olivLaw · European equity research
Lumibird LBIRD.PA
France · Euronext Paris · ISIN FR0000038242 · Vertical: Listed companies from France
Lumibird is a group specialised in laser technologies, active in photonics and in ophthalmic medical devices. The group structures its activity in two complementary divisions, which helps balance exposure to market cycles.
At the close of 05 Nov 2026, Lumibird (LBIRD.PA) stock was 23.05 EUR (−4.16% on the day), with market capitalisation 504.5 m EUR, P/E 36.0 on diluted EPS of 0.64 EUR over the last 12 months, beta 0.70, 52-week range 19.30–28.50 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)
- 43.9
- weak (30–45)
- Bollinger (20, 2)
- 21.77 – 24.99
- in the lower half of the band · %B 0.40 · band width 13.8%
- SMA 50 / 200
- 24.18 / 24.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.03 / -0.08
- 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 | −0.9% | −0.6% | −0.2 pp | — |
| 3 months | −13.3% | −4.2% | −9.2 pp | — |
| 6 months | +7.2% | +4.3% | +2.9 pp | — |
| Year to date | +8.7% | +7.5% | +1.2 pp | — |
| 1 year | +12.4% | +9.9% | +2.5 pp | −6.8% |
| 3 years | +72.0% | +49.8% | +22.2 pp | −15.9% |
| 5 years | +14.7% | +42.8% | −28.1 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 33.1, median 36.0, max 38.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 203.6 m | 207.1 m | 225.6 m |
| Revenue YoY | unavailable | +1.7% | +8.9% |
| Net income | 7.1 m | 5.7 m | 14.0 m |
| Net income YoY | unavailable | −20.1% | +146.0% |
| Diluted EPS | 0.32 | 0.26 | 0.64 |
| Diluted EPS YoY | unavailable | −18.8% | +146.2% |
| net % | 3.5% | 2.7% | 6.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 61.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 206.3 m EUR
- Total assets
- 428.9 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.47x
- ROE
- 6.9%
- ROA
- 3.3%
- 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 | 203.6 m | 207.1 m | 225.6 m | esef· 07 Apr 2026verified |
| Operating income | 12.2 m | 11.6 m | 23.8 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 15.7 m | 18.2 m | 19.7 m | esef· 07 Apr 2026verified |
| EBITDA | 27.8 m ≈ | 29.8 m ≈ | 43.5 m ≈ | esef· 07 Apr 2026derived |
| Income tax | 327.0 k | 834.0 k | 4.9 m | esef· 07 Apr 2026verified |
| Net income | 7.1 m | 5.7 m | 14.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.32 | 0.26 | 0.64 | esef· 07 Apr 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 | 56.2 m | 71.1 m | 61.6 m | esef· 07 Apr 2026verified |
| Inventories | 77.5 m | 76.4 m | 82.5 m | esef· 07 Apr 2026verified |
| Current assets | 197.3 m | 208.7 m | 216.8 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 48.1 m | 46.5 m | 45.1 m | esef· 07 Apr 2026verified |
| Goodwill | 72.6 m | 72.1 m | 70.8 m | esef· 07 Apr 2026verified |
| Total assets | 405.2 m | 429.8 m | 428.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 74.1 m | 79.5 m | 87.7 m | esef· 07 Apr 2026verified |
| Equity | 193.3 m | 198.0 m | 206.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 22.3 m | 21.9 m | 21.9 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: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 504.5 m EUR
Key indicators
Coverage and freshness
Score by group
21% · 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: 7.10 – 19.07 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/E7.10 – 19.07 (Mid 10.96)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: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.2% | 79 (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 | 2.5x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 36.0x | 17 (vs peers) | 50% |
| 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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial79/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial17/100 · 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
LUMIBIRD (LBIRD.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 225.6 m EUR in 2025; YoY growth 8.9%; net margin 6.2%; ROE 6.9%.
