Euroapi SA (FR:EAPI)
:EAPI
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Euroapi SA
(EAPI)
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Rating:44Neutral
Price Target:
€1.50
▼(-34.78% Downside)
Action:ReiteratedDate:03/06/26
The score is held down primarily by weak financial performance (widening net losses and declining revenue) and very bearish technical signals (price far below major moving averages with weak momentum). Guidance points to another year of sales decline, partially offset by improved EBITDA, cash generation, and a stronger net cash position, but not enough to materially lift the overall risk profile.
Positive Factors
Improved cash generation & net cash
Sustained positive operating cash flow and restored free cash flow with a net cash balance materially improves liquidity and reduces refinancing risk. Durable cash generation funds targeted capex, supports the restructuring envelope and provides flexibility through API demand cycles over the next 2–3 years.
Negative Factors
Declining revenue and widened net losses
Sustained top-line deterioration coupled with material net losses erodes earnings power and shareholder equity. Continued revenue weakness undermines operating leverage, raises per-unit costs, increases probability of further impairments and constrains the company's ability to invest for growth over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation & net cash
Sustained positive operating cash flow and restored free cash flow with a net cash balance materially improves liquidity and reduces refinancing risk. Durable cash generation funds targeted capex, supports the restructuring envelope and provides flexibility through API demand cycles over the next 2–3 years.
Read all positive factors
Euroapi SA (EAPI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€123.71M
Dividend YieldN/A
Average Volume (3M)96.43K
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth-9.32%
EPS Growth56.88%
CountryFR
Employees3,187
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.92
Shares Outstanding95,589,775
10 Day Avg. Volume94,877
30 Day Avg. Volume96,428
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.27
Price to Sales (P/S)0.25
P/FCF Ratio4.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.48
Revenue Forecast (FY)€762.88M
Euroapi SA Business Overview & Revenue Model
Company Description
Euroapi SA develops, manufactures, markets, and distributes active pharmaceutical ingredients and intermediates used in the formulation of medicines for human and veterinary use. The company was incorporated in 2021 and is based in Paris, France....
How the Company Makes Money
Euroapi SA generates revenue primarily through its contract manufacturing services, where it partners with pharmaceutical companies to produce APIs on a contractual basis. The company charges its clients based on the volume of products manufacture...
Euroapi SA Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Neutral
Balanced call: the company demonstrated clear execution on cost discipline, cash generation, sustainability validation and portfolio quality improvements (core EBITDA +31%, net cash up to EUR 68.2m, SBTi validation, 66% differentiated sales). However, meaningful top-line decline, substantial impairments (EUR 77.8m), a widened net loss (EUR 211.2m) and continued CDMO early-stage underperformance create significant near-term challenges, with management guiding to ~10% sales decline in 2026 and signaling that some 2027 targets will be missed. The positives on operational control and liquidity are offset by material revenue and profit headwinds.Positive Updates
Core EBITDA and Margin Improvement
Core EBITDA reached EUR 66.2 million in 2025, a 31% increase versus 2024, with a core EBITDA margin of 7.8% (up from 5.5%). Reported EBITDA moved to ~EUR 10 million versus negative EUR 44 million in 2024.
Negative Updates
Declining Net Sales and High Sanofi Exposure Reduction
Net sales fell to EUR 848.2 million in 2025 (down 7% vs 2024; comparable -5.9%). Sales to Sanofi were materially lower: CEO cited Sanofi sales down 26.4% and API solutions to Sanofi decreased 34.2%, driving significant top-line pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
Core EBITDA and Margin Improvement
Core EBITDA reached EUR 66.2 million in 2025, a 31% increase versus 2024, with a core EBITDA margin of 7.8% (up from 5.5%). Reported EBITDA moved to ~EUR 10 million versus negative EUR 44 million in 2024.
