VALN

MKT CAP:$471M

Valneva SE

Market Cap

$471M

Healthcare·Biotechnology·🇫🇷 France·NASDAQ

Healthcare·Biotechnology·🇫🇷·NASDAQ

Stock Price

$5.28-$3.68 (-41.07%)

Apr 23, 2026

Company Details

Valneva SE, a specialty vaccine company, focuses on the development and commercialization of prophylactic vaccines for infectious diseases with unmet needs. Its commercial vaccines for travelers include IXIARO, an inactivated Vero cell cult...

CEO

Thomas Lingelbach

IPO Date

May 5, 2021

Website

valneva.com

Key Metrics TTM

Revenue

$204M

+3.0% YoY

Net Income

-$135M

EPS (Diluted)

-$1.60

Free Cash Flow

-$67M

Revenue / Share

$2.36

Gross Margin

38.7%

Operating Margin

-46.7%

Net Margin

-66.0%

FCF Margin

-32.8%

P/S

2.3x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Mar 17, 2026

$204M+3.0%EPS -$1.54

Q4 2025

Mar 17, 2026

$56M-9.9%EPS -$0.68

Q3 2025

Nov 20, 2025

$34M-35.8%EPS -$0.61

Q2 2025

Aug 12, 2025

$57M+27.0%EPS -$0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$26M	$9M	-$22M
Q2 22	$83M	-$101M	-$154M
Q3 22	$183M	$147M	$109M
Q4 22	$130M	-$12M	-$66M
Q1 23	$39M	$15M	-$19M
Q2 23	$47M	$8M	-$22M
Q3 23	$45M	$20M	-$26M
Q4 23	$49M	$19M	-$29M
Q1 24	$38M	$12M	$80M
Q2 24	$44M	$17M	-$25M
Q3 24	$54M	$24M	-$15M
Q4 24	$62M	$30M	-$24M
Q1 25	$58M	$31M	-$7M
Q2 25	$57M	$28M	-$13M
Q3 25	$34M	$6M	-$43M
Q4 25	$56M	$14M	-$32M

Valuation

Quarter	P/S	P/E
Q1 22	4.3x	—
Q2 22	2.8x	—
Q3 22	1.2x	8.4x
Q4 22	2.2x	—
Q1 23	1.6x	—
Q2 23	2.6x	—
Q3 23	3.0x	—
Q4 23	4.2x	—
Q1 24	2.8x	—
Q2 24	2.8x	—
Q3 24	2.3x	—
Q4 24	1.5x	—
Q1 25	2.4x	—
Q2 25	1.9x	—
Q3 25	4.0x	—
Q4 25	3.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$31M	-$42M
Q2 22	-$86M	-$93M
Q3 22	-$104M	-$112M
Q4 22	-$65M	-$73M
Q1 23	-$28M	-$33M
Q2 23	-$48M	-$52M
Q3 23	-$83M	-$85M
Q4 23	-$81M	-$88M
Q1 24	-$40M	-$45M
Q2 24	-$44M	-$44M
Q3 24	-$12M	-$31M
Q4 24	$11M	$7M
Q1 25	-$10M	-$11M
Q2 25	-$3M	-$5M
Q3 25	-$20M	-$21M
Q4 25	-$29M	-$30M

Capital Expenditures

Quarter	CapEx
Q1 22	$11M
Q2 22	$8M
Q3 22	$8M
Q4 22	$8M
Q1 23	$4M
Q2 23	$4M
Q3 23	$1M
Q4 23	$7M
Q1 24	$5M
Q2 24	$408.0K
Q3 24	$19M
Q4 24	$5M
Q1 25	$2M
Q2 25	$1M
Q3 25	$781.0K
Q4 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-5.9%	-25.9%
Q2 22	+193.9%	+156.4%
Q3 22	+601.1%	-63.5%
Q4 22	-60.0%	+64.4%
Q1 23	+53.4%	+24.4%
Q2 23	-43.6%	-71.2%
Q3 23	-75.7%	-4.9%
Q4 23	-62.4%	-60.2%
Q1 24	-2.3%	-170.8%
Q2 24	-5.4%	+1.7%
Q3 24	+20.4%	-3.3%
Q4 24	+26.4%	+10.5%
Q1 25	+50.3%	+255.7%
Q2 25	+27.0%	-0.7%
Q3 25	-35.8%	+14.2%
Q4 25	-9.9%	+2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	-$33M	-39.5%
Q3 22	$33M	18.0%
Q4 22	-$37M	-28.4%
Q1 23	$0	0.0%
Q2 23	$2M	4.4%
Q3 23	-$2M	-4.6%
Q4 23	$4M	8.2%
Q1 24	$0	0.0%
Q2 24	$3M	6.1%
Q3 24	-$3M	-5.1%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$24M	$7M	$2M
Q2 22	$36M	$12M	$7M
Q3 22	$27M	$8M	$6M
Q4 22	$35M	$13M	$12M
Q1 23	$16M	$12M	$11M
Q2 23	$14M	$15M	$13M
Q3 23	$19M	$14M	$16M
Q4 23	$21M	$15M	$17M
Q1 24	$15M	$14M	$13M
Q2 24	$19M	$13M	$14M
Q3 24	$22M	$11M	$15M
Q4 24	$30M	$12M	$19M
Q1 25	$17M	$10M	$12M
Q2 25	$20M	$12M	$12M
Q3 25	$32M	$12M	$10M
Q4 25	$30M	$9M	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$364M	$0	$364M
Q2 22	$393M	$0	$393M
Q3 22	$305M	$0	$305M
Q4 22	$338M	$0	$338M
Q1 23	$298M	$0	$298M
Q2 23	$239M	$0	$239M
Q3 23	$200M	$0	$200M
Q4 23	$147M	$0	$147M
Q1 24	$207M	$0	$207M
Q2 24	$154M	$0	$154M
Q3 24	$183M	$0	$183M
Q4 24	$197M	$0	$197M
Q1 25	$179M	$0	$179M
Q2 25	$189M	$0	$189M
Q3 25	$168M	$0	$168M
Q4 25	$128M	$0	$128M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	54M	+7.5%	+17.5%
Q2 22	46M	-14.9%	0.0%
Q3 22	46M	0.0%	-7.6%
Q4 22	69M	+49.7%	+37.0%
Q1 23	69M	+0.0%	+27.4%
Q2 23	69M	+0.4%	+50.3%
Q3 23	69M	+0.0%	+50.3%
Q4 23	69M	0.0%	+0.4%
Q1 24	69M	-0.0%	+0.4%
Q2 24	66M	-5.2%	-5.2%
Q3 24	70M	+6.8%	+1.3%
Q4 24	70M	0.0%	+1.3%
Q1 25	77M	+9.5%	+10.9%
Q2 25	77M	0.0%	+17.0%
Q3 25	86M	+11.6%	+22.2%
Q4 25	87M	+1.0%	+23.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$33.5K	762
Q2 22	$109.5K	762
Q3 22	$240.4K	762
Q4 22	$181.2K	719
Q1 23	$54.5K	719
Q2 23	$65.4K	719
Q3 23	$61.9K	719
Q4 23	$72.5K	676
Q1 24	$56.6K	676
Q2 24	$65.8K	676
Q3 24	$79.3K	676
Q4 24	$86.8K	713
Q1 25	$80.7K	713
Q2 25	$79.3K	713
Q3 25	$48.2K	713
Q4 25	$117	476K

Revenue / Employee