olivLaw · European equity research
EUROAPI EAPI.PA
France · Euronext Paris · ISIN FR0014008VX5 · Vertical: Listed companies from France
EUROAPI is a European producer of active pharmaceutical ingredients (APIs) that supplies both its own products and CDMO services to pharmaceutical companies, with five production sites in Europe. The company focuses its growth on higher-value segments such as peptides, oligonucleotides and HP-APIs, in a market where Western-based production is gaining attention as suppliers diversify.
At the close of 05 Nov 2026, EUROAPI (EAPI.PA) stock was 0.80 EUR (−3.28% on the day), with market capitalisation 75.4 m EUR, beta 0.61, 52-week range 0.71–3.36 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)
- 50.3
- neutral
- Bollinger (20, 2)
- 0.72 – 0.85
- in the upper half of the band · %B 0.61 · band width 16.7%
- SMA 50 / 200
- 0.80 / 1.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.01 / -0.00
- 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 | +6.6% | −0.6% | +7.2 pp | — |
| 3 months | −19.0% | −4.2% | −14.9 pp | — |
| 6 months | −47.1% | +4.3% | −51.4 pp | — |
| Year to date | −64.9% | +7.5% | −72.4 pp | — |
| 1 year | −74.8% | +9.9% | −84.7 pp | −8.8% |
| 3 years | −84.7% | +49.8% | −134.6 pp | −10.0% |
| 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -189.7 m | -130.6 m | -211.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.02 | -1.38 | -2.23 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 113.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 788.0 m EUR
- Total assets
- 1.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.60x
- ROE
- -23.8%
- ROA
- -15.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 854.3 m | 776.8 m | 707.7 m | esef· 07 Apr 2026verified |
| Gross profit | 164.6 m | 142.4 m | 144.8 m | esef· 07 Apr 2026verified |
| Research & development | 29.6 m | 25.8 m | 27.3 m | esef· 07 Apr 2026verified |
| Operating income | -234.3 m | -120.4 m | -130.6 m | esef· 07 Apr 2026verified |
| Interest expense | 10.9 m | 28.1 m | 11.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | -242.8 m | -139.6 m | -138.2 m | esef· 07 Apr 2026verified |
| Income tax | -53.0 m | -9.0 m | 72.9 m | esef· 07 Apr 2026verified |
| Net income | -189.7 m | -130.6 m | -211.2 m | esef· 07 Apr 2026verified |
| Diluted EPS | -2.02 | -1.38 | -2.23 | esef· 07 Apr 2026verified |
| Weighted average diluted shares | 95.9 m | 94.6 m | 94.9 m | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.5 m | 73.0 m | 113.8 m | esef· 07 Apr 2026verified |
| Inventories | — | 524.2 m | 495.2 m | esef· 07 Apr 2026verified |
| Current assets | 979.3 m | 830.3 m | 768.4 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 468.9 m | 491.3 m | 450.9 m | esef· 07 Apr 2026verified |
| Goodwill | 4.6 m | 0 | 0 | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 34.2 m | 38.1 m | 26.7 m | esef· 07 Apr 2026verified |
| Total assets | 1.6 bn | 1.5 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Current liabilities | 508.9 m | 311.2 m | 295.1 m | esef· 07 Apr 2026verified |
| Equity | 927.7 m | 983.5 m | 788.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 93.9 m | 94.6 m | 94.7 m | esef· 07 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: 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: 75.4 m EUR
Key indicators
Coverage and freshness
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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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 | 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 | -11.2x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 2.6x | 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 | 0.0% | 0 (on a fixed band) | 38% |
| 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· partialunavailable · 0/3 factors with a value
- Returns· partial0/100 · 1/2 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
EUROAPI (EAPI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -23.8%.
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: 2.6x
What contradicts it
- Interest coverage: -11.2x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
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 EAPI.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
EUROAPI is a European producer of active pharmaceutical ingredients (APIs) that supplies both its own products and CDMO services to pharmaceutical companies, with five production sites in Europe. The company focuses its growth on higher-value segments such as peptides, oligonucleotides and HP-APIs, in a market where Western-based production is gaining attention as suppliers diversify 1.
SWOT
Strengths
- Broad API portfolio, with about 160 molecules in API Solutions and 27 in CDMO, and a production network concentrated in Europe 1.
- Global leadership in prostaglandins and capacity to produce most of the new molecules recently approved by the FDA 1.
- Significant patent portfolio and know-how in manufacturing processes and analytical methods, backed by a sizeable R&D team 1.
Weaknesses
- The large share of chemical synthesis molecules in sales leaves the company exposed to price pressure from the generics segment 1.
- Many commercial relationships have limited formalization, and losing a major customer could significantly affect revenue 1.
- Recurring maintenance and compliance investments are needed to keep industrial sites running, which could limit available cash flow 1.
Opportunities
- Rapid growth in peptides and oligonucleotides could help the group diversify toward higher-value molecules 1.
- The trend toward relocating production to the West could support demand for the company's European capacity 1.
- Greater outsourcing and multi-source strategies by pharmaceutical companies could generate new CDMO contracts 1.
Threats
- Geopolitical tensions, health crises and natural disasters could disrupt the supply chain and sales 1.
- Volatile energy and raw material prices could reduce profitability if they are not passed on through contracts 1.
- Intense competition for CDMO contracts and price pressure could reduce market share or revenue 1.
