olivLaw · European equity research
LNA Santé LNA.PA
France · Euronext Paris · ISIN FR0004170017 · Vertical: Listed companies from France
LNA Santé is a French family-run operator of medico-social and healthcare facilities, active since 1990 with its first EHPAD. The group is gradually widening its portfolio and now reports through its first CSRD sustainability statement, which makes operational transparency more relevant for investors and authorities. Its activity covers 95 % of revenue on the French perimeter, according to the annual report for 2025.
At the close of 05 Nov 2026, LNA Santé (LNA.PA) stock was 25.30 EUR (−0.78% on the day), with market capitalisation 259.6 m EUR, P/E 10.7 on diluted EPS of 2.35 EUR over the last 12 months, dividend yield 2.57%, beta 0.26, 52-week range 22.90–36.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 22.54 – 25.06
- above the upper band · %B 1.10 · band width 10.6%
- SMA 50 / 200
- 27.75 / 29.50
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.71 / -1.22
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.2% | −0.6% | +7.9 pp | — |
| 3 months | −29.1% | −4.2% | −25.0 pp | — |
| 6 months | −13.7% | +4.3% | −18.0 pp | — |
| Year to date | +3.3% | +7.5% | −4.2 pp | — |
| 1 year | +3.3% | +9.9% | −6.7 pp | −6.8% |
| 3 years | +19.9% | +49.8% | −29.9 pp | −15.9% |
| 5 years | −50.8% | +42.8% | −93.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 8.8, median 10.4, max 11.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 736.1 m | 806.6 m | 912.7 m |
| Revenue YoY | unavailable | +9.6% | +13.1% |
| Net income | 23.4 m | 21.8 m | 24.1 m |
| Net income YoY | unavailable | −6.8% | +10.7% |
| Diluted EPS | 2.29 | 2.13 | 2.35 |
| Diluted EPS YoY | unavailable | −6.8% | +10.3% |
| net % | 3.2% | 2.7% | 2.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 94.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 341.5 m EUR
- Total assets
- 1.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.91x
- ROE
- 7.3%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 736.1 m | 806.6 m | 912.7 m | esef· 29 Apr 2026verified |
| Operating income | 63.0 m | 62.4 m | 68.7 m | esef· 29 Apr 2026verified |
| Income tax | 13.0 m | 11.0 m | 14.1 m | esef· 29 Apr 2026verified |
| Net income | 23.4 m | 21.8 m | 24.1 m | esef· 29 Apr 2026verified |
| Diluted EPS | 2.29 | 2.13 | 2.35 | esef· 29 Apr 2026verified |
| Dividend per share | 0.50 | 0.60 | 0.65 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 77.2 m | 75.1 m | 94.8 m | esef· 29 Apr 2026verified |
| Inventories | 148.3 m | 179.0 m | 197.7 m | esef· 29 Apr 2026verified |
| Current assets | 333.7 m | 374.1 m | 421.4 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 170.1 m | 164.1 m | 200.0 m | esef· 29 Apr 2026verified |
| Goodwill | 139.3 m | 137.4 m | 132.2 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 422.6 m | 441.1 m | 444.7 m | esef· 29 Apr 2026verified |
| Total assets | 1.5 bn | 1.5 bn | 1.6 bn | esef· 29 Apr 2026verified |
| Accounts payable | 64.9 m | 76.5 m | 80.1 m | esef· 29 Apr 2026verified |
| Current liabilities | 354.0 m | 412.3 m | 460.9 m | esef· 29 Apr 2026verified |
| Equity | 308.5 m | 323.6 m | 341.5 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 10.2 m | 10.2 m | 10.3 m | esef· 29 Apr 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 259.6 m EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.84 – 70.14 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E26.10 – 70.14 (Mid 40.32)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)8.84 – 12.05 (Mid 10.20)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 72 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 10 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 10.7x | 78 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial10/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial72/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial78/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LNA SANTE (LNA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 912.7 m EUR in 2025; YoY growth 13.1%; net margin 2.6%; ROE 7.5%.
The estimated value range is 17.47–41.10 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 25.26 EUR, the price of 25.30 EUR leaves a potential of -0.2% (value / price − 1) and a margin of safety of -0.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.6%
- P/E (TTM): 10.7x
What contradicts it
- Current ratio: 0.9x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| LNA.PALna Sante | 259.6 m | 10.7 | 7.5% | 2.6% | +13.1% | +7% / +31% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for LNA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16.25 Total return -34% · Per year -34% | 28.63 Total return 16% · Per year 16% | 42.97 Total return 73% · Per year 73% |
| 3 years | 18.64 Total return -19% · Per year -7% | 36.65 Total return 55% · Per year 16% | 59.98 Total return 150% · Per year 36% |
| 5 years | 21.37 Total return -3% · Per year -1% | 46.92 Total return 104% · Per year 15% | 83.73 Total return 256% · Per year 29% |
- Exit P/E± 9.16
- Net margin± 6.41
- Annual revenue growth± 4.86
- Annual dilution± 0.54
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LNA Santé is a French family-run operator of medico-social and healthcare facilities, active since 1990 with its first EHPAD. The group is gradually widening its portfolio and now reports through its first CSRD sustainability statement, which makes operational transparency more relevant for investors and authorities. Its activity covers 95 % of revenue on the French perimeter, according to the annual report for 2025 1.
SWOT
Strengths
- A family business with long-term governance and clear values that guide investment and operating decisions.
- A solid footprint in France, where the large majority of staff and revenue is concentrated.
- An internal maintenance unit and a network of technical referents able to intervene quickly across the territory.
