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Valneva SE (VALN) stock

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NASDAQ: VALN Nasdaq Biotechnology

C Fundamentals grade

Valneva SE is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$0.6

Revenue-to-maturity cash-flow model

Base case. Range ~$0.6–$1.4 across our lower- and higher-growth cases (2.5999999999999996%–12.6% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Valneva SE valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds13 adding, 8 cuttingOf 2 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Valneva SE files

Where Valneva SE stands after its latest Filing

Revenue for the twelve months was $197m, up 7.6% on a year earlier, slower than the 10.4% growth a quarter earlier. Free-cash-flow margin fell to -32.8% from -4.4% a year earlier. Operating margin narrowed to -47.0% from -17.6%. The diluted share count is up 15.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.57 a share, against a share price of $5.45.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Valneva SE's trailing-twelve-month revenue grew 7.6% year on year, with a free-cash-flow margin of -32.8%. Where it stands out: stock pay as % of revenue of 5.5% ranks 36 of 179 biotechnology companies we cover. Where it lags: gross margin of 38.7% ranks 70 of 75 biotechnology companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 26.1% while net income fell 882.8%: a 909pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Valneva SE's latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -47.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 54.8 points on a year ago.
  • Burning cash. Free cash flow was -32.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 15.4% in a year.
  • Growth easing. The growth rate is 2.7 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 3.2 points on a year ago.

Latest results

Earnings per share
-$0.40 against an average estimate of -$0.08: missed by 395.4%
Next report
August 13, 2026

Valneva SE's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.4%
  • 1 week-1.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$197M
Operating margin
-47.0%
Net margin
-66.0%
EPS (TTM, diluted)
$-1.55

Growth

Revenue growth
+7.6%
Change in growth rate
−2.7 pts
Share count change
+15.4%

Cash

Free cash flow (TTM)
-$64.8M
FCF margin
-32.8%
Stock pay % of revenue
5.5%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for VALN from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Valneva SE valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Valneva SE as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.6 Left out: out of range vs price (0.11x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$2.8 ~$6.4–$21 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.8 ~$2.8–$21 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Valneva SE with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

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

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Valneva SE: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.08 −$0.40 −395.4%
Mar 2026 −$0.21 −$0.42 −100.7%
Sept 2025 −$0.26 −$0.60 −130.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

4 analysts, Nov 2026
Buy375%
Hold00%
Sell125%

Monthly trend

  1. Nov 2026314
  2. Oct 2026314

Counts of recommendations published by analysts covering Valneva SE, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.2%
of tradable shares
Days to cover
8.16
at average volume
Short interest, 1 month
+0%
to October 15, 2026
Held by institutions
4%
of shares
Held by insiders
0.0%
of shares
Employees
620
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Valneva SE in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Valneva SE
$0 $200M $400M $600M FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY19 Q4: $141.3M Revenue (TTM), FY20 Q4: $125.9M Revenue (TTM), FY21 Q4: $411.8M Revenue (TTM), FY22 Q4: $380.6M Revenue (TTM), FY23 Q4: $166.3M Revenue (TTM), FY24 Q4: $183.5M Revenue (TTM), FY25 Q4: $197.5M $197.5M

