Icade S.A. (ICAD.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

-2566.9%

-€366.58

vs €14.86 price

Levered DCF

-€128.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.35

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	-13.58×	-6.31×	-2.15×	56.68×	11.84×	58.24×	23.9×	31.82×
P/B	0.43×	0.4×	0.54×	0.46×	0.7×	0.72×	2.26×	1.55×
P/S	1.15×	1.2×	1.76×	1.94×	2.87×	3.21×	4.7×	2.78×
EV / EBITDA	-520.6×	-32.61×	22.23×	-128.51×	19.11×	19.92×	23.11×	14.9×
Gross margin	32.5%	34.6%	38.1%	52.2%	47.3%	49.8%	26.3%	47.9%
Operating margin	19.1%	-22.1%	-83.1%	-5.1%	48.6%	21.2%	16.3%	14.2%
Net margin	-8.5%	-19.0%	-81.8%	3.4%	24.3%	5.5%	19.7%	8.7%
Current ratio	1.33×	1.84×	2.49×	1.12×	0.86×	0.93×	1.17×	0.9×
Debt / equity	1.13×	1.1×	1.03×	1.22×	1.14×	1.19×	2.18×	1.95×
Interest coverage	3.36×	-4.25×	-13.78×	-1.01×	7.39×	0×	2.26×	2.32×
Dividend yield	19.6%	21.1%	12.2%	10.4%	4.1%	6.4%	4.7%	6.5%
Payout ratio	-265.6%	-132.9%	-26.2%	587.4%	49.0%	373.0%	113.3%	205.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.2%	-6.4%	-25.1%	0.8%	6.0%	1.2%	9.5%	4.9%
Return on invested capital	2.9%	-3.2%	-12.2%	-0.5%	4.8%	1.9%	2.2%	2.1%
Return on assets	-1.3%	-2.6%	-10.8%	0.3%	2.3%	0.5%	2.4%	1.3%
Free cash flow yield	-0.3%	9.5%	0.7%	-7.7%	-10.5%	2.6%	-5.8%	-3.4%
Earnings yield	-7.4%	-15.8%	-46.4%	1.8%	8.5%	1.7%	4.2%	3.1%
Enterprise value	€5.2B	€5.2B	€6.2B	€10.2B	€11.9B	€11.5B	€13.5B	€10.5B
Net debt / EBITDA	-353.78×	-21.78×	12.58×	-90.25×	11.49×	11.84×	10.86×	7.91×
Cash conversion cycle (days)	100	236	108	136	92	81	204	74