olivLaw · European equity research
Ekinops EKI.PA
France · Euronext Paris · ISIN FR0011466069 · Vertical: Listed companies from France
Ekinops designs equipment and software for next-generation networks used by telecom operators and businesses. Revenue declined slightly in fiscal 2025, and the company is shifting emphasis toward software and services, which now make up a growing share of sales.
At the close of 05 Nov 2026, Ekinops (EKI.PA) stock was 2.20 EUR (−3.51% on the day), with market capitalisation 58.9 m EUR, beta 1.06, 52-week range 1.42–3.68 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)
- 45.2
- neutral
- Bollinger (20, 2)
- 2.10 – 2.50
- in the lower half of the band · %B 0.25 · band width 17.2%
- SMA 50 / 200
- 2.31 / 2.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.02
- 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 | −2.2% | −0.6% | −1.6 pp | — |
| 3 months | −12.7% | −4.2% | −8.5 pp | — |
| 6 months | −14.7% | +4.3% | −19.1 pp | — |
| Year to date | +14.0% | +7.5% | +6.5 pp | — |
| 1 year | +37.8% | +9.9% | +27.9 pp | −6.8% |
| 3 years | −53.3% | +49.8% | −103.2 pp | −15.9% |
| 5 years | −72.3% | +42.8% | −115.1 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 | 129.1 m | 117.7 m | 105.0 m |
| Revenue YoY | unavailable | −8.9% | −10.7% |
| Net income | 3.6 m | -7.0 m | -7.2 m |
| Net income YoY | unavailable | −291.6% | unavailable |
| Diluted EPS | 0.13 | -0.26 | -0.27 |
| Diluted EPS YoY | unavailable | −300.0% | unavailable |
| net % | 2.8% | -5.9% | -6.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 32.1 m EUR
- Financial debt
- 19.3 m EUR
- Net debt
- -12.8 m EUR
- Equity
- 105.9 m EUR
- Total assets
- 194.3 m EUR
- Debt / equity
- 0.18x
- Current ratio
- 1.82x
- ROE
- -6.6%
- ROA
- -3.8%
- 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 | 129.1 m | 117.7 m | 105.0 m | esef· 09 Apr 2026verified |
| Cost of revenue | 61.8 m | 53.2 m | 44.9 m | esef· 09 Apr 2026verified |
| Gross profit | 67.3 m | 64.5 m | 60.2 m | esef· 09 Apr 2026verified |
| Research & development | 28.0 m | 25.1 m | 25.2 m | esef· 09 Apr 2026verified |
| Operating income | 3.6 m | -5.0 m | -3.2 m | esef· 09 Apr 2026verified |
| Pre-tax income | 3.4 m | -6.3 m | -6.4 m | esef· 09 Apr 2026verified |
| Income tax | -265.0 k | 700.0 k | 794.0 k | esef· 09 Apr 2026verified |
| Net income | 3.6 m | -7.0 m | -7.2 m | esef· 09 Apr 2026verified |
| Diluted EPS | 0.13 | -0.26 | -0.27 | esef· 09 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 47.2 m | 46.4 m | 32.1 m | esef· 09 Apr 2026verified |
| Inventories | 25.9 m | 22.8 m | 20.8 m | esef· 09 Apr 2026verified |
| Current assets | 113.8 m | 103.4 m | 88.5 m | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 7.4 m | 6.8 m | 6.8 m | esef· 09 Apr 2026verified |
| Goodwill | 28.5 m | 28.4 m | 41.6 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 17.1 m | 13.4 m | 23.6 m | esef· 09 Apr 2026verified |
| Total assets | 192.6 m | 185.4 m | 194.3 m | esef· 09 Apr 2026verified |
| Long-term debt | 16.9 m | 11.6 m | 19.3 m | esef· 09 Apr 2026verified |
| Current liabilities | 45.3 m | 44.4 m | 48.7 m | esef· 09 Apr 2026verified |
| Equity | 119.4 m | 112.1 m | 105.9 m | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 25.9 m | 26.7 m | 26.8 m | esef· 09 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: 20.8% 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: 58.9 m EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.2% | 10 (vs peers) | 50% |
| Net margin · Quality | -6.9% | 28 (vs peers) | 30% |
| 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 | 1.8x | 85 (on a fixed band) | 20% |
| 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 sheet· partial85/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality17/100 · 2/3 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
EKINOPS (EKI.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 105.0 m EUR in 2025; YoY growth -10.7%; net margin -6.9%; ROE -6.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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: 1.8x
What contradicts it
- ROIC: -3.2%
- Net margin: -6.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| 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% |
| EKI.PAEkinops | 58.9 m | — | -6.6% | -6.9% | −10.7% | +52% / −53% |
1- and 3-year price returns: for EKI.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
Ekinops designs equipment and software for next-generation networks used by telecom operators and businesses. Revenue declined slightly in fiscal 2025, and the company is shifting emphasis toward software and services, which now make up a growing share of sales.
