# Clariane SE (CLARI.PA)

Canonical: https://gigainvestors.com/s/CLARI.PA

Analysis as of: 2026-10-16T07:42:42.997Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 3.42 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.07×

- FY2021: 0.08×

- FY2022: 0.06×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 83.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.9%

- ROIC, second-lowest year: 2.6%

- Typical minus recent gross margin: 83.9 pp

- Typical gross margin (annual median): 92.1%

- Recent gross margin (lower of latest and 3-year median): 8.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: -1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.1%

- FY2017: 11.0%

- FY2018: 7.1%

- FY2019: 3.8%

- FY2020: 2.7%

- FY2021: 4.3%

- FY2022: 2.7%

- FY2023: 1.6%

- FY2024: 2.6%

- FY2025: 4.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -3.0B

- Net income, five-year total: EUR -46M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -6.3 pp

- Working capital / revenue, final three-year average: -2.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -582M

- FY2022: EUR -641M

- FY2023: EUR -701M

- FY2024: EUR -460M

- FY2025: EUR -593M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 2.6%

- Per-share earnings: 1.51 to -0.32 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 16.1%

- Ordinary dilution, 5-year annual growth: 14.7%

- Market cap gain: EUR -843M

- Cumulative retained earnings: EUR 355M

- Diluted shares, 10-year annual growth: 16.1%

- Diluted shares, 5-year annual growth: 14.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.82

- Per-share value, starting three-year median: EUR 1.51

- Per-share value, ending three-year median: EUR -0.32

- Buybacks concentrated in cheaper years (correlation): -0.54

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.2B

- Cumulative net income, 10 years: EUR 526M

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 2.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.51

- FY2017: EUR 1.84

- FY2018: EUR 1.38

- FY2019: EUR 1.19

- FY2020: EUR 0.22

- FY2021: EUR 0.46

- FY2022: EUR 0.18

- FY2023: EUR -0.72

- FY2024: EUR -0.32

- FY2025: EUR 0.00

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 0.51×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 497.79×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.46×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -3.1%

- FY2018: -3.3%

- FY2019: -6.0%

- FY2020: -5.7%

- FY2021: -5.2%

- FY2022: -5.8%

- FY2023: -5.0%

- FY2024: -6.7%

- FY2025: -5.8%

## Holders

## Price story

Down 88% since Oct 2021 · sales +0.5%

Story as of 2026-10-16T10:00:12.463Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 3.0B 