Risks
- Industrial site operating riskshigh
Production sites in Europe, four of them classified as upper-tier Seveso facilities, are exposed to fire, pollution and accidents, which could lead to penalties or temporary shutdowns of lines 1.
- Supplier and energy dependencemedium
Some raw materials come from a limited number of suppliers, and energy price volatility could raise operating costs. The company hedges most of its energy purchases to smooth prices 1.
- Investment requirementsmedium
Planned maintenance and growth investments might not be fully realized if operating cash flows are not sufficient 1.
- Competition in API Solutionsmedium
Competitive pressure could reduce market share or force price cuts, affecting revenue in this segment 1.
- Dependence on contracts and customershigh
Reductions, cancellations or delays in orders from major customers could produce significant revenue fluctuations 1.
Investment thesis
What would need to be true (bull case)
- The merchant API market has moderate annual growth prospects, and higher-value segments such as peptides could support an improved product mix 1.
- The European position and capacity to produce most newly approved molecules could attract new contracts as production relocates to the West 1.
- Discontinuing low-margin products could improve the profitability of the remaining portfolio if the focus strategy delivers results 1.
What would break the thesis
- The majority share of chemical synthesis molecules could keep the company exposed to persistent price pressure from generics 1.
- Operating risks at Seveso sites and dependence on a few suppliers could lead to costly interruptions 1.
- Commercial relationships with limited formalization could make revenue more volatile, especially if a major customer reduces orders 1.
What to watch
- Sales trajectory of the peptides and oligonucleotides segment2027
- Effect of discontinuing 13 APIs on marginsnext 10-K
- Evolution of the main customer supply contract and its cost pass-through mechanism2026
- Balance between growth investments and compliance investmentsnext 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
EUROAPI operates in the merchant market for API process development and manufacturing, valued at about 97.5 billion EUR in 2025 1. The group markets around 200 APIs in more than 80 countries through two activities: API Solutions, with a portfolio of about 160 molecules, and CDMO, where it manufactures about 27 APIs or intermediates whose intellectual property belongs to its customers 1. Associated services include regulatory assistance, quality assistance and technical and commercial support across the product lifecycle 1.
The 2025 sales mix shows heavy reliance on established molecules: complex chemical synthesis molecules made up 69.3% of group net sales and fermentation-derived biochemistry molecules 13.8% 1. The group holds 24 patent families, with about 370 patents and 53 pending applications, and has around 250 R&D staff spread across six development centers and five production sites, all in Europe 1.
The company decided to discontinue 13 APIs with low or negative margins, as part of a project to focus the portfolio on the products with the greatest potential for profitable growth 1. The strategy relies on shifting emphasis toward differentiated molecules, but the transition could be affected if demand for the targeted products stays below expectations.
Segments
Complex chemical synthesis molecules
The group's largest segment, including steroids, alkaloids (non-narcotic opioids and opiates), sartans and antihistamines, accounted for 69.3% of net sales in 2025 1. In the merchant market, these small molecules hold a large share, and the group sells alkaloids mainly through its subsidiary Francopia 1.
Market context
The global pharmaceutical market was estimated at around 1,868 billion EUR in 2025, excluding COVID-19 vaccines 1. Within it, the merchant segment for API development and manufacturing was valued at 97.5 billion EUR, with expected annual growth of 6% to 7% over 2025-2028 1. Small molecules account for about 85% of the merchant market and large molecules about 15% 1.
Growth is supported by pharmaceutical volumes, a favorable product mix, moderate price increases for differentiated APIs and a trend toward outsourcing and diversified supply sources 1. If the shift of production toward Western countries strengthens, the position of European producers could benefit.
Trends
- Outsourcing of API productiontailwind
Pharmaceutical companies tend to outsource production to better control costs, using contracts and competition between suppliers 1. This creates opportunities for specialized producers but also pressure on prices.
- Opportunities for Western manufacturerstailwind
Supply disruptions and quality issues in low-cost regions push pharmaceutical companies toward multi-source strategies and relocation of operations to Western countries 1. This could support EUROAPI's position in Europe.
- Price pressure on genericsheadwind
Generic producers face price pressure because of standard technologies and low differentiation 1. This could limit margins on lower-value products in the portfolio.
- Demand for premium APIs and ESG standardsmixed
Demand is rising for complex APIs such as peptides and oligonucleotides and for manufacturers with strong environmental, social and quality standards 1. The effect depends on the company's ability to expand capacity in these segments, which could have mixed effects on costs and investment.
Competitive position
Three types of players compete in the API market: CDMOs focused on API manufacturing, integrated CDMOs offering both drug substances and drug products, and pharmaceutical companies with an adjacent CDMO business for third parties 1. Entry barriers are high because of strict regulation, long registration timeframes and heavy investment in industrialization 1.
The group states that competitive pressure in API Solutions could reduce its market share or prices, and its CDMO activity faces strong competition for contracts on the most promising molecules 1. Maintaining its premium position depends on supply reliability and quality.
- Integrated CDMOs
Companies offering both APIs and finished drug products, cited among the three competitive archetypes in the market 1.
- Pharmaceutical companies with CDMO arms
Drug makers that also sell manufacturing capacity to third parties, alongside their captive business 1.
- Specialized API manufacturers
Companies dedicated to API manufacturing that compete directly in the merchant segment 1.
- Low-cost regional producers
Suppliers from low-cost regions whose reliability is questioned given recent supply disruptions 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EUROAPI · 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.