SWOT
Strengths
- The installed customer base is broad, and the company has a history of large router shipments that supports customers' migration to new services 1.
- Its outsourced production model and control over strategic components give flexibility and cost control 1.
- A high gross margin and a growing software share support medium-term profitability potential 1.
Weaknesses
- Dependence on a few major customers makes revenue sensitive to their investment decisions, as seen in France and North America 1.
- Revenue declined in fiscal 2025, which shows the vulnerability of the equipment segments 1.
- Reliance on incentive tax schemes for research, such as the research tax credit, is an important part of the cost structure 1.
Opportunities
Risks
- Customer concentrationhigh
Revenue depends on a few large customers, and lower orders from one of them can have a visible effect on turnover 1.
- Operator investment timingmedium
The timing of operator investment, especially after reorganisations, can delay orders and affect optical transport 1.
- Dependence on production partnersmedium
Production is outsourced to EMS partners, and supply interruptions for components could affect deliveries 1.
- Talent retentionmedium
The company identifies the risk of attracting and keeping engineers and key research staff 1.
- Intellectual property protectionlow
The company does not systematically pursue patent protection and relies on continuous research effort, which could limit protection of its innovations 1.
Investment thesis
What would need to be true (bull case)
- If software and services keep growing in revenue share, the company could improve margins and reduce reliance on equipment 1.
- A large installed base and operator experience could support sales from the migration to SD-WAN and SASE 1.
- Direct customer relationships and a high gross margin could support a recovery after the decline in fiscal 2025 1.
What would break the thesis
- If the decline at major customers in France and North America persists, revenue could remain below earlier levels 1.
- Consolidated revenue fell in fiscal 2025, and a recovery could be delayed if operator investment stays restrained 1.
- Research costs and dependence on tax incentives could limit financial flexibility if revenue does not grow 1.
What to watch
- Sales trend at major French customer2026
- Recovery of optical transport in North America2026
- Share of software and services in revenue2026
- Gross margin trend versus fiscal 20252026
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
Ekinops is a group focused on next-generation network management solutions, with emphasis on network access, optical transport and, increasingly, software and services. The company relies on outsourced production with EMS partners while keeping control of strategic components. Consolidated revenue was 105,0 M€ in fiscal 2025 1.
Its commercial organisation is direct and multi-range, with sales teams split between the EMEA and APAC zone and the North American zone, supplemented by distributors in about ten countries and two OEM partners. The company states it has sold more than 4 million routers 1.
Research and development is significant: the R&D department has 304 staff in France, Belgium and India, and the company holds 9 filed and granted patents as well as several trademarks 1.
Segments
Network access
Access equipment sales fell 15% in fiscal 2025, affected by a decline at the company's main customer in France; excluding that effect the segment would have been stable. The company reported 10% sequential growth in the fourth quarter 1.
Optical transport
Optical transport fell 12% in fiscal 2025 due to slower investment by two major North American customers after consolidation-related reorganisations, partly offset by growth in France 1.
Software and services
Software and services reached 25% of revenue, up from 18% a year earlier, thanks to service growth and the contribution of Olfeo 1.
Market context
Ekinops customers are mainly telecom operators and service providers, and sales are geographically concentrated: France accounted for 43% of global sales at the end of 2025, and Europe excluding France for 33% 1.
Demand depends on operator investment in the shift toward SD-WAN and SASE. If operators keep investment restrained, equipment revenue could remain under pressure, while software could partly offset this 1.
Trends
- Migration toward SD-WAN and SASEtailwind
Operators are moving to new network services, and the company could benefit if these migrations continue, especially through routers and software already delivered 1.
- Consolidation of North American operatorsheadwind
Post-merger reorganisations slowed investment by major customers and weighed on optical transport, a pattern that could persist if the processes continue 1.
- Dependence on one main customer in Francemixed
Lower sales to the company's first customer in France reduced access revenue, although other French customers grew, which makes results sensitive to that customer's orders 1.
- Growing software componentmixed
As software gains weight, margins could evolve differently from manufactured equipment, and the company is pursuing this shift 1.
Competitive position
Ekinops competes with suppliers of network equipment and software for operators. The company differentiates through open, interoperable solutions and direct relationships with operators, backed by a history of selling more than 4 million routers 1.
- Network equipment suppliers to operators
Competitors supplying routers and access platforms to operators, comparable to the company's access segment 1.
- Optical transport suppliers
Competitors in optical transport, where the company recorded a decline in North America 1.
- SD-WAN and SASE suppliers
Competitors in software-defined network services, where the company aims to grow 1.
- Web access control software vendors
Competitors in content filtering and web access control, a field covered through the Olfeo acquisition 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ekinops · 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.