olivLaw · European equity research
Mauna Kea Technologies ALMKT.PA
France · Euronext Paris · ISIN FR0010609263 · Vertical: Listed companies from France
Mauna Kea Technologies is a French company developing confocal laser endomicroscopy and fluorescence imaging systems for intraoperative guidance in surgery. It closed 2020 with 98 employees and cash of 8.6 M EUR, at a time when it depends on new financing lines.
At the close of 05 Nov 2026, Mauna Kea Technologies (ALMKT.PA) stock was 0.09 EUR (+1.09% on the day), with market capitalisation 2.8 m EUR, beta 0.66, 52-week range 0.07–0.22 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)
- 28.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.09 – 0.12
- in the lower half of the band · %B 0.19 · band width 33.0%
- SMA 50 / 200
- 0.13 / 0.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −27.2% | −0.6% | −26.5 pp | — |
| 3 months | −39.0% | −4.2% | −34.8 pp | — |
| 6 months | −47.2% | +4.3% | −51.5 pp | — |
| Year to date | +26.5% | +7.5% | +19.0 pp | — |
| 1 year | −0.1% | +9.9% | −10.0 pp | −10.8% |
| 3 years | −79.9% | +49.8% | −129.8 pp | −4.2% |
| 5 years | −90.1% | +42.8% | −132.9 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.
Fiscal years
| Fiscal year | 2019 | 2020 |
|---|---|---|
| Revenue | 7.4 m | 6.5 m |
| Revenue YoY | unavailable | −12.2% |
| Net income | -15.3 m | -12.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.60 | -0.42 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -205.5% | -196.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2020 · 31 Dec 2020
- Cash
- 8.6 m EUR
- Financial debt
- 26.2 m EUR
- Net debt
- 17.6 m EUR
- Equity
- -12.1 m EUR
- Total assets
- 20.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.31x
- ROE
- unavailable
- ROA
- -57.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Revenue | 7.4 m | 6.5 m | esef· 18 May 2021verified |
| Cost of revenue | 2.3 m | 2.1 m | esef· 18 May 2021verified |
| Gross profit | 5.2 m ≈ | 4.4 m ≈ | esef· 18 May 2021derived |
| Research & development | 3.2 m | 3.2 m | esef· 18 May 2021verified |
| Operating income | -13.0 m | -11.8 m | esef· 18 May 2021verified |
| Interest expense | 2.8 m | 1.3 m | esef· 18 May 2021verified |
| Pre-tax income | -15.3 m | -12.8 m | esef· 18 May 2021verified |
| Income tax | 0 | 0 | esef· 18 May 2021verified |
| Net income | -15.3 m | -12.8 m | esef· 18 May 2021verified |
| Diluted EPS | -0.60 | -0.42 | esef· 18 May 2021verified |
| Weighted average diluted shares | 29.5 k | 35.7 k | esef· 18 May 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2019 | 2020 | Source (latest year) |
|---|---|---|---|
| Cash | 10.0 m | 8.6 m | esef· 18 May 2021verified |
| Inventories | 2.6 m | 2.7 m | esef· 18 May 2021verified |
| Current assets | 17.8 m | 14.5 m | esef· 18 May 2021verified |
| Property, plant & equipment, net | 2.0 m | 1.5 m | esef· 18 May 2021verified |
| Intangibles (excl. goodwill) | 2.3 m | 3.1 m | esef· 18 May 2021verified |
| Total assets | 23.6 m | 20.6 m | esef· 18 May 2021verified |
| Long-term debt | 15.5 m | 26.2 m | esef· 18 May 2021verified |
| Current liabilities | 7.6 m | 6.3 m | esef· 18 May 2021verified |
| Equity | 253.0 k | -12.1 m | esef· 18 May 2021verified |
| Shares outstanding at year end | 25.5 m | 30.5 m | esef· 18 May 2021derived |
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: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -196.0% | 10 (vs peers) | 38% |
| 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 | -9.1x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
MAUNA KEA TECHNOLOGIES (ALMKT.PA). Latest full fiscal year: 2020; data up to 2020-12-31.
Figures computed from the financial statements: revenue 6.5 m EUR in 2020; YoY growth -12.2%; net margin -196.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
What contradicts it
- Net margin: -196.0%
- Interest coverage: -9.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| 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% |
| 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 ALMKT.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Mauna Kea Technologies is a French company developing confocal laser endomicroscopy and fluorescence imaging systems for intraoperative guidance in surgery. It closed 2020 with 98 employees and cash of 8.6 M EUR, at a time when it depends on new financing lines. 1
SWOT
Strengths
- The company has endomicroscopy technology with applications in urology and digestive surgery, partly validated through clinical studies. The research team has published results in scientific journals.
- The collaboration with a pharmaceutical company for dual imaging offers an integration advantage. This may strengthen its position in oncological surgery.
- The company has a direct sales network in several major markets. This allows closer control of the relationship with hospitals.
Weaknesses
- Liquidity is limited, and business continuity depends on new financing through share issues. This exposes the company to dilution.
- Some clinical studies were stopped or did not include all planned patients. The contrasting results reduce certainty about the applicability of the technology.
- Dependence on specialised devices and surgeon training may limit adoption. The learning curve is a cost factor for hospitals.
