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Barco
(OTC:BCNAY)
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Rating:64Neutral
Price Target:
$5.00
▼(-28.16% Downside)
Action:Reiterated
Date:02/18/26
The score is driven mainly by solid financial quality (good margins and low leverage) and supportive valuation (moderate P/E and strong dividend yield). Offsetting these are weak technicals (downtrend and negative momentum) and execution risks highlighted on the call—especially Healthcare profitability pressure and limited order visibility—despite management’s positive FY2026 growth outlook.
Positive Factors
Stable, high gross margins
Sustained ~40% gross margins and an improving net margin provide structural profit resilience across product cycles. High product-level margins support investment in software/recurring offerings, protect cash generation in downcycles and underpin durable operating leverage as volumes recover.
Negative Factors
Healthcare profitability pressure
A material EBITDA decline in Healthcare signals structural demand and execution issues: slower U.S. orders, tariff/FX headwinds and weaker surgical renewals. Given Healthcare's strategic importance, prolonged weakness risks dragging overall margins and slows the software/recurring transition.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable, high gross margins
Sustained ~40% gross margins and an improving net margin provide structural profit resilience across product cycles. High product-level margins support investment in software/recurring offerings, protect cash generation in downcycles and underpin durable operating leverage as volumes recover.
Read all positive factors
Barco (BCNAY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$804.45M
Dividend Yield4.08%
Average Volume (3M)0.00
Price to Earnings (P/E)9.8
Beta (1Y)0.60
Revenue Growth6.49%
EPS Growth26.22%
CountryUS
Employees2,944
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.12
Shares Outstanding174,683,290
10 Day Avg. Volume0
30 Day Avg. Volume0
Financial Highlights & Ratios
PEG Ratio-0.19
Price to Book (P/B)0.76
Price to Sales (P/S)0.56
P/FCF Ratio8.88
Enterprise Value/Market Cap0.64
Enterprise Value/Revenue0.54
Enterprise Value/Gross Profit1.35
Enterprise Value/Ebitda4.29
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.46
Revenue Forecast (FY)$1.12B
Barco Business Overview & Revenue Model
Company Description
Barco N.V., operating globally with its subsidiaries, specializes in creating cutting-edge visualization solutions tailored for the entertainment, enterprise, and healthcare industries. Its operations are segmented into three core divisions: Enter...
How the Company Makes Money
Barco makes money primarily by selling professional visualization hardware and related systems across its three business segments. Revenue is largely generated from (1) product sales of digital cinema projectors and cinema-related solutions to exh...
Barco Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call balances clear commercial and operational progress (group revenue growth at constant currency, EUR 125m EBITDA, 20% EPS growth, strong Entertainment momentum, progress on sustainability targets and recurring-revenue initiatives such as HDR/Cinema-as-a-Service) against persistent headwinds (Healthcare EBITDA decline, U.S. tariffs and FX pressure, shorter order cycles reducing visibility, and competitive pressure in modality). Management emphasizes disciplined cost control, structural initiatives to restore Healthcare performance, and cautious but positive guidance skewed to H2. Overall, the company reported measurable improvements and strategic shifts that outweigh near-term challenges, but some recovery (notably in U.S. Healthcare and visibility) is timing-dependent.Positive Updates
Revenue Growth
Full-year sales of EUR 964 million, up 2% year-over-year reported and up 4% at constant currency.
Negative Updates
Healthcare Performance Weakness
Healthcare EBITDA declined to EUR 26.5 million, down 22% year-over-year, representing a 10.1% margin. Underperformance driven by slower U.S. orders (delayed government spending), tariffs and FX impacts, and weaker surgical renewals in H2.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Growth
Full-year sales of EUR 964 million, up 2% year-over-year reported and up 4% at constant currency.
Read all positive updates
Company Guidance
Barco guided that, assuming no major macro deterioration, it expects both revenue and EBITDA to grow in FY2026 at constant currency, with growth skewed to the second half and some currency headwinds in H1; this follows FY2025 results of EUR 964m sales (+2% reported / +4% at constant currency), EBITDA of EUR 125m (13% margin), EPS EUR 0.85 (+20%), an order book of EUR 493m and free cash flow of EUR 57m (6% of sales). Management reconfirmed its Capital Markets Day targets for 2028 of EUR 1.1bn revenue, 15% EBITDA margin and 15% recurring revenue, proposed a dividend of EUR 0.55/share and cancellation of ~5.575m shares (~6% outstanding), noted it returned ~EUR 120m to shareholders in FY25 (EUR 44m dividend + buybacks of EUR 60m and EUR 30m), and reported year-end net cash of EUR 186m while emphasising a strategic shift from CapEx to OpEx and continued focus on software/recurring revenue to drive future margins.Barco Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
56
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 963.84M | 946.59M | 1.05B | 1.06B | 804.29M |
| Gross Profit | 386.05M | 385.43M | 438.52M | 412.75M | 287.49M |
| EBITDA | 130.16M | 118.36M | 135.45M | 126.75M | 52.80M |
| Net Income | 68.73M | 62.96M | 80.17M | 75.22M | 8.88M |
Balance Sheet | |||||
| Total Assets | 1.10B | 1.23B | 1.16B | 1.15B | 1.10B |
| Cash, Cash Equivalents and Short-Term Investments | 259.78M | 362.96M | 290.75M | 307.57M | 354.33M |
| Total Debt | 73.56M | 103.91M | 49.60M | 43.55M | 44.58M |
| Total Liabilities | 385.63M | 433.71M | 348.12M | 368.42M | 369.44M |
| Stockholders Equity | 714.84M | 795.15M | 795.33M | 759.19M | 693.78M |
Cash Flow | |||||
| Free Cash Flow | 60.86M | 100.58M | 39.97M | 6.58M | 80.87M |
| Operating Cash Flow | 99.31M | 143.14M | 94.38M | 27.80M | 99.65M |
| Investing Cash Flow | -34.84M | -28.73M | -51.38M | -57.47M | 37.64M |
| Financing Cash Flow | -148.31M | -46.34M | -53.45M | -24.73M | -35.50M |
Barco Technical Analysis
Negative
6.96
Price Trends
5.14
Negative
5.45
Negative
6.24
Negative
Market Momentum
-0.11
Positive
34.20
Neutral
15.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCNAY, the sentiment is Negative. The current price of 6.96 is above the 20-day moving average (MA) of 4.91, above the 50-day MA of 5.14, and above the 200-day MA of 6.24, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 34.20 is Neutral, neither overbought nor oversold. The STOCH value of 15.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BCNAY.
Barco Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $4.15B | 66.58 | 12.97% | 0.16% | 25.54% | 17.25% | |
74 Outperform | $1.73B | 25.53 | 12.53% | 0.36% | 7.80% | 18.75% | |
70 Outperform | $961.35M | 21.36 | 9.64% | ― | 10.87% | ― | |
65 Neutral | $3.12B | 84.10 | 9.21% | ― | 2.27% | ― | |
64 Neutral | $804.45M | 9.83 | 10.14% | 4.08% | 6.49% | 26.22% | |
64 Neutral | $3.31B | 96.30 | 3.10% | 1.44% | 3.53% | -34.92% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
BCNAY
Barco
4.78
-2.34
-32.89%
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DAKT
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.