# Nanobiotix (NANO.PA)

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

Analysis as of: 2026-10-16T07:43:39.759Z. Financial observations: FY2011–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 19.74 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: 10

- Operating margin variation: 2.16×

Chart: Operating margin; fiscal year observations.

- FY2016: -4.03×

- FY2017: -6.79×

- FY2018: -8.64×

- FY2019: -723.41×

- FY2020: -728.56×

- FY2021: -5,257.90×

- FY2022: -10.57×

- FY2023: -0.89×

- FY2025: -0.36×

### 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)

- ROIC, median of available years: -115.8%

- ROIC, second-lowest year: -1386.8%

- Years with nonpositive capital: 6

- Capital spending / revenue: 12.0%

- ROIC including acquisitions, ten-year median: -1412.5%

- Typical minus recent gross margin: 4093.4 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -859.9%

- FY2017: -1386.8%

- FY2018: -68.3%

- FY2019: -525.7%

- FY2020: -15067.1%

- FY2021: -57.1%

- FY2022: -152.7%

- FY2023: -43.4%

- FY2024: 0.0%

- FY2025: -78.9%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -235M

- Net income, five-year total: EUR -236M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -470.9 pp

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

- FY2021: EUR -47M

- FY2022: EUR -57M

- FY2023: EUR -40M

- FY2024: EUR -68M

- FY2025: EUR -24M

### 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: -859.9% vs -43.4%

- Per-share earnings: -1.38 to -1.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 13.6%

- Ordinary dilution, 5-year annual growth: 11.4%

- Market cap gain: EUR 692M

- Cumulative retained earnings: EUR -2.1M

- Diluted shares, 10-year annual growth: 13.6%

- Diluted shares, 5-year annual growth: 11.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 0.31

- Per-share value, starting three-year median: EUR -1.38

- Per-share value, ending three-year median: EUR -1.08

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 203K

- Cumulative net income, 10 years: EUR -399M

- ROIC, first three-year median: -859.9%

- ROIC, last three-year median: -43.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -1.40

- FY2017: EUR -1.38

- FY2018: EUR -1.55

- FY2019: EUR -2.27

- FY2020: EUR -1.21

- FY2021: EUR -1.35

- FY2022: EUR -1.64

- FY2023: EUR -1.08

- FY2024: EUR -1.44

- FY2025: EUR -0.50

### accounting: pass

- Sloan accruals exceed 10%

- Sloan accruals: 14.0%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.8%

- FY2017: -9.0%

- FY2018: -9.4%

- FY2019: -16.8%

- FY2020: -4.0%

- FY2021: -15.7%

- FY2022: -33.4%

- FY2023: -29.0%

- FY2024: -72.1%

- FY2025: 14.0%

## Holders

## Price story

Down 43% since Aug 2026 · net income EUR -24M

Story as of 2026-10-16T10:00:12.794Z; price observation 2026-10-15.

### Net income · FY2025

net income EUR -24M; source https://www.sec.gov/Archives/edgar/data/1760854/000176085426000003/nbx-20251231.htm; observed 2026-03-31.

- FY2016: EUR -22M 

- FY2017: EUR -26M 

- FY2018: EUR -30M 

- FY2019: EUR -51M 

- FY2020: EUR -34M 

- FY2021: EUR -47M 

- FY2022: EUR -57M 

- FY2023: EUR -40M 

- FY2024: EUR -68M 

- FY2025: EUR -24M 

### Gross margin · FY2022

gross margin 68.6%; source https://www.sec.gov/Archives/edgar/data/1760854/000176085426000003/nbx-20251231.htm; observed 2026-03-31.

- FY2016: 92.0% 

- FY2017: 90.7% 

- FY2022: 68.6% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 29.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1760854/000176085426000003/nbx-20251231.htm (filed 2026-03-31); FY2025: revenue 29643000; grossProfit 29643000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NANO.PA: Nanobiotix S.A. operates as a clinical-stage biotechnology that focuses on developing product candidates for the treatment of cancer and other unmet medical needs. Its lead product candidate is NBTXR3, a sterile aqueous suspension of crystalline hafnium oxide nanoparticles used for the treatment of soft tissue sarcoma, head and neck, liver, prostate, pancreatic, esophageal, rectal, and non-small cell lung cancer. The company has a partnership with Lian Oncology Limited to develop and commercialize NBTXR3 in China, South Korea, Singapore, and Thailand. Nanobiotix S.A. was incorporated in 2003 and is based in Paris, France.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); 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 15.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NANO.PA SharesStats.PercentInsiders = 15.485 percentage points; cache date 2026-10-16.

### What could break it

The agreement provides for a 12-month non-compete period following the termination of employment.

- Source: https://www.sec.gov/Archives/edgar/data/1760854/000176085426000003/nbx-20251231.htm (filed 2026-03-31); Hermant was entitled to an annual base salary of €210,000 in 2022 and 2023 (and variable compensation in an amount based on 50%), €260,000 in 2024 and 2025 and variable compensation in an amount based on 45% of the annual base salary, depending on the achievement of specified performance objectives. The agreement provides for a 12-month non-compete period following the termination of employment. Unless the Company decides not to apply this non-compete provision by way of a waiver, Ms.

### What the price says

The price is 31.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-31); Closing price 19.74 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 0.6198919117457775; price multiple 31.844261275174574. FY2025 cash earnings/share -0.49418620517470785. Closing-price date 2026-10-15.

