# Genfit (GNFT.PA)

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

Analysis as of: 2026-10-16T07:47:23.689Z. Financial observations: FY2003–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 8.14 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 8

- Operating margin variation: 1.81×

Chart: Operating margin; fiscal year observations.

- FY2016: -120.27×

- FY2017: -480.47×

- FY2018: -1,007.01×

- FY2019: -1.88×

- FY2020: -108.36×

- FY2021: 0.40×

- FY2022: -1.36×

- FY2023: -0.93×

- FY2024: 0.05×

- FY2025: -0.90×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 63.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: -23.5%

- ROIC, second-lowest year: -74.4%

- Typical minus recent gross margin: 63.9 pp

- Typical gross margin (annual median): 86.2%

- Recent gross margin (lower of latest and 3-year median): 22.2%

- Years with nonpositive capital: 6

- Capital spending / revenue: 7.6%

- ROIC including acquisitions, ten-year median: -63.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -18.1%

- FY2017: -16.7%

- FY2018: -28.8%

- FY2019: -17.1%

- FY2020: -38.6%

- FY2021: 15.9%

- FY2022: -74.4%

- FY2023: -34.8%

- FY2024: 5.4%

- FY2025: -179.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -21M

- Net income, five-year total: EUR -70M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 2193.2 pp

- Working capital / revenue, change between three-year averages: 21455.0 pp

- Working capital / revenue, final three-year average: 33.0%

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

- FY2021: EUR 68M

- FY2022: EUR -23M

- FY2023: EUR -30M

- FY2024: EUR 1.2M

- FY2025: EUR -37M

### 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: -18.1% vs -34.8%

- Per-share earnings: -1.20 to -0.58 (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: 7.6%

- Ordinary dilution, 5-year annual growth: 5.1%

- Market cap gain: EUR -328M

- Cumulative retained earnings: EUR -373M

- Diluted shares, 10-year annual growth: 7.6%

- Diluted shares, 5-year annual growth: 5.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 0.62

- Per-share value, starting three-year median: EUR -1.20

- Per-share value, ending three-year median: EUR -0.58

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 49M

- Cumulative net income, 10 years: EUR -408M

- ROIC, first three-year median: -18.1%

- ROIC, last three-year median: -34.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -1.20

- FY2017: EUR -1.88

- FY2018: EUR -2.55

- FY2019: EUR -1.68

- FY2020: EUR -2.61

- FY2021: EUR 1.18

- FY2022: EUR -0.48

- FY2023: EUR -0.58

- FY2024: EUR 0.03

- FY2025: EUR -1.72

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -38.4%

- Receivables to sales index (DSRI): 5.46×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.9%

- FY2017: -3.0%

- FY2018: -10.2%

- FY2019: -5.6%

- FY2020: -2.4%

- FY2021: -11.6%

- FY2022: 22.7%

- FY2023: 15.3%

- FY2024: -9.3%

- FY2025: -38.4%

## Holders

## Price story

Down 44% since Jul 2026 · sales -2.3%

Story as of 2026-10-16T10:00:13.696Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -2.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 284K 