The estimated value range is 7.10–19.07 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 10.96 EUR, the price of 23.05 EUR leaves a potential of -52.4% (value / price − 1) and a margin of safety of -110.2% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 6.2%
- Current ratio: 2.5x
What contradicts it
- P/E (TTM): 36.0x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| LBIRD.PALumibird | 504.5 m | 36.0 | 6.9% | 6.2% | +8.9% | +19% / +76% |
| 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 LBIRD.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 | 14.23 Total return -38% · Per year -38% | 25.11 Total return 9% · Per year 9% | 37.75 Total return 64% · Per year 64% |
| 3 years | 15.07 Total return -35% · Per year -13% | 29.80 Total return 29% · Per year 9% | 49.00 Total return 113% · Per year 29% |
| 5 years | 15.96 Total return -31% · Per year -7% | 35.36 Total return 53% · Per year 9% | 63.61 Total return 176% · Per year 23% |
- Exit P/E± 7.45
- Net margin± 5.21
- Annual revenue growth± 4.11
- Annual dilution± 0.44
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
Lumibird is a group specialised in laser technologies, active in photonics and in ophthalmic medical devices. The group structures its activity in two complementary divisions, which helps balance exposure to market cycles.
SWOT
Strengths
- The group controls critical technologies, including in-house production of active and passive optical fibres, which strengthens the value chain 1.
- The coexistence of two divisions diversifies revenue sources and reduces exposure to a single market cycle 1.
- The installed base in ophthalmology and laser expertise provide recurring activity 1.
Weaknesses
Opportunities
Risks
- Cyclicality of the Photonics divisionmedium
Institutional and industrial investment cycles can be irregular, which could affect revenue predictability 1.
- Pharmacological substitutionmedium
Advanced drug treatments could reduce demand for some ophthalmic lasers 1.
- Component supplymedium
Tensions on electronic and optical components could delay production if they persist 1.
- Medical regulationlow
Requirements for medical devices may lengthen development cycles, especially for OEM activities 1.
- Technological competitionhigh
Specialised players and international groups could press on prices and innovation 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Evolution of the Medical division in ophthalmology2026
- Pace of adoption of dry eye solutions2026
- Photonics division orders for defence and space2026
- Status of critical component supplynext 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
Lumibird develops and produces laser systems for photonics and medical devices, with a focus on ophthalmology. The group runs its activity through two divisions, Photonics and Medical, each with its own cycles and markets 1.
Segments
Photonics division
The Photonics division operates in technology markets with industrial and institutional cycles, focusing on solid and fibre lasers, LIDAR and defence and space applications 1.
Medical division
The Medical division focuses on ophthalmology, with lasers for glaucoma, retinal pathologies and dry eye, as well as exploratory OEM activities 1.
Market context
The glaucoma market shows a favourable dynamic, supported by evolving clinical recommendations, while the photocoagulation laser market differs between regions due to pharmacological competition 1.
The dry eye market is growing gradually but remains in structuring, with heterogeneous practices across regions, which could influence the pace of adoption 1.
Trends
- Ageing populationtailwind
A rise in the prevalence of age-related eye conditions supports demand for ophthalmic equipment, if the trend holds 1.
- Pharmacological treatmentsheadwind
Intravitreal injections may reduce demand for some laser indications in mature countries, which could slow growth in those regions 1.
- Laser technologies in dry eyemixed
Instrumental solutions for dry eye could open a new segment, but the market remains fragmented 1.
- Technological sovereigntytailwind
Demand for lasers and critical components from controlled sources may support the photonics segment, if defence priorities persist 1.
Competitive position
Competition in ophthalmology is structured around specialised players and international groups with broad portfolios, and differentiation rests on clinical results and reliability 1.
- Specialised ophthalmic players
Specialised companies competing on ophthalmic laser equipment, with no confirmed US ticker in the source 1.
- International ophthalmology groups
Groups with broad ophthalmology portfolios, mentioned generically in the source 1.
- Scientific and medical laser suppliers
Competitors in high-energy lasers, mentioned in the context of the Photonics division 1.
- LIDAR and sensor suppliers
Competitors in LIDAR and Time of Flight solutions, from the source on business segments 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 / Lumibird · 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.