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

- 2016-10: EUR 14.08 per share

- 2016-11: EUR 16.16 per share

- 2016-12: EUR 15.44 per share

- 2017-01: EUR 15.35 per share

- 2017-02: EUR 14.82 per share

- 2017-03: EUR 18.07 per share

- 2017-04: EUR 16.70 per share

- 2017-05: EUR 19.33 per share

- 2017-06: EUR 20.30 per share

- 2017-07: EUR 19.25 per share

- 2017-08: EUR 18.83 per share

- 2017-09: EUR 17.04 per share

- 2017-10: EUR 15.35 per share

- 2017-11: EUR 13.95 per share

- 2017-12: EUR 14.83 per share

- 2018-01: EUR 14.84 per share

- 2018-02: EUR 13.35 per share

- 2018-03: EUR 12.67 per share

- 2018-04: EUR 13.36 per share

- 2018-05: EUR 12.00 per share

- 2018-06: EUR 13.82 per share

- 2018-07: EUR 15.68 per share

- 2018-08: EUR 17.66 per share

- 2018-09: EUR 16.08 per share

- 2018-10: EUR 13.41 per share

- 2018-11: EUR 12.20 per share

- 2018-12: EUR 11.64 per share

- 2019-01: EUR 10.63 per share

- 2019-02: EUR 11.18 per share

- 2019-03: EUR 10.82 per share

- 2019-04: EUR 11.55 per share

- 2019-05: EUR 9.38 per share

- 2019-06: EUR 9.73 per share

- 2019-07: EUR 8.98 per share

- 2019-08: EUR 8.51 per share

- 2019-09: EUR 8.13 per share

- 2019-10: EUR 6.21 per share

- 2019-11: EUR 7.64 per share

- 2019-12: EUR 8.28 per share

- 2020-01: EUR 8.06 per share

- 2020-02: EUR 6.58 per share

- 2020-03: EUR 6.35 per share

- 2020-04: EUR 6.84 per share

- 2020-05: EUR 7.95 per share

- 2020-06: EUR 7.22 per share

- 2020-07: EUR 6.75 per share

- 2020-08: EUR 6.90 per share

- 2020-09: EUR 6.44 per share

- 2020-10: EUR 5.95 per share

- 2020-11: EUR 12.36 per share

- 2020-12: EUR 13.80 per share

- 2021-01: EUR 14.10 per share

- 2021-02: EUR 13.80 per share

- 2021-03: EUR 13.50 per share

- 2021-04: EUR 13.08 per share

- 2021-05: EUR 14.56 per share

- 2021-06: EUR 11.74 per share

- 2021-07: EUR 12.23 per share

- 2021-08: EUR 11.41 per share

- 2021-09: EUR 9.92 per share

- 2021-10: EUR 8.90 per share

- 2021-11: EUR 7.51 per share

- 2021-12: EUR 7.31 per share

- 2022-01: EUR 6.95 per share

- 2022-02: EUR 7.05 per share

- 2022-03: EUR 6.64 per share

- 2022-04: EUR 5.66 per share

- 2022-05: EUR 4.84 per share

- 2022-06: EUR 3.37 per share

- 2022-07: EUR 3.29 per share

- 2022-08: EUR 3.87 per share

- 2022-09: EUR 3.66 per share

- 2022-10: EUR 4.02 per share

- 2022-11: EUR 3.82 per share

- 2022-12: EUR 3.62 per share

- 2023-01: EUR 3.52 per share

- 2023-02: EUR 3.36 per share

- 2023-03: EUR 3.25 per share

- 2023-04: EUR 1.81 per share

- 2023-05: EUR 4.42 per share

- 2023-06: EUR 4.64 per share

- 2023-07: EUR 7.20 per share

- 2023-08: EUR 8.56 per share

- 2023-09: EUR 8.30 per share

- 2023-10: EUR 6.04 per share

- 2023-11: EUR 5.01 per share

- 2023-12: EUR 6.64 per share

- 2024-01: EUR 7.38 per share

- 2024-02: EUR 5.85 per share

- 2024-03: EUR 5.70 per share

- 2024-04: EUR 5.45 per share

- 2024-05: EUR 6.49 per share

- 2024-06: EUR 4.45 per share

- 2024-07: EUR 4.81 per share

- 2024-08: EUR 4.98 per share

- 2024-09: EUR 4.97 per share

- 2024-10: EUR 3.94 per share

- 2024-11: EUR 2.98 per share

- 2024-12: EUR 3.02 per share

- 2025-01: EUR 3.50 per share

- 2025-02: EUR 3.46 per share

- 2025-03: EUR 3.30 per share

- 2025-04: EUR 2.98 per share

- 2025-05: EUR 3.67 per share

- 2025-06: EUR 4.13 per share

- 2025-07: EUR 6.13 per share

- 2025-08: EUR 7.85 per share

- 2025-09: EUR 16.68 per share

- 2025-10: EUR 17.90 per share

- 2025-11: EUR 17.36 per share

- 2025-12: EUR 19.50 per share

- 2026-01: EUR 17.46 per share

- 2026-02: EUR 25.80 per share

- 2026-03: EUR 25.85 per share

- 2026-04: EUR 28.72 per share

- 2026-05: EUR 34.04 per share

- 2026-06: EUR 32.10 per share

- 2026-07: EUR 33.72 per share

- 2026-08: EUR 34.70 per share

- 2026-09: EUR 27.60 per share

- 2026-10: EUR 19.69 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

Prior published observations retained from 2026-10-15T06:49:23.118Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1760854/000176085426000003/nbx-20251231.htm); period 2025-12-31, filed 2026-03-31.

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.