# Valneva SE (VLA.PA)

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

Analysis as of: 2026-10-16T07:46:28.830Z. Financial observations: FY2005–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 2.59 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 9

- Operating margin variation: 1.01×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.45×

- FY2017: -0.04×

- FY2018: 0.06×

- FY2019: 0.01×

- FY2020: -0.50×

- FY2021: -0.18×

- FY2022: -0.31×

- FY2023: -0.53×

- FY2024: 0.08×

- FY2025: -0.47×

### 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 9.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: -19.9%

- ROIC, second-lowest year: -31.6%

- Typical minus recent gross margin: 9.7 pp

- Typical gross margin (annual median): 48.4%

- Recent gross margin (lower of latest and 3-year median): 38.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: -18.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -22.8%

- FY2017: -2.4%

- FY2018: 4.9%

- FY2019: 0.8%

- FY2020: -23.8%

- FY2021: -17.0%

- FY2022: -108.3%

- FY2023: -30.7%

- FY2024: 4.6%

- FY2025: -31.6%

### 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 -463M

- Net income, five-year total: EUR -446M

- Return on incremental invested capital: -54.2%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 12.1 pp

- Working capital / revenue, final three-year average: 43.0%

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

- FY2021: EUR -85M

- FY2022: EUR -156M

- FY2023: EUR -104M

- FY2024: EUR -15M

- FY2025: EUR -104M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.4% vs -30.7%

- Per-share earnings: -0.22 to -0.68 (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: 6.2%

- Ordinary dilution, 5-year annual growth: 12.8%

- Market cap gain: EUR 341M

- Cumulative retained earnings: EUR -515M

- Diluted shares, 10-year annual growth: 6.2%

- Diluted shares, 5-year annual growth: 12.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -0.46

- Per-share value, starting three-year median: EUR -0.22

- Per-share value, ending three-year median: EUR -0.68

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 0

- Cumulative net income, 10 years: EUR -569M

- ROIC, first three-year median: -2.4%

- ROIC, last three-year median: -30.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -0.53

- FY2017: EUR -0.12

- FY2018: EUR 0.04

- FY2019: EUR -0.02

- FY2020: EUR -0.70

- FY2021: EUR -0.73

- FY2022: EUR -1.04

- FY2023: EUR -0.73

- FY2024: EUR -0.08

- FY2025: EUR -0.68

### accounting: pass

- Sloan accruals: -15.6%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -26.9%

- FY2017: -12.8%

- FY2018: -5.7%

- FY2019: -2.7%

- FY2020: -45.0%

- FY2021: -18.4%

- FY2022: 16.4%

- FY2023: 22.0%

- FY2024: 11.0%

- FY2025: -15.6%

## Holders

## Price story

Down 91% since Nov 2021 · "Valneva Announces FDA’s Decision to Suspend License of Chikungunya Vaccine IXCHIQ® in the U.S." (finance.yahoo.com, Aug 2025) · sales +3%

Story as of 2026-10-16T10:00:13.568Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +3%; source https://www.sec.gov/Archives/edgar/data/1836564/000162828026018808/valn-20251231.htm; observed 2026-03-17.

- FY2016: EUR 94M 

- FY2017: EUR 105M 

- FY2018: EUR 113M 

- FY2019: EUR 126M 

- FY2020: EUR 110M 

- FY2021: EUR 348M 

- FY2022: EUR 361M 

- FY2023: EUR 154M 

- FY2024: EUR 170M 

- FY2025: EUR 175M 

### Gross margin · FY2025

gross margin 38.7%; source https://www.sec.gov/Archives/edgar/data/1836564/000162828026018808/valn-20251231.htm; observed 2026-03-17.

- FY2016: 54.2% 

- FY2017: 56.3% 

- FY2018: 61.6% 

- FY2019: 60.4% 

- FY2020: 50.8% 

- FY2021: 46.0% 

- FY2022: 10.2% 

- FY2023: 34.4% 

- FY2024: 41.9% 

- FY2025: 38.7% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are EUR 174.7 million.

