Exail Technologies (EXA) AI Stock Analysis

• Market Cap: €2.54B
• Dividend Yield: N/A
• Average Volume (3M): 66.64K
• Price to Earnings (P/E): 464.1
• Beta (1Y): 0.60
• Revenue Growth: 29.80%
• EPS Growth: N/A
• Country: FR
• Employees: 2,005
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): N/A
• Shares Outstanding: 17,424,747
• 10 Day Avg. Volume: 64,194
• 30 Day Avg. Volume: 66,635
• PEG Ratio: -2.50
• Price to Book (P/B): 3.35
• Price to Sales (P/S): 2.89
• P/FCF Ratio: 18.37
• 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: €155.33
• Price Target Upside: 5.10% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: €159.00 ▲(7.58% Upside)
• Action: Downgraded Date: 03/20/26
• Date: Action: Downgraded 03/20/26

The score is driven mainly by improving financial trajectory and strong cash flow, supported by clear positive price momentum. This is meaningfully offset by very expensive valuation (high P/E) and ongoing margin/profitability volatility.

Positive Factors

Specialized tech & market focus

The company’s focus on high-performance inertial navigation, sensors and robotic platforms for harsh, safety-critical markets creates durable competitive advantage. Specialized products and mission-critical customers support recurring program work, long sales cycles, and higher switching costs over the medium term.

Sustained revenue expansion

Consistent multi-year top-line growth indicates expanding market penetration and successful commercial execution across core markets. Durable revenue expansion supports scale, investment in R&D and program wins that typically crystallize over quarters and years rather than fleeting cycles.

Strong free cash flow

Growing operating and free cash flow enhances financial flexibility for capex, R&D and debt service. Reliable cash generation is a durable strength that underpins reinvestment in product development and supports the balance sheet through program cycles and multi-year defense/industrial contracts.

Negative Factors

Profitability volatility

Large swings between loss and modest profit signal earnings instability and raise concerns over sustainable profitability. Thin net margins reduce the buffer against contract overruns or price pressure and limit the company’s ability to consistently convert revenue into shareholder returns.

Sharp gross margin decline

A pronounced gross margin deterioration suggests structural pressures or adverse mix changes that can persist if unresolved. Lower gross margins compress operating leverage, making it harder to sustain profits even with revenue growth and increasing sensitivity to cost inflation or contract dynamics.

Sizable absolute debt & low returns

Despite improved leverage ratios, a meaningful absolute debt burden plus limited net income constrains strategic optionality. High nominal debt requires ongoing cash allocation to service liabilities and limits flexibility for M&A, larger R&D programs, or shareholder-return initiatives until profitability sustainably improves.

Exail Technologies Business Overview & Revenue Model

Company Description

Exail Technologies provides robotics, maritime, navigation, aerospace, and photonics technologies solutions in France and internationally. It offers components, products, and systems for naval defense, maritime, aerospace, photonics, land defense, and other industries. The company was founded in 1988 and is headquartered in Paris, France.

How the Company Makes Money

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Exail Technologies Financial Statement Overview

Summary

Revenue growth and 2025 leverage improvement are positives, and free cash flow is strong. Offsetting this, profitability is still very thin with a 2024 loss, and 2025 saw a sharp gross margin drop that raises durability/earnings-quality concerns.

Income Statement

Revenue has expanded strongly over the period, rising from 2022–2025 with solid growth in 2023 and continued gains in 2024 and 2025. Profitability, however, is inconsistent: net results swung from a loss (2024) to a small profit (2025), and 2025 net margin is very thin despite decent operating profitability. A sharp drop in gross margin in 2025 versus prior years also raises questions about mix, pricing, or one-offs, even as EBITDA margin remains comparatively healthy.

Balance Sheet

Leverage has improved meaningfully in 2025, with debt relative to equity dropping to below 1x, a material strengthening versus 2022–2024 when leverage was high. At the same time, returns for shareholders remain low in 2025 given the small level of net income, and the company still carries a sizable absolute debt load. Overall, the balance sheet trajectory looks better, but profitability needs to improve to fully support the capital structure.

Cash Flow

Cash generation is a bright spot: operating cash flow and free cash flow are solid and have grown in 2025, indicating improving cash conversion and funding capacity. Free cash flow is also large relative to reported earnings, which is supportive of debt service and reinvestment; however, the gap versus net income suggests earnings quality/volatility (or timing effects) that investors will want to monitor. The 2021 negative cash flow period also highlights that cash performance has not been perfectly stable historically.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	478.55M	373.06M	322.82M	190.15M	115.91M
Gross Profit	12.06M	206.53M	185.03M	108.33M	103.93M
EBITDA	83.90M	61.16M	28.60M	31.42M	21.89M
Net Income	2.98M	-3.64M	16.83M	-8.08M	46.21M
Balance Sheet
Total Assets	1.27B	831.62M	808.82M	840.81M	352.56M
Cash, Cash Equivalents and Short-Term Investments	330.18M	53.07M	31.31M	67.72M	43.13M
Total Debt	368.23M	348.72M	338.91M	367.66M	143.06M
Total Liabilities	771.98M	627.56M	594.27M	630.24M	288.26M
Stockholders Equity	412.95M	119.92M	131.27M	115.10M	59.30M
Cash Flow
Free Cash Flow	75.29M	56.70M	46.29M	48.42M	-37.12M
Operating Cash Flow	89.62M	91.40M	55.65M	55.67M	-11.83M
Investing Cash Flow	-95.00M	-36.40M	3.62M	-328.55M	-25.34M
Financing Cash Flow	283.78M	-30.39M	-92.44M	306.21M	24.43M

Exail Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 147.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EXA, the sentiment is Positive. The current price of 147.8 is above the 20-day moving average (MA) of 130.54, above the 50-day MA of 118.61, and above the 200-day MA of 100.28, indicating a bullish trend. The MACD of 7.60 indicates Negative momentum. The RSI at 67.00 is Neutral, neither overbought nor oversold. The STOCH value of 82.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:EXA.

Exail Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAF	77 Outperform	€117.40B	17.32	51.15%	0.97%	14.19%	161.87%
AM	70 Outperform	€25.23B	21.87	12.93%	1.74%	29.91%	-2.24%
HO	70 Outperform	€49.80B	28.20	22.17%	1.66%	11.16%	-50.57%
ALSOG	70 Outperform	€116.01M	12.16	―	3.76%	2.53%	76.19%
EXA	64 Neutral	€2.54B	464.07	1.12%	―	29.80%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AIR	61 Neutral	€126.68B	30.00	21.22%	1.53%	7.05%	54.98%