Abivax S.A. (ABVX.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-91.3%

€6.60

vs €75.48 price

Levered DCF

€6.97

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

37.94

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-24.93×	-2.41×	-2.86×	-1.94×	-10.38×	-13.13×	-8.98×	-7.59×
P/B	18.39×	10.5×	2.16×	16.41×	17.02×	27.5×	23.32×	3.48×
P/S	0×	39.49×	91.52×	25.75×	11,926.18×	35,154.34×	-39,240.31×	147.82×
EV / EBITDA	-31.6×	-2.26×	-1.7×	-2.44×	-10.29×	-13.16×	-8.6×	-6.41×
Gross margin	0.0%	100.0%	97.2%	98.5%	-321.6%	-371.4%	1242.9%	-1786.6%
Operating margin	0.0%	-1718.2%	-2756.5%	-1414.7%	-141045.9%	-282821.4%	475357.1%	-2344.7%
Net margin	0.0%	-1633.1%	-3197.1%	-1325.3%	-114735.1%	-268221.4%	437628.6%	-1941.5%
Current ratio	8.75×	1.84×	4.08×	0.94×	2.37×	1.88×	1.38×	2.47×
Debt / equity	0.07×	2.4×	0.28×	5.45×	2.06×	1.9×	1.76×	0.31×
Interest coverage	-8.79×	-13.14×	-9.21×	-9.23×	-14.67×	-17.08×	-20.28×	-35.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-73.8%	-434.3%	-75.4%	-844.9%	-163.7%	-209.8%	-260.0%	-45.7%
Return on invested capital	-48.0%	-114.4%	-46.2%	-116.3%	-53.2%	-71.4%	-74.3%	-34.2%
Return on assets	-57.5%	-85.9%	-45.2%	-82.8%	-38.5%	-52.7%	-59.2%	-29.3%
Free cash flow yield	-1.9%	-36.3%	-23.0%	-58.9%	-10.7%	-6.2%	-10.3%	-12.8%
Earnings yield	-4.0%	-41.4%	-34.9%	-51.5%	-9.6%	-7.6%	-11.2%	-13.1%
Enterprise value	€7.9B	€379.3M	€226.4M	€130.2M	€434M	€496.8M	€285.7M	€123.4M
Net debt / EBITDA	1.94×	0.28×	1.47×	-0.23×	0.17×	-0.12×	-0.33×	-0.15×
Cash conversion cycle (days)	-12,786	-14,012	-9,826	-16,241	48,201	113,343	-472,085	3,139