Icade SA (ICAD) AI Stock Analysis

• Market Cap: €1.52B
• Dividend Yield: 20.25%
• Average Volume (3M): 160.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.66
• Revenue Growth: -6.91%
• EPS Growth: 80.39%
• Country: FR
• Employees: 969
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 1.45
• Shares Outstanding: 76,234,540
• 10 Day Avg. Volume: 182,566
• 30 Day Avg. Volume: 160,967
• PEG Ratio: 0.24
• Price to Book (P/B): 0.43
• Price to Sales (P/S): 1.15
• P/FCF Ratio: -327.09
• 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: €19.82
• Price Target Upside: -1.59% Downside
• Rating Consensus: Strong Sell
• Number of Analyst Covering: 5
• EPS Forecast (FY): 2.85
• Revenue Forecast (FY): €353.83M

• Rating: 51 Neutral
• Price Target: €21.50 ▲(6.75% Upside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

Overall score is held back primarily by weak financial performance, driven by consecutive net losses (2023–2025) and inconsistent free cash flow. Technicals are broadly neutral with only mild negative momentum. Valuation is supported by an unusually high dividend yield, but the negative P/E (losses) tempers that support.

Positive Factors

Stable operating cash flow

Consistently positive operating cash flow provides a durable liquidity base to service interest, fund maintenance and selective development, and support recurring distributions. Over a 2–6 month horizon this stabilizes operations despite earnings volatility and reduces short-term refinancing pressure.

Improving leverage profile

Leverage that has eased from prior peaks (debt ~1.0–1.2x equity) yields a more serviceable capital structure for a diversified REIT. Structurally, a manageable debt load supports access to capital markets, underwriting of new developments, and resilience to rate or occupancy shocks over the medium term.

Healthcare-focused, long-term lease income

Concentration in healthcare properties and long-term leases creates structurally stable rental cash flows and sticky tenant relationships. This sectoral focus leverages aging demographics and institutional counterparties, reducing vacancy risk and supporting predictable rental income beyond short-term cycles.

Negative Factors

Consecutive net losses

Repeated net losses over multiple years erode retained earnings and constrain internal capital for development or debt reduction. Persistent operating deficits weaken profitability metrics and limit the company’s ability to rebuild reserves or sustain distributions without recourse to external financing or asset disposals.

Inconsistent and negative free cash flow

An irregular free cash flow profile—positive in some years but negative in others—reduces financial flexibility. Over the medium term it can force reliance on debt or asset sales to fund capex and dividends, raising refinancing and execution risk for development projects and recurring obligations.

Declining assets, equity and negative ROE

A shrinking asset and equity base combined with negative ROE indicates capital erosion and weak earnings retention. Structurally this undermines the company’s capacity to self-fund growth, may raise lender scrutiny, and can impair long-term credit metrics and investor confidence if trends persist.

Icade SA Business Overview & Revenue Model

Company Description

As an investor and a developer, Icade is an integrated real estate player that designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social responsibility and innovation at the core of its strategy, Icade is closely involved with stakeholders and users in the cities—local authorities and communities, companies and employees, institutions and associations. As an office and healthcare property investor (portfolio value of €11.6bn as of 06/30/2020 on a proportionate consolidation basis) and as a property developer (2019 economic revenues of nearly €1bn), Icade has been able to reinvent the real estate business and foster the emergence of tomorrow's greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities. Icade is listed on Euronext Paris as a French Listed Real Estate Investment Company (société d'investissement immobilier cotée, SIIC). Its leading shareholder is the Caisse des dépôts Group.

How the Company Makes Money

Icade generates revenue through multiple channels, primarily by leasing out its commercial real estate properties, which include office spaces and healthcare facilities. The company earns rental income from long-term leases with tenants, providing a stable cash flow. Additionally, Icade engages in property development, generating revenue from the sale of newly developed properties and projects. Strategic partnerships with healthcare providers and public institutions further enhance its revenue potential, as the company focuses on developing specialized medical facilities that cater to the growing demand in the healthcare sector. Furthermore, Icade's commitment to sustainability and innovation in real estate development attracts investment and enhances its market position, contributing to its overall financial performance.