- Source: https://www.sec.gov/Archives/edgar/data/1836564/000162828026018808/valn-20251231.htm (filed 2026-03-17); FY2025: revenue 174658000; grossProfit 67519000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VLA.PA: Valneva SE, a specialty vaccine company, develops, manufactures, and commercializes prophylactic vaccines for infectious diseases with unmet needs. It offers IXIARO, an inactivated Vero cell culture-derived Japanese encephalitis vaccine indicated for active immunization against Japanese encephalitis; DUKORAL, an oral vaccine for the prevention of diarrhea caused by Vibrio cholera or heat-labile toxin producing enterotoxigenic Escherichia coli bacterium; and IXCHIQ/ VLA1553, a single-dose, live-attenuated vaccine for the prevention of disease caused by chikungunya virus. The company also develops VLA15, a vaccine candidate against Borrelia, the bacterium that causes Lyme disease; S4V2, a tetravalent bioconjugate vaccine candidate against shigellosis, a diarrheal infection caused by Shigella bacteria; VLA1601, a vaccine candidate targeting the Zika virus, a mosquito-borne viral disease; VLA1554, a vaccine candidate targeting human metapneumovirus; VLA84, a vaccine candidate targeting the prevention of primary symptomatic clostridium difficile infection; PF-07307405, a vaccine candidate to prevent Lyme disease cases in individuals aged five years and older and VLA2112, a vaccine candidate to treat patients with epstein-barr virus. It sells its products in the United States, Canada, Germany, Austria, Nordics, the United Kingdom, France, rest of Europe, and internationally. Valneva SE was founded in 1998 and is based in Saint-Herblain, France.

### Why customers stay

Margins ranged from 34.4% to 41.9% during 2023–25; it lost 19.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2023: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2024: grossProfit / revenue = 41.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1836564/000162828026018808/valn-20251231.htm (filed 2026-03-17); FY2025: grossProfit / revenue = 38.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); 10-year return on capital observations [[2016,-0.2283241334827036],[2017,-0.023914285058069654],[2018,0.049284815972311206],[2019,0.007614763034695055],[2020,-0.238071776588124],[2021,-0.1700307464695901],[2022,-1.0830469618601053],[2023,-0.3073647165885403],[2024,0.04592622636243109],[2025,-0.31648307372181816]]; median -0.19917743997614684. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); FY2018: growth capex 0; upkeep 3171000; owner earnings 6921000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); 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 10.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VLA.PA SharesStats.PercentInsiders = 10.721 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-17); Closing price 2.585 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 1.0385228052759394; price multiple 2.4891124074190705. FY2025 cash earnings/share -0.6156490292147374. Closing-price date 2026-10-15.

