olivLaw · European equity research
Voltalia SA VLTSA.PA
France · Euronext Paris · ISIN FR0011995588 · Vertical: Listed companies from France
Voltalia develops, builds and operates solar and wind power plants, and is constituted as a mission-driven company. Its stated aim is to avoid 2.4 million tonnes of CO2 equivalent by 2027 through renewable energy. The equipment supply chain remains the core of its carbon footprint.
At the close of 05 Nov 2026, Voltalia SA (VLTSA.PA) stock was 3.95 EUR (+2.07% on the day), with market capitalisation 595.4 m EUR, beta 0.53, 52-week range 3.70–8.57 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)
- 39.2
- weak (30–45)
- Bollinger (20, 2)
- 3.51 – 4.63
- in the lower half of the band · %B 0.39 · band width 27.6%
- SMA 50 / 200
- 4.62 / 6.46
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.26 / -0.28
- 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 | −19.3% | −0.6% | −18.7 pp | — |
| 3 months | −42.5% | −4.2% | −38.3 pp | — |
| 6 months | −44.2% | +4.3% | −48.5 pp | — |
| Year to date | −49.3% | +7.5% | −56.8 pp | — |
| 1 year | −47.5% | +9.9% | −57.4 pp | −6.8% |
| 3 years | −54.8% | +49.8% | −104.6 pp | −15.9% |
| 5 years | −80.3% | +42.8% | −123.1 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 | 495.2 m | 520.3 m | 587.9 m |
| Revenue YoY | unavailable | +5.1% | +13.0% |
| Net income | 29.6 m | -20.9 m | -128.1 m |
| Net income YoY | unavailable | −170.7% | unavailable |
| Diluted EPS | 0.21 | -0.16 | -0.85 |
| Diluted EPS YoY | unavailable | −176.2% | unavailable |
| net % | 6.0% | -4.0% | -21.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 314.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 4.2 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.21x
- ROE
- -11.5%
- ROA
- -3.1%
- 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 | 495.2 m | 520.3 m | 587.9 m | esef· 07 Apr 2026verified |
| Operating income | 119.3 m | 97.7 m | 4.2 m | esef· 07 Apr 2026verified |
| Income tax | 35.8 m | 11.9 m | 17.4 m | esef· 07 Apr 2026verified |
| Net income | 29.6 m | -20.9 m | -128.1 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.21 | -0.16 | -0.85 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 318.6 m | 360.2 m | 314.7 m | esef· 07 Apr 2026verified |
| Receivables | 236.7 m | 226.0 m | 248.4 m | esef· 07 Apr 2026verified |
| Inventories | 65.3 m | 31.2 m | 13.8 m | esef· 07 Apr 2026verified |
| Current assets | 877.8 m | 822.5 m | 825.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 2.3 bn | 2.4 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Goodwill | 79.5 m | 79.5 m | 79.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 434.7 m | 528.4 m | 582.5 m | esef· 07 Apr 2026verified |
| Total assets | 3.8 bn | 4.0 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Accounts payable | 285.1 m | 225.5 m | 270.4 m | esef· 07 Apr 2026verified |
| Current liabilities | 727.3 m | 849.5 m | 682.4 m | esef· 07 Apr 2026verified |
| Equity | 1.4 bn | 1.2 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 128.8 m | 130.9 m | 150.7 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: 2 of at least 6
- score weight coverage: 10.4% 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: 595.4 m EUR
Key indicators
Coverage and freshness
Score by group
10% · 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: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -21.8% | 23 (vs peers) | 60% |
| 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 | 1.2x | 34 (on a fixed band) | 40% |
| 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· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial23/100 · 1/3 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
VOLTALIA (VLTSA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 587.9 m EUR in 2025; YoY growth 13.0%; net margin -21.8%; ROE -12.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
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
- Net margin: -21.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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% |
| VLTSA.PAVoltalia | 595.4 m | — | -12.7% | -21.8% | +13.0% | −46% / −59% |
| 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 VLTSA.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
Voltalia develops, builds and operates solar and wind power plants, and is constituted as a mission-driven company. Its stated aim is to avoid 2.4 million tonnes of CO2 equivalent by 2027 through renewable energy. The equipment supply chain remains the core of its carbon footprint.
SWOT
Strengths
- Vertical integration from development to operation gives control over each stage of the project.
- Mission-company status and environmental objectives written into the articles give a clear identity to clients and investors.
- Dedicated PPA negotiation teams and an internal project tracking tool support development decisions.
Weaknesses
- Reliance on imported equipment makes costs and emissions in the supply chain hard to control.
- Development spending is large and could become unrecoverable if projects do not reach construction.
- Construction delays and a shortage of qualified staff can reduce margins on third-party contracts.
Opportunities
- Corporate demand for low-carbon renewable power could support long-term PPA contracts.
- Development in new geographies could open new projects if regulatory risks are well managed.
- Purchases of low-carbon equipment could reduce scope 3 emissions and attract sustainable finance.
