Nicox S.A. (ALCOX.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

-791.1%

-€2.01

vs €0.29 price

Levered DCF

-€1.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-53.03

Distress zone

Rating

B+

Overall 3 / 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	-10.88×	-0.8×	-1.05×	-1.81×	-2.19×	-8.06×	-7.79×	-8.08×
P/B	4.36×	4.11×	1.03×	1.33×	1.27×	1.45×	0×	1.3×
P/S	1.57×	1.78×	3.18×	17.15×	13.27×	11.36×	0×	31.44×
EV / EBITDA	41.15×	-1.03×	-1.82×	-5.28×	-4.73×	-8.39×	-6.53×	-5.83×
Gross margin	39.0%	85.9%	-166.6%	-450.0%	-147.6%	1.4%	0.0%	82.5%
Operating margin	-81.3%	-125.4%	-247.1%	-1041.3%	-636.1%	-52.4%	0.0%	-462.4%
Net margin	-14.4%	-284.9%	-302.5%	-956.4%	-605.0%	-140.2%	0.0%	-389.9%
Current ratio	4.18×	6.62×	10.09×	4.41×	5.97×	3.41×	0×	3.23×
Debt / equity	0.07×	5.2×	1.17×	0.63×	0.28×	0.19×	0×	0×
Interest coverage	-4.62×	-6.33×	-10.44×	-15.9×	-22,743.45×	-3.07×	-3.6×	-307.18×
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	-40.1%	-656.0%	-97.5%	-74.0%	-57.9%	-17.9%	0.0%	-16.2%
Return on invested capital	-163.7%	-46.0%	-31.6%	-35.5%	-39.7%	-5.1%	0.0%	-16.1%
Return on assets	-23.3%	-91.7%	-39.4%	-33.6%	-38.2%	-12.7%	0.0%	-13.3%
Free cash flow yield	0.0%	0.0%	0.0%	-41.3%	-19.3%	-3.7%	-11.0%	-13.1%
Earnings yield	-9.2%	-159.8%	-95.1%	-55.8%	-45.6%	-12.3%	-12.9%	-12.4%
Enterprise value	€22.5M	€21.2M	€35.9M	€55.5M	€75.5M	€118.6M	€147M	€126.3M
Net debt / EBITDA	-6.84×	-0.35×	-0.71×	0.05×	1.28×	1.99×	0×	1.01×
Cash conversion cycle (days)	46	-81	1,946	4,464	-20	-21	0	-1,844