Valneva SE (VALN) Key Metrics
VALN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosVALN returns How much profit the business earns on the capital it uses.
VALN financial health Debt, liquidity and how easily interest is covered.
VALN efficiency & capital use Working capital cycle and where the cash goes.
VALN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VALN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VALN cash returned to shareholders
VALN key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −80.2% | −7.9% | −58.3% | −73.4% | −59.2% | −60.6% | −1.3% | 2.8% | −11.9% | −40.3% |
| Return on invested capital (ROIC) | −29.8% | 4.8% | −44.2% | −839.8% | — | — | −0.5% | 4.8% | −2.2% | −19.1% |
| Return on assets (ROA) | −25.6% | −2.6% | −18.8% | −19.9% | −11.6% | −18.0% | −0.7% | 1.6% | −5.8% | −20.4% |
| Return on tangible assets | −30.6% | −2.6% | −23.3% | −24.2% | −9.4% | −15.6% | −0.8% | 1.8% | −8.2% | −33.2% |
| Free cash flow margin | −32.8% | −49.3% | −141.2% | −76.0% | −4.7% | 107.2% | −4.2% | 11.6% | 8.3% | 3.0% |
| Income quality (OCF / net income) | — | — | — | — | — | — | — | 5.00 | — | — |
| Financial health | ||||||||||
| Total debt | €207.2M | €216.3M | €208.8M | €152.4M | €114.7M | €105.5M | €85.2M | €57.6M | €71.5M | €82.5M |
| Cash & short-term investments | €109.7M | €168.3M | €126.1M | €289.4M | €346.6M | €204.4M | €64.4M | €77.1M | €33.5M | €35.3M |
| Net debt | €97.6M | €48.0M | €82.7M | −€137.0M | −€232.0M | −€98.9M | €20.8M | −€19.5M | €38.0M | €47.2M |
| Debt / equity | 1.95 | 1.19 | 1.63 | 0.69 | 0.67 | 1.36 | 0.63 | 0.40 | 0.77 | 0.82 |
| Debt / assets | 0.52 | 0.43 | 0.45 | 0.25 | 0.14 | 0.23 | 0.32 | 0.25 | 0.38 | 0.40 |
| Net debt / EBITDA | — | 1.50 | — | — | — | — | 2.02 | −1.52 | 10.43 | — |
| Current ratio | 2.38 | 2.61 | 1.65 | 1.53 | 1.59 | 1.75 | 3.13 | 2.93 | 2.22 | 2.35 |
| Quick ratio | 1.85 | 2.14 | 1.37 | 1.40 | 1.25 | 1.60 | 2.50 | 2.40 | 1.69 | 1.76 |
| Interest coverage | -1.9 | 0.6 | -3.5 | -6.0 | -3.6 | -5.1 | -0.3 | 1.7 | -0.8 | -7.0 |
| Working capital | €129.2M | €184.4M | €104.0M | €147.3M | €216.9M | €132.6M | €87.9M | €83.0M | €45.8M | €52.3M |
| Invested capital | €203.8M | €229.3M | €211.0M | €82.7M | −€61.4M | −€21.5M | €155.9M | €123.7M | €130.6M | €147.3M |
| Tangible asset value | €83.8M | €156.0M | €103.9M | €191.1M | €137.9M | €42.0M | €93.3M | €98.3M | €44.2M | €41.1M |
| Net current asset value | −€70.1M | −€19.8M | −€69.0M | €23.1M | −€60.9M | −€63.3M | −€408,000 | €39.3M | −€13.2M | −€15.6M |
| Capital allocation | ||||||||||
| Dividends paid | €0 | €0 | €0 | €0 | €0 | €0 | €0 | €0 | — | — |
| Share buybacks (net) | — | — | €240,000 | — | — | — | €2.5M | €23,000 | €147,000 | — |
| Dividend payout ratio | — | — | — | — | — | — | — | 0.0% | — | — |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | — | 0.2% | 1.7% | — |
| Capex / revenue | 2.6% | 9.7% | 9.3% | 8.1% | 26.8% | 17.6% | 8.6% | 2.8% | 3.8% | 3.9% |
