olivLaw · European equity research
Carvolix CVX.PA
France · Euronext Paris · ISIN FR0013333077 · Vertical: Listed companies from France
Carvolix is a French medical technology company in the clinical stage that develops implantable cardiac and neurovascular devices and robotic solutions. It is securing short-term funding through a capital increase and a shareholder advance, but its annual report flags a significant uncertainty about the continuity of its operations.
At the close of 05 Nov 2026, Carvolix (CVX.PA) stock was 4.95 EUR (−6.25% on the day), with market capitalisation 196.2 m EUR, beta 0.32, 52-week range 1.33–7.18 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)
- 35.8
- weak (30–45)
- Bollinger (20, 2)
- 4.92 – 6.11
- in the lower half of the band · %B 0.03 · band width 21.7%
- SMA 50 / 200
- 5.68 / 4.40
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.04
- MACD below 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 | −14.4% | −0.6% | −13.7 pp | — |
| 3 months | −21.7% | −4.2% | −17.5 pp | — |
| 6 months | +56.6% | +4.3% | +52.3 pp | — |
| Year to date | +186.1% | +7.5% | +178.6 pp | — |
| 1 year | +203.7% | +9.9% | +193.8 pp | −6.8% |
| 3 years | +289.8% | +49.8% | +239.9 pp | −15.9% |
| 5 years | −15.6% | +42.8% | −58.4 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 4.1 m | 0 |
| Revenue YoY | unavailable | unavailable | −100.0% |
| Net income | -15.7 m | -14.7 m | -25.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.54 | -0.41 | -0.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | -357.9% | unavailable |
| Free cash flow | -12.2 m | -11.5 m | -11.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m EUR
- Financial debt
- 22.9 m EUR
- Net debt
- 21.2 m EUR
- Equity
- 5.8 m EUR
- Total assets
- 48.0 m EUR
- Debt / equity
- 3.98x
- Current ratio
- 0.30x
- ROE
- -138.6%
- ROA
- -45.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 4.1 m | 0 | esef· 12 May 2026verified |
| Operating income | -15.4 m | -14.6 m | -23.7 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 2.4 m | 2.4 m | — | esef· 07 May 2025verified |
| EBITDA | -13.0 m ≈ | -12.2 m ≈ | — | esef· 07 May 2025derived |
| Pre-tax income | -15.8 m | -14.9 m | -25.1 m | esef· 12 May 2026verified |
| Income tax | -150.0 k | -142.0 k | -123.0 k | esef· 12 May 2026verified |
| Net income | -15.7 m | -14.7 m | -25.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.54 | -0.41 | -0.63 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.7 m | 1.2 m | 1.7 m | esef· 12 May 2026verified |
| Current assets | 5.8 m | 12.2 m | 7.1 m | esef· 12 May 2026verified |
| Goodwill | 32.2 m | 32.2 m | 26.8 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 17.0 m | 15.1 m | 12.2 m | esef· 12 May 2026verified |
| Total assets | 56.7 m | 60.9 m | 48.0 m | esef· 12 May 2026verified |
| Short-term debt | 1.7 m | 1.5 m | 11.1 m | esef· 12 May 2026verified |
| Long-term debt | 14.4 m | 14.1 m | 11.9 m | esef· 12 May 2026verified |
| Current liabilities | 8.4 m | 9.5 m | 23.5 m | esef· 12 May 2026verified |
| Equity | 31.5 m | 30.3 m | 5.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 29.0 m | 35.9 m | 39.6 m | esef· 12 May 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.1 m | -11.3 m | -11.6 m | esef· 12 May 2026verified |
| Capex | 171.0 k | 147.0 k | 116.0 k | esef· 12 May 2026verified |
| Free cash flow | -12.2 m ≈ | -11.5 m ≈ | -11.7 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -184.0 k | -480.0 k | 5.2 m | esef· 12 May 2026verified |
| Financing cash flow | 11.3 m | 11.4 m | 6.8 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 22.9% 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: 196.2 m EUR
Key indicators
Coverage and freshness
Score by group
23% · 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 · the base of the ratio is not positive
- 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: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -55.6% | 5 (vs peers) | 45% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | 0.3x | 0 (on a fixed band) | 18% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -5.9% | 0 (on a fixed band) | 36% |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
CARVOLIX (CVX.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 0 EUR in 2025; YoY growth -100.0%; ROE -138.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 22.9% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -55.6%
- Current ratio: 0.3x
- FCF yield: -5.9%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, 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% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| CVX.PACarvolix | 196.2 m | — | -138.6% | — | −100.0% | +219% / +293% |
| 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 CVX.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
Scenarios are not available. input data missing
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
Carvolix is a French medical technology company in the clinical stage that develops implantable cardiac and neurovascular devices and robotic solutions. It is securing short-term funding through a capital increase and a shareholder advance, but its annual report flags a significant uncertainty about the continuity of its operations.
SWOT
Strengths
- A device portfolio at several development stages in cardiac and neurovascular fields, supported by a network of subsidiaries and partnerships.
- Reiterated confidence from reference shareholders, shown by the January 2026 capital increase and the April 2026 current account advance.
- Technologies combining robots, artificial intelligence and imaging, potentially differentiating for interventional cardiologists.
Weaknesses
- Reliance on repeated external funding, which makes the company vulnerable to capital market conditions.
- Products remain in clinical or preclinical stages, with no significant commercial revenue reported in the source.
- Repayment obligations on Bpifrance advances, including instalments due and an amount under dispute at Epygon and Kephalios.
Opportunities
- Possible partnerships or M&A transactions on the Kalios and Artus devices that could bring in funding.
- Alternative funding structures, such as tranche-based structured financing or royalty monetisation, under discussion with potential partners.
- Expansion of robotic and software applications in interventional cardiology and neurovascular care, if clinical development succeeds.
Threats
- Significant uncertainty about the continuity of operations if complementary funding does not materialise.
- Risk of delayed CE marking and market access if costs are cut and regulatory projects are postponed.
- Dilution pressure on shareholders, given instruments already issued and the capital that may need to be raised.
Risks
- Liquidity risk and going concernhigh
The annual report states the company cannot guarantee it will obtain the required funding, which is a significant uncertainty about the continuity of operations.
- Dilution riskhigh
Exercise of issued instruments, or new share issues, could reduce the stake of existing shareholders.
- Product development failuremedium
Delays or failures in clinical studies could postpone or compromise the commercialisation of the devices.
- Product liabilitymedium
Unexpected side effects could lead to litigation exceeding existing insurance coverage.
- Repayment of public advancesmedium
Obligations to Bpifrance, including amounts to repay and amounts under dispute, could add pressure on cash.
Investment thesis
What would need to be true (bull case)
- If the capital increase and shareholder advance are followed by a partnership transaction, the company could move past its current financing uncertainty.
- The purchase option granted over Kephalios signals interest from a major player in the industry.
- If clinical studies confirm the efficacy of the Artedrone robot and the Kalios devices, the portfolio could generate commercial revenue.
What would break the thesis
- If complementary funding does not materialise, the company could be forced to cut industrialisation projects and regulatory files.
- Shareholder dilution could become significant if new share issues are needed to cover capital requirements.
- Ambitions to become a global leader depend on clinical results not yet demonstrated, and the risk of failure remains high.
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
Carvolix is a French medical technology company, commercial and in clinical stage, founded by Truffle Capital, which aims to become a global leader in treating structural heart disease and strokes. The group develops AI- and imaging-guided mini-robots that make complex procedures feasible for interventional cardiologists, as well as biomimetic heart valves. Activities run through several subsidiaries, including Kephalios, Epygon and MyoPowers Medical Technologies France.
Segments
Structural and interventional cardiology
The Kalios and Mitrapilot devices target mitral insufficiency, while the Tavipilot Software and Tavipilot Robot solutions serve interventional cardiology. Kephalios, the subsidiary carrying the Kalios device, is subject to a purchase option granted to Edwards Lifesciences, according to the annual report.
Urology and neurovascular
The Artus device, developed by MyoPowers, targets severe urinary incontinence, while the Artedrone robot is designed to treat ischemic strokes. Both are in clinical or preclinical development, with no significant commercial revenue reported.
Market context
The annual report describes the market for implantable medical devices for structural heart disease and strokes as very large, these conditions being leading global causes of mortality and disability. Market access, however, depends on marketing authorizations, including CE marking, and on reimbursement conditions in each country.
Competitive position
The annual report points to current and future competition on the group's products without naming competitors in the source. The relationship with Edwards Lifesciences, which holds a purchase option on the Kephalios subsidiary, suggests a dynamic of both partnership and competition in the same field.
- Edwards LifesciencesEW
Company named in the report through the purchase option over the Kephalios subsidiary, which carries the Kalios device.
- Competitors not named in source
The report mentions current and future competition on the group's products without naming other competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Carvolix · 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.