Orpea SA (FR:EMEIS)
:EMEIS
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Orpea SA
(EMEIS)
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Rating:55Neutral
Price Target:
€15.00
▲(6.99% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by fragile financial quality—ongoing net losses, earnings volatility, and very high leverage—despite improving operations and solid cash generation. Technicals are moderately supportive with the price above key moving averages, while valuation remains unattractive/less meaningful due to negative earnings. The latest earnings call adds confidence via clear recovery metrics, strong free cash flow, and upbeat 2026 EBITDA guidance, but balance-sheet and rate-exposure risks remain material.
Positive Factors
Free cash flow turnaround
The company converted a prior cash shortfall into consistently positive operating and free cash flow in 2025, providing durable internal funding for operations, capex and debt service. Sustained cash generation reduces refinancing dependence and underpins deleveraging and investment flexibility over months to years.
Negative Factors
Very high leverage
Persistently elevated leverage constrains financial flexibility and raises interest and covenant sensitivity, limiting capacity for acquisitions or cyclical stress absorption. Even with recent improvements, high gross debt relative to equity materially increases refinancing and solvency risk over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow turnaround
The company converted a prior cash shortfall into consistently positive operating and free cash flow in 2025, providing durable internal funding for operations, capex and debt service. Sustained cash generation reduces refinancing dependence and underpins deleveraging and investment flexibility over months to years.
Read all positive factors
Orpea SA (EMEIS) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.27B
Dividend YieldN/A
Average Volume (3M)485.78K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth4.61%
EPS Growth30.63%
CountryFR
Employees51,071
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-1.85
Shares Outstanding161,440,050
10 Day Avg. Volume432,757
30 Day Avg. Volume485,783
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)1.64
Price to Sales (P/S)0.39
P/FCF Ratio4.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€16.00Price Target Upside14.12% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.93
Revenue Forecast (FY)€6.08B
Orpea SA Business Overview & Revenue Model
Company Description
Emeis Société anonyme operates as a prominent provider of diverse healthcare services, encompassing the management of nursing homes, assisted-living facilities, specialized post-acute and rehabilitation hospitals, and psychiatric treatment centers...
How the Company Makes Money
Emeis makes money primarily by operating care facilities and charging for (1) accommodation and hospitality services and (2) care/medical services delivered to residents and patients. Its core revenue streams generally include: (a) Long-term care ...
Orpea SA Earnings Call Summary
Earnings Call Date:Apr 08, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
The call conveyed a strong operational recovery and major balance-sheet repair in FY2025: robust organic revenue growth, rising occupancy, significant margin expansion, positive free cash flow and sizable disposals combined with a full refinancing that materially reduced net debt and leverage. These positives are tempered by continued reported net losses driven by elevated nonrecurring items and depreciation, some country-specific underperformance (notably Ireland and clinics), and remaining interest‑rate exposure until hedging is completed. On balance, the improvements materially outweigh the remaining issues and management expressed confidence and concrete near-term targets.Positive Updates
Strong organic revenue growth
Group revenue grew +6.1% like-for-like in FY2025 (nearly +15% over 2 years). Nursing homes led the expansion with revenue up +8.1% YoY; clinics were more muted (+2.5%). Growth drivers were a +3.3ppt price effect, +1.8ppt occupancy effect and +1.0% from ramp-up of new facilities.
Negative Updates
Net loss remains and net income impacted by nonrecurring items
Group share net income remained negative at -€298m (an improvement of +€114m YoY). Net loss per share was -€1.9. Nonrecurring expenses were elevated at €126m in 2025 (c.50% project costs related to refinancing/Isemia and c.50% depreciation from facility closures).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong organic revenue growth
Group revenue grew +6.1% like-for-like in FY2025 (nearly +15% over 2 years). Nursing homes led the expansion with revenue up +8.1% YoY; clinics were more muted (+2.5%). Growth drivers were a +3.3ppt price effect, +1.8ppt occupancy effect and +1.0% from ramp-up of new facilities.
Read all positive updates
Company Guidance
The company guided that EBITDA should grow at least 10% in 2026 at constant perimeter, supporting a >15% CAGR for 2024–26 (management repeatedly stated “at least 15%” for that period) and reaffirmed mid‑term EBITDAR growth of roughly 12–16% on average for 2024–28; this outlook rests on the 2025 performance (like‑for‑like revenue +6.1%, nursing homes +8.1%, occupancy +1.8 points to 87.6% and nursing‑home occupancy 87.2%), strong cash generation (net operating cash flow €190m, free cash flow €347m), large disposals (€2.35bn achieved, ~€216m still signed), materially reduced net debt (pro‑forma ~€3.8bn, c.€1bn down year‑on‑year) and leverage improvement (pro‑forma 9.9x now, target to fall below 6.5x by end‑2029; 2026 covenant 12x); management also expects non‑recurring items to normalize (2025: €126m → c.€40–50m in 2026) and says it will be selective on further disposals while continuing operational improvements.Orpea SA Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
28
Negative
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.90B | 5.64B | 5.20B | 4.68B | 4.30B |
| Gross Profit | 4.76B | 4.51B | 655.93M | 713.73M | 922.68M |
| EBITDA | 740.25M | 731.55M | 2.80B | -3.45B | 646.07M |
| Net Income | -298.40M | -412.06M | 1.35B | -4.03B | 65.19M |
Balance Sheet | |||||
| Total Assets | 12.65B | 13.41B | 13.91B | 14.49B | 17.07B |
| Cash, Cash Equivalents and Short-Term Investments | 337.09M | 518.72M | 692.95M | 902.99M | 957.70M |
| Total Debt | 8.60B | 8.86B | 9.16B | 13.38B | 12.25B |
| Total Liabilities | 11.25B | 11.69B | 12.02B | 16.00B | 14.74B |
| Stockholders Equity | 1.41B | 1.72B | 1.89B | -1.50B | 2.32B |
Cash Flow | |||||
| Free Cash Flow | 514.41M | 328.61M | 216.90M | 244.74M | 331.85M |
| Operating Cash Flow | 680.32M | 472.05M | 366.14M | 409.73M | 753.75M |
| Investing Cash Flow | 354.74M | -140.43M | -318.17M | -657.49M | -1.41B |
| Financing Cash Flow | -1.22B | -458.08M | -259.44M | 151.81M | 718.30M |
Orpea SA Technical Analysis
Positive
14.02
Price Trends
14.37
Negative
14.23
Negative
13.94
Positive
Market Momentum
-0.17
Positive
47.24
Neutral
52.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EMEIS, the sentiment is Positive. The current price of 14.02 is below the 20-day moving average (MA) of 14.23, below the 50-day MA of 14.37, and above the 200-day MA of 13.94, indicating a neutral trend. The MACD of -0.17 indicates Positive momentum. The RSI at 47.24 is Neutral, neither overbought nor oversold. The STOCH value of 52.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:EMEIS.
Orpea SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €522.71M | 13.44 | 16.40% | 2.85% | 9.12% | 8.55% | |
67 Neutral | €345.95M | 14.13 | 6.64% | 2.73% | 13.15% | 10.30% | |
60 Neutral | €1.22B | -17.83 | -4.36% | ― | 3.51% | 42.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €2.27B | -7.59 | -13.50% | ― | 4.61% | 30.63% | |
54 Neutral | €11.17B | 25.60 | 11.27% | 0.97% | 4.96% | 23.85% | |
47 Neutral | €1.48B | 413.80 | -1.70% | ― | 0.54% | ― |
* General Sector Average
FR:EMEIS
Orpea SA
14.00
2.67
23.57%
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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.