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Euroapi SA
(EAPI)
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Rating:46Neutral
Price Target:
€0.73
▼(-20.43% Downside)
Action:Reiterated
Date:08/28/26
The score is held down primarily by weak financial performance driven by widening net losses and declining revenue, despite improved EBITDA and recently positive free cash flow. Technicals add additional downside risk, with bearish momentum and the stock trading below major moving averages. Valuation is difficult to support with a negative P/E and no dividend yield data, providing limited offset to the fundamental and technical weakness.
Positive Factors
API supplier role
Euroapi’s business is embedded in pharmaceutical production, supplying APIs and process services that customers need to develop and manufacture medicines. This B2B positioning across multiple therapeutic areas can support recurring demand and provide a durable base for customer relationships.
Negative Factors
Declining revenue
Two consecutive years of revenue pressure indicate that commercial momentum has not yet stabilized. Persistent top-line contraction can reduce manufacturing utilization, weaken operating leverage, and make it harder for Euroapi to spread fixed costs or fund growth initiatives from internally generated expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
API supplier role
Euroapi’s business is embedded in pharmaceutical production, supplying APIs and process services that customers need to develop and manufacture medicines. This B2B positioning across multiple therapeutic areas can support recurring demand and provide a durable base for customer relationships.
Read all positive factors
Euroapi SA (EAPI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€69.98M
Dividend YieldN/A
Average Volume (3M)219.52K
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth-9.45%
EPS Growth-161.12%
CountryFR
Employees3,000
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-3.42
Shares Outstanding96,010,155
10 Day Avg. Volume230,039
30 Day Avg. Volume219,523
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.27
Price to Sales (P/S)0.25
P/FCF Ratio4.57
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)-1.04
Revenue Forecast (FY)€748.26M
Euroapi SA Business Overview & Revenue Model
Company Description
Headquartered in Paris, France, Euroapi SA, founded in 2021, specializes in the research, production, promotion, and delivery of active pharmaceutical ingredients (APIs) and chemical intermediates. These vital components are utilized in the develo...
How the Company Makes Money
Euroapi primarily makes money by selling active pharmaceutical ingredients (APIs) to pharmaceutical and biotechnology companies under business-to-business supply arrangements. Its core revenue stream comes from manufacturing and delivering APIs at...
Euroapi SA Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Mar 09, 2027
Earnings Call Sentiment Neutral
Balanced call: the company demonstrated clear execution on cost discipline, cash generation, sustainability validation and portfolio quality improvements (core EBITDA +31%, net cash up to EUR 68.2m, SBTi validation, 66% differentiated sales). However, meaningful top-line decline, substantial impairments (EUR 77.8m), a widened net loss (EUR 211.2m) and continued CDMO early-stage underperformance create significant near-term challenges, with management guiding to ~10% sales decline in 2026 and signaling that some 2027 targets will be missed. The positives on operational control and liquidity are offset by material revenue and profit headwinds.Positive Updates
Core EBITDA and Margin Improvement
Core EBITDA reached EUR 66.2 million in 2025, a 31% increase versus 2024, with a core EBITDA margin of 7.8% (up from 5.5%). Reported EBITDA moved to ~EUR 10 million versus negative EUR 44 million in 2024.
Negative Updates
Declining Net Sales and High Sanofi Exposure Reduction
Net sales fell to EUR 848.2 million in 2025 (down 7% vs 2024; comparable -5.9%). Sales to Sanofi were materially lower: CEO cited Sanofi sales down 26.4% and API solutions to Sanofi decreased 34.2%, driving significant top-line pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
Core EBITDA and Margin Improvement
Core EBITDA reached EUR 66.2 million in 2025, a 31% increase versus 2024, with a core EBITDA margin of 7.8% (up from 5.5%). Reported EBITDA moved to ~EUR 10 million versus negative EUR 44 million in 2024.
