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Spineway SA
(ALSPW)
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Rating:50Neutral
Price Target:
€0.10
▼(-21.54% Downside)
Action:Reiterated
Date:10/03/26
The score is primarily supported by improving fundamentals and a resilient balance sheet (low leverage) alongside better margins and positive operating cash flow in 2025. Offsetting this, the company is still loss-making with limited free-cash-flow strength, and technical indicators show a clear downtrend with bearish momentum despite near-oversold readings.
Positive Factors
Revenue growth
Steady multi-year revenue growth indicates improving commercial traction for Spineway’s spinal implants and surgical systems. Continued top-line expansion can support operating leverage, strengthen market presence, and provide a foundation for eventual profitability if growth persists across healthcare purchasing cycles.
Negative Factors
Persistent net losses
Spineway’s continuing net loss shows that revenue growth and gross-margin recovery have not yet translated into sustainable bottom-line profitability. Persistent losses can constrain internally funded investment, weaken earnings quality, and leave the business more exposed if operating improvement slows.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth
Steady multi-year revenue growth indicates improving commercial traction for Spineway’s spinal implants and surgical systems. Continued top-line expansion can support operating leverage, strengthen market presence, and provide a foundation for eventual profitability if growth persists across healthcare purchasing cycles.
Read all positive factors
Spineway SA (ALSPW) vs. iShares MSCI France ETF (EWQ)
Market Cap
€3.63M
Dividend YieldN/A
Average Volume (3M)93.69K
Price to Earnings (P/E)―
Beta (1Y)0.48
Revenue Growth14.51%
EPS Growth59.71%
CountryFR
Employees43
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)N/A
Shares Outstanding35,544,390
10 Day Avg. Volume79,923
30 Day Avg. Volume93,694
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.23
Price to Sales (P/S)0.43
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Spineway SA Business Overview & Revenue Model
Company Description
Spineway SA designs, develops, and markets a range of surgical implants for spine in France. The company offers posterior fixation, including posterior osteosynthesis systems and minimal invasive posterior osteosynthesis systems; interbody fusion ...
How the Company Makes Money
Spineway generates revenue primarily by selling spinal surgery products to healthcare providers and/or distributors, including spinal implants (devices implanted in the patient) and the associated surgical instruments and systems required to impla...
Spineway SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
74
Positive
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.43M | 11.95M | 10.52M | 7.43M | 4.29M |
| Gross Profit | 3.27M | 3.36M | 1.63M | 237.00K | -1.45M |
| EBITDA | -1.36M | -5.58M | -4.79M | -2.76M | -1.04M |
| Net Income | -2.24M | -3.86M | -6.51M | -3.14M | -1.58M |
Balance Sheet | |||||
| Total Assets | 29.46M | 30.41M | 26.31M | 27.70M | 25.57M |
| Cash, Cash Equivalents and Short-Term Investments | 3.50M | 4.52M | 1.80M | 5.50M | 13.89M |
| Total Debt | 1.53M | 1.82M | 2.60M | 1.43M | 2.40M |
| Total Liabilities | 6.40M | 6.17M | 7.26M | 5.69M | 4.69M |
| Stockholders Equity | 23.06M | 24.24M | 19.05M | 22.00M | 20.88M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -3.27M | -7.29M | -13.89M | -2.88M |
| Operating Cash Flow | 424.00K | -3.27M | -5.83M | -1.62M | -1.79M |
| Investing Cash Flow | -1.17M | -1.01M | -1.39M | -10.20M | -578.00K |
| Financing Cash Flow | -269.00K | 7.01M | 3.49M | 3.72M | 11.45M |
Spineway SA Technical Analysis
Negative
0.13
Price Trends
0.13
Negative
0.13
Negative
0.14
Negative
Market Momentum
>-0.01
Positive
31.66
Neutral
21.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALSPW, the sentiment is Negative. The current price of 0.13 is above the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.13, and below the 200-day MA of 0.14, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 31.66 is Neutral, neither overbought nor oversold. The STOCH value of 21.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALSPW.
Spineway SA Peers Comparison
UnderperformOutperform
Sector (51)
FR:ALSPW
Spineway SA
0.10
-0.04
-26.09%
FR:ALSAF
Safe Orthopaedics
0.64
-1.76
-73.33%
FR:CVX
Affluent Medical SA
5.78
4.33
297.25%
FR:ALIMP
Implanet SA
0.15
-0.25
-62.47%
Spineway SA Corporate Events
Spineway posts resilient H1 2026 sales and secures bond financing for global growth
Jul 30, 2026
Spineway reported first-half 2026 revenue of €5.7 million, up 3% year-on-year, with second-quarter sales jumping 29% to €3.5 million as supply conditions normalized and its commercial momentum strengthened. Despite a solid gross margin...
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.