Threats
- Grid injection limits and negative power prices could reduce plant revenues.
- Physical climate risks could affect output and asset integrity over their lifetime.
- Changes in regulation or public policy could delay or cancel projects under development.
Risks
- Cybersecurityhigh
A security incident or IT service outage could halt plant operations and access to critical data. The company has taken out specific cyber insurance for the residual impact 1.
- Grid injection curtailmenthigh
Curtailment reduces the energy sold while fixed costs stay unchanged. Repeated exposure could weaken asset returns 1.
- Construction delays and costsmedium
Supplier delays, equipment price increases and engineering defects can squeeze margins and project returns 1.
- Land and grid accessmedium
There is no guarantee that land or connection solutions will be available, which could block project development 1.
- Health and safetymedium
Accidents on construction sites and in operation can have human, legal and reputational consequences, and the company runs a group-wide HSE system 1.
Investment thesis
What would need to be true (bull case)
- If the avoided-emissions target and the cut in carbon intensity of own projects are achieved, the company could strengthen its appeal to corporate clients and sustainable investors 1.
- The integrated model, from development to operation, could allow higher margins on own projects if execution stays disciplined 1.
- The responsible purchasing policy and work on certified life-cycle assessments could reduce exposure to carbon costs in the supply chain 1.
What would break the thesis
- Rising grid curtailment could reduce revenues precisely in the areas where the company is growing 1.
- Large development costs may remain without power purchase contracts, which could lead to impairment of intangible assets 1.
- Dependence on external equipment suppliers and construction contractors can pass cost and delay pressures onto margins 1.
What to watch
- Progress toward the 2.4 million tCO2e avoided-emissions target2027
- Reduction in carbon intensity of own solar projects versus 20222030
- Publication of the announced climate adaptation plan2026
- Trend in curtailment levels by zone and technology in annual reportsnext annual report
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
Activity is organised around three types of work: own projects, where Voltalia remains owner and operator, construction for third parties, and operation and maintenance services. Construction delays and execution risks can affect margins on third-party contracts and the internal rate of return on own projects 1.
Its mission-company status obliges management to pursue three social and environmental objectives written into the articles of association, including access to renewable energy for as wide a public as possible 1. These are tracked through annual indicators and internal policies on responsible purchasing and health and safety 1.
Segments
Construction
The construction segment builds own and third-party plants over periods of 12 to 24 months. Risks include supplier delays, rising equipment prices and a lack of qualified staff at the right time 1. Contracts include guarantees against supplier delays, and the company favours tier-one suppliers 1.
Operation and maintenance
Once commissioned, plants are operated by Voltalia, which sells the power under long-term PPAs or on the spot market. Grid injection curtailment reduces the energy sold while fixed costs stay the same, and the company monitors these limits by zone and technology 1.
Market context
The European and Latin American solar and wind markets are shaped by developers competing for land, grid access and purchase contracts. The annual report notes that the company's emissions come mainly from solar equipment, which ties the market to the global supply chain 1. Responsible purchasing policies and customers' decarbonisation requirements can shape long-term demand 1.
Growth pace depends on the capacity of grids to absorb power, national regulation and financing conditions. The climate risk analysis in the report used the RCP8.5 scenario to 2050, which points to close attention to weather exposure of assets 1.
Trends
- Supply chain decarbonisationmixed
The push to cut the carbon intensity of equipment, especially solar panels, can influence supplier choice and purchase costs. The company has adopted a responsible purchasing policy and is working on certified life-cycle assessments for equipment 1.
- Taxonomy and sustainability reportingtailwind
Alignment with the EU Taxonomy and climate reporting standards could help access to finance and corporate clients asking for verifiable data. Reporting on physical and transition climate risks is being consolidated 1.
- Grid injection curtailmentheadwind
More periods of negative prices or grid congestion can reduce the power plants sell. If these limits intensify, revenue and asset returns could be affected 1.
- Physical climate risk to assetsheadwind
Changes in wind speed, solar irradiance, temperature and water stress can alter plant output over their lifetime. The company has identified vulnerable assets and is preparing an adaptation plan to be published in 2026 1.
Competitive position
Voltalia competes with other renewable developers and operators for land, grid connection requests and PPA contracts. Its stated advantage rests on vertical integration, from development through construction to operation, and on its mission-company status 1. Competitive pressure is most visible in power purchase contract pricing.
Competition also comes from EPC contractors specialised in third-party solar projects, which can offer lower prices on standardised works. Voltalia relies on in-house engineering teams and lessons from past projects to protect its margins 1.
- European wind and solar developers
European companies with comparable renewable plant portfolios, competing for land and power purchase contracts.
- Solar EPC contractors
Firms specialised in building solar parks for third parties, competing for Voltalia's construction work.
- Independent renewable operators in Latin America
Local and regional players active in Brazil and other countries where Voltalia is present, on similar projects.
- Integrated energy utilities
Large energy groups investing in their own renewables and competing for the same assets and contracts.
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 / Voltalia SA · 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.