap: €1.38B
• Dividend Yield: N/A
• Average Volume (3M): 711.69K
• Price to Earnings (P/E): 873.3
• Beta (1Y): 1.57
• Revenue Growth: 1.98%
• EPS Growth: 85.87%
• Country: FR
• Employees: 61,798
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Care Facilities
• EPS (TTM): 0.17
• Shares Outstanding: 356,754,460
• 10 Day Avg. Volume: 394,627
• 30 Day Avg. Volume: 711,689
• PEG Ratio: -8.51
• Price to Book (P/B): 0.39
• Price to Sales (P/S): 0.26
• P/FCF Ratio: 2.42
• 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: €3.10
• Price Target Upside: -21.12% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.23
• Revenue Forecast (FY): €5.59B

• Rating: 47 Neutral
• Price Target: €4.00 ▲(1.78% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is held back primarily by balance-sheet risk (high and worsening leverage) and an extremely high P/E, despite supportive operating performance (revenue growth and positive free cash flow). Technical indicators are neutral and do not materially offset the fundamental risks.

Positive Factors

Recurring subscription revenue

A subscription-based model creates durable, predictable recurring revenue and higher customer lifetime value. Combined with partnerships and co-development with hospitals, this supports stickiness, steady cash conversion and scalable upsell opportunities over a multi-quarter horizon.

Solid & accelerating revenue growth

Consistent accelerating top-line growth signals sustained market adoption of Clariane’s digital-health offerings. Over 2–6 months this trend underpins economies of scale, supports operating margin stability and provides a base for continued subscription and licensing expansion.

Consistent positive operating and free cash flow

Robust operating cash generation and improving free cash flow provide durable funding for R&D, platform investment and working capital. Reliable cash conversion supports reinvestment and optional deleveraging, enhancing financial resilience over multiple quarters.

Negative Factors

High and rising leverage

Material increase in leverage reduces financial flexibility and heightens sensitivity to interest costs and refinancing cycles. Elevated debt levels can constrain strategic investments and amplify earnings volatility if funding costs rise over the next several quarters.

Fragile net profitability

Despite stable operating margins, bottom-line performance is volatile and near zero. Heavy financing or non-operating costs erode net income, limiting internal capital for growth, increasing reliance on external funding and raising execution risk over medium term.

Moderate debt paydown capacity

Positive free cash flow notwithstanding, the company can only retire a modest portion of total debt annually. This slow deleveraging pace leaves leverage elevated for extended periods and maintains exposure to refinancing and rate shocks across the next several reporting periods.

Clariane Business Overview & Revenue Model

Company Description

Clariane SE provides a range of medical and non-medical care and support services for the elderly and people with short or longer-term health issues. The company operates long-term care nursing homes, specialized clinics, and assisted living and shared housing facilities for seniors, as well as offers home care, support, and hospitalization services. It operates approximately health care facilities and networks in France, Germany, Italy, Spain, the Netherlands, Belgium, and the United Kingdom. The company was formerly known as Korian and changed its name to Clariane SE in June 2023. Clariane SE was founded in 2001 and is headquartered in Paris, France.

How the Company Makes Money

Clariane generates revenue through a subscription-based model for its software platforms, charging healthcare providers for access to its tools and services. Key revenue streams include monthly or annual subscriptions for its telemedicine services, transaction fees for telehealth consultations, and licensing fees for its analytics software. Additionally, Clariane has established partnerships with hospitals and healthcare organizations, which not only provide a steady stream of clients but also create opportunities for co-development of tailored solutions. The company may also engage in consultancy services for optimization of healthcare workflows, further contributing to its earnings.

Clariane Financial Statement Overview

Summary

Solid and accelerating revenue growth and consistently positive free cash flow support operations, but the balance sheet is a major risk (rising leverage) and net income has been volatile with recent near-breakeven profitability.

Income Statement

Revenue growth is solid and accelerating, with 2025 revenue up ~16.5% versus 2024 and a multi-year upward trend. Operating profitability appears relatively steady (EBITDA margin ~19–20% and EBIT margin ~5–8% across periods), suggesting the core business can generate operating earnings. However, bottom-line performance has been inconsistent: net losses in 2023–2024 and only a near-breakeven profit in 2025 (net margin ~0.03%) indicate that items below operating profit (e.g., financing or non-operating costs) are pressuring reported earnings despite stable operating margins.

Balance Sheet

Leverage is high for the profile, with debt-to-equity moving from ~2.16x (2024) to ~3.14x (2025) alongside a large absolute debt balance. Equity is positive and fairly stable, but returns to shareholders have been weak and volatile (negative in 2023–2024, roughly flat in 2025), reflecting limited net profitability relative to the capital base. Overall, the balance sheet is the key risk area, with elevated leverage increasing sensitivity to funding costs and earnings volatility.

Cash Flow

Cash generation is a relative strength: operating cash flow is consistently positive (roughly €0.68–0.91B across the years shown) and free cash flow is also positive each year, improving meaningfully in 2023–2025 (2025 free cash flow ~€578M). That said, cash flow covers only about ~23–34% of total debt per year based on the provided coverage ratio, implying debt paydown capacity is moderate rather than strong. Also, free cash flow strength versus reported earnings is less supportive in 2025 given the very low net income, suggesting earnings quality remains a point to monitor.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.31B	5.28B	5.00B	4.44B	4.14B
Gross Profit	431.50M	4.84B	1.57B	4.09B	3.83B
EBITDA	1.01B	1.01B	952.04M	907.45M	946.76M
Net Income	1.60M	-55.12M	-105.25M	22.06M	91.11M
Balance Sheet
Total Assets	13.81B	14.26B	15.18B	14.57B	14.31B
Cash, Cash Equivalents and Short-Term Investments	789.54M	518.10M	677.91M	734.35M	1.22B
Total Debt	11.36B	7.98B	8.55B	8.27B	8.23B
Total Liabilities	9.89B	10.24B	11.24B	10.71B	10.54B
Stockholders Equity	3.61B	3.69B	3.58B	3.54B	3.49B
Cash Flow
Free Cash Flow	577.76M	600.10M	320.04M	116.36M	311.05M
Operating Cash Flow	796.46M	908.13M	804.15M	681.66M	839.97M
Investing Cash Flow	137.55M	47.69M	-669.52M	-770.26M	-825.28M
Financing Cash Flow	-670.90M	-1.11B	-193.61M	-550.13M	31.38M

Clariane Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.93
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:CLARI, the sentiment is Negative. The current price of 3.93 is above the 20-day moving average (MA) of 3.91, above the 50-day MA of 3.89, and below the 200-day MA of 4.18, indicating a bearish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 48.91 is Neutral, neither overbought nor oversold. The STOCH value of 44.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:CLARI.

Clariane Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LNA	61 Neutral	€268.84M	5.73	6.64%	2.73%	13.31%	-13.07%
GDS	60 Neutral	€1.21B	-7.25	-4.36%	―	4.70%	-0.37%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
EMEIS	48 Neutral	€2.29B	-6.61	-16.66%	―	6.30%	-100.37%
CLARI	47 Neutral	€1.38B	873.33	-1.70%	―	1.98%	85.87%