NASDAQ : VALN

Valneva SE — Financial statements

Healthcare · Biotechnology · France

Last price 5.71 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 541.61M

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Financial statements

Valneva SE (VALN) reported revenue of 142.94M EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in EUR.

TTMFY2025FY2024FY2023FY2022FY2021
Operating Revenue130.91M157.91M163.25M144.62M114.80M62.98M
Other Revenue12.03M16.75M6.33M9.09M246.51M285.10M
Revenue142.94M174.66M169.58M153.71M361.30M348.08M
Cost of Revenue202.59M192.44M172.68M160.77M429.36M361.20M
Gross Profit-59.65M-17.78M-3.10M-7.06M-68.06M-13.12M
Selling, General & Admin64.25M74.68M95.11M96.55M57.58M71.25M
Other Operating Expenses-9.00M-10.83M-111.98M-21.54M-12.24M-20.42M
Operating Expenses55.24M63.85M-16.88M75.01M45.34M50.83M
Operating Income-114.90M-81.63M13.78M-82.07M-113.41M-63.95M
Interest Expense-40.60M-41.90M-23.98M-23.32M-19.05M-16.96M
Interest & Investment Income962.00K1.80M2.36M1.21M260.00K249.00K
Earnings From Equity Investments9.00K-5.00K
Currency Exchange Gain (Loss)-4.49M7.20M-3.19M5.57M-12.59M8.13M
Other Non Operating Income (Expenses)837.00K-2.00K-1.00K2.00K
EBT Excluding Unusual Items-158.19M-114.53M-11.04M-98.61M-144.78M-72.54M
Gain (Loss) on Sale of Investments841.00K841.00K
Gain (Loss) on Sale of Assets-216.00K-432.00K-445.00K-21.00K-38.00K-42.00K
Other Unusual Items-1.00K2.60M
Pretax Income-157.57M-114.12M-11.49M-98.63M-144.81M-69.98M
Income Tax Expense80.00K1.07M761.00K2.80M-1.54M3.45M
Net Income-157.65M-115.19M-12.25M-101.43M-143.28M-73.42M
Net Income to Common-157.65M-115.19M-12.25M-101.43M-143.28M-73.42M
Shares Outstanding (Basic)178.50M168.18M145.71M138.62M115.47M97.62M
Shares Outstanding (Diluted)178.50M168.18M145.71M138.62M115.47M97.62M
EPS (Basic)-0.88-0.68-0.08-0.73-1.24-0.75
EPS (Diluted)-0.88-0.68-0.08-0.73-1.24-0.75
Free Cash Flow-58.04M-57.31M-81.08M-216.97M-274.59M-15.33M
Free Cash Flow Per Share-0.33-0.34-0.56-1.56-2.38-0.16
Gross Margin-41.73%-10.18%-1.83%-4.59%-18.84%-3.77%
Operating Margin-80.38%-46.74%8.12%-53.39%-31.39%-18.37%
Profit Margin-110.29%-65.95%-7.22%-65.99%-39.66%-21.09%
Free Cash Flow Margin-40.60%-32.81%-47.81%-141.16%-76.00%-4.40%
EBITDA-98.72M-64.70M28.48M-64.48M-99.39M-49.67M
EBITDA Margin-69.07%-37.05%16.79%-41.95%-27.51%-14.27%
D&A For EBITDA16.18M16.93M14.71M17.58M14.01M14.28M
EBIT-114.90M-81.63M13.78M-82.07M-113.41M-63.95M
EBIT Margin-80.38%-46.74%8.12%-53.39%-31.39%-18.37%
Revenue as Reported142.94M174.66M169.58M153.71M361.30M348.09M
Advertising Expenses9.04M16.78M13.36M7.34M2.18M