- FY2017: EUR 118K 

- FY2018: EUR 69K 

- FY2019: EUR 31M 

- FY2020: EUR 765K 

- FY2021: EUR 80M 

- FY2022: EUR 20M 

- FY2023: EUR 29M 

- FY2024: EUR 67M 

- FY2025: EUR 65M 

### Gross margin · FY2025

gross margin 22.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 99.4% 

- FY2020: 73.6% 

- FY2021: 99.8% 

- FY2022: 98.8% 

- FY2023: 98.8% 

- FY2024: 99.6% 

- FY2025: 22.2% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 65.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2025: revenue 65434000; grossProfit 14552000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNFT.PA: Genfit S.A., together with its subsidiaries, engages in the research and development of medicines and diagnostic solutions in France and internationally. The company offers elafibranor for the treatment of primary biliary cholangitis; and NIS, a non-invasive diagnostic technology for the treatment of metabolic dysfunction-associated steatohepatitis. It also develops elafibranor, which is in Phase 3 clinical trial for the treatment of primary sclerosing cholangitis; GNS561, which is in Phase 1b clinical trial for the treatment of cholangiocarcinoma; and G1090N/NTZ, which is in Phase 1 clinical trial for the treatment of acute-on-chronic liver failure continuum. In addition, the company is involved in the development of drugs in preclinical stage, including SRT-015, CLM-022, and EViv for the treatment of acute-on-chronic liver failure continuum; VS-02-HE for the treatment of hepatic encephalopathy; and VS-01-HAC (UCD/OA) for the treatment of hyperammonemic crises, urea cycle disorder, and organic acidemias. It has strategic partnerships with Ipsen for the development and commercialization of elafibranor; and Labcorp for the development and commercialization of NASHnext, a blood-based molecular diagnostic test, as well as TS-01, a diagnostic tool for blood ammonia levels. The company was incorporated in 1999 and is headquartered in Loos, France.

### Why customers stay

Margins ranged from 22.2% to 99.6% during 2023–25; it lost 23.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2023: grossProfit / revenue = 98.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2024: grossProfit / revenue = 99.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2025: grossProfit / revenue = 22.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); 10-year return on capital observations [[2016,-0.18104542099966453],[2017,-0.16713579371594894],[2018,-0.28811257374399024],[2019,-0.17067617040988628],[2020,-0.38629750662128604],[2021,0.15931986727740957],[2022,-0.7440075892246684],[2023,-0.34798647708064034],[2024,0.05400605192940734],[2025,-1.7939488187459052]]; median -0.23457899737182739. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 99% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); Gross margin observations: [[2021,0.9979892342854289],[2022,0.987719732607081],[2023,0.9880623140206547]]; range within 2 percentage points.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2021: growth capex 0; upkeep 537000; owner earnings 68050200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); FY2024: growth capex 0; upkeep 979000; owner earnings 1240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 13.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GNFT.PA SharesStats.PercentInsiders = 13.218 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:47:23.689Z); Closing price 8.14 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 1.31241250115328; price multiple 6.202318244337807. FY2025 cash earnings/share -0.7472451652499709. Closing-price date 2026-10-15.