Weaknesses
- Dependence on administrative authorisations and on the long implementation timeline for new activities.
- The property portfolio needs continuous investment for compliance, air conditioning and security.
- Extra-financial data is not yet fully consolidated for all international subsidiaries.
Opportunities
- Expanding the integrated care offer and home hospitalisation could meet growing care needs.
- Modernising infrastructure and data systems could reduce operational and security risks.
- Responsible purchasing and energy-saving policies could lower costs over the long term.
Threats
- Climate risks such as extreme heat and heavy rain could temporarily disrupt activity in facilities.
- Civil or criminal liability for breaches of safety rules could affect financial results.
- Pressure on staffing and labour costs could limit operating margins if the labour market tightens.
Risks
- Building safety and suitabilityhigh
Failure to meet building safety rules could engage the company's civil or criminal liability and affect its reputation 1.
- Climate risk to the property portfoliomedium
Higher temperatures, heatwaves and heavy rainfall could cause temporary disruption in facilities, even though adaptation measures are already built in 1.
- Personal data protectionmedium
A security incident involving residents' personal data could lead to sanctions and loss of trust, although a multi-year reinforcement plan is in place 1.
- Food safetymedium
Food safety risks in facility kitchens could lead to batch withdrawals and health effects for residents if the control plan fails 1.
- Supplier chain and purchasinglow
Dependence on suppliers that do not meet CSR or human rights requirements could create reputational and operational risks 1.
Investment thesis
What would need to be true (bull case)
- If the family governance model keeps supporting long-term investment, the company could strengthen its position in the French medico-social and healthcare sector 1.
- The certifications obtained and the good evaluations of medico-social facilities could support new authorisations and partnerships with public authorities 1.
- Its in-house maintenance unit and climate adaptation plans could reduce unforeseen costs over the medium term 1.
What would break the thesis
- The long process of obtaining authorisations and building new facilities could slow expansion and increase pressure on capital 1.
- Climate and building safety risks could generate extra investment costs if regulation tightens 1.
- The lack of fully consolidated data for all international subsidiaries could complicate assessment of the group's real performance 1.
What to watch
- Trend in staffing and health and safety indicators for employees2026
- Progress of the multi-year data security plan and GDPR compliance2026
- Extension of the responsible purchasing policy to all main suppliers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
LNA Santé operates mainly in France, with a perimeter covering the medico-social sector, starting with its first EHPAD in 1990, and the healthcare sector, with rehabilitation care from 1995, a psychiatric clinic from 2008, the first home hospital from 2010 and surgery activity from 2019 1. International development has been staged, with Belgium from 2003 and Poland from 2022 1. The report notes that some data is excluded from calculations when not yet consolidated or available 1.
The company presents itself as a family-run business governed over the long term, with values such as respect, sense of service, trust, commitment and initiative 1. Its model rests on an integrated health offer, and a restructuring project in a given area can take five to six years to reach cruising speed 1.
The operating structure relies on the management autonomy of each establishment, with an executive committee (COMEX) and steering committees dedicated to healthcare and medico-social activities, plus an internal maintenance unit, LNA Services, able to intervene across the territory 1. Support functions are centralised at head office so that frontline staff can focus on residents and patients 1.
Segments
Medico-social (EHPAD)
The medico-social segment, the group's historical core since 1990, covers EHPADs where the blue plan for crisis management applies and where 33 facilities were assessed by HAS, all rated in the two highest levels A or B 1.
Healthcare
The healthcare segment includes rehabilitation care, the psychiatric clinic, home hospitalisation and surgery, with the white plan for exceptional situations and four healthcare facilities certified in 2025 1.
Market context
The French medico-social and healthcare market is strictly regulated, and the report cites obligations on building safety, data protection and climate risk 1. Activity depends heavily on ARS authorisations and property compliance, so expansion into new territories takes years 1.
The group also operates in Belgium and Poland, but the weight of these markets in consolidated data is not always available, as the report indicates 1. Demographic pressure and food safety requirements in facility kitchens add operational complexity 1.
Trends
- Climate changemixed
Rising average temperatures, heatwaves and heavy rainfall are identified as the main threats to the property portfolio, and the company has installed air conditioning in refuge areas 1. If these measures are applied consistently, they could limit the impact on service continuity 1.
- Digitalisation and data protectiontailwind
Application of GDPR rules and a multi-year plan to secure stored personal data are under way, and security audits could reduce risk if followed by convergence plans 1.
- Costs and compliance requirementsheadwind
Growing requirements for building safety, food safety and sustainability reporting could raise operating costs, especially during multi-year investment periods 1.
- Responsible purchasingmixed
Extension of the responsible supplier charter, which covers part of purchasing, and CSR requirements in tenders could change the cost structure and supply chain 1.
Competitive position
The annual report does not explicitly name the group's competitors, but the French medico-social and healthcare context implies private and not-for-profit operators competing for authorisations and staff 1. Differentiation rests on infrastructure quality and the integrated care model 1.
The competitive advantage the company declares is family stability, the ability to invest in new or renovated buildings and access to an internal maintenance network 1. Competitive pressure could rise if authorisations become scarcer or new investors enter the market 1.
- Private clinic and EHPAD operators in France
Not named in the primary source; they compete for authorisations and staff in the same areas.
- Not-for-profit and public health operators
Providers of comparable medico-social and healthcare services in the same geographies.
- International long-term care groups
Could compete in similar European markets, including Belgium and Poland, where LNA Santé is already present.
- Maintenance and security service providers
Compete with the internal maintenance unit for building maintenance and security contracts.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LNA Santé · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.