Balance sheet

Fiscal year January - December; amounts in EUR.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents121.53M109.65M168.27M126.08M289.43M346.69M
Cash & Short-Term Investments121.53M109.65M168.27M126.08M289.43M346.69M
Receivables16.34M27.81M35.20M41.65M23.91M44.01M
Inventory48.16M50.23M53.66M44.47M35.10M124.10M
Other Current Assets36.85M34.84M41.87M50.63M76.21M71.04M
Total Current Assets222.88M222.54M299.01M262.82M424.66M585.83M
Property, Plant & Equipment128.48M138.03M158.12M156.59M154.04M173.83M
Long-Term Investments2.12M
Other Intangible Assets20.91M21.39M24.15M24.33M27.32M31.12M
Long-Term Deferred Tax Assets8.46M8.33M9.61M6.59M5.64M3.58M
Long-Term Deferred Charges957.00K1.10M1.24M1.39M1.58M
Other Long-Term Assets7.55M7.59M8.04M8.49M8.30M19.28M
Total Assets388.28M398.84M500.03M460.06M621.34M817.35M
Accounts Payable10.92M9.07M12.64M17.56M14.51M16.04M
Accrued Expenses33.48M40.67M43.36M46.69M48.31M102.23M
Current Portion of Long-Term Debt18.43M17.91M20.85M44.08M11.58M7.11M
Current Portion of Leases2.73M2.74M2.51M2.88M25.41M3.13M
Current Income Taxes Payable146.00K1.00K1.74M632.00K532.00K83.00K
Current Unearned Revenue482.00K432.00K3.01M5.70M9.41M124.02M
Other Current Liabilities37.15M22.51M30.47M41.32M167.65M116.37M
Total Current Liabilities103.33M93.33M114.58M158.86M277.39M368.98M
Long-Term Debt165.63M161.26M166.52M132.77M87.23M50.73M
Long-Term Leases23.44M25.34M26.43M29.09M28.16M53.69M
Long-Term Unearned Revenue4.74M
Long-Term Deferred Tax Liabilities4.46M4.41M4.16M3.64M694.00K1.29M
Other Long-Term Liabilities10.29M8.32M7.08M7.46M8.07M167.35M
Total Liabilities307.15M292.67M318.78M331.81M401.55M646.77M
Common Stock28.47M26.03M24.38M20.84M20.75M15.79M
Additional Paid-In Capital704.52M675.94M647.60M594.00M594.04M409.26M
Retained Earnings-751.91M-688.64M-573.45M-561.20M-459.77M-316.49M
Treasury Stock-645.00K-645.00K-645.00K-645.00K-645.00K-645.00K
Comprehensive Income & Other100.69M93.48M83.37M75.25M65.41M62.67M
Shareholders' Equity81.12M106.17M181.25M128.25M219.80M170.58M
Total Liabilities & Equity388.28M398.84M500.03M460.06M621.34M817.35M
Total Debt210.23M207.25M216.31M208.82M152.38M114.66M
Net Cash (Debt)-88.70M-97.60M-48.04M-82.74M137.05M232.03M
Net Cash Per Share-0.50-0.58-0.33-0.601.192.38
Filing Date Shares Outstanding189.65M173.42M162.40M138.79M138.24M105.24M
Total Common Shares Outstanding189.65M173.42M162.40M138.79M138.24M105.24M
Working Capital119.55M129.21M184.43M103.96M147.27M216.85M
Book Value Per Share0.430.611.120.921.591.62
Tangible Book Value60.21M84.78M157.10M103.92M192.48M139.46M
Tangible Book Value Per Share0.320.490.970.751.391.33
Land147.41M151.03M125.58M96.53M25.55M
Machinery80.92M79.50M79.02M81.47M48.78M
Construction In Progress1.03M3.52M3.72M1.58M92.66M

