Valneva SE (VALN) Balance Sheet

NASDAQ: VALNAssets, liabilities, debt and equity over 10 years.

VALN balance sheet, 2025

December 31, 2025 · euros

€398.8M assets = €292.7M liabilities + €106.2M equity

What it owns€398.8MCash & ST investments: €109.7M (27.5%)Cash & ST investments€109.7M · 27%Receivables: €27.8M (7.0%)Receivables €27.8MInventory: €50.2M (12.6%)Inventory€50.2M · 13%Other current: €34.8M (8.7%)Other current €34.8MPP&E: €138.0M (34.6%)PP&E€138.0M · 35%Goodwill & intangibles: €22.3M (5.6%)Other non-current: €15.9M (4.0%)=How it is financed€398.8MCurrent liabilities: €93.3M (23.4%)Current liabilities€93.3M · 23%Long-term debt: €161.3M (40.4%)Long-term debt€161.3M · 40%Other LT liabilities: €38.1M (9.5%)€38.1MShareholders’ equity: €106.2M (26.6%)Shareholders’ equity€106.2M · 27%

Both columns are drawn to the same scale: what VALN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

VALN financial health

Current ratio2.38
Comfortable · current assets cover current liabilities 2.38×
Debt / equity1.95
High leverage · €1.95 of debt for each $1 of equity
Equity / assets26.6%
Balanced · of assets funded by shareholders
Cash / debt52.9%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles5.6%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

VALN balance sheet trends, 2016–2025

MetricTrendThenLatestChange
Total assets€206.9M2016€398.8M2025+7.6%/yr
Total liabilities€106.8M2016€292.7M2025+11.8%/yr
Shareholders’ equity€100.1M2016€106.2M2025+0.7%/yr
Cash & short-term investments€35.3M2016€109.7M2025+13.4%/yr
Total debt€82.5M2016€207.2M2025+10.8%/yr
Net cash (debt)−€47.2M2016−€97.6M2025−€50.4M
Working capital€52.3M2016€129.2M2025+€76.9M
Current ratio2.3520162.382025+0.04
Debt / equity0.8220161.952025+1.13
Shares outstanding37.3M201684.1M2025+9.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