- FY2017: EUR 3.1B 

- FY2018: EUR 3.3B 

- FY2019: EUR 3.6B 

- FY2020: EUR 3.8B 

- FY2021: EUR 4.1B 

- FY2022: EUR 4.4B 

- FY2023: EUR 5.0B 

- FY2024: EUR 5.3B 

- FY2025: EUR 5.3B 

### Gross margin · FY2025

gross margin 8.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 92.1% 

- FY2017: 91.9% 

- FY2018: 92.1% 

- FY2019: 92.3% 

- FY2020: 92.1% 

- FY2021: 92.5% 

- FY2022: 92.1% 

- FY2023: 31.4% 

- FY2024: 91.7% 

- FY2025: 8.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical care facilities; annual sales are EUR 5.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2025: revenue 5310300000; grossProfit 431500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLARI.PA: Clariane SE provides care homes, healthcare facilities and services, and shared living solutions in France, Germany, Benelux, Italy, Spain, and the United Kingdom. It operates long-term care and short stay nursing homes. The company also provides inpatient and outpatient services, full-time hospitalization, day hospitalization, and outpatient care, and operates post-acute and rehabilitation care clinics, mental healthcare clinics, and medicine-surgery-obstetrics facilities. In addition, it offers medicalized nursing homes and alternative living solutions, such as shared houses, assisted living, and domiciliary care, as well as outpatient consultations and diagnostics, and social care services. The company was formerly known as Korian and changed its name to Clariane SE in June 2023. Clariane SE was founded in 2001 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 8.1% to 91.7% during 2023–25; it earns 3.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2023: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2024: grossProfit / revenue = 91.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2025: grossProfit / revenue = 8.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); 10-year return on capital observations [[2016,0.11138470927369859],[2017,0.10970569522585852],[2018,0.07096924753397625],[2019,0.038191028842438086],[2020,0.027421401309946084],[2021,0.042864631026141235],[2022,0.027374161506881534],[2023,0.015772555264755857],[2024,0.026149320887420596],[2025,0.03976206487482112]]; median 0.0389765468586296. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 3.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2016: growth capex 0; upkeep 159555000; owner earnings 132202000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2017: growth capex 31649000; upkeep 157029000; owner earnings 163324000. Growth capex / owner earnings = 0.1937804609242977.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2018: growth capex 101298000; upkeep 163298000; owner earnings 123133000. Growth capex / owner earnings = 0.8226714203341102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2019: growth capex 0; upkeep 326271000; owner earnings 299051000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2020: growth capex 0; upkeep 520103000; owner earnings 75980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); Dividend observations: [[2016,28724000],[2017,30599000],[2018,24865000],[2019,24657000],[2020,10247000],[2021,36436000],[2022,57826000],[2023,65678000],[2024,50780000],[2025,69956000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); FY2025: cash repurchases 3565000 EUR.

### Are managers owners

Insiders own 35.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CLARI.PA SharesStats.PercentInsiders = 35.809000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:42.997Z); Closing price 3.422 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 14.92013542559319; price multiple 0.22935448656384763. FY2025 cash earnings/share -1.6674981386005086. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 22.76 per share

