olivLaw · European equity research
Clariane SE CLARI.PA
France · Euronext Paris · ISIN FR0010386334 · Vertical: Listed companies from France
Clariane is a European group providing elder care and healthcare across six countries, which in 2025 continued a disposal programme to strengthen its financial structure. For investors and the public, the period matters for the shift from expansion to reorganisation and for the focus on staff safety, where work-stoppage accidents fell to 2607 in 2025.
At the close of 05 Nov 2026, Clariane SE (CLARI.PA) stock was 3.46 EUR (+4.28% on the day), with market capitalisation 793.8 m EUR, P/E 864.0 on diluted EPS of 0.00 EUR over the last 12 months, dividend yield 6.40%, beta 0.96, 52-week range 3.11–4.35 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)
- 54.5
- neutral
- Bollinger (20, 2)
- 3.07 – 3.47
- in the upper half of the band · %B 0.95 · band width 12.3%
- SMA 50 / 200
- 3.60 / 3.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.12
- 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 | +2.5% | −0.6% | +3.1 pp | — |
| 3 months | −15.0% | −4.2% | −10.8 pp | — |
| 6 months | −18.1% | +4.3% | −22.4 pp | — |
| Year to date | −12.2% | +7.5% | −19.7 pp | — |
| 1 year | −0.2% | +9.9% | −10.1 pp | −6.8% |
| 3 years | −8.5% | +49.8% | −58.3 pp | −15.9% |
| 5 years | −88.4% | +42.8% | −131.2 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 0 percentile of its own 1-quarter history (min 983.5, median 983.5, max 983.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.0 bn | 5.3 bn | 5.3 bn |
| Revenue YoY | unavailable | +5.7% | +0.5% |
| Net income | -105.2 m | -55.1 m | 1.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.99 | -0.24 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -2.1% | -1.0% | 0.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 784.8 m EUR
- Financial debt
- 3.2 bn EUR
- Net debt
- 2.4 bn EUR
- Equity
- 3.9 bn EUR
- Total assets
- 13.8 bn EUR
- Debt / equity
- 0.83x
- Current ratio
- unavailable
- ROE
- 0.0%
- ROA
- 0.0%
- 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 | 5.0 bn | 5.3 bn | 5.3 bn | esef· 04 Mar 2026verified |
| Operating income | 163.2 m | 262.0 m | 300.7 m | esef· 04 Mar 2026verified |
| Pre-tax income | -76.2 m | -36.7 m | 11.9 m | esef· 04 Mar 2026verified |
| Income tax | -2.6 m | -9.4 m | -3.3 m | esef· 04 Mar 2026verified |
| Net income | -105.2 m | -55.1 m | 1.6 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.99 | -0.24 | 0.00 | esef· 04 Mar 2026verified |
| Dividend per share | 0.62 | 0.22 | — | esef· 15 Apr 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 677.9 m | 518.1 m | 784.8 m | esef· 04 Mar 2026verified |
| Inventories | 28.3 m | 22.2 m | 36.2 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 3.1 bn | 3.1 bn | 2.9 bn | esef· 04 Mar 2026verified |
| Goodwill | 3.3 bn | 3.2 bn | 3.1 bn | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.3 bn | 2.3 bn | 2.2 bn | esef· 04 Mar 2026verified |
| Total assets | 15.2 bn | 14.3 bn | 13.8 bn | esef· 04 Mar 2026verified |
| Long-term debt | 3.5 bn | 3.0 bn | 3.2 bn | esef· 04 Mar 2026verified |
| Equity | 3.9 bn | 4.0 bn | 3.9 bn | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 106.3 m | 229.7 m | — | esef· 04 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 793.2 m | 908.1 m | 1.1 bn | esef· 04 Mar 2026verified |
| Investing cash flow | -669.5 m | 47.7 m | 137.6 m | esef· 04 Mar 2026verified |
| Financing cash flow | -193.6 m | -1.1 bn | -946.6 m | esef· 04 Mar 2026verified |
| Dividends paid | 65.7 m | 50.8 m | 70.0 m | esef· 04 Mar 2026verified |
| Share repurchases | 493.0 k | -130.0 k | — | esef· 15 Apr 2025verified |
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: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 793.8 m EUR
Key indicators
Coverage and freshness
Score by group
33% · 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: 0.04 – 4.10 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 · input data missing
- Peers: P/E0.04 – 0.12 (Mid 0.07)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)3.01 – 4.10 (Mid 3.47)
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: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.9% | 29 (vs peers) | 31% |
| Net margin · Quality | 0.0% | 36 (vs peers) | 19% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 864.0x | 0 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.8% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality31/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial0/100 · 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
CLARIANE (CLARI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.3 bn EUR in 2025; YoY growth 0.5%; net margin 0.0%; ROE 0.0%.