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

- 2016-10: EUR 2.48 per share

- 2016-11: EUR 2.61 per share

- 2016-12: EUR 3.09 per share

- 2017-01: EUR 2.77 per share

- 2017-02: EUR 2.60 per share

- 2017-03: EUR 2.51 per share

- 2017-04: EUR 2.75 per share

- 2017-05: EUR 3.02 per share

- 2017-06: EUR 2.96 per share

- 2017-07: EUR 2.94 per share

- 2017-08: EUR 2.92 per share

- 2017-09: EUR 2.93 per share

- 2017-10: EUR 2.78 per share

- 2017-11: EUR 2.89 per share

- 2017-12: EUR 2.77 per share

- 2018-01: EUR 3.62 per share

- 2018-02: EUR 3.47 per share

- 2018-03: EUR 3.56 per share

- 2018-04: EUR 3.91 per share

- 2018-05: EUR 3.91 per share

- 2018-06: EUR 3.55 per share

- 2018-07: EUR 4.15 per share

- 2018-08: EUR 4.00 per share

- 2018-09: EUR 3.76 per share

- 2018-10: EUR 3.36 per share

- 2018-11: EUR 3.41 per share

- 2018-12: EUR 3.17 per share

- 2019-01: EUR 3.37 per share

- 2019-02: EUR 3.42 per share

- 2019-03: EUR 3.46 per share

- 2019-04: EUR 3.29 per share

- 2019-05: EUR 3.41 per share

- 2019-06: EUR 3.18 per share

- 2019-07: EUR 3.07 per share

- 2019-08: EUR 3.17 per share

- 2019-09: EUR 2.90 per share

- 2019-10: EUR 2.51 per share

- 2019-11: EUR 2.50 per share

- 2019-12: EUR 2.57 per share

- 2020-01: EUR 3.12 per share

- 2020-02: EUR 2.81 per share

- 2020-03: EUR 2.85 per share

- 2020-04: EUR 4.19 per share

- 2020-05: EUR 3.76 per share

- 2020-06: EUR 4.34 per share

- 2020-07: EUR 4.72 per share

- 2020-08: EUR 5.22 per share

- 2020-09: EUR 7.02 per share

- 2020-10: EUR 6.09 per share

- 2020-11: EUR 6.39 per share

- 2020-12: EUR 7.75 per share

- 2021-01: EUR 9.48 per share

- 2021-02: EUR 11.08 per share

- 2021-03: EUR 10.60 per share

- 2021-04: EUR 14.01 per share

- 2021-05: EUR 10.71 per share

- 2021-06: EUR 11.14 per share

- 2021-07: EUR 11.86 per share

- 2021-08: EUR 21.04 per share

- 2021-09: EUR 13.56 per share

- 2021-10: EUR 19.25 per share

- 2021-11: EUR 28.02 per share

- 2021-12: EUR 24.50 per share

- 2022-01: EUR 15.28 per share

- 2022-02: EUR 15.05 per share

- 2022-03: EUR 15.64 per share

- 2022-04: EUR 12.37 per share

- 2022-05: EUR 11.64 per share

- 2022-06: EUR 10.86 per share

- 2022-07: EUR 9.65 per share

- 2022-08: EUR 9.17 per share

- 2022-09: EUR 5.22 per share

- 2022-10: EUR 6.85 per share

- 2022-11: EUR 6.26 per share

- 2022-12: EUR 6.22 per share

- 2023-01: EUR 6.25 per share

- 2023-02: EUR 5.48 per share

- 2023-03: EUR 4.83 per share

- 2023-04: EUR 4.39 per share

- 2023-05: EUR 5.21 per share

- 2023-06: EUR 6.68 per share

- 2023-07: EUR 6.82 per share

- 2023-08: EUR 6.37 per share

- 2023-09: EUR 5.54 per share

- 2023-10: EUR 5.35 per share

- 2023-11: EUR 5.31 per share

- 2023-12: EUR 4.72 per share

- 2024-01: EUR 3.80 per share

- 2024-02: EUR 3.07 per share

- 2024-03: EUR 3.64 per share

- 2024-04: EUR 3.38 per share

- 2024-05: EUR 4.11 per share

- 2024-06: EUR 3.18 per share

- 2024-07: EUR 3.30 per share

- 2024-08: EUR 3.29 per share

- 2024-09: EUR 2.66 per share

- 2024-10: EUR 2.58 per share

- 2024-11: EUR 1.85 per share

- 2024-12: EUR 2.16 per share

- 2025-01: EUR 2.73 per share

- 2025-02: EUR 3.30 per share

- 2025-03: EUR 3.09 per share

- 2025-04: EUR 2.89 per share

- 2025-05: EUR 2.79 per share

- 2025-06: EUR 2.35 per share

- 2025-07: EUR 3.27 per share

- 2025-08: EUR 3.82 per share

- 2025-09: EUR 4.95 per share

- 2025-10: EUR 4.04 per share

- 2025-11: EUR 4.02 per share

- 2025-12: EUR 3.72 per share

- 2026-01: EUR 3.89 per share

- 2026-02: EUR 4.73 per share

- 2026-03: EUR 2.82 per share

- 2026-04: EUR 2.31 per share

- 2026-05: EUR 2.61 per share

- 2026-06: EUR 2.26 per share

- 2026-07: EUR 2.15 per share

- 2026-08: EUR 2.71 per share

- 2026-09: EUR 2.71 per share

- 2026-10: EUR 2.53 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

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1836564/000162828026018808/valn-20251231.htm); period 2025-12-31, filed 2026-03-17.

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.