Read all positive updates
Company Guidance
The company reiterated 2026 guidance saying net sales will decline by about 10% on a comparable basis (with ~90% of that decrease driven by its deliberate portfolio rationalization), noting the prior discontinuations drove ~EUR 70m of lost sales in 2025 (including ~EUR 20m of stockpiling) and that residual revenue of EUR 10–15m from those SKUs is expected in 2026 (implying a EUR 55–60m headwind); management expects to hold full‑year 2026 core EBITDA margin roughly flat versus 2025’s 7.8% (core EBITDA EUR 66.2m on EUR 848.2m net sales in 2025), target a CapEx/sales ratio around 8% (2025 CapEx was EUR 77m, ~9% of sales), and absorb planned cash restructuring costs of ~EUR 100m over 2026–27; other relevant 2025 metrics referenced as context included EBITDA ~EUR 10m (vs -€44m in 2024), net cash EUR 68.2m (vs EUR 24.6m at end‑2024), cash from operations EUR 128.5m, free cash flow before financing EUR 51.5m, months on hand 7, DSO 36, EUR 56.3m of non‑recurring items (including EUR 36.1m idle costs and EUR 13.7m employee costs), an asset impairment of EUR 77.8m on vitamin B12, 66% of 2025 sales from differentiated products (target 70% by 2027), and that the prior FOCUS‑27 targets (incremental core EBITDA EUR 75–80m by 2027) are now expected to be missed given the lower sales backdrop.Euroapi SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 848.20M | 919.20M | 1.02B | 980.90M | 892.80M |
| Gross Profit | 140.50M | 142.40M | 164.60M | 176.90M | 109.10M |
| EBITDA | 142.30M | -34.70M | 71.00M | 120.20M | 62.40M |
| Net Income | -211.20M | -130.60M | -189.70M | -15.00M | -8.10M |
Balance Sheet | |||||
| Total Assets | 1.30B | 1.49B | 1.61B | 1.74B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 113.80M | 73.00M | 34.50M | 74.50M | 10.30M |
| Total Debt | 65.40M | 69.10M | 225.50M | 120.80M | 24.10M |
| Total Liabilities | 516.70M | 506.00M | 684.70M | 625.90M | 607.00M |
| Stockholders Equity | 788.00M | 983.50M | 927.70M | 1.11B | 1.01B |
Cash Flow | |||||
| Free Cash Flow | 47.00M | 14.90M | -127.70M | -122.60M | -17.10M |
| Operating Cash Flow | 125.50M | 122.90M | 5.10M | 44.80M | 71.50M |
| Investing Cash Flow | -77.00M | -108.00M | -137.30M | -167.40M | -87.90M |
| Financing Cash Flow | -10.30M | 26.50M | 92.20M | 187.80M | 26.50M |
Euroapi SA Technical Analysis
Negative
2.30
Price Trends
1.73
Negative
2.19
Negative
2.63
Negative
Market Momentum
-0.13
Negative
33.75
Neutral
42.02
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EAPI, the sentiment is Negative. The current price of 2.3 is above the 20-day moving average (MA) of 1.28, above the 50-day MA of 1.73, and below the 200-day MA of 2.63, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 33.75 is Neutral, neither overbought nor oversold. The STOCH value of 42.02 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:EAPI.
Euroapi SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | €22.74M | -5.20 | -17.18% | ― | 138.92% | 11.14% | |
47 Neutral | €167.05M | -0.80 | 59.08% | ― | 6.75% | 15.48% | |
44 Neutral | €123.71M | -1.02 | ― | ― | -9.32% | 56.88% | |
42 Neutral | €227.12M | 26.96 | 1.32% | ― | 12.47% | -65.87% |
* Healthcare Sector Average
FR:EAPI
Euroapi SA
1.30
-1.05
-44.77%
FR:ALERS
Eurobio-Scientific SA
22.70
-1.30
-5.42%
FR:ALDMS
Diagnostic Medical Systems
1.33
0.34
34.65%
FR:ALIKO
Ikonisys SA
1.44
0.03
2.49%
FR:ALMDT
Median Technologies
4.44
1.75
64.81%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.