Exosens (EXENS) AI Stock Analysis

• Market Cap: €3.24B
• Dividend Yield: 0.21%
• Average Volume (3M): 187.72K
• Price to Earnings (P/E): 57.8
• Beta (1Y): 0.73
• Revenue Growth: 22.05%
• EPS Growth: 2658.04%
• Country: FR
• Employees: 1,214
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.29
• Shares Outstanding: 50,936,750
• 10 Day Avg. Volume: 184,892
• 30 Day Avg. Volume: 187,724
• PEG Ratio: 1.44
• Price to Book (P/B): 5.54
• Price to Sales (P/S): 5.27
• P/FCF Ratio: 50.88
• 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: €64.16
• Price Target Upside: 0.88% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.89
• Revenue Forecast (FY): €534.22M

• Rating: 64 Neutral
• Price Target: €63.00 ▼(-0.94% Downside)
• Action: Downgraded Date: 02/25/26
• Date: Action: Downgraded 02/25/26

The score is driven primarily by improving fundamentals (growth and profitability turnaround) and supportive technical trend signals. These positives are meaningfully tempered by expensive valuation (high P/E, minimal yield) and financial risks highlighted by 2025 gross-margin compression and weaker free-cash-flow conversion.

Positive Factors

Consistent multi-year revenue growth

Sustained multi-year revenue growth indicates durable product-market fit and expanding adoption. Coupled with diversified revenue channels (device sales, subscriptions, B2B partnerships), this trend supports recurring revenue and reduces reliance on one-time sales over the next 2–6 months and beyond.

Profitability turnaround with solid EBITDA margins

High EBITDA margins in 2024–2025 reflect operating leverage and effective cost control, signaling that core offerings can generate cash at scale. Durable margin levels support reinvestment in R&D, product development and enable sustained operating cash flow as revenue grows.

Marked improvement in leverage and equity base

Material reduction in debt-to-equity and a sizable equity cushion materially strengthens financial flexibility. Improved leverage lowers solvency risk, expands capacity for strategic investments or partnerships, and provides a durable buffer against cyclical revenue or margin swings.

Negative Factors

Sharp gross-margin compression in 2025

A dramatic gross-margin decline suggests structural pressure from cost inflation, pricing erosion, or adverse product mix. If persistent, this undermines operating profitability and the sustainability of EBITDA margins, reducing cash available for growth or deleveraging over the medium term.

Weaker and volatile free cash flow conversion

Declining FCF and a lower FCF-to-net-income ratio point to inconsistent cash conversion driven by reinvestment or working-capital swings. That variability increases funding risk for capex, R&D and debt service, making capital allocation less predictable over coming quarters.

Residual meaningful debt and prior high leverage

Although leverage improved, the company still carries notable absolute debt and has a recent history of higher leverage. This legacy exposure raises refinancing and interest-rate sensitivity, constraining strategic flexibility and increasing financial risk if earnings or cash flow weaken.

Exosens Business Overview & Revenue Model

Company Description

Exosens engages in the development, manufacture, and sale of electro-optical technologies in the fields of amplification, and detection and imaging in France, rest of Europe, North America, Asia, Oceania, Africa, and internationally. It offers image intensifier tubes; ultra violet, short and long wave infrared, visible - near infrared, and mid wave infrared cameras, as well as enhanced vision equipment; ion and electron, scintillation, and single photon detection products; x-ray components, neutronic imaging products, and image intensifiers for scientific applications; and gamma and neutron detectors, and mineral insulated extensions. The company also provides power tubes and microwave devices; and methane airborne detection solutions. It operates under the Photonis, Xenics, Telops, and El-Mul brand names. The company serves defense and surveillance, industrial research and control, life science and environment, and nuclear markets. The company was founded in 1937 and is based in Mérignac, France. Exosens operates as a subsidiary of HLD Europe S.C.A.