Read all positive updates
Company Guidance
The company reiterated 2026 guidance saying net sales will decline by about 10% on a comparable basis (with ~90% of that decrease driven by its deliberate portfolio rationalization), noting the prior discontinuations drove ~EUR 70m of lost sales in 2025 (including ~EUR 20m of stockpiling) and that residual revenue of EUR 10–15m from those SKUs is expected in 2026 (implying a EUR 55–60m headwind); management expects to hold full‑year 2026 core EBITDA margin roughly flat versus 2025’s 7.8% (core EBITDA EUR 66.2m on EUR 848.2m net sales in 2025), target a CapEx/sales ratio around 8% (2025 CapEx was EUR 77m, ~9% of sales), and absorb planned cash restructuring costs of ~EUR 100m over 2026–27; other relevant 2025 metrics referenced as context included EBITDA ~EUR 10m (vs -€44m in 2024), net cash EUR 68.2m (vs EUR 24.6m at end‑2024), cash from operations EUR 128.5m, free cash flow before financing EUR 51.5m, months on hand 7, DSO 36, EUR 56.3m of non‑recurring items (including EUR 36.1m idle costs and EUR 13.7m employee costs), an asset impairment of EUR 77.8m on vitamin B12, 66% of 2025 sales from differentiated products (target 70% by 2027), and that the prior FOCUS‑27 targets (incremental core EBITDA EUR 75–80m by 2027) are now expected to be missed given the lower sales backdrop.Euroapi SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 792.60M | 848.20M | 919.20M | 1.02B | 980.90M | 892.80M |
| Gross Profit | 122.10M | 140.50M | 142.40M | 164.60M | 176.90M | 109.10M |
| EBITDA | 185.80M | 142.30M | -34.70M | 71.00M | 120.20M | 62.40M |
| Net Income | -324.20M | -211.20M | -130.60M | -189.70M | -15.00M | -8.10M |
Balance Sheet | ||||||
| Total Assets | 1.24B | 1.30B | 1.49B | 1.61B | 1.74B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 52.00M | 113.80M | 73.00M | 34.50M | 74.50M | 10.30M |
| Total Debt | 309.00M | 65.40M | 69.10M | 225.50M | 120.80M | 24.10M |
| Total Liabilities | 573.60M | 516.70M | 506.00M | 684.70M | 625.90M | 607.00M |
| Stockholders Equity | 668.20M | 788.00M | 983.50M | 927.70M | 1.11B | 1.01B |
Cash Flow | ||||||
| Free Cash Flow | -36.90M | 47.00M | 14.90M | -127.70M | -122.60M | -17.10M |
| Operating Cash Flow | 42.90M | 125.50M | 122.90M | 5.10M | 44.80M | 71.50M |
| Investing Cash Flow | -77.80M | -77.00M | -108.00M | -137.30M | -167.40M | -87.90M |
| Financing Cash Flow | 34.30M | -10.30M | 26.50M | 92.20M | 187.80M | 26.50M |
Euroapi SA Technical Analysis
Negative
0.92
Price Trends
0.89
Negative
1.10
Negative
1.42
Negative
Market Momentum
-0.05
Negative
32.22
Neutral
32.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:EAPI, the sentiment is Negative. The current price of 0.92 is above the 20-day moving average (MA) of 0.79, above the 50-day MA of 0.89, and below the 200-day MA of 1.42, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 32.22 is Neutral, neither overbought nor oversold. The STOCH value of 32.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:EAPI.
Euroapi SA Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
58 Neutral | €252.14M | 35.86 | 3.89% | ― | 6.28% | 204.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | €33.46M | -0.91 | -127.18% | ― | 10.36% | 29.41% | |
46 Neutral | €69.98M | -0.22 | ― | ― | -9.45% | -161.12% | |
46 Neutral | €22.89M | -5.27 | -22.03% | ― | 37.28% | 7.83% | |
43 Neutral | €158.55M | -2.91 | 90.10% | ― | 1.79% | 15.89% |
* Healthcare Sector Average
FR:EAPI
Euroapi SA
0.75
-2.49
-76.94%
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1.62%
FR:ALDMS
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-38.08%
FR:ALIKO
Ikonisys SA
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-0.69%
FR:ALMDT
Median Technologies
3.35
0.12
3.72%
Euroapi SA Corporate Events
Euroapi Publishes 2026 Half-Year Financial Report
Jul 31, 2026
Euroapi SA has published its condensed half-year consolidated financial statements for the six months ended June 30, 2026, making the full 2026 Half-Year Financial Report available on its website for consultation and download. The report includes ...
Euroapi’s H1 2026 Loss Deepens as FOCUS‑27 Restructuring and Site Sale Weigh on Earnings
Jul 29, 2026
Euroapi SA reported first‑half 2026 revenue of €356.5 million, down 13.5% year on year, with a sharp decline in its API Solutions business offset by modest growth in CDMO activity driven by commercial projects with Sanofi. The company&...
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.