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

- 2016-10: EUR 17.05 per share

- 2016-11: EUR 18.49 per share

- 2016-12: EUR 21.01 per share

- 2017-01: EUR 20.42 per share

- 2017-02: EUR 21.29 per share

- 2017-03: EUR 29.50 per share

- 2017-04: EUR 31.75 per share

- 2017-05: EUR 29.98 per share

- 2017-06: EUR 29.91 per share

- 2017-07: EUR 27.01 per share

- 2017-08: EUR 25.00 per share

- 2017-09: EUR 24.58 per share

- 2017-10: EUR 22.59 per share

- 2017-11: EUR 22.84 per share

- 2017-12: EUR 23.92 per share

- 2018-01: EUR 27.68 per share

- 2018-02: EUR 23.06 per share

- 2018-03: EUR 23.50 per share

- 2018-04: EUR 23.50 per share

- 2018-05: EUR 24.10 per share

- 2018-06: EUR 23.54 per share

- 2018-07: EUR 24.22 per share

- 2018-08: EUR 23.54 per share

- 2018-09: EUR 19.98 per share

- 2018-10: EUR 20.62 per share

- 2018-11: EUR 20.44 per share

- 2018-12: EUR 17.35 per share

- 2019-01: EUR 18.02 per share

- 2019-02: EUR 21.50 per share

- 2019-03: EUR 21.48 per share

- 2019-04: EUR 22.46 per share

- 2019-05: EUR 21.72 per share

- 2019-06: EUR 17.62 per share

- 2019-07: EUR 16.11 per share

- 2019-08: EUR 15.89 per share

- 2019-09: EUR 14.71 per share

- 2019-10: EUR 12.95 per share

- 2019-11: EUR 14.20 per share

- 2019-12: EUR 17.65 per share

- 2020-01: EUR 15.51 per share

- 2020-02: EUR 13.76 per share

- 2020-03: EUR 13.50 per share

- 2020-04: EUR 19.90 per share

- 2020-05: EUR 4.79 per share

- 2020-06: EUR 5.04 per share

- 2020-07: EUR 4.22 per share

- 2020-08: EUR 4.22 per share

- 2020-09: EUR 4.88 per share

- 2020-10: EUR 3.12 per share

- 2020-11: EUR 4.44 per share

- 2020-12: EUR 3.99 per share

- 2021-01: EUR 4.18 per share

- 2021-02: EUR 4.28 per share

- 2021-03: EUR 4.01 per share

- 2021-04: EUR 3.70 per share

- 2021-05: EUR 3.30 per share

- 2021-06: EUR 3.25 per share

- 2021-07: EUR 3.35 per share

- 2021-08: EUR 3.67 per share

- 2021-09: EUR 3.26 per share

- 2021-10: EUR 3.05 per share

- 2021-11: EUR 2.94 per share

- 2021-12: EUR 4.32 per share

- 2022-01: EUR 3.60 per share

- 2022-02: EUR 3.39 per share

- 2022-03: EUR 3.60 per share

- 2022-04: EUR 3.37 per share

- 2022-05: EUR 3.31 per share

- 2022-06: EUR 3.06 per share

- 2022-07: EUR 4.13 per share

- 2022-08: EUR 4.22 per share

- 2022-09: EUR 3.80 per share

- 2022-10: EUR 4.03 per share

- 2022-11: EUR 3.42 per share

- 2022-12: EUR 3.97 per share

- 2023-01: EUR 3.90 per share

- 2023-02: EUR 4.10 per share

- 2023-03: EUR 3.70 per share

- 2023-04: EUR 3.70 per share

- 2023-05: EUR 3.77 per share

- 2023-06: EUR 3.50 per share

- 2023-07: EUR 3.33 per share

- 2023-08: EUR 3.31 per share

- 2023-09: EUR 3.14 per share

- 2023-10: EUR 3.05 per share

- 2023-11: EUR 3.05 per share

- 2023-12: EUR 3.54 per share

- 2024-01: EUR 3.68 per share

- 2024-02: EUR 3.15 per share

- 2024-03: EUR 3.34 per share

- 2024-04: EUR 3.20 per share

- 2024-05: EUR 4.72 per share

- 2024-06: EUR 3.47 per share

- 2024-07: EUR 3.99 per share

- 2024-08: EUR 3.91 per share

- 2024-09: EUR 5.43 per share

- 2024-10: EUR 5.17 per share

- 2024-11: EUR 3.91 per share

- 2024-12: EUR 3.54 per share

- 2025-01: EUR 3.58 per share

- 2025-02: EUR 3.49 per share

- 2025-03: EUR 3.31 per share

- 2025-04: EUR 3.57 per share

- 2025-05: EUR 4.02 per share

- 2025-06: EUR 3.26 per share

- 2025-07: EUR 3.48 per share

- 2025-08: EUR 3.45 per share

- 2025-09: EUR 3.27 per share

- 2025-10: EUR 3.62 per share

- 2025-11: EUR 4.46 per share

- 2025-12: EUR 5.27 per share

- 2026-01: EUR 5.60 per share

- 2026-02: EUR 8.99 per share

- 2026-03: EUR 8.48 per share

- 2026-04: EUR 8.08 per share

- 2026-05: EUR 8.80 per share

- 2026-06: EUR 10.60 per share

- 2026-07: EUR 14.66 per share

- 2026-08: EUR 14.14 per share

- 2026-09: EUR 9.92 per share

- 2026-10: EUR 7.89 per share

## Annual estimated value (EUR 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.