MaaT Pharma S.A. (MAAT.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

-1697.1%

-€16.55

vs €1.04 price

Levered DCF

-€28.24

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-3.83

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	-2.47×	-3.62×	-4.03×	-5.76×	-3.59×	-0.54×	-0.43×	-3.17×
P/B	42.6×	10.06×	3.88×	2.95×	0.81×	0.18×	-0.63×	11.35×
P/S	16.94×	32.34×	35.6×	55.34×	33.33×	0×	32.25×	16.14×
EV / EBITDA	-2.14×	-3.79×	-3.13×	-4.22×	0.6×	1.66×	-1.31×	-2.63×
Gross margin	30.7%	61.1%	35.2%	76.3%	82.9%	0.0%	-8.6%	91.1%
Operating margin	-754.9%	-884.0%	-895.1%	-948.0%	-914.9%	0.0%	-5559.7%	-493.7%
Net margin	-686.6%	-898.8%	-885.0%	-959.0%	-927.9%	0.0%	-7443.1%	-509.6%
Current ratio	1.94×	1.9×	2.78×	4.57×	10.05×	7.76×	2.65×	2.11×
Debt / equity	9.69×	1.54×	0.69×	0.42×	0.15×	0.38×	-2.29×	2.05×
Interest coverage	-26.91×	-32.75×	-48.29×	-67.44×	-73.5×	-164.18×	-248.25×	-62.03×
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	-1726.6%	-279.6%	-96.3%	-51.1%	-22.6%	-33.6%	145.6%	-358.2%
Return on invested capital	-101.2%	-93.6%	-57.2%	-35.2%	-19.3%	-25.9%	-81.6%	-108.1%
Return on assets	-69.7%	-75.1%	-45.9%	-30.7%	-18.2%	-22.0%	-81.4%	-77.2%
Free cash flow yield	-21.6%	-21.9%	-24.9%	-16.8%	-25.2%	-212.8%	-178.7%	-28.9%
Earnings yield	-40.5%	-27.8%	-24.9%	-17.3%	-27.8%	-185.8%	-230.8%	-31.6%
Enterprise value	€69.2M	€99.8M	€69.1M	€55.2M	-€5.1M	-€11M	€7.9M	€13.4M
Net debt / EBITDA	0.23×	0.16×	0.46×	1.82×	4.38×	2.1×	-0.83×	0.2×
Cash conversion cycle (days)	-815	-2,387	-711	-4,535	1,315	-3,125	-84	-6,236