Icade SA Financial Statement Overview

Summary

Income statement quality is weak with flat-to-down revenue and net losses in 2023–2025, keeping margins negative. The balance sheet is serviceable with leverage improving versus 2022, but declining assets/equity and negative ROE reflect ongoing pressure. Operating cash flow remains positive, yet free cash flow has been inconsistent and turned slightly negative again in 2025.

Income Statement

Revenue has been broadly flat to down over the past several years (annual growth mostly negative, with a modest +2.4% rebound in 2025). Profitability has been volatile and recently weak: the company posted net losses in 2023–2025 (with a particularly large loss in 2023), and net margin remained negative in 2024–2025. While gross margin improved vs. 2025’s lower level, the overall earnings profile is pressured and inconsistent, limiting confidence in near-term operating momentum.

Balance Sheet

Leverage is meaningful but not extreme for a diversified REIT, with debt running around ~1.0–1.2x equity across the period and improving versus the 2022 peak. However, equity and assets have trended down since 2022, and returns on equity have been negative in 2023–2025, reflecting weak profitability and potential valuation/earnings headwinds. The balance sheet looks serviceable, but earnings-driven capital strength is currently challenged.

Cash Flow

Operating cash flow has stayed positive each year, providing a degree of stability (though it has stepped down from 2020–2021 levels). Free cash flow is inconsistent—positive in 2020 and 2024 but negative in 2021, 2022, and slightly negative in 2025—suggesting a stop-start cash generation profile after investment and other cash needs. Overall cash conversion is mixed, and the recent swing back to negative free cash flow in 2025 is a caution flag.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.45B	1.45B	1.53B	1.57B	1.65B
Gross Profit	292.50M	501.80M	581.50M	818.60M	780.00M
EBITDA	-19.10M	-160.80M	278.90M	-67.00M	621.20M
Net Income	-123.00M	-275.90M	-1.25B	54.10M	400.10M
Balance Sheet
Total Assets	9.56B	10.52B	11.60B	18.22B	17.61B
Cash, Cash Equivalents and Short-Term Investments	850.70M	1.23B	1.62B	1.08B	655.70M
Total Debt	4.39B	4.74B	5.13B	8.02B	7.68B
Total Liabilities	5.66B	6.16B	6.53B	9.53B	8.97B
Stockholders Equity	3.88B	4.32B	4.99B	6.59B	6.72B
Cash Flow
Free Cash Flow	-5.10M	166.20M	18.30M	-234.20M	-497.60M
Operating Cash Flow	300.40M	366.40M	322.90M	312.90M	529.10M
Investing Cash Flow	-63.60M	-46.40M	1.00B	91.50M	-782.30M
Financing Cash Flow	-592.90M	-595.30M	-884.70M	19.70M	-290.30M

Icade SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ICAD, the sentiment is Negative. The current price of 20.14 is below the 20-day moving average (MA) of 21.24, below the 50-day MA of 21.28, and below the 200-day MA of 21.21, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 38.83 is Neutral, neither overbought nor oversold. The STOCH value of 36.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ICAD.

Icade SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LI	75 Outperform	€9.79B	7.65	14.13%	5.04%	6.74%	74.00%
COVH	68 Neutral	€3.59B	10.92	6.03%	6.49%	21.24%	241.67%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
COV	61 Neutral	€6.43B	8.65	5.11%	6.37%	8.36%	―
GFC	59 Neutral	€5.49B	12.25	4.93%	6.39%	3.84%	―
ALTA	58 Neutral	€2.68B	312.18	-0.71%	7.34%	-4.87%	97.55%
ICAD	51 Neutral	€1.52B	-12.41	-4.49%	20.25%	-6.91%	80.39%