olivLaw · European equity research
EXOSENS EXENS.PA
France · Euronext Paris · ISIN FR001400Q9V2 · Vertical: Listed companies from France
EXOSENS designs, manufactures and sells electro-optical, detection and imaging components and systems, mainly for OEMs in defence, surveillance and industry. For 2026 the company targets revenue between 520 and 540 million EUR, supported by strong demand and a plan to expand production capacity.
At the close of 05 Nov 2026, EXOSENS (EXENS.PA) stock was 52.15 EUR (−3.43% on the day), with market capitalisation 2.7 bn EUR, P/E 62.1 on diluted EPS of 0.84 EUR over the last 12 months, dividend yield 0.19%, beta 0.55, 52-week range 41.00–72.90 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.7
- weak (30–45)
- Bollinger (20, 2)
- 53.64 – 60.68
- below the lower band · %B -0.21 · band width 12.3%
- SMA 50 / 200
- 57.72 / 60.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.12 / -0.61
- 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 | −7.9% | −0.6% | −7.3 pp | — |
| 3 months | −17.9% | −4.2% | −13.7 pp | — |
| 6 months | −15.1% | +4.3% | −19.4 pp | — |
| Year to date | +7.6% | +7.5% | +0.1 pp | — |
| 1 year | +13.0% | +9.9% | +3.1 pp | −6.8% |
| 3 years | unavailable | +49.8% | unavailable | −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 2-quarter history (min 31.9, median 44.8, max 57.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 291.8 m | 383.4 m | 468.2 m |
| Revenue YoY | unavailable | +31.4% | +22.1% |
| Net income | 18.4 m | 30.7 m | 42.7 m |
| Net income YoY | unavailable | +66.7% | +39.2% |
| Diluted EPS | 0.24 | 0.61 | 0.84 |
| Diluted EPS YoY | unavailable | +154.2% | +37.7% |
| net % | 6.3% | 8.0% | 9.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 68.6 m EUR
- Financial debt
- 249.3 m EUR
- Net debt
- 180.7 m EUR
- Equity
- 445.7 m EUR
- Total assets
- 878.9 m EUR
- Debt / equity
- 0.56x
- Current ratio
- 2.46x
- ROE
- 10.0%
- ROA
- 5.0%
- 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 | 291.8 m | 383.4 m | 468.2 m | esef· 10 Mar 2026verified |
| Operating income | 48.3 m | 76.8 m | 102.0 m | esef· 10 Mar 2026verified |
| Pre-tax income | 20.2 m | 45.7 m | 88.2 m | esef· 10 Mar 2026verified |
| Income tax | 1.8 m | 11.6 m | 18.0 m | esef· 10 Mar 2026verified |
| Net income | 18.4 m | 30.7 m | 42.7 m | esef· 10 Mar 2026verified |
| Diluted EPS | 0.24 | 0.61 | 0.84 | esef· 10 Mar 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.10 | esef· 10 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.5 m | 117.2 m | 68.6 m | esef· 10 Mar 2026verified |
| Inventories | 78.5 m | 93.0 m | 105.1 m | esef· 10 Mar 2026verified |
| Current assets | 192.7 m | 314.2 m | 280.2 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 72.1 m | 93.6 m | 113.1 m | esef· 10 Mar 2026verified |
| Goodwill | 174.3 m | 189.5 m | 233.3 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 202.4 m | 204.9 m | 225.8 m | esef· 10 Mar 2026verified |
| Total assets | 656.4 m | 817.0 m | 878.9 m | esef· 10 Mar 2026verified |
| Long-term debt | 300.8 m | 247.8 m | 249.3 m | esef· 10 Mar 2026verified |
| Current liabilities | 110.1 m | 107.0 m | 113.7 m | esef· 10 Mar 2026verified |
| Equity | 204.1 m | 412.6 m | 445.7 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 76.7 m | 50.3 m | 50.9 m | esef· 10 Mar 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: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn EUR
Key indicators
Coverage and freshness
Score by group
38% · 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: 9.32 – 25.03 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E9.32 – 25.03 (Mid 14.39)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)outside the aggregate1.36 – 1.85 (Mid 1.57)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.9% | 71 (vs peers) | 28% |
| Net margin · Quality | 9.1% | 90 (vs peers) | 17% |
| 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 | 2.5x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 62.1x | 13 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality78/100 · 2/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation· partial13/100 · 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
EXOSENS (EXENS.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 468.2 m EUR in 2025; YoY growth 22.1%; net margin 9.1%; ROE 10.0%.
The estimated value range is 9.32–25.03 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.39 EUR, the price of 52.15 EUR leaves a potential of -72.4% (value / price − 1) and a margin of safety of -262.4% (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: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 13.9%
- Net margin: 9.1%
- Current ratio: 2.5x
What contradicts it
- P/E (TTM): 62.1x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| EXENS.PAExosens | 2.7 bn | 62.1 | 10.0% | 9.1% | +22.1% | +24% / unavailable |
| 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 EXENS.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 | 34.08 Total return -34% · Per year -34% | 59.97 Total return 15% · Per year 15% | 89.96 Total return 73% · Per year 73% |
| 3 years | 40.42 Total return -22% · Per year -8% | 79.31 Total return 53% · Per year 15% | 129.54 Total return 149% · Per year 36% |
| 5 years | 47.95 Total return -7% · Per year -1% | 104.89 Total return 103% · Per year 15% | 186.54 Total return 260% · Per year 29% |
- Exit P/E± 19.83
- Net margin± 13.88
- Annual revenue growth± 10.35
- Annual dilution± 1.17
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
EXOSENS designs, manufactures and sells electro-optical, detection and imaging components and systems, mainly for OEMs in defence, surveillance and industry. For 2026 the company targets revenue between 520 and 540 million EUR, supported by strong demand and a plan to expand production capacity 1.
