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Icade SA
(ICAD)
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Rating:51Neutral
Price Target:
€19.50
▲(1.14% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by weak financial performance, including three consecutive years of net losses and inconsistent free cash flow. Technical indicators provide some support with a modest uptrend (price above key moving averages and positive MACD). Valuation is mixed: the very high dividend yield is a positive, but the negative P/E underscores loss-making results and limits confidence in earnings-based value.
Positive Factors
Healthcare rental platform
Healthcare assets and multi-year leases can provide recurring rental income and visibility across the cycle. This specialized portfolio may support tenant retention and operational resilience, although occupancy and tenant demand remain important.
Negative Factors
Persistent net losses
Three consecutive years of net losses and negative recent margins point to structurally weak earnings conversion. Sustained losses can reduce retained capital, constrain reinvestment and make the business more dependent on asset management or financing actions.
Read all positive and negative factors
Positive Factors
Negative Factors
Healthcare rental platform
Healthcare assets and multi-year leases can provide recurring rental income and visibility across the cycle. This specialized portfolio may support tenant retention and operational resilience, although occupancy and tenant demand remain important.
Read all positive factors
Icade SA (ICAD) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.41B
Dividend Yield10.12%
Average Volume (3M)160.97K
Price to Earnings (P/E)―
Beta (1Y)0.74
Revenue Growth-9.09%
EPS Growth-0.01%
CountryFR
Employees981
SectorGeneral
Sector StrengthN/A
IndustryREIT - Diversified
Share Statistics
EPS (TTM)-2.47
Shares Outstanding76,234,540
10 Day Avg. Volume182,566
30 Day Avg. Volume160,967
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)0.43
Price to Sales (P/S)1.15
P/FCF Ratio-327.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€22.60Price Target Upside17.22% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)2.88
Revenue Forecast (FY)€299.43M
Icade SA Business Overview & Revenue Model
Company Description
Icade functions as a comprehensive real estate entity, actively investing in and developing properties. It specializes in crafting innovative real estate solutions and offerings tailored to evolving urban lifestyles and demands. With corporate soc...
How the Company Makes Money
Icade makes money primarily through (1) recurring rental income from its investment property portfolio and (2) profits and fees from its property development activities. On the investment side, it generates revenue by leasing space in its owned pr...
Icade SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
47
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.40B | 1.45B | 1.45B | 1.53B | 1.57B | 1.65B |
| Gross Profit | 324.70M | 470.40M | 501.80M | 581.50M | 818.60M | 780.00M |
| EBITDA | -72.60M | -11.10M | -160.80M | 278.90M | -67.00M | 621.20M |
| Net Income | -187.20M | -123.00M | -275.90M | -1.25B | 54.10M | 400.10M |
Balance Sheet | ||||||
| Total Assets | 8.95B | 9.56B | 10.52B | 11.60B | 18.22B | 17.61B |
| Cash, Cash Equivalents and Short-Term Investments | 780.90M | 858.50M | 1.23B | 1.62B | 1.08B | 655.70M |
| Total Debt | 4.00B | 4.39B | 4.74B | 5.13B | 8.02B | 7.68B |
| Total Liabilities | 5.37B | 5.66B | 6.16B | 6.53B | 9.53B | 8.97B |
| Stockholders Equity | 3.57B | 3.88B | 4.32B | 4.99B | 6.59B | 6.72B |
Cash Flow | ||||||
| Free Cash Flow | 63.20M | -5.10M | 166.20M | 18.30M | -234.20M | -497.60M |
| Operating Cash Flow | 343.00M | 300.40M | 366.40M | 322.90M | 312.90M | 529.10M |
| Investing Cash Flow | 271.90M | -135.00M | -46.40M | 1.00B | 91.50M | -782.30M |
| Financing Cash Flow | -873.30M | -577.60M | -595.30M | -884.70M | 19.70M | -290.30M |
Icade SA Technical Analysis
Positive
19.28
Price Trends
19.05
Negative
18.80
Positive
18.82
Positive
Market Momentum
-0.07
Positive
48.09
Neutral
27.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ICAD, the sentiment is Positive. The current price of 19.28 is above the 20-day moving average (MA) of 19.20, above the 50-day MA of 19.05, and above the 200-day MA of 18.82, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 48.09 is Neutral, neither overbought nor oversold. The STOCH value of 27.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ICAD.
Icade SA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | €350.47M | -3.12 | ― | 3.91% | 13.57% | -380.92% | |
61 Neutral | €5.68B | 8.71 | 8.78% | 7.06% | 5.45% | 56.76% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | €2.43B | -27.29 | -9.17% | 8.15% | -20.40% | ― | |
51 Neutral | €1.41B | -7.68 | -5.03% | 9.96% | -9.09% | -0.01% | |
49 Neutral | €37.87M | -3.19 | -11.70% | 4.59% | -9.21% | -119.44% |
* General Sector Average
FR:ICAD
Icade SA
18.98
-1.47
-7.18%
FR:ALTA
ALTAREA
100.60
-0.54
-0.54%
FR:COV
Covivio SA
51.55
-3.79
-6.85%
FR:PAR
Paref SA
25.00
-14.00
-35.90%
FR:IMDA
Immobiliere Dassault SA
46.20
-4.27
-8.47%
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.