OSE Immunotherapeutics S.A. (OSE.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

-138.8%

-€0.72

vs €1.85 price

Levered DCF

-€1.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-2.03

Distress zone

Rating

D+

Overall 1 / 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	-3.05×	4.17×	-3.63×	-6.95×	-11.05×	-6.79×	-11.94×	9.71×
P/B	4.2×	2.45×	3.67×	3.79×	3.9×	1.83×	0.94×	0.81×
P/S	43.87×	2.24×	37.6×	6.73×	7.09×	10.75×	2.12×	2.03×
EV / EBITDA	-2.96×	4.51×	-6.33×	-10.86×	-13.86×	-5.6×	-41.19×	8.91×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	-1835.0%	62.6%	-1032.2%	-101.0%	-63.2%	-182.3%	-5.7%	19.8%
Net margin	-1439.5%	53.6%	-1032.9%	-97.0%	-64.1%	-158.9%	-17.9%	22.4%
Current ratio	1.28×	3.46×	1.62×	2.29×	2.64×	2.82×	2.31×	2.54×
Debt / equity	1.29×	0.72×	2.01×	1.38×	0.78×	0.32×	0.2×	0.07×
Interest coverage	-16.26×	13.25×	-10.13×	-13.47×	-19.89×	-69.56×	-8.13×	26.06×
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	-137.9%	58.7%	-100.8%	-54.6%	-35.2%	-27.0%	-8.0%	8.9%
Return on invested capital	-67.0%	36.7%	-32.3%	-17.6%	-14.9%	-19.6%	-2.0%	31.3%
Return on assets	-48.1%	30.2%	-28.0%	-19.4%	-16.6%	-17.1%	-5.2%	7.1%
Free cash flow yield	-29.7%	30.9%	-23.9%	-15.0%	-5.6%	-17.6%	15.7%	1.0%
Earnings yield	-32.8%	23.9%	-27.5%	-14.4%	-9.0%	-14.8%	-8.4%	11.0%
Enterprise value	€132.7M	€185.8M	€110.9M	€142.4M	€190.2M	€102.1M	€40.7M	€44.6M
Net debt / EBITDA	-0.4×	0.71×	-1.55×	-1.46×	-0.26×	0.54×	14.52×	-1.02×
Cash conversion cycle (days)	987	22	296	162	22	2,697,046	-195,447	-440,316