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DBV Technologies S.a. key statistics and ratios

In fiscal 2025, DBV Technologies S.a. had return on equity of -149.8%, an operating margin of -2609.2%, debt equal to 0.0% of equity and a current ratio of 3.67. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin<−999%<−999%<−999%<−999%−486.0%<−999%<−999%<−999%
Net margin<−999%<−999%<−999%>999%462.3%<−999%<−999%<−999%
Free-cash-flow margin<−999%<−999%<−999%<−999%−510.7%<−999%<−999%<−999%
Return on equity−89.0%−80.0%−64.2%65.6%43.5%−136.0%−149.8%−130.7%
Return on assets−63.3%−58.7%−46.7%49.0%33.9%−91.6%−98.2%−92.3%
Asset turnover0.050.040.030.020.070.030.040.02
Current ratio3.793.933.647.564.261.433.673.24
Debt to equity0.8%0.6%0.5%—0.0%0.0%0.0%0.1%
R&D as % of revenue782.6%901.1%>999%>999%382.9%>999%>999%>999%
Capital spending as % of revenue37.9%24.7%15.9%15.6%4.3%56.3%9.4%86.9%
Free cash flow ÷ net income———−58.6%−110.5%———

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 7 checks passed · September 30, 2026
What it owns · $215m
Short-term assets $190mLonger-term assets $26m
What it owes, and who funded it · $215m
Short-term liabilities $59mLonger-term liabilities $8mShareholders' equity $149m
  • Short-term assets cover short-term liabilities $190m of assets due within a year against $58m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $190m short-term assets against $8m of longer-dated liabilities.
  • More cash than debt $166m of cash against $200,000 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 1% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt −$188m of operating cash flow against $200,000 of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From DBV Technologies S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

8 /100

Weak moat

How hard DBV Technologies's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -50.4% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -2045.2%; its worst year was -8011.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 5 years, at a median -1625.0% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 581.9% over five years; stock-based pay has been a median 50.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: DBVT vs DYAIALGS vs DBVTCAMP vs DBVT

More: Biotechnology stocks compared, Health Care sector, rankings of US companies

Figures from DBV Technologies S.a.'s SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to DBV Technologies S.a.