| Capex / operating cash flow | — | — | — | — | 121.2% | 14.1% | 196.9% | 19.4% | 31.5% | 56.6% |
| Capex / depreciation | 0.21 | 0.84 | 0.81 | 1.39 | 6.52 | 1.99 | 1.26 | 0.46 | 0.36 | 0.33 |
| Stock-based compensation / revenue | 5.5% | 4.7% | 3.3% | −2.4% | 4.2% | 5.7% | 2.0% | 1.7% | 0.8% | 1.5% |
| R&D / revenue | 48.8% | 43.7% | 39.0% | 29.0% | 49.8% | 76.6% | 30.0% | 10.8% | 22.2% | 26.1% |
| SG&A / revenue | 21.4% | 25.2% | 31.1% | 9.4% | 13.7% | 34.5% | 21.8% | 42.5% | 31.7% | 33.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 65.8 | 82.7 | 77.8 | 34.3 | 33.2 | 71.6 | 51.0 | 46.6 | 59.9 | 63.4 |
| Days of inventory on hand | 177.0 | 181.7 | 144.0 | 89.6 | 146.7 | 177.1 | 177.1 | 179.3 | 169.2 | 209.2 |
| Days payables outstanding | 37.0 | 55.9 | 58.0 | 17.2 | 39.8 | 113.5 | 65.9 | 60.6 | 28.8 | 35.2 |
| Cash conversion cycle (days) | 205.8 | 208.5 | 163.8 | 106.7 | 140.1 | 135.2 | 162.3 | 165.2 | 200.3 | 237.4 |
| Receivables turnover | 5.54 | 4.41 | 4.69 | 10.64 | 11.01 | 5.10 | 7.15 | 7.83 | 6.10 | 5.76 |
| Payables turnover | 9.87 | 6.53 | 6.29 | 21.25 | 9.18 | 3.22 | 5.54 | 6.02 | 12.68 | 10.36 |
| Inventory turnover | 2.06 | 2.01 | 2.54 | 4.08 | 2.49 | 2.06 | 2.06 | 2.04 | 2.16 | 1.74 |
| Asset turnover | 0.39 | 0.35 | 0.28 | 0.50 | 0.55 | 0.31 | 0.51 | 0.54 | 0.53 | 0.39 |
| Average receivables | €31.5M | €38.4M | €32.8M | €34.0M | €31.6M | €21.6M | €17.6M | €14.4M | €17.3M | €16.3M |
| Average payables | €10.9M | €15.1M | €16.0M | €15.3M | €20.5M | €16.9M | €9.0M | €7.2M | €3.6M | €4.2M |
| Average inventory | €51.9M | €49.1M | €39.8M | €79.6M | €75.5M | €26.4M | €24.2M | €21.3M | €21.3M | €24.7M |
| Intangibles / total assets | 5.6% | 5.1% | 5.3% | 4.6% | 4.0% | 7.9% | 15.8% | 19.5% | 25.6% | 28.5% |
Computed from VALN's annual financial statements (latest annual report filed March 17, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
VALN valuation and financial ratios
Valneva earned a return on equity of −80.2% and a return on invested capital of −29.8% in fiscal 2025. It ended the year with €207.2 million of debt and €109.7 million in cash and short-term investments, net debt of €97.6 million.
See the VALN income statement, the VALN chart for price history, or the VALN stock overview for the latest quote and news.
VALN key metrics FAQ
What is Valneva's return on equity?
Valneva's return on equity (ROE) was −80.2% in fiscal 2025: net income of -€115.2 million on average shareholders' equity of €143.7 million.
What is Valneva's ROIC?
Valneva's return on invested capital was −29.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Valneva have?
Valneva had total debt of €207.2 million at the end of fiscal 2025, a debt-to-equity ratio of 1.95.
Does Valneva pay a dividend?
Valneva did not pay a dividend in fiscal 2025.
What is Valneva's current ratio?
Valneva's current ratio was 2.38 at the end of fiscal 2025: current assets were 2.38 times current liabilities.