DBV Technologies S.A. (DBV.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

-35.6%

€1.04

vs €1.62 price

Levered DCF

€1.19

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-1.63

Distress 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	-3.64×	-0.56×	-2.88×	-2.71×	-1.96×	-1.46×	-4.17×	-1.55×
P/B	3.28×	2.31×	1.39×	1.34×	1.93×	1.14×	3.74×	2.12×
P/S	0×	15.24×	12.35×	10.39×	33.61×	0×	0×	0×
EV / EBITDA	-2.62×	-0.34×	-0.95×	-0.65×	-1.54×	-0.63×	-3.93×	-1.1×
Gross margin	0.0%	100.0%	100.0%	19.0%	-62.5%	0.0%	0.0%	0.0%
Operating margin	0.0%	-2808.7%	-486.0%	-385.5%	-1727.6%	0.0%	0.0%	0.0%
Net margin	0.0%	-2744.4%	-462.4%	-384.0%	-1713.5%	0.0%	0.0%	0.0%
Current ratio	3.67×	1.43×	4.23×	7.53×	2.46×	3.93×	3.79×	3.34×
Debt / equity	0.05×	0.25×	0.04×	0.02×	0.1×	0.16×	0.14×	0.03×
Interest coverage	0×	0×	0×	0×	-168.93×	-219.4×	-107.67×	-473.51×
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	-90.6%	-415.9%	-51.9%	-49.5%	-98.5%	-77.6%	-89.5%	-136.9%
Return on invested capital	-86.1%	-331.4%	-52.1%	-36.5%	-82.7%	-70.8%	-76.8%	-127.1%
Return on assets	-65.4%	-173.5%	-39.7%	-39.1%	-66.7%	-58.6%	-63.6%	-96.7%
Free cash flow yield	-22.9%	-168.8%	-41.4%	-21.7%	-56.9%	-72.1%	-20.8%	-55.0%
Earnings yield	-27.6%	-180.0%	-37.4%	-37.0%	-51.0%	-68.3%	-23.9%	-64.6%
Enterprise value	€367.9M	€37.8M	€58.5M	€54.3M	€124.3M	€86.3M	€628M	€188.7M
Net debt / EBITDA	1.32×	0.23×	2.21×	2.47×	0.84×	1.47×	1.17×	0.95×
Cash conversion cycle (days)	-815	0	0	-238	113	-409	-2,910	-2,677