SWOT
Strengths
- Broad technology portfolio, long-standing customer relationships and a substantial number of active patents.
- Industrial presence in several countries and ability to integrate acquisitions into one platform.
- Growth supported by large orders, such as the 5G tube contract with later deliveries.
Weaknesses
- Dependence on a small number of large defence customers.
- High investment requirements that can weigh on cash flow during expansion phases.
- Reliance on specialised components and raw materials, creating supply risk.
Opportunities
- Rising demand for night vision and surveillance could expand sales volumes.
- Quantum-dot technology from the Emberion acquisition could open new sensor applications.
- Expanding production capacity could allow the company to capture a larger share of growing demand.
Threats
- Export restrictions on dual-use goods may limit accessible markets.
- Competition from large US and Asian groups could pressure prices.
- Changes in defence policy may shift order volumes in certain countries.
Risks
- Dependence on large customershigh
A small number of customers may account for a significant share of revenue, and losing one could affect results.
- Export regulationhigh
Export authorisations may be refused or delayed, which could postpone deliveries.
- Supply chainmedium
Electronic components and special raw materials may become hard to source, affecting production.
- Investment executionmedium
Capacity expansion and acquisition integration could exceed budget or planned timelines.
- Acquisition debtmedium
A temporary rise in debt to fund acquisitions could limit financial flexibility.
Investment thesis
What would need to be true (bull case)
- If demand in defence and surveillance stays high, revenue could keep growing at the pace the company targets.
- Large contracts already signed provide visibility on revenue for the coming years.
- The patent portfolio and long customer relationships could support the competitive position.
What would break the thesis
- Dependence on a few large customers could make revenue more volatile than average growth suggests.
- High investment in capacity and R&D may limit margins and cash flow in the short term.
- Export restrictions and strong competition could slow expansion in some markets.
What to watch
- Delivery against the 2026 revenue and adjusted EBITDA guidance2026
- Completion of the Emberion acquisition and integration of its sensor technologyfirst half 2026
- Progress on the plan to expand production capacity by 40 %2027
- Deliveries under the ACTinBlack contract for 5G tubes2027-2028
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
The group develops electro-optical technologies for customers in defence, surveillance, nuclear, research and industry. It invests steadily in R&D: net expenses represented 5.8 % of revenue in 2025, and the group holds 89 active patent families 1. Most customers are OEMs that integrate its components into their own systems, with long relationships of about 18 years on average with its ten largest clients 1.
Production runs across twelve sites in Europe, North America, Israel and Singapore, and sales reach more than 70 countries through an internal sales force and a network of about 120 distributors 1. The company aims to raise production capacity by 40 % by 2027 1.
In January 2026 the company announced its largest single order of 5G image intensifier tubes to date, with deliveries between 2027 and 2028, and in February 2026 it signed a definitive agreement to acquire Finnish firm Emberion, a specialist in quantum-dot infrared sensors 1.
Segments
Amplification
Image intensifier tubes and light amplification systems for night vision, with system lifetimes of eight to ten years and framework contracts of two to five years 1.
Detection and imaging
Detectors for particles, neutrons and gamma rays, infrared, SWIR and LWIR cameras and hyperspectral imaging, with commercial cycles of six to 24 months depending on the product 1.
Market context
The addressed markets are defence, surveillance, nuclear and industry, sectors with high safety and reliability standards. The company notes accelerating global demand, which could support revenue growth if the pace holds 1.
Products are subject to EU dual-use and war-materiel export controls, so international expansion depends on export authorisations 1.
Trends
- Rising defence demandtailwind
Accelerating demand for night vision and surveillance systems supports the company's commercial outlook 1.
- Export regulationheadwind
European dual-use export controls could limit sales to certain countries.
- New sensor technologiestailwind
Quantum-dot and advanced infrared technologies, as in the Emberion acquisition, could open new markets if integration succeeds 1.
- Capacity costsmixed
Heavy investment in capacity and R&D may weigh on margins in the short term, even while supporting future growth 1.
Competitive position
Competition comes from producers specialised in optoelectronics, sensors and imaging systems for defence and industry. The company's advantage lies in its broad technology range and long customer relationships.
Its position rests on patents, a diversified portfolio and the ability to integrate acquisitions into the same technology platform 1.
- Teledyne TechnologiesTDY
US company active in imaging and detection for defence and industry.
- L3Harris TechnologiesLHX
US supplier of electro-optical and night vision systems for defence.
- FLIR Systems (part of Teledyne)
Brand specialised in thermal cameras, active in defence and surveillance markets.
- Hamamatsu Photonics
Japanese maker of optical sensors and photomultiplier tubes with detection activity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202510 Mar 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EXOSENS · 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.