Cash flow statement

Fiscal year January - December; amounts in EUR.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-157.65M-115.19M-12.25M-101.43M-143.28M-73.42M
Depreciation & Amortization18.09M18.85M16.63M17.58M14.28M
Other Amortization2.90M2.90M2.96M
Loss (Gain) From Sale of Assets216.00K432.00K-266.00K568.00K38.00K46.00K
Asset Writedown & Restructuring Costs581.00K895.00K-731.00K23.25M
Loss (Gain) From Sale of Investments-1.68M-841.00K
Loss (Gain) on Equity Investments-9.00K5.00K
Stock-Based Compensation8.79M10.94M6.38M3.45M-31.59M33.59M
Other Operating Activities41.71M29.27M-69.10M22.88M52.23M6.93M
Change in Accounts Receivable10.66M13.33M15.71M-2.85M12.40M-21.35M
Change in Inventory13.47M1.03M-6.80M-9.16M84.22M-92.37M
Change in Accounts Payable12.98M-4.46M-3.32M-17.40M-14.05M35.24M
Change in Unearned Revenue-40.00K-2.60M-2.79M-3.47M-119.84M39.12M
Change in Other Net Operating Assets-5.74M-7.45M-14.36M-112.17M-108.71M134.85M
Operating Cash Flow-55.69M-52.89M-67.22M-202.74M-245.34M76.90M
Capital Expenditures-2.34M-4.42M-13.87M-14.23M-29.25M-92.23M
Sale of Property, Plant & Equipment272.00K128.00K165.00K3.47M8.00K
Cash Acquisitions1.71M841.00K-10.95M
Sale (Purchase) of Intangibles-5.00K-61.00K-2.58M-81.00K-76.00K-942.00K
Other Investing Activities925.00K1.80M93.19M1.21M260.00K54.00K
Investing Cash Flow564.00K-1.71M76.92M-20.59M-29.05M-93.12M
Long-Term Debt Issued174.40M81.11M39.33M859.00K
Long-Term Debt Repaid-174.34M-6.49M-5.22M-4.84M-4.76M
Lease Payments-2.69M-2.71M-2.72M-3.13M-3.05M-2.81M
Net Debt Issued (Repaid)-432.00K61.00K-6.49M75.89M34.49M-3.90M
Issuance of Common Stock45.17M30.00M57.14M189.84M166.82M
Other Financing Activities-30.16M-30.68M-19.97M-12.81M-9.21M-8.42M
Financing Cash Flow14.57M-621.00K30.68M63.08M215.12M154.50M
Foreign Exchange Rate Adjustments777.00K-3.40M1.81M-204.00K-828.00K3.96M
Miscellaneous Cash Flow Adjustments1.00K-1.00K
Net Cash Flow-39.78M-58.62M42.19M-160.45M-60.11M142.25M
Free Cash Flow-58.04M-57.31M-81.08M-216.97M-274.59M-15.33M
Free Cash Flow Margin-40.60%-32.81%-47.81%-141.16%-76.00%-4.40%
Free Cash Flow Per Share-0.33-0.34-0.56-1.56-2.38-0.16
Levered Free Cash Flow-42.50M-49.67M-11.54M-189.16M-158.12M-38.31M
Unlevered Free Cash Flow-17.12M-23.49M3.45M-174.58M-146.21M-27.71M
Free Cash Flow After Leases-60.72M-60.02M-83.80M-220.10M-277.64M-18.13M
Cash Interest Paid30.17M30.69M19.97M12.57M9.21M8.42M
Cash Income Tax Paid1.64M2.20M1.54M1.24M154.00K1.63M
Change in Working Capital31.34M-148.00K-11.57M-145.06M-145.98M95.48M

Ratios

Fiscal year January - December; amounts in EUR.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization510.85M754.16M363.50M724.08M920.30M2.93B
Enterprise Value609.90M815.66M410.00M749.78M814.04M2.68B
Last Close Price5.458.824.3710.3712.7255.51
PS Ratio3.183.682.074.262.387.40
PB Ratio5.606.051.945.113.9215.09
P/TBV Ratio7.557.582.236.304.4718.46
P/OCF Ratio33.48
EV/Sales Ratio3.793.982.334.412.116.77
EV/EBITDA Ratio13.90
EV/EBIT Ratio28.75
Debt / Equity Ratio2.591.951.191.630.690.67
Debt / EBITDA Ratio7.11
Net Debt / Equity Ratio1.090.920.270.65-0.62-1.36
Net Debt / EBITDA Ratio-0.90-1.511.69-1.281.384.67
Net Debt / FCF Ratio-1.53-1.70-0.59-0.380.5015.14
Asset Turnover0.330.390.350.280.500.55
Inventory Turnover3.693.713.524.045.394.78
Quick Ratio1.331.471.781.061.131.06
Current Ratio2.162.382.611.651.531.59
Return on Equity (ROE)-117.85%-80.16%-7.91%-58.28%-73.41%-59.21%
Return on Assets (ROA)-16.68%-11.35%1.79%-9.49%-9.85%-6.31%
Return on Invested Capital (ROIC)-65.51%-37.70%6.26%-55.88%-137.05%
Return on Capital Employed (ROCE)-40.30%-26.70%3.60%-27.20%-33.00%-14.30%
Earnings Yield-36.90%-17.93%-3.49%-15.48%-16.64%-2.85%
FCF Yield-12.51%-8.92%-23.09%-33.12%-31.89%-0.60%
Buyback Yield / Dilution-13.10%-15.42%-5.11%-20.05%-18.29%-7.56%