Valneva SE key statistics and ratios

In fiscal 2025, Valneva SE had return on equity of -83.4%, an operating margin of -47.0%, debt equal to 168.8% of equity and a current ratio of 2.38. 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.

Valneva SE: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
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%
Return on equity	−0.6%	−51.0%	−50.5%	−70.5%	−58.2%	−8.0%	−83.4%
Return on assets	—	−11.4%	−9.9%	−19.0%	−18.7%	−2.6%	−26.4%
Asset turnover	—	0.23	0.56	0.48	0.28	0.36	0.40
Current ratio	—	1.75	1.59	1.53	1.65	2.61	2.38
Debt to equity	19.5%	68.9%	33.9%	45.0%	137.9%	103.4%	168.8%
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	16.4x	n/m
R&D as % of revenue	30.1%	76.6%	49.8%	29.0%	39.0%	43.7%	48.8%
Capital spending as % of revenue	8.3%	17.2%	26.5%	8.1%	9.3%	8.2%	2.5%

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

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.

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.

Compare with peers

Head to head: URGN vs VALN ABUS vs VALN AKBA vs VALN

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

Figures from Valneva SE's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Valneva SE.