Opportunities
- Development of targeted agents could extend applications in oncology. Partnerships with pharmaceutical firms could speed this process.
- Growth of imaging equipment in operating theatres could ease adoption. Interest in fluorescence-guided surgery remains high in research.
- Personalising ICG administration protocols could open new clinical indications. This would require further validation.
Threats
- If clinical results do not confirm the benefit, adoption could remain limited. Competition in intraoperative imaging could increase.
- The physical limits of fluorescent light in deep tissue may restrict the area of use. Technical solutions could require time and resources.
- Dependence on capital markets for financing may become problematic if the share price falls. This factor could affect development plans.
Risks
- Limited financinghigh
Liquidity available at the end of 2020 is modest relative to research needs, and continuity depends on new share issues. The financing mechanism depends on the stock market price.
- Contrasting clinical resultshigh
The digestive surgery study was stopped after including a small number of patients, and the ICG signal was not detected in all cases. This could delay validation.
- Dependence on partnershipsmedium
The collaboration with Telix is at the research stage and its results are not yet known. If the partnership does not produce results, development plans could be affected.
- Variability of patient resultslow
ICG fluorescence differs between patients depending on liver condition. This could make product performance harder to standardise.
Investment thesis
What would need to be true (bull case)
- If clinical validation of targeted agents succeeds, the company could extend the technology's scope in oncology.
- The collaboration with a pharmaceutical company could provide access to additional expertise and resources for development.
- Growth in the number of imaging systems in operating theatres could ease adoption of the company's products.
What would break the thesis
- If financing does not strengthen, the company could be forced to keep issuing shares, diluting shareholders.
- The contrasting clinical results reported could delay obtaining new indications.
- The physical limits of the fluorescent signal could restrict use of the technology to certain tissues.
What to watch
- Evolution of liquidity and financing through the Kepler Cheuvreux line2021
- Results of the Telix collaboration in dual imaging2021
- Resumption or extension of clinical studies in digestive surgery2021
- Evolution of headcount and sales forcenext annual report
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
Mauna Kea Technologies develops the CelioFlex UHD Confocal Miniprobe and the Cellvizio platform, which allow tissue to be viewed at cellular level during surgical procedures. According to the annual report for 2019 published for the 2020 fiscal year, the company ran clinical studies in digestive surgery, urology and molecular imaging. 1
Research activity includes ex vivo and in vivo studies, as well as a scientific collaboration announced in December 2020 with Telix Pharmaceuticals to combine molecular imaging with endomicroscopy. The stated goal is to improve surgery for prostate and kidney cancers. 1
The 2020 sales team covers France, Germany and the United States through direct sales, and the rest of Europe and Asia through distributors. This model makes sales dependent on the distribution network and on hospital equipment budgets. 1
Segments
Confocal laser endomicroscopy
The Cellvizio systems and CelioFlex probes allow examination of tissue at cellular scale during surgery. Urology studies in 2019 and 2020 showed the method is feasible in robot-assisted radical prostatectomy. 1
Imaging with fluorescent molecular markers
The company works on near-infrared fluorescent agents targeting tumours, in partnership with Telix. The activity is still at the research and clinical development stage. 1
Market context
The market for fluorescence-guided surgery relies on contrast agents that are increasingly specific to tumours, and the source describes the development of imaging systems in operating theatres as an active process. The company's potential depends on the clinical success of these technologies. 1
The physical limits of fluorescent light, which does not pass through thick tissue, make endomicroscopy appear as a necessary complement for deeper lesions. This opens a market segment but also technological risks. 1
Trends
- Targeted contrast agentsmixed
Development of fluorescent agents specific to tumours could extend intraoperative use of imaging. The source notes, however, that most current dyes are not optimised for these purposes.
- More capable imaging systems in the operating theatretailwind
Growth in the number and performance of imaging systems in operating theatres could favour adoption of fluorescence techniques. Active research development in recent years supports this trend.
- Limited depth of the fluorescent signalheadwind
The fluorescent signal does not pass through thick tissue, which limits its use for deep nodules. This factor may slow extension to certain procedures.
- Patient variability in ICG administrationmixed
Studies show ICG behaves differently from one patient to another, which could call for personalised protocols. Adapting protocols may increase clinical complexity.
Competitive position
The source does not explicitly identify the company's competitors. It does, however, mention existing dyes such as fluorescein, methylene blue, ICG and IRD800CW, used in surgery and ophthalmology. 1
The company's stated advantage lies in combining endomicroscopy with molecular imaging agents, through the collaboration with Telix. Its real competitive position depends on clinical validation of this approach. 1
- Telix Pharmaceuticals
Research partner named in the report for molecular imaging agents combined with endomicroscopy, not a declared direct competitor.
- Makers of intraoperative fluorescence systems
The source mentions devices available in clinic, such as the Spectrum system and the SpyPhi column, without details on suppliers.
- Suppliers of ICG and other clinical dyes
Already authorised dyes are used as reference, but are not described as direct competitors in the source.
- Nuclear medicine techniques
The source says fluorescence is less sensitive than other techniques such as nuclear medicine, placing them as alternatives in diagnosis.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202018 May 2021
Sources
- [1] Annual report, fiscal year ended 2020-12-31 (ESEF) · SEC / Mauna Kea Technologies · 31 Dec 2020
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.