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $141.3M
FY20 Q4 $125.9M
FY21 Q4 $411.8M
FY22 Q4 $380.6M
FY23 Q4 $166.3M
FY24 Q4 $183.5M
FY25 Q4 $197.5M
Revenue growth, TTM YoY Valneva SE
-100% 0% 100% 200% 300% FY20 Q4 FY21 Q4 FY22 Q4 FY23 Q4 FY24 Q4 FY25 Q4 Revenue growth, TTM YoY, FY20 Q4: -10.9% Revenue growth, TTM YoY, FY21 Q4: 227.1% Revenue growth, TTM YoY, FY22 Q4: -7.6% Revenue growth, TTM YoY, FY23 Q4: -56.3% Revenue growth, TTM YoY, FY24 Q4: 10.4% Revenue growth, TTM YoY, FY25 Q4: 7.6% 7.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q4 -10.9%
FY21 Q4 227.1%
FY22 Q4 -7.6%
FY23 Q4 -56.3%
FY24 Q4 10.4%
FY25 Q4 7.6%
Operating margin (TTM) Valneva SE
-60% -40% -20% 0% 20% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY19 Q4: -0.6% Operating margin (TTM), FY20 Q4: -50.0% Operating margin (TTM), FY21 Q4: -17.6% Operating margin (TTM), FY22 Q4: -31.4% Operating margin (TTM), FY23 Q4: -53.4% Operating margin (TTM), FY24 Q4: 7.9% Operating margin (TTM), FY25 Q4: -47.0% -47.0%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY19 Q4 -0.6%
FY20 Q4 -50.0%
FY21 Q4 -17.6%
FY22 Q4 -31.4%
FY23 Q4 -53.4%
FY24 Q4 7.9%
FY25 Q4 -47.0%
FCF margin (TTM) Valneva SE
-200% -100% 0% 100% 200% FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY19 Q4: -3.9% FCF margin (TTM), FY20 Q4: 107.7% FCF margin (TTM), FY21 Q4: -4.4% FCF margin (TTM), FY22 Q4: -76.0% FCF margin (TTM), FY23 Q4: -141.2% FCF margin (TTM), FY24 Q4: -47.8% FCF margin (TTM), FY25 Q4: -32.8% -32.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY19 Q4 -3.9%
FY20 Q4 107.7%
FY21 Q4 -4.4%
FY22 Q4 -76.0%
FY23 Q4 -141.2%
FY24 Q4 -47.8%
FY25 Q4 -32.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F, 20-F/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

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

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 141 126 412 381 166 183 197
Gross profit 82 64 189 39 57 77 76
Operating income −1 −63 −73 −120 −89 14 −93
Net income −1 −63 −73 −151 −110 −13 −130
Diluted EPS — — — −$2.61 −$1.58 −$0.17 −$1.54
Growth (year on year)
Revenue — −10.9% +227.1% −7.6% −56.3% +10.4% +7.6%
Operating income — — — — — — −743.3%
Margins
Gross margin 58.2% 50.8% 46.0% 10.2% 34.4% 41.9% 38.7%
Operating margin −0.6% −50.0% −17.6% −31.4% −53.4% 7.9% −47.0%
Net margin −0.6% −50.0% −17.6% −39.7% −66.0% −7.2% −66.0%
Free-cash-flow margin −3.9% 107.7% −4.4% −76.0% −141.2% −47.8% −32.8%
Cash flow
Cash from operations 6 157 91 −258 −219 −73 −60
Capital spending 12 22 109 31 15 15 5
Free cash flow −6 136 −18 −289 −235 −88 −65
Stock-based pay — 7 17 −9 6 9 11
Free cash flow after stock pay — 128 −35 −280 −240 −96 −76
Balance sheet
Cash 72 250 392 307 139 174 129
Total debt 30 65 65 106 196 194 210
Net debt (negative = net cash) −43 −185 −327 −201 56 20 82
Diluted shares 46m 45m 49m 58m 69m 73m 84m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · December 31, 2025
What it owns · $468m
Short-term assets $261mLonger-term assets $207m
What it owes, and who funded it · $468m
Short-term liabilities $110mLonger-term liabilities $234mShareholders' equity $125m
  • Short-term assets cover short-term liabilities $261m of assets due within a year against $110m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $261m short-term assets against $234m of longer-dated liabilities.
  • More cash than debt $129m of cash against $189m of debt.
  • Debt below 40% of shareholders' equity Debt is 152% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 60% to 152% over five years.
  • A year's operating cash flow covers at least 20% of debt −$60m of operating cash flow against $189m of debt.
  • Operating profit covers interest at least five times over Operating income of −$93m against $899,975 of interest.

From Valneva SE'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.