The estimated value range is 1.53–2.11 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.77 EUR, the price of 3.46 EUR leaves a potential of -48.8% (value / price − 1) and a margin of safety of -95.4% (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: 4 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 8.8%
What contradicts it
- ROIC: 3.9%
- P/E (TTM): 864.0x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, 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% |
| CLARI.PAClariane | 793.8 m | 864.0 | 0.0% | 0.0% | +0.5% | −7% / +60% |
| 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 CLARI.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 | 3.41 Total return -1% · Per year -1% | 6.03 Total return 75% · Per year 75% | 9.10 Total return 164% · Per year 164% |
| 3 years | 3.05 Total return -11% · Per year -4% | 6.10 Total return 77% · Per year 21% | 10.14 Total return 194% · Per year 43% |
| 5 years | 2.73 Total return -20% · Per year -4% | 6.16 Total return 79% · Per year 12% | 11.29 Total return 228% · Per year 27% |
- Exit P/E± 1.52
- Net margin± 1.07
- Annual revenue growth± 0.91
- Annual dilution± 0.09
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
Clariane is a European group providing elder care and healthcare across six countries, which in 2025 continued a disposal programme to strengthen its financial structure. For investors and the public, the period matters for the shift from expansion to reorganisation and for the focus on staff safety, where work-stoppage accidents fell to 2607 in 2025 1.
SWOT
Strengths
- The group has a presence in six European countries and a service structure covering both elder care and healthcare 1.
- The quality management system is ISO 9001 certified through annual audits in all group countries 1.
- European health and safety agreements, including one signed in 2025, show a structured social dialogue 1.
Weaknesses
- The need for asset disposals suggests pressure on the financial structure, which the consolidation plan is still addressing 1.
- Reliance on qualified staff and demanding working conditions make operations vulnerable to absences and workplace accidents 1.
- Operating across several countries with different regulations raises compliance costs 1.
Opportunities
Risks
- Service continuityhigh
A serious event in a facility can jeopardise care continuity and trigger local or national crisis measures 1.
- Workplace accidents and staffmedium
The risk of work-stoppage accidents and absences remains significant in the sector, although their number fell in 2025 1.
- Psychosocial risksmedium
Psychological pressure on medical staff can lead to burnout and workforce turnover 1.
- Cybersecuritymedium
Information systems holding medical data may be targeted by attacks, with impact on patient data 1.
- Regulation and compliancelow
Regulatory changes across the six countries may alter reporting obligations and operating costs 1.
Investment thesis
What would need to be true (bull case)
- If the disposal plan is completed, the financial structure could strengthen and the group could refocus on core segments.
- Population ageing in Europe could sustain long-term demand for the group's services.
- The fall in workplace accidents in 2025 could indicate improvement in the prevention system.
What would break the thesis
- Repeated disposals may indicate difficulty financing activity, which could limit future expansion.
- Pressure on staff and accident risk could raise costs and reduce operating capacity.
- The complexity of operating in several countries could weigh on efficiency and compliance.
What to watch
- Progress of the financial structure consolidation plan and remaining disposals2026
- Number of work-stoppage accidents compared with 20252026
- Openings and disposals of facilities in Spain and France2026
- Results of the psychological support standard rollout across all countriesnext 10-K
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
Clariane SE is the consolidating parent of the group and its only listed company, publishing sustainability information for all legal entities of the group 1. Its activity is split between care for older people, through medicalised nursing homes and shared housing, and healthcare, through rehabilitation clinics, psychiatric clinics, medicine-surgery clinics and social assistance services 1. The group operates in France, Germany, Belgium, the Netherlands, Italy and Spain, and in 2025 it opened 30 new facilities and disposed of 34 facilities and agencies 1.
Segments
Elder care
The segment includes medicalised nursing homes and shared housing, such as the Âges & Vie homes in France, where new facilities opened in 2025 1.
Healthcare
The segment covers rehabilitation and medical treatment clinics, psychiatric clinics and social assistance services, with expansion in Spain in 2025 1.
Market context
The sources analysed describe activity in six European countries and contain no quantitative market data on the group's market share. Demand for elder care services is mentioned in the population-ageing studies the company uses as a reference 1. Market size requires external sources, which are not part of this material.
Trends
- Financial restructuring through disposalsmixed
In 2025 the group continued its asset disposals, including the Petit-Fils home-help activity sold in July 2025, which could reduce debt if the plan is completed 1.
- Opening of new facilitiestailwind
The opening of new facilities, particularly in Spain and France, suggests selective capacity expansion that could support future revenue 1.
- Pressure on staffheadwind
The care sector carries high psychological demands, and the group reports increased efforts to prevent stress and provide psychological support to employees 1.
- Regulation and sustainability reportingmixed
The move to ESRS standards and adjustments under the Stop the Clock directive increase reporting complexity but also transparency 1.
Competitive position
The sources provided do not explicitly identify the group's competitors. The company operates in elder care and European clinic markets, where other private and public providers are also active 1.
- Korian
Former name of the group, used in some press articles and in the organisation of activities in Italy and Germany 1.
- European private nursing home operators
Operators in the same countries competing for staff and residents in elder care.
- Rehabilitation and psychiatric clinic providers
Private and public clinics in Spain, France and Italy active in the same healthcare segments.
- Social assistance service providers
Organisations providing home social support, a segment the group exited through disposal.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Clariane SE · 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.