Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Valneva SE files with the SEC in its annual reports.
In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
126
110
348
361
154
170
175
Cost of revenue
52.8
54.3
188
324
101
98.5
107
Gross profit
73.4
56
160
36.9
52.8
71
67.5
Research and development
38
84.5
173
105
59.9
74.1
85.3
Selling, general and administrative
18.4
27.5
47.6
General and administrative
0.3
0.3
Operating income
-0.81
-55.1
-61.4
-113
-82.1
13.3
-82.1
Interest expense
3.08
10.7
17
19.1
23.3
24
41.9
Interest income
1.45
0.52
0.25
0.26
1.21
2.36
2.64
Pre-tax income
-0.87
-65.3
-70
-145
-98.6
-11.5
-114
Income tax
0.87
-0.91
3.45
-1.54
2.8
0.76
1.07
Net income
-0.81
-55.1
-61.4
-143
-101
-12.2
-115
EPS, basic
-0.02
-0.71
-0.75
-1.24
-0.73
-0.08
-0.68
EPS, diluted
-0.02
-0.71
-0.75
-1.24
-0.73
-0.08
-0.68
Balance sheet
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
64.4
204
347
287
126
168
110
Receivables
19.2
44
23.9
41.6
35.2
27.8
Inventory
26.9
124
35.1
44.5
53.7
50.2
Total current assets
308
586
425
263
299
223
Property, plant and equipment
20
34.8
126
112
136
139
119
Lease right-of-use assets
43.4
48.3
41.6
20.4
19.2
18.6
Intangible assets
41.8
35.4
32.7
28.7
25.6
25.3
22.3
Total assets
449
817
621
460
500
399
Accounts payable
36.2
68.1
41.5
44.3
35.5
24.5
Short-term debt
6.99
7.11
Total current liabilities
176
369
277
159
115
93.3
Lease liabilities
49.4
53.7
28.2
29.1
26.4
25.3
Total liabilities
372
647
402
332
319
293
Total debt
26.3
53.4
57.8
98.8
177
187
179
Paid-in capital
245
409
594
594
648
676
Total equity
135
77.4
171
220
128
181
106
Total liabilities and equity
449
817
621
460
500
399
Cash flow statement
FY2019
FY2021
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.74
-64.4
-73.4
-143
-101
-12.2
-115
Cash from operations
5.53
138
76.9
-245
-203
-67.2
-52.9
Capital expenditures
-10.5
-18.9
-92.2
-29.2
-14.2
-13.9
-4.42
Cash from investing
-19.3
-93.1
-29.1
-20.6
76.9
-1.71
Debt issued
11.8
50.3
0.86
39.3
81.1
Debt repaid
-11.7
-22
-1.96
-1.79
-2.1
-3.73
-172
Stock issued
0.08
167
190
Cash from financing
21.7
155
215
63.1
30.7
-0.62
Exchange rate effect
0.21
-0.18
3.96
-0.83
-0.2
1.81
-3.4
Net change in cash
-12.9
140
138
Free cash flow
-4.97
119
-15.3
-275
-217
-81.1
-57.3
Income taxes paid
2.35
2.02
1.63
0.15
1.24
1.55
2.2
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.
Profitability
Metric
Value
How it is calculated
Gross margin
38.7%
Gross profit / revenue.
Operating margin
-47.0%
Operating income / revenue.
Pre-tax margin
-65.3%
Pre-tax income / revenue.
Net margin
-66.0%
Net income / revenue.
FCF margin
-32.8%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-30.3%
Cash from operations / revenue.
Return on assets (ROA)
-25.6%
Net income / average total assets.
R&D / revenue
48.8%
Research and development expense / revenue.
Capex / revenue
2.5%
Capital expenditures / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
3.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-21.5%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
9.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-5.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
22.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
3.8%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y
-715.6%
Operating income vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-20.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-13.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-2.3%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
2.38x
Current assets / current liabilities.
Quick ratio
1.47x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.17x
(Cash + short-term investments) / current liabilities.
Debt / assets
44.9%
Total debt / total assets.
Liabilities / assets
73.4%
Total liabilities / total assets.
Net debt
€69.5M
Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage
-1.96x
Operating income / interest expense.
Working capital
€129.2M
Current assets - current liabilities.
Goodwill and intangibles / assets
5.6%
(Goodwill + intangible assets) / total assets.
Efficiency
Metric
Value
How it is calculated
Asset turnover
0.39x
Revenue / average total assets.
Fixed asset turnover
1.35x
Revenue / average property, plant and equipment.
Inventory turnover
2.06x
Cost of revenue / average inventory.
Days inventory
177 days
365 x average inventory / cost of revenue.
Receivables turnover
5.54x
Revenue / average receivables.
Days sales outstanding
66 days
365 x average receivables / revenue.
Days payables
102 days
365 x average accounts payable / cost of revenue.
Cash conversion cycle
141 days
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-€0.68
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-€0.68
Net income per basic share, as reported (split-adjusted).
What was Valneva SE's revenue in fiscal 2025?
Valneva SE reported revenue of €174.7M for fiscal 2025, 3% higher than the year before.
Was Valneva SE profitable in fiscal 2025?
No. It reported a net loss of €115.2M.
How much free cash flow did Valneva SE generate in fiscal 2025?
Cash from operations of €52.9M minus capital expenditures of €4.4M left free cash flow of -€57.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.