Dividends, buybacks and capital spending

Diluted share count
+15.4%
year over year
R&D spending
48.8%
of revenue
Days sales outstanding
60 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated VALN URGN ABUS AKBA NUVB PBYI Median
Revenue, last 12 months $197m $189m $182m $219m $170m $231m $56m
Revenue growth, last 12 months 7.6% 100.3% >999% 7.5% >999% −2.9% 12.6%
Revenue growth, 3-year average — 37.6% 97.6% 2.9% — 0.2% 13.7%
Revenue growth, latest quarter — 199.2% −90.6% −21.4% 555.6% 7.8% 10.2%
Gross margin 38.7% 90.8% — 79.6% 54.3% 74.8% 82.9%
Operating margin −47.0% −35.3% 82.0% −6.9% −81.0% 13.2% −189.4%
Operating margin, 3-year average — −86.7% −377.3% −8.9% <−999% 13.7% −363.5%
Net margin −66.0% −51.7% 84.2% −13.5% −88.2% 11.6% −169.8%
Cash from operations / revenue −30.3% −84.2% −13.6% 19.0% −70.9% 17.8% −168.0%
Free-cash-flow margin −32.8% −84.3% −13.6% 18.4% −72.2% 17.8% −162.4%
Free-cash-flow margin, 3-year average — −105.5% −376.7% −1.7% <−999% 17.2% −310.0%
Stock pay / revenue 5.5% 8.5% 3.0% 6.1% 20.9% 3.1% 20.0%
Change in share count 15.4% 4.7% 1.9% 11.8% 9.5% 3.0% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 7.6% 12.6% 98 of 172
Change in growth rate Growth -2.7pp -0.1pp 98 of 172
Gross margin Profitability 38.7% 82.4% 70 of 75
Operating margin Profitability -47.0% -189.4% 62 of 175
Net margin Profitability -66.0% -157.3% 70 of 180
Free-cash-flow margin Cash generation -32.8% -145.4% 57 of 176
Stock pay as % of revenue Cash generation 5.5% 19.2% 36 of 179
Long-term debt as % of assets Balance sheet 40.4% 20.6% 64 of 78
Change in share count Balance sheet 15.4% 7.9% 106 of 156
Days sales outstanding Balance sheet 60 days 75 days 43 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$19.8M
Institutions reporting
20
Shares held vs prior quarter
▼ 3.3%
Positions opened / closed
6 / 7

Top buyers and sellers, Q2 2026: 13 institutions bought and 8 sold ; the biggest buyer was Vivo Capital, LLC (+763K shares) and the biggest seller Novo Holdings A/S (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Frazier Life Sciences Management, L.P. $12M 2.3M 60.6% 0.0%
Vivo Capital, LLC $4M 763K 20.2% New
General American Investors Co Inc $1.9M 354K 9.4% 0.0%
Millennium Management LLC $707,216 135K 3.6% New
Wells Fargo & Company $403,829 77K 2.0% ▼ 1.0%
Morgan Stanley $294,014 56K 1.5% ▲ 19.8%
Ironwood Investment Management LLC $235,685 45K 1.2% ▲ 79.3%
Citadel Advisors LLC $106,138 20K 0.5% New
Xtx Topco Ltd $79,381 15K 0.4% New
Vsm Wealth Advisory, LLC $52,300 10K 0.3% 0.0%
UBS Group AG $23,666 5K 0.1% ▲ 478.6%
Gamma Investing LLC $21,385 4K 0.1% ▲ 186.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Valneva SE's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Valneva SE was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Valneva SE in brief

What does Valneva SE do?
Valneva SE is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Valneva SE's stock ticker?
Valneva SE trades under the ticker VALN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Valneva SE's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Valneva SE reported revenue of $197M, 7.6% higher than a year earlier, according to its SEC filings.
What is Valneva SE's free cash flow?
Valneva SE's free-cash-flow margin is -32.8% of revenue over the trailing twelve months, ranking 57 of the 176 biotechnology companies we cover.
Who are Valneva SE's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Frazier Life Sciences Management, L.P., Vivo Capital, LLC and General American Investors Co Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
How much debt does Valneva SE have?
Valneva SE's debt-to-equity ratio is 151.9%, from its latest balance sheet (59.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Valneva SE's competitors?
In our Biotechnology peer group, the companies closest to Valneva SE are Urogen Pharma Ltd., Arbutus Biopharma Corp, Akebia Therapeutics, Inc., Nuvation Bio Inc. and Puma Biotechnology, Inc. The side-by-side comparison below sets their revenue, margins and growth against Valneva SE's.