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Neurones
(NRO)
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Rating:76Outperform
Price Target:
€44.00
▲(15.79% Upside)
Action:Upgraded
Date:08/06/26
The score is driven primarily by strong financial performance (steady growth, low leverage, and improving returns), supported by positive technical momentum and a reasonable valuation with an attractive dividend yield. The main constraints are gross-margin volatility, uneven free-cash-flow growth, and short-term technical indicators that look somewhat stretched.
Positive Factors
Steady Revenue and Profitability
Sustained revenue expansion alongside resilient EBIT margins indicates durable client demand and operating discipline. This supports the business model’s ability to grow while remaining consistently profitable across changing project and service mixes.
Negative Factors
Gross-Margin Volatility
Large gross-margin fluctuations make the underlying economics of projects and service contracts less predictable. They may reflect changes in cost mix or classification, complicating assessment of sustainable profitability and limiting forecasting confidence.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue and Profitability
Sustained revenue expansion alongside resilient EBIT margins indicates durable client demand and operating discipline. This supports the business model’s ability to grow while remaining consistently profitable across changing project and service mixes.
Read all positive factors
Neurones (NRO) vs. iShares MSCI France ETF (EWQ)
Market Cap
€896.51M
Dividend Yield3.8%
Average Volume (3M)7.59K
Price to Earnings (P/E)17.2
Beta (1Y)0.32
Revenue Growth5.78%
EPS Growth-1.04%
CountryFR
Employees7,099
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)2.14
Shares Outstanding24,328,716
10 Day Avg. Volume7,010
30 Day Avg. Volume7,594
Financial Highlights & Ratios
PEG Ratio-14.55
Price to Book (P/B)3.11
Price to Sales (P/S)1.45
P/FCF Ratio17.69
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)2.33
Revenue Forecast (FY)€904.35M
Neurones Business Overview & Revenue Model
Company Description
Neurones S.A., an information technology (IT) services provider founded in 1984 and headquartered in Nanterre, France, operates with a global reach. The company delivers a broad spectrum of services encompassing infrastructure, application develop...
How the Company Makes Money
Neurones makes money primarily by selling IT services to business customers under two main delivery modes: (1) project-based work and (2) recurring/managed services. Project-based revenue typically comes from consulting and delivery engagements su...
Neurones Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 857.20M | 810.40M | 741.17M | 665.38M | 579.88M |
| Gross Profit | 90.04M | 388.76M | 346.76M | 81.64M | 69.73M |
| EBITDA | 90.32M | 85.92M | 96.63M | 88.72M | 76.23M |
| Net Income | 52.07M | 52.50M | 49.41M | 44.24M | 37.71M |
Balance Sheet | |||||
| Total Assets | 749.03M | 725.69M | 674.25M | 616.22M | 567.82M |
| Cash, Cash Equivalents and Short-Term Investments | 340.78M | 326.49M | 297.76M | 272.06M | 265.17M |
| Total Debt | 36.96M | 42.02M | 43.98M | 35.57M | 35.32M |
| Total Liabilities | 284.16M | 289.52M | 266.34M | 240.63M | 214.90M |
| Stockholders Equity | 399.98M | 378.10M | 354.39M | 330.58M | 311.56M |
Cash Flow | |||||
| Free Cash Flow | 70.33M | 72.34M | 54.09M | 44.33M | 58.10M |
| Operating Cash Flow | 80.77M | 84.38M | 72.08M | 54.94M | 64.68M |
| Investing Cash Flow | -21.16M | -19.69M | -21.57M | -12.26M | -10.62M |
| Financing Cash Flow | -45.11M | -34.48M | -27.06M | -36.08M | -55.42M |
Neurones Technical Analysis
Negative
38.00
Price Trends
36.66
Positive
36.34
Positive
37.03
Negative
Market Momentum
-0.02
Positive
45.20
Neutral
44.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:NRO, the sentiment is Negative. The current price of 38 is above the 20-day moving average (MA) of 37.99, above the 50-day MA of 36.66, and above the 200-day MA of 37.03, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 45.20 is Neutral, neither overbought nor oversold. The STOCH value of 44.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:NRO.
Neurones Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | €3.46B | 11.48 | 14.63% | 3.42% | 1.62% | 12.95% | |
76 Outperform | €896.51M | 17.20 | 13.51% | 3.59% | 5.78% | -1.04% | |
74 Outperform | €843.20M | 10.04 | 12.19% | 1.18% | 1.13% | 8.32% | |
70 Outperform | €2.69B | 25.08 | 4.84% | 2.40% | -1.07% | -42.78% | |
70 Outperform | €18.55B | 13.16 | 10.95% | 3.78% | 6.23% | -11.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
42 Neutral | €572.75M | -0.46 | 319.82% | ― | -14.39% | -173.10% |
* General Sector Average
FR:NRO
Neurones
36.20
-1.77
-4.65%
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Neurones Corporate Events
Neurones lifts 2026 outlook as organic growth accelerates
Aug 5, 2026
Neurones reported first-half 2026 revenues of €454.8 million, up 7.2% year-on-year, with organic growth accelerating to 8% in the second quarter. The strongest momentum came from data-related activities, digital projects, IT service manageme...
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.