VALNValneva SE
Is the business good?
Margins widening. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has widened over the past few years, the business is getting more profitable per dollar of sales.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is VALN?
Valneva SE earns −37% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 46 points below what the capital costs: growth destroys value
- Operating margin
- −47%
Operating margin · Biotechnology median −77% · 12 months to Q4 2025
- R&D as % of revenue
- 49%
R&D as % of revenue
- Gross margin
- 39%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −50% |
| FY2021 | −18% |
| FY2022 | −31% |
| FY2023 | −53% |
| FY2024 | 7.9% |
| FY2025 | −47% |
Details›
- Gross margin12 months to Q4 2025
- 39%
- Operating margin12 months to Q4 2025
- −47%
- Net margin12 months to Q4 2025
- −66%
- Free cash flow margin
- −33%
- R&D as % of revenue
- 49%
- Revenue, trailing twelve months
- $175M
- Free cash flow, trailing twelve months
- −$57M
- Net income, trailing twelve months
- −$115M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −37%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.