Nacon SASU (NACON) AI Stock Analysis

• Market Cap: €43.16M
• Dividend Yield: N/A
• Average Volume (3M): 146.49K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.44
• Revenue Growth: -4.48%
• EPS Growth: -105.25%
• Country: FR
• Employees: 1,070
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): 0.00
• Shares Outstanding: 109,172,490
• 10 Day Avg. Volume: 135,591
• 30 Day Avg. Volume: 146,490
• PEG Ratio: 0.42
• Price to Book (P/B): 0.21
• Price to Sales (P/S): 0.36
• P/FCF Ratio: 1.01
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: €0.44 ▼(-17.36% Downside)

The score is held back primarily by weakening financial performance (declining revenue, negative profitability, and softer cash flow trends) and a clearly bearish technical picture (price below all major moving averages with negative MACD). Valuation provides limited support because the negative P/E reflects ongoing losses and there is no dividend yield data.

Positive Factors

Diversified business lines

Nacon's dual revenue streams—publishing/distribution of games plus branded gaming peripherals—reduce reliance on any single title or product cycle. This diversification supports more stable revenue mix over time and cushions volatility inherent to hit-driven game sales.

High gross profit margin

A sustained ~63% gross margin provides structural room to absorb marketing and development costs, fund post-launch content, and maintain product margins on hardware. High gross margins support long-term investment in IP and product improvements despite operating pressure.

Moderate leverage / healthy equity base

A moderate debt-to-equity ratio around 0.5 signals conservative leverage, preserving financial flexibility for development spending, acquisitions or hardware investment. A healthy equity base reduces refinancing risk and supports strategic spending without over-reliance on debt.

Negative Factors

Declining revenue trend

A recent revenue decline of ~5% suggests erosion in top-line momentum. Persistent or recurring revenue contraction threatens scale economics, reduces ability to spread fixed development and platform costs, and undermines capacity to invest in new IP or hardware lines long term.

Negative profitability and margin deterioration

Turning negative net margins and weakening operating profitability indicate structural challenges converting sales into shareholder returns. Sustained margin pressure limits reinvestment, harms ROE, and raises the bar for management to restore durable profitability across game publishing and hardware segments.

Weak cash generation trends

Declining FCF growth and OCF failing to fully cover net income point to cash conversion weakness. This constrains funding for development cycles, hardware inventory, or marketing without external financing, increasing structural liquidity and financing risk if negative trends persist.

Nacon SASU Business Overview & Revenue Model

Company Description

Nacon S.A. designs and distributes gaming accessories in France and internationally. The company offers accessories, including headsets, microphones, controllers, racing wheels, gaming chairs, keyboards, mice, mats, audio accessories, and console accessories. It also develops and publishes video games in various categories, such as action-adventure, racing, sport, and simulation. The company was founded in 2019 and is based in Fretin, France. Nacon S.A. is a subsidiary of BigBen Interactive SA.

How the Company Makes Money

NACON generates revenue through multiple streams, primarily from the sale of video games, which includes both physical and digital formats. The company publishes its own titles and collaborates with various developers to bring games to market, earning royalties and sales revenue. Additionally, NACON profits from the sale of gaming accessories, which cater to both casual and professional gamers. Partnerships with leading gaming platforms and participation in licensing deals further enhance its revenue potential. The company also benefits from seasonal sales and promotional events, which boost sales figures during peak gaming periods.

Nacon SASU Financial Statement Overview

Summary

Financial statement signals are mixed but skew weak: revenue declined (−5.09%) and profitability deteriorated with negative net margin plus weaker EBIT/EBITDA margins (income statement score 45). Balance sheet leverage is moderate (debt-to-equity 0.50) and capital structure appears healthy, but ROE is negative (balance sheet score 55). Cash flow shows pressure with declining free cash flow growth (−5.34%) and operating cash flow not fully supporting net income (cash flow score 50).

Income Statement

Nacon SASU has experienced fluctuating revenue growth, with a recent decline of 5.09% in the latest period. The gross profit margin remains relatively stable at 63.22%, indicating efficient cost management. However, the net profit margin has turned negative, reflecting challenges in maintaining profitability. The EBIT and EBITDA margins have also deteriorated, suggesting operational inefficiencies.

Balance Sheet

The company's debt-to-equity ratio is moderate at 0.50, indicating a balanced approach to leveraging. However, the return on equity has turned negative, highlighting issues in generating returns for shareholders. The equity ratio remains healthy, suggesting a solid capital structure.

Cash Flow

Nacon SASU's free cash flow growth has declined by 5.34%, indicating potential cash flow challenges. The operating cash flow to net income ratio is below 1, suggesting that cash flow generation is not fully supporting net income. However, the free cash flow to net income ratio is close to 1, indicating that free cash flow is almost covering net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	167.94M	167.94M	167.71M	155.98M	155.91M	177.83M
Gross Profit	21.59M	21.59M	28.14M	35.88M	37.61M	49.93M
EBITDA	2.67M	-1.28M	70.54M	48.56M	39.84M	54.96M
Net Income	-1.34M	-1.34M	17.53M	12.77M	9.96M	18.30M
Balance Sheet
Total Assets	512.93M	512.93M	478.96M	483.31M	412.25M	317.51M
Cash, Cash Equivalents and Short-Term Investments	29.27M	29.27M	26.24M	47.60M	82.15M	96.75M
Total Debt	143.48M	143.48M	142.80M	168.85M	145.00M	59.45M
Total Liabilities	228.57M	228.57M	215.41M	240.76M	183.84M	107.05M
Stockholders Equity	284.36M	284.36M	263.55M	242.55M	228.41M	210.72M
Cash Flow
Free Cash Flow	56.87M	59.34M	71.88M	45.04M	31.04M	54.46M
Operating Cash Flow	57.99M	60.46M	73.09M	47.35M	32.38M	55.66M
Investing Cash Flow	-79.99M	-79.99M	-87.30M	-115.94M	-81.35M	-53.70M
Financing Cash Flow	23.97M	19.14M	-8.55M	33.89M	35.28M	-15.58M

Nacon SASU Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.53
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:NACON, the sentiment is Negative. The current price of 0.53 is above the 20-day moving average (MA) of 0.46, above the 50-day MA of 0.51, and below the 200-day MA of 0.65, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 27.03 is Positive, neither overbought nor oversold. The STOCH value of 29.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:NACON.

Nacon SASU Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ALREW	73 Outperform	€95.31M	3.86	12.60%	1.29%	-3.53%	28.87%
ALPUL	62 Neutral	€113.46M	-162.14	-0.44%	6.54%	-14.35%	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
NACON	47 Neutral	€43.16M	-12.58	-0.36%	―	-4.48%	-105.25%
UBI	44 Neutral	€588.76M	-7.64	-4.52%	―	-11.78%	-28.61%
ALDNE	38 Underperform	€7.84M	-0.19	-78.20%	―	90.92%	24.05%
ALATA	38 Underperform	€65.87M	-5.87	-514.29%	―	63.11%	10.97%