# Icade (ICAD.PA)

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

Analysis as of: 2026-10-16T07:43:11.418Z. Financial observations: FY2000–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 14.59 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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 3

- Operating margin variation: 13.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.16×

- FY2020: 0.15×

- FY2021: 0.48×

- FY2022: -0.05×

- FY2023: -0.83×

- FY2024: -0.22×

- FY2025: 0.19×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 16.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.0%

- ROIC, second-lowest year: -3.2%

- Typical minus recent gross margin: 16.4 pp

- Typical gross margin (annual median): 48.9%

- Recent gross margin (lower of latest and 3-year median): 32.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 35.9%

- ROIC including acquisitions, ten-year median: -2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.8%

- FY2017: 2.2%

- FY2018: 2.1%

- FY2019: 2.6%

- FY2020: 1.5%

- FY2021: 5.8%

- FY2022: -0.5%

- FY2023: -11.8%

- FY2024: -3.2%

- FY2025: 2.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -2.5B

- Net income, five-year total: EUR -1.2B

- Return on incremental invested capital: 1.4%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: 2.0 pp

- Working capital / revenue, final three-year average: 41.0%

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

- FY2021: EUR -115M

- FY2022: EUR -77M

- FY2023: EUR -1.5B

- FY2024: EUR -380M

- FY2025: EUR -422M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 2.1% vs -3.2%

- Per-share earnings: 0.61 to -3.64 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 0.3%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR -3.3B

- Cumulative retained earnings: EUR -181M

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -4.25

- Per-share value, starting three-year median: EUR 0.61

- Per-share value, ending three-year median: EUR -3.64

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 92M

- Cumulative net income, 10 years: EUR -501M

- ROIC, first three-year median: 2.1%

- ROIC, last three-year median: -3.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.61

- FY2017: EUR 2.30

- FY2018: EUR 2.09

- FY2019: EUR 4.06

- FY2020: EUR 0.33

- FY2021: EUR 5.28

- FY2022: EUR 0.71

- FY2023: EUR -16.50

- FY2024: EUR -3.64

- FY2025: EUR -1.62

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 0.50×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: -1.5%

- FY2018: -1.7%

- FY2019: -0.5%

- FY2020: -3.6%

- FY2021: -0.7%

- FY2022: -1.4%

- FY2023: -13.6%

- FY2024: -6.1%

- FY2025: -5.0%

## Holders

## Price story

Down 78% since Oct 2021 · sales -0.1%

Story as of 2026-10-16T10:00:12.644Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -0.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.5B 

- FY2017: EUR 1.7B 

- FY2018: EUR 1.8B 

- FY2019: EUR 1.5B 

- FY2020: EUR 1.4B 

- FY2021: EUR 1.7B 

- FY2022: EUR 1.6B 

- FY2023: EUR 1.5B 

- FY2024: EUR 1.5B 

- FY2025: EUR 1.4B 

### Gross margin · FY2025

gross margin 32.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 49.9% 

- FY2017: 47.1% 

- FY2018: 47.9% 

- FY2019: 53.8% 

- FY2020: 57.2% 

- FY2021: 54.7% 

- FY2022: 52.2% 

- FY2023: 38.1% 

- FY2024: 34.6% 

- FY2025: 32.5% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are EUR 1.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2025: revenue 1449600000; grossProfit 470400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 32.5% to 38.1% during 2023–25; it earns 2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2023: grossProfit / revenue = 38.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2024: grossProfit / revenue = 34.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2025: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); 10-year return on capital observations [[2016,0.018379108696576565],[2017,0.0220237491119456],[2018,0.020648110078262633],[2019,0.02639775795303241],[2020,0.01529220834251428],[2021,0.057524365539771874],[2022,-0.004679726529733582],[2023,-0.11802373775433309],[2024,-0.032406839441803406],[2025,0.02946782228342311]]; median 0.019513609387419598. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2017: growth capex 389500000; upkeep 288400000; owner earnings 170300000. Growth capex / owner earnings = 2.287140340575455.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); FY2018: growth capex 186100000; upkeep 339300000; owner earnings 154900000. Growth capex / owner earnings = 1.2014202711426727.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); Dividend observations: [[2016,275300000],[2017,295600000],[2018,317800000],[2019,340000000],[2020,296500000],[2021,196100000],[2022,317800000],[2023,328100000],[2024,366700000],[2025,326700000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ICAD.PA SharesStats.PercentInsiders = 0.571 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:11.418Z); Closing price 14.59 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 19.09478897729069; price multiple 0.7640828090507726. FY2025 cash earnings/share -5.558775488698035. Closing-price date 2026-10-15.