VALN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

VALN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

VALN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

VALN balance sheet in euros

2025202420232022202120202019201820172016
Assets
Cash & short-term investments€109.7M€168.3M€126.1M€289.4M€346.6M€204.4M€64.4M€77.1M€33.5M€35.3M
Cash & equivalents€109.7M€168.3M€126.1M€289.4M€346.6M€204.4M€64.4M€77.1M€33.5M€35.3M
Receivables€27.8M€35.2M€41.6M€23.9M€44.0M€19.2M€24.0M€11.3M€17.6M€16.9M
Inventory€50.2M€53.7M€44.5M€35.1M€124.1M€26.9M€25.8M€22.7M€19.9M€22.7M
Other current assets€34.8M€41.9M€50.6M€76.2M€71.1M€57.9M€14.9M€14.9M€12.3M€16.3M
Total current assets€222.5M€299.0M€262.8M€424.7M€585.8M€308.4M€129.2M€126.0M€83.4M€91.2M
Property, plant & equipment (net)€138.0M€158.1M€156.6M€154.0M€173.8M€78.2M€69.3M€38.0M€38.4M€39.0M
Goodwill & intangible assets€22.3M€25.3M€24.3M€28.7M€32.7M€35.4M€41.8M€44.9M€48.5M€59.0M
Long-term investments€0€0€0€0€2.1M€2.1M€2.3M€1.1M€0€0
Other non-current assets€15.9M€17.6M€16.3M€13.9M€22.9M€25.0M€22.1M€19.9M€19.1M€17.7M
Total assets€398.8M€500.0M€460.1M€621.3M€817.4M€449.2M€264.7M€229.9M€189.3M€206.9M
Liabilities
Accounts payable€9.1M€12.6M€17.6M€14.5M€16.0M€24.9M€8.9M€9.2M€5.3M€2.0M
Short-term debt€20.6M€23.4M€47.0M€37.0M€10.2M€9.7M€4.3M€17.5M€17.4M€21.0M
Deferred revenue€432,000€3.0M€5.7M€9.4M€124.0M€89.6M€694,000€1.7M€12.1M€7.7M
Total current liabilities€93.3M€114.6M€158.9M€277.4M€369.0M€175.9M€41.3M€42.9M€37.7M€38.9M
Long-term debt€161.3M€166.5M€132.8M€87.2M€50.7M€46.4M€24.3M€14.3M€27.4M€0
Lease obligations€28.1M€28.9M€32.0M€53.6M€56.8M€52.1M€58.9M€26.7M€27.5M—
Other long-term liabilities€38.1M€37.7M€40.2M€36.9M€227.1M€149.5M€64.0M€29.5M€31.6M€67.9M
Total liabilities€292.7M€318.8M€331.8M€401.5M€646.8M€371.7M€129.6M€86.7M€96.7M€106.8M
Shareholders' equity
Common stock & paid-in capital€26.0M€24.4M€20.8M€20.8M€15.8M€13.6M€13.6M€13.6M€11.6M€11.6M
Retained earnings (deficit)−€679.1M−€563.9M−€551.7M−€450.3M−€307.0M−€233.5M−€169.2M−€168.2M−€171.9M−€164.5M
Accumulated other comprehensive income€40.7M€40.2M€65.7M€55.3M€52.5M€52.3M€45.8M−€37.0M−€34.3M−€35.7M
Total shareholders' equity€106.2M€181.3M€128.2M€219.8M€170.6M€77.4M€135.2M€143.2M€92.7M€100.1M
Key figures
Total debt€207.2M€216.3M€208.8M€152.4M€114.7M€105.5M€85.2M€57.6M€71.5M€82.5M
Net cash (debt)−€97.6M−€48.0M−€82.7M€137.0M€232.0M€98.9M−€20.8M€19.5M−€38.0M−€47.2M
Working capital€129.2M€184.4M€104.0M€147.3M€216.9M€132.6M€87.9M€83.0M€45.8M€52.3M
Tangible book value€83.8M€156.0M€103.9M€191.1M€137.9M€42.0M€93.3M€98.3M€44.2M€41.1M
Shares outstanding84.1M70.3M69.3M57.7M48.8M45.4M45.9M40.8M38.7M37.3M
Current ratio2.382.611.651.531.591.753.132.932.222.35
Quick ratio1.471.781.061.131.061.272.142.061.361.34
Debt / equity1.951.191.630.690.671.360.630.400.770.82
Equity / assets26.6%36.2%27.9%35.4%20.9%17.2%51.1%62.3%48.9%48.4%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 17, 2026); data from EODHD.

VALN financial position

At the end of fiscal 2025 (December 31, 2025), Valneva had total assets of €398.8 million (down 20.2% from a year earlier), total liabilities of €292.7 million and shareholders' equity of €106.2 million. It held €109.7 million in cash and short-term investments against €207.2 million of debt, net debt of €97.6 million. Its current ratio was 2.38. In the latest quarter (ended June 30, 2026) total assets were €388.1 million and equity €81.1 million.

Related: VALN income statement, VALN cash flow statement, VALN key metrics. See the VALN stock overview for the latest quote and news.

VALN balance sheet FAQ

What are Valneva's total assets?

Valneva reported total assets of €398.8 million at the end of fiscal 2025 (December 31, 2025), compared with €500.0 million a year earlier.

How much debt does Valneva have?

Valneva had €207.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.95.

How much cash does Valneva have?

Valneva held €109.7 million in cash and short-term investments at the end of fiscal 2025; with €207.2 million of debt that is net debt of €97.6 million.

What is Valneva's book value?

Valneva's shareholders' equity (book value) was €106.2 million at the end of fiscal 2025.

What is Valneva's current ratio?

Valneva had current assets of €222.5 million and current liabilities of €93.3 million, a current ratio of 2.38 (it can cover its short-term obligations).

How much goodwill does Valneva have?

Valneva carried €22.3 million of goodwill and intangible assets, 5.6% of total assets, at the end of fiscal 2025.

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