How the Company Makes Money

Exosens generates revenue through multiple channels, including direct sales of its wearable devices, subscription services for data analytics and health monitoring applications, and partnerships with fitness organizations and healthcare providers. The company also leverages B2B collaborations, offering tailored sensor solutions and technology integration for businesses looking to enhance their product offerings. Additional revenue streams may include licensing its technology to third parties and conducting research and development services funded by grants or partnerships in the health tech sector.

Exosens Financial Statement Overview

Summary

Strong multi-year revenue growth and a sustained profitability turnaround, with solid EBITDA margins in 2024–2025. Key offsets are the sharp 2025 gross-margin compression and weaker 2025 free-cash-flow conversion versus 2024, alongside still-meaningful (though improved) leverage.

Income Statement

Revenue has grown consistently from 2020 to 2025, with acceleration into 2025 (annual revenue growth of 8.448). Profitability has also improved versus earlier loss years (net income turned positive after 2021), and operating profitability is solid in 2024–2025 (EBITDA margins ~29–30%). Key weakness is margin volatility: gross margin fell sharply in 2025 (to ~21.8% from ~57.2% in 2024), indicating either mix/price pressure or cost inflation; net margin remains only mid-single to low-double digit (~9.1% in 2025).

Balance Sheet

Leverage has improved materially from 2020 (debt-to-equity ~4.65) to 2024–2025 (~0.63), supported by a sizable equity base (2025 equity ~445.7m vs debt ~280.0m). Returns on equity have recovered from negative levels (2021) to positive but moderate levels (~9.6% in 2025). Main risk is still meaningful absolute debt and a history of higher leverage (2022–2023 debt-to-equity ~1.39–1.53), so balance sheet quality is improved but not pristine.

Cash Flow

Cash generation is positive and improving in scale (operating cash flow ~98.6m in 2025 vs ~50.5m in 2023), and free cash flow is positive across the period shown. However, cash conversion is inconsistent: free cash flow fell in 2025 versus 2024 (48.5m vs 96.2m) and free cash flow relative to net income weakened in 2025 (~0.49 vs 1.0 in 2024), suggesting higher reinvestment or working-capital drag. Overall, cash flow is healthy but more volatile than earnings.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	468.20M	394.10M	318.80M	200.75M	166.17M
Gross Profit	102.20M	225.60M	176.81M	113.95M	100.03M
EBITDA	142.10M	115.20M	83.91M	51.25M	-101.18M
Net Income	42.70M	30.70M	17.14M	11.21M	-148.97M
Balance Sheet
Total Assets	878.90M	817.00M	656.41M	529.25M	460.52M
Cash, Cash Equivalents and Short-Term Investments	101.90M	150.20M	15.53M	29.00M	15.93M
Total Debt	280.00M	261.28M	311.77M	255.28M	208.11M
Total Liabilities	433.30M	404.40M	452.35M	346.20M	288.41M
Stockholders Equity	445.70M	412.60M	204.06M	183.05M	172.11M
Cash Flow
Free Cash Flow	48.50M	96.20M	19.53M	25.69M	23.07M
Operating Cash Flow	98.60M	96.20M	50.46M	47.48M	42.66M
Investing Cash Flow	-121.20M	-72.70M	-99.64M	-55.48M	-21.26M
Financing Cash Flow	-16.40M	76.30M	35.49M	20.26M	-36.83M

Exosens Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 63.60
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EXENS, the sentiment is Positive. The current price of 63.6 is above the 20-day moving average (MA) of 57.85, above the 50-day MA of 55.09, and above the 200-day MA of 45.89, indicating a bullish trend. The MACD of 2.50 indicates Negative momentum. The RSI at 63.01 is Neutral, neither overbought nor oversold. The STOCH value of 75.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:EXENS.

Exosens Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLNW	67 Neutral	€1.13B	33.16	―	1.37%	13.17%	22.60%
ALICA	66 Neutral	€42.73M	14.19	―	2.17%	14.84%	15.82%
EXENS	64 Neutral	€3.24B	57.80	―	0.21%	22.05%	2658.04%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
LACR	54 Neutral	€63.21M	-0.50	-4.96%	5.91%	-29.10%	-173.56%