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Euroapi SA
(EAPI)
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Rating:48Neutral
Price Target:
€0.97
▼(-21.22% Downside)
Action:Reiterated
Date:07/31/26
The score is primarily held back by weak profitability and declining sales, reinforced by a bearish technical trend (price below all major moving averages) and guidance calling for further top-line decline. These negatives are partially offset by low leverage and improved cash generation/net cash position highlighted in both the financial statements and the latest earnings call.
Positive Factors
Low leverage / balance sheet flexibility
Very low debt-to-equity gives Euroapi durable financial flexibility to fund restructuring, absorb temporary revenue shocks and prioritize targeted CapEx without immediate refinancing pressure. That balance-sheet cushion supports investment in high-value projects and reduces bankruptcy risk over the medium term.
Negative Factors
Planned portfolio exits driving revenue decline
Deliberate rationalization removes near-term revenue and scale, creating a structural top-line headwind that impairs fixed-cost absorption and visibility. A EUR 55–60m residual headwind in 2026 reduces operating leverage and increases reliance on margin improvement and new differentiated wins to restore growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet flexibility
Very low debt-to-equity gives Euroapi durable financial flexibility to fund restructuring, absorb temporary revenue shocks and prioritize targeted CapEx without immediate refinancing pressure. That balance-sheet cushion supports investment in high-value projects and reduces bankruptcy risk over the medium term.
Read all positive factors
Euroapi SA (EAPI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€93.72M
Dividend YieldN/A
Average Volume (3M)96.43K
Price to Earnings (P/E)―
Beta (1Y)1.40
Revenue Growth-9.45%
EPS Growth-161.12%
CountryFR
Employees3,187
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-3.42
Shares Outstanding96,010,155
10 Day Avg. Volume94,877
30 Day Avg. Volume96,428
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 Target
€1.70Price Target Upside38.21% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-0.88
Revenue Forecast (FY)€759.00M
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) and API-related services to pharmaceutical customers. Its main revenue stream is the commercial manufacture and sale of APIs used in finished dosage medicines; custo...
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 | 109.00M | 65.40M | 69.10M | 225.50M | 120.80M | 24.10M |
| Total Liabilities | 522.50M | 516.70M | 506.00M | 684.70M | 625.90M | 607.00M |
| Stockholders Equity | 668.00M | 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
1.23
Price Trends
1.28
Negative
1.31
Negative
1.93
Negative
Market Momentum
-0.02
Positive
37.70
Neutral
19.54
Positive
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 1.23 is below the 20-day moving average (MA) of 1.24, below the 50-day MA of 1.28, and below the 200-day MA of 1.93, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 37.70 is Neutral, neither overbought nor oversold. The STOCH value of 19.54 is Positive, 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | €215.12M | 42.55 | 2.71% | ― | 9.08% | 21.19% | |
55 Neutral | €23.68M | -5.17 | -21.61% | ― | 37.28% | 7.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | €198.00M | -3.60 | 90.10% | ― | 1.79% | 15.89% | |
48 Neutral | €93.72M | -0.29 | ― | ― | -9.45% | -161.12% | |
44 Neutral | €30.96M | -0.80 | -96.46% | ― | 0.87% | 46.31% |
* Healthcare Sector Average
FR:EAPI
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FR:ALMDT
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116.49%
Euroapi SA Corporate Events
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.