- 2016-12: EUR 25.71 per share

- 2017-01: EUR 24.48 per share

- 2017-02: EUR 24.66 per share

- 2017-03: EUR 26.21 per share

- 2017-04: EUR 27.32 per share

- 2017-05: EUR 27.63 per share

- 2017-06: EUR 27.59 per share

- 2017-07: EUR 25.81 per share

- 2017-08: EUR 27.25 per share

- 2017-09: EUR 25.73 per share

- 2017-10: EUR 25.77 per share

- 2017-11: EUR 27.05 per share

- 2017-12: EUR 27.20 per share

- 2018-01: EUR 23.96 per share

- 2018-02: EUR 24.83 per share

- 2018-03: EUR 25.40 per share

- 2018-04: EUR 26.79 per share

- 2018-05: EUR 26.69 per share

- 2018-06: EUR 26.71 per share

- 2018-07: EUR 27.67 per share

- 2018-08: EUR 26.93 per share

- 2018-09: EUR 28.97 per share

- 2018-10: EUR 32.18 per share

- 2018-11: EUR 31.51 per share

- 2018-12: EUR 28.71 per share

- 2019-01: EUR 28.71 per share

- 2019-02: EUR 30.39 per share

- 2019-03: EUR 33.33 per share

- 2019-04: EUR 33.12 per share

- 2019-05: EUR 32.90 per share

- 2019-06: EUR 30.91 per share

- 2019-07: EUR 32.99 per share

- 2019-08: EUR 33.51 per share

- 2019-09: EUR 34.84 per share

- 2019-10: EUR 35.10 per share

- 2019-11: EUR 36.87 per share

- 2019-12: EUR 38.72 per share

- 2020-01: EUR 38.05 per share

- 2020-02: EUR 38.02 per share

- 2020-03: EUR 26.12 per share

- 2020-04: EUR 28.34 per share

- 2020-05: EUR 29.89 per share

- 2020-06: EUR 30.09 per share

- 2020-07: EUR 32.11 per share

- 2020-08: EUR 29.98 per share

- 2020-09: EUR 27.65 per share

- 2020-10: EUR 24.18 per share

- 2020-11: EUR 27.86 per share

- 2020-12: EUR 31.34 per share

- 2021-01: EUR 30.50 per share

- 2021-02: EUR 28.80 per share

- 2021-03: EUR 29.62 per share

- 2021-04: EUR 33.32 per share

- 2021-05: EUR 30.00 per share

- 2021-06: EUR 31.14 per share

- 2021-07: EUR 32.00 per share

- 2021-08: EUR 32.84 per share

- 2021-09: EUR 30.28 per share

- 2021-10: EUR 28.80 per share

- 2021-11: EUR 26.12 per share

- 2021-12: EUR 27.84 per share

- 2022-01: EUR 19.40 per share

- 2022-02: EUR 18.13 per share

- 2022-03: EUR 20.94 per share

- 2022-04: EUR 20.10 per share

- 2022-05: EUR 19.49 per share

- 2022-06: EUR 14.29 per share

- 2022-07: EUR 14.43 per share

- 2022-08: EUR 12.73 per share

- 2022-09: EUR 10.49 per share

- 2022-10: EUR 9.56 per share

- 2022-11: EUR 9.58 per share

- 2022-12: EUR 10.12 per share

- 2023-01: EUR 9.60 per share

- 2023-02: EUR 7.74 per share

- 2023-03: EUR 6.89 per share

- 2023-04: EUR 7.86 per share

- 2023-05: EUR 7.43 per share

- 2023-06: EUR 6.66 per share

- 2023-07: EUR 7.07 per share

- 2023-08: EUR 6.25 per share

- 2023-09: EUR 5.70 per share

- 2023-10: EUR 3.56 per share

- 2023-11: EUR 2.16 per share

- 2023-12: EUR 2.40 per share

- 2024-01: EUR 2.35 per share

- 2024-02: EUR 1.99 per share

- 2024-03: EUR 1.47 per share

- 2024-04: EUR 2.25 per share

- 2024-05: EUR 3.22 per share

- 2024-06: EUR 1.84 per share

- 2024-07: EUR 1.83 per share

- 2024-08: EUR 1.93 per share

- 2024-09: EUR 1.72 per share

- 2024-10: EUR 2.06 per share

- 2024-11: EUR 1.87 per share

- 2024-12: EUR 2.09 per share

- 2025-01: EUR 2.17 per share

- 2025-02: EUR 3.68 per share

- 2025-03: EUR 4.28 per share

- 2025-04: EUR 3.72 per share

- 2025-05: EUR 3.78 per share

- 2025-06: EUR 5.20 per share

- 2025-07: EUR 4.56 per share

- 2025-08: EUR 4.28 per share

- 2025-09: EUR 4.73 per share

- 2025-10: EUR 3.73 per share

- 2025-11: EUR 3.73 per share

- 2025-12: EUR 3.93 per share

- 2026-01: EUR 3.81 per share

- 2026-02: EUR 4.07 per share

- 2026-03: EUR 3.56 per share

- 2026-04: EUR 4.04 per share

- 2026-05: EUR 4.19 per share

- 2026-06: EUR 4.11 per share

- 2026-07: EUR 3.99 per share

- 2026-08: EUR 3.98 per share

- 2026-09: EUR 3.75 per share

- 2026-10: EUR 3.29 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 12.78 per share, central EUR 14.78 per share, high EUR 16.74 per share

- FY2017: low EUR 16.21 per share, central EUR 18.35 per share, high EUR 20.53 per share

- FY2018: low EUR 21.06 per share, central EUR 23.95 per share, high EUR 26.99 per share

- FY2019: low EUR 22.49 per share, central EUR 27.04 per share, high EUR 31.07 per share

- FY2020: low EUR 16.27 per share, central EUR 17.68 per share, high EUR 19.55 per share

- FY2021: low EUR 14.27 per share, central EUR 15.44 per share, high EUR 17.00 per share

- FY2022: low EUR 13.33 per share, central EUR 14.43 per share, high EUR 15.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations