olivLaw · European equity research
Deezer S.A. DEEZR.PA
France · Euronext Paris · ISIN FR001400AYG6 · Vertical: Listed companies from France
Deezer is a French music streaming service combining paid subscriptions with an ad-supported free tier, whose economics depend heavily on royalties paid to rights holders. Its relevance now lies in competitive pressure and the path to profitability, in a market expected to grow, with other expenses of 338 mn EUR for music rights in fiscal 2025.
At the close of 05 Nov 2026, Deezer S.A. (DEEZR.PA) stock was 1.20 EUR (−7.36% on the day), with market capitalisation 145.0 m EUR, P/E 23.9 on diluted EPS of 0.05 EUR over the last 12 months, beta 0.14, 52-week range 0.95–1.36 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)
- 30.3
- weak (30–45)
- Bollinger (20, 2)
- 1.24 – 1.36
- below the lower band · %B -0.38 · band width 9.1%
- SMA 50 / 200
- 1.28 / 1.16
- mixed trend
- MACD (12, 26, 9)
- -0.01 / 0.00
- 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 | −8.4% | −0.6% | −7.8 pp | — |
| 3 months | +3.9% | −4.2% | +8.1 pp | — |
| 6 months | +3.9% | +4.3% | −0.4 pp | — |
| Year to date | +4.8% | +7.5% | −2.7 pp | — |
| 1 year | +18.3% | +9.9% | +8.4 pp | −6.8% |
| 3 years | −53.9% | +49.8% | −103.7 pp | −15.9% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 100 percentile of its own 1-quarter history (min 22.8, median 22.8, max 22.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 484.7 m | 541.7 m | 534.0 m |
| Revenue YoY | unavailable | +11.8% | −1.4% |
| Net income | -57.7 m | -25.9 m | 8.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.47 | -0.21 | 0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -11.9% | -4.8% | 1.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 65.4 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- -232.3 m EUR
- Total assets
- 234.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.44x
- ROE
- unavailable
- ROA
- 4.1%
- 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 | 484.7 m | 541.7 m | 534.0 m | esef· 12 May 2026verified |
| Cost of revenue | 393.2 m | 418.1 m | 388.7 m | esef· 12 May 2026verified |
| Gross profit | 91.4 m | 123.6 m | 145.2 m | esef· 12 May 2026verified |
| Research & development | 34.7 m | 30.5 m | 27.5 m | esef· 12 May 2026verified |
| Operating income | -64.4 m | -27.5 m | 9.3 m | esef· 12 May 2026verified |
| Interest expense | 3.0 m | 5.6 m | 2.9 m | esef· 12 May 2026verified |
| Income tax | 917.0 k | -599.0 k | 2.0 m | esef· 12 May 2026verified |
| Net income | -57.7 m | -25.9 m | 8.5 m | esef· 12 May 2026verified |
| Diluted EPS | -0.47 | -0.21 | 0.05 | esef· 12 May 2026verified |
| Weighted average diluted shares | 121.5 m | 122.0 m | 155.8 m | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 63.6 m | 62.1 m | 65.4 m | esef· 12 May 2026verified |
| Current assets | 159.7 m | 151.1 m | 198.2 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 4.9 m | 3.9 m | 3.8 m | esef· 12 May 2026verified |
| Goodwill | 7.5 m | 7.5 m | 7.5 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 260.0 k | 444.0 k | 2.1 m | esef· 12 May 2026verified |
| Total assets | 195.0 m | 184.1 m | 234.6 m | esef· 12 May 2026verified |
| Current liabilities | 391.4 m | 404.0 m | 449.7 m | esef· 12 May 2026verified |
| Total liabilities | 421.0 m | 425.6 m | 466.9 m | esef· 12 May 2026verified |
| Equity | -226.0 m | -241.5 m | -232.3 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 122.7 m | 123.3 m | 121.3 m | esef· 12 May 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: 5 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: 145.0 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: 0.55 – 1.49 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/E0.55 – 1.49 (Mid 0.86)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.6% | 56 (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 | 3.2x | 27 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 23.9x | 43 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (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 sheet16/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation· partial43/100 · 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
DEEZER (DEEZR.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 534.0 m EUR in 2025; YoY growth -1.4%; net margin 1.6%.
The estimated value range is 0.55–1.49 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.86 EUR, the price of 1.20 EUR leaves a potential of -28.3% (value / price − 1) and a margin of safety of -39.5% (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: 5 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
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
- Interest coverage: 3.2x
- Current ratio: 0.4x
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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% |
| 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% |
| DEEZR.PADeezer | 145.0 m | 23.9 | — | 1.6% | −1.4% | +10% / −52% |
| 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 DEEZR.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 | 0.93 Total return -22% · Per year -22% | 1.65 Total return 38% · Per year 38% | 2.49 Total return 108% · Per year 108% |
| 3 years | 0.80 Total return -33% · Per year -13% | 1.60 Total return 34% · Per year 10% | 2.67 Total return 124% · Per year 31% |
| 5 years | 0.69 Total return -43% · Per year -11% | 1.56 Total return 30% · Per year 5% | 2.87 Total return 140% · Per year 19% |
- Exit P/E± 0.40
- Net margin± 0.28
- Annual revenue growth± 0.24
- Annual dilution± 0.02
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
Deezer is a French music streaming service combining paid subscriptions with an ad-supported free tier, whose economics depend heavily on royalties paid to rights holders. Its relevance now lies in competitive pressure and the path to profitability, in a market expected to grow, with other expenses of 338 mn EUR for music rights in fiscal 2025 1.
SWOT
Strengths
- The company has direct relationships with many rights holders worldwide and holds leading positions in some markets through local partnerships.
- The platform is valued for user experience quality and distinctive in-app features, which help differentiate it from competitors.
- The technical team plays an important role in product and infrastructure development, supporting fast adaptation to change.
Weaknesses
- High music rights costs can limit margins, and a history of net losses makes the path to profitability harder.
- Attracting new subscribers may become more expensive in markets where the company has already gained share.
Opportunities
- Forecast growth in music streaming could open room to expand the subscriber base, if it materialises.
- Distribution partnerships can lower the cost of entering new markets and speed up share gains.
- Developing AI-based features could create differentiation and new revenue sources.
Threats
- Competitors with greater financial resources and integrated ecosystems could reduce the attractiveness of the Deezer service.
- New audio formats or different monetisation models could shift consumption away from classic streaming.
- Regulatory and tax changes could affect costs and how the business operates.
Risks
- Competition and new market entrantshigh
The service could be affected by existing rivals and new entrants, especially if they offer lower prices or better terms to rights holders.
- Attracting and retaining subscribershigh
If marketing and promotions do not grow the paying subscriber base, revenue and profitability could fall short of expectations.
- Dependence on licenceshigh
Negotiating and maintaining acceptable licences with rights holders is essential, and failure would have a major impact on the business.
- Information securitymedium
Security incidents or technology disruptions could affect service operations and the company's reputation.
- Financial and currency risksmedium
Currency fluctuations and payment and tax risks could influence financial results.
Investment thesis
What would need to be true (bull case)
- If the streaming market develops in line with forecasts and the company consolidates its subscriber base, profitability could follow as costs are managed more efficiently.
- Direct relationships with rights holders and distribution partnerships could offer a cost advantage when entering new markets.
- A distinctive user experience and unique in-app features could support user retention even against larger competitors.
What would break the thesis
- High music rights costs and multi-year commitments could limit margins even if revenue grows.
- Competitors with integrated ecosystems and greater resources could reduce the service's appeal, especially in mature markets.
- If new audio formats gain ground, the subscription model could lose importance, complicating growth plans.
What to watch
- Trend in paying subscriber numbers and the cost of acquiring them2026
- Development of music rights costs and liabilities owed to rights holdersnext 10-K
- Negotiation or renewal of rights holder contracts, including minimum commitments2027
- Profitability and cash flow results against the history of net losses2026
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
Deezer S.A. provides a music and audio streaming service, mainly through paid subscriptions and also through a free service supported by advertising. The company relies on direct agreements with rights holders worldwide and on distribution partnerships that promote the service 1. Its cost structure is dominated by royalties paid for content, which appear as operating expenses and accrued liabilities to rights holders 1.
In fiscal 2025, costs for music rights linked to streaming and licences were booked as other operating expenses, and the company paid no dividends in either 2024 or 2025 1. Share capital is split into several classes of shares, with all ordinary shares carrying equal voting rights 1.
Segments
Market context
The music streaming market is described as evolving rapidly, with forecasts pointing to significant growth by 2032 to 75.4 bn USD, although the source warns that actual growth could be slower than forecast 1.
Competition comes from music streaming providers, video platforms and entertainment services, and barriers to entry include the time and cost needed to build a catalogue and relationships with rights holders 1.
Trends
- Projected market growthtailwind
Forecasts for the music streaming industry point to significant growth through 2032, which could support subscriber expansion if realised 1.
- Shift to alternative formatsheadwind
New audio formats or alternative monetisation models could reduce the importance of the classic subscription, making it harder to attract subscribers 1.
- Artificial intelligence pressuremixed
Adapting to AI-driven market dynamics could shape the service's competitiveness and business model, if not managed successfully 1.
- Consolidation and tighter content accessheadwind
If more rights are granted exclusively to a limited number of providers, Deezer could face higher costs to maintain its offer, weighing on margins 1.
Competitive position
The company competes with music streaming providers such as Spotify, Amazon Music, Apple Music, YouTube Music, SoundCloud and Tidal, as well as radio, downloads and video platforms popular with younger consumers 1.
Larger rivals may have advantages in name recognition, scale, marketing budgets and pre-installation on devices, while technology companies offer pre-loaded services that add visibility 1.
- SpotifySPOT
Main competitor in music streaming, with a similar subscription offer, named as a direct rival in the source.
- Apple MusicAAPL
Music streaming service integrated into the Apple ecosystem, with a pre-installation advantage on devices.
- Amazon MusicAMZN
Music streaming service of a large e-commerce ecosystem, with pre-installation advantages.
- YouTube MusicGOOGL
Music service tied to the YouTube video platform, with a very large audience especially among younger consumers.
News & filings
In the press
- „Legendarul” Winamp revine: Parteneriat cu Deezer pentru un player nou și un abonament muzicalStartupCafe.ro · 30 Jul 2026 · RO
- Suno snatched millions of songs from YouTube, Genius, and DeezerThe Verge · 15 Jul 2026 · EN
- Deezer launches an AI music detector for other streaming servicesThe Verge · 11 Jun 2026 · EN
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 / Deezer S.A. · 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.