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

- 2016-10: EUR 65.48 per share

- 2016-11: EUR 65.20 per share

- 2016-12: EUR 67.79 per share

- 2017-01: EUR 65.52 per share

- 2017-02: EUR 67.30 per share

- 2017-03: EUR 68.68 per share

- 2017-04: EUR 68.17 per share

- 2017-05: EUR 71.77 per share

- 2017-06: EUR 73.50 per share

- 2017-07: EUR 72.57 per share

- 2017-08: EUR 74.66 per share

- 2017-09: EUR 75.47 per share

- 2017-10: EUR 75.00 per share

- 2017-11: EUR 78.04 per share

- 2017-12: EUR 81.93 per share

- 2018-01: EUR 87.30 per share

- 2018-02: EUR 79.55 per share

- 2018-03: EUR 78.90 per share

- 2018-04: EUR 82.35 per share

- 2018-05: EUR 79.50 per share

- 2018-06: EUR 80.30 per share

- 2018-07: EUR 82.80 per share

- 2018-08: EUR 84.05 per share

- 2018-09: EUR 79.60 per share

- 2018-10: EUR 74.90 per share

- 2018-11: EUR 70.00 per share

- 2018-12: EUR 66.50 per share

- 2019-01: EUR 73.60 per share

- 2019-02: EUR 74.85 per share

- 2019-03: EUR 75.40 per share

- 2019-04: EUR 76.20 per share

- 2019-05: EUR 76.05 per share

- 2019-06: EUR 80.60 per share

- 2019-07: EUR 78.50 per share

- 2019-08: EUR 80.45 per share

- 2019-09: EUR 82.05 per share

- 2019-10: EUR 87.80 per share

- 2019-11: EUR 90.85 per share

- 2019-12: EUR 97.05 per share

- 2020-01: EUR 100.80 per share

- 2020-02: EUR 90.25 per share

- 2020-03: EUR 72.15 per share

- 2020-04: EUR 70.15 per share

- 2020-05: EUR 64.35 per share

- 2020-06: EUR 62.00 per share

- 2020-07: EUR 56.00 per share

- 2020-08: EUR 54.25 per share

- 2020-09: EUR 47.92 per share

- 2020-10: EUR 43.40 per share

- 2020-11: EUR 61.95 per share

- 2020-12: EUR 62.90 per share

- 2021-01: EUR 59.45 per share

- 2021-02: EUR 61.20 per share

- 2021-03: EUR 62.35 per share

- 2021-04: EUR 64.70 per share

- 2021-05: EUR 73.25 per share

- 2021-06: EUR 72.80 per share

- 2021-07: EUR 77.15 per share

- 2021-08: EUR 72.80 per share

- 2021-09: EUR 67.85 per share

- 2021-10: EUR 67.80 per share

- 2021-11: EUR 62.65 per share

- 2021-12: EUR 63.10 per share

- 2022-01: EUR 63.85 per share

- 2022-02: EUR 55.30 per share

- 2022-03: EUR 58.35 per share

- 2022-04: EUR 57.05 per share

- 2022-05: EUR 54.05 per share

- 2022-06: EUR 46.54 per share

- 2022-07: EUR 48.86 per share

- 2022-08: EUR 43.96 per share

- 2022-09: EUR 38.20 per share

- 2022-10: EUR 37.66 per share

- 2022-11: EUR 39.42 per share

- 2022-12: EUR 40.24 per share

- 2023-01: EUR 43.56 per share

- 2023-02: EUR 47.40 per share

- 2023-03: EUR 43.34 per share

- 2023-04: EUR 42.52 per share

- 2023-05: EUR 37.24 per share

- 2023-06: EUR 38.18 per share

- 2023-07: EUR 37.08 per share

- 2023-08: EUR 34.84 per share

- 2023-09: EUR 31.26 per share

- 2023-10: EUR 30.80 per share

- 2023-11: EUR 33.28 per share

- 2023-12: EUR 35.54 per share

- 2024-01: EUR 31.56 per share

- 2024-02: EUR 27.64 per share

- 2024-03: EUR 25.10 per share

- 2024-04: EUR 25.00 per share

- 2024-05: EUR 28.32 per share

- 2024-06: EUR 22.94 per share

- 2024-07: EUR 20.60 per share

- 2024-08: EUR 20.28 per share

- 2024-09: EUR 26.54 per share

- 2024-10: EUR 24.04 per share

- 2024-11: EUR 22.26 per share

- 2024-12: EUR 22.98 per share

- 2025-01: EUR 22.72 per share

- 2025-02: EUR 22.54 per share

- 2025-03: EUR 21.00 per share

- 2025-04: EUR 20.90 per share

- 2025-05: EUR 24.16 per share

- 2025-06: EUR 23.84 per share

- 2025-07: EUR 20.92 per share

- 2025-08: EUR 20.74 per share

- 2025-09: EUR 21.42 per share

- 2025-10: EUR 21.12 per share

- 2025-11: EUR 21.22 per share

- 2025-12: EUR 22.00 per share

- 2026-01: EUR 20.74 per share

- 2026-02: EUR 21.42 per share

- 2026-03: EUR 19.36 per share

- 2026-04: EUR 20.46 per share

- 2026-05: EUR 21.06 per share

- 2026-06: EUR 19.20 per share

- 2026-07: EUR 19.35 per share

- 2026-08: EUR 18.19 per share

- 2026-09: EUR 15.97 per share

- 2026-10: EUR 14.73 per share

## Annual estimated value (EUR per share)

- FY2017: low EUR 5.76 per share, central EUR 5.84 per share, high EUR 5.94 per share

- FY2018: low EUR 8.64 per share, central EUR 8.72 per share, high EUR 8.82 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.