VALN (VALN) financial statements

· Market cap $574M

VALN reported revenue of 175M EUR in fiscal 2025, up 5.6% a year over 6 years.

Net income was -115M EUR and the operating margin -47.0%, against -0.6% in 2019.

Free cash flow was -57M EUR.

The diluted share count rose 83% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (EUR).

-0.4-0.200.20.42019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in EUR, from VALN's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Revenue126M EUR110M EUR348M EUR361M EUR154M EUR170M EUR175M EUR
Cost of revenue53M EUR54M EUR188M EUR324M EUR101M EUR99M EUR107M EUR
Gross profit73M EUR56M EUR160M EUR37M EUR53M EUR71M EUR68M EUR
Research and development38M EUR84M EUR173M EUR105M EUR60M EUR74M EUR85M EUR
Selling, general and admin18M EUR28M EUR48M EUR34M EUR48M EUR43M EUR37M EUR
Operating income-811,000 EUR-55M EUR-61M EUR-113M EUR-82M EUR13M EUR-82M EUR
Interest expense3M EUR11M EUR17M EUR19M EUR23M EUR24M EUR42M EUR
Pre-tax income-870,000 EUR-65M EUR-70M EUR-145M EUR-99M EUR-11M EUR-114M EUR
Income tax874,000 EUR-909,000 EUR3M EUR-2M EUR3M EUR761,000 EUR1M EUR
Net income-811,000 EUR-55M EUR-61M EUR-143M EUR-101M EUR-12M EUR-115M EUR
EPS (diluted)-0.02 EUR-0.71 EUR-0.75 EUR-1.24 EUR-0.73 EUR-0.08 EUR-0.68 EUR
Diluted shares92M91M98M115M139M146M168M
Gross margin58.2%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%

Balance sheet

Fiscal years, in EUR, from VALN's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Cash and short-term investments64M EUR204M EUR347M EUR287M EUR126M EUR168M EUR110M EUR
Receivables—19M EUR44M EUR24M EUR42M EUR35M EUR28M EUR
Inventory—27M EUR124M EUR35M EUR44M EUR54M EUR50M EUR
Total current assets—308M EUR586M EUR425M EUR263M EUR299M EUR223M EUR
Property, plant and equipment20M EUR35M EUR126M EUR112M EUR136M EUR139M EUR119M EUR
Total assets—449M EUR817M EUR621M EUR460M EUR500M EUR399M EUR
Total current liabilities—176M EUR369M EUR277M EUR159M EUR115M EUR93M EUR
Long-term debt—46M EUR51M EUR87M EUR133M EUR167M EUR161M EUR
Total liabilities—372M EUR647M EUR402M EUR332M EUR319M EUR293M EUR
Shareholders' equity135M EUR77M EUR171M EUR220M EUR128M EUR181M EUR106M EUR
Net debt-64M EUR-151M EUR-289M EUR-188M EUR51M EUR19M EUR70M EUR

Cash flow

Fiscal years, in EUR, from VALN's 10-K filings with the SEC.

Fiscal year2019202020212022202320242025
Operating cash flow6M EUR138M EUR77M EUR-245M EUR-203M EUR-67M EUR-53M EUR
Capital spending11M EUR19M EUR93M EUR29M EUR14M EUR16M EUR4M EUR
Free cash flow-5M EUR118M EUR-16M EUR-275M EUR-217M EUR-84M EUR-57M EUR
Stock-based compensation—6M EUR15M EUR-9M EUR5M EUR8M EUR10M EUR
Net borrowing97,000 EUR28M EUR-1M EUR38M EUR79M EUR-4M EUR-172M EUR
Free cash flow margin-4.2%107.2%-4.7%-76.0%-141.2%-49.3%-32.8%
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Questions

What was VALN's revenue in 2025?

175M EUR in fiscal 2025, from its 10-K filing.

How much free cash flow does VALN generate?

-57M EUR in fiscal 2025 (operating cash flow minus capital spending).

From VALN's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.