olivLaw · European equity research
Waga Energy WAGA.PA
France · Euronext Paris · ISIN FR0012532810 · Vertical: Listed companies from France
Waga Energy is a French company that produces biomethane from gas emitted by waste storage sites, using its WAGABOX technology, and injects it into gas grids as a renewable alternative to fossil natural gas. The company operates as developer, investor and operator, and its activity is relevant given the need to cut greenhouse gas emissions.
At the close of 05 Nov 2026, Waga Energy (WAGA.PA) stock was 21.75 EUR (−0.91% on the day), with market capitalisation 488.5 m EUR, beta 0.49, 52-week range 21.55–24.50 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)
- 40.5
- weak (30–45)
- Bollinger (20, 2)
- 21.27 – 23.08
- in the lower half of the band · %B 0.26 · band width 8.1%
- SMA 50 / 200
- 22.65 / 22.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.15
- 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 | −3.5% | −0.6% | −2.9 pp | — |
| 3 months | −6.3% | −4.2% | −2.1 pp | — |
| 6 months | −3.8% | +4.3% | −8.1 pp | — |
| Year to date | −11.2% | +7.5% | −18.7 pp | — |
| 1 year | −3.1% | +9.9% | −13.0 pp | −6.8% |
| 3 years | −6.7% | +49.8% | −56.5 pp | −15.9% |
| 5 years | −27.0% | +42.8% | −69.8 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 | 34.0 m | 56.2 m | 60.1 m |
| Revenue YoY | unavailable | +65.0% | +6.9% |
| Net income | -16.0 m | -17.6 m | -30.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.78 | -0.74 | -1.35 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -47.0% | -31.3% | -50.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 60.3 m EUR
- Financial debt
- 208.6 m EUR
- Net debt
- 148.3 m EUR
- Equity
- 112.1 m EUR
- Total assets
- 403.9 m EUR
- Debt / equity
- 1.86x
- Current ratio
- 1.81x
- ROE
- -24.6%
- ROA
- -8.7%
- 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 | 34.0 m | 56.2 m | 60.1 m | esef· 12 May 2026verified |
| Operating income | -14.1 m | -13.1 m | -18.9 m | esef· 12 May 2026verified |
| Pre-tax income | -15.2 m | -16.0 m | -28.8 m | esef· 12 May 2026verified |
| Net income | -16.0 m | -17.6 m | -30.3 m | esef· 12 May 2026verified |
| Diluted EPS | -0.78 | -0.74 | -1.35 | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 38.7 m | 68.3 m | 60.3 m | esef· 12 May 2026verified |
| Inventories | 11.5 m | 15.3 m | 23.6 m | esef· 12 May 2026verified |
| Current assets | 70.2 m | 110.9 m | 112.8 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 2.1 m | 4.7 m | 7.1 m | esef· 12 May 2026verified |
| Total assets | 194.6 m | 295.0 m | 403.9 m | esef· 12 May 2026verified |
| Long-term debt | 52.3 m | 103.9 m | 208.6 m | esef· 12 May 2026verified |
| Current liabilities | 35.8 m | 43.7 m | 62.4 m | esef· 12 May 2026verified |
| Equity | 97.9 m | 134.1 m | 112.1 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 20.5 m | 23.8 m | 22.5 m | esef· 12 May 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: 488.5 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 | -7.4% | 10 (vs peers) | 50% |
| Net margin · Quality | -50.5% | 21 (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 | 84 (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· partial84/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality14/100 · 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
WAGA ENERGY (WAGA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 60.1 m EUR in 2025; YoY growth 6.9%; net margin -50.5%; ROE -25.1%.
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: -7.4%
- Net margin: -50.5%
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% |
| WAGA.PAWaga Energy | 488.5 m | — | -25.1% | -50.5% | +6.9% | −2% / −3% |
| 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 WAGA.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
Waga Energy is a French company that produces biomethane from gas emitted by waste storage sites, using its WAGABOX technology, and injects it into gas grids as a renewable alternative to fossil natural gas 1. The company operates as developer, investor and operator, and its activity is relevant given the need to cut greenhouse gas emissions 1.
SWOT
Strengths
- Integrated model covering development, financing, construction and operation of units, with revenue from biomethane sales or purification services 1.
- Proprietary WAGABOX technology applied directly on waste sites, with a documented technical process 1.
- Clear non-financial indicators for impact, such as injected volume, avoided emissions and renewable energy produced 1.
Weaknesses
Opportunities
Risks
- Access to site gashigh
Access to waste-site gas could be complicated by regulatory measures or by competitors, which could slow projects 1.
- Compliance and permitshigh
Changes in regulation or suspension of permits could halt operations in some jurisdictions, with additional compliance costs 1.
- Extreme heatmedium
High temperatures could lead to unit shutdowns and premature wear of components, affecting output 1.
- Corruption and ethicsmedium
International expansion could expose the company to corruption risks, with possible criminal and civil sanctions 1.
- Dependence on key personnellow
Departure or loss of key members of management could affect the company's development 1.
Investment thesis
What would need to be true (bull case)
- If public support for biogas stays stable, the integrated model could rapidly expand the number of units injecting into the grid 1.
- WAGABOX technology applied directly on waste sites could offer a cost and access advantage over other operators 1.
- Demand for renewable gas could grow as countries reduce emissions, supporting sold volumes 1.
What to watch
- Evolution of site access contracts and disputes with competitors2027
- Changes to construction codes and unit operating permits2027
- Unit performance during heatwaves and shutdown ratenext 10-K
- Financial results and guidance in the next annual report2027
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
Waga Energy, headquartered in Eybens (France), runs its activity around the WAGABOX technology, which captures methane spontaneously emitted by waste and turns it into biomethane injected into grids 1. Its model is integrated: the company handles project development and financing, construction, installation and operation of units, and earns revenue from selling biomethane or billing a purification service to the site manager 1. The company was incorporated in 2015 and measures its impact through injected biomethane volume, avoided carbon emissions and renewable energy produced 1.
Biomethane is obtained by purifying biogas produced through anaerobic digestion of organic matter, and its chemical composition is close to that of fossil natural gas 1. To be injectable, biogas must be purified to a methane concentration of about 97 percent, with the process varying by source, whether methanisation, wastewater sludge or municipal waste 1. The company applies this technology directly on waste storage sites.
Reported risks include access to waste-site gas, which can be slowed by regulation or competitors, and unit sensitivity to heat, for which new installations are designed to operate up to 45 degrees Celsius 1. The company also notes regulatory, permitting and compliance risks that can affect project timing 1.
Segments
Market context
The target market is renewable gas produced from waste and biomass, where biomethane competes with fossil natural gas and benefits from support mechanisms in several countries 1. The company operates in France, Spain, Canada and the United States, according to references in the report 1. The exact market size is not quantified in the analysed source.
Demand depends on public policies on renewable energy and waste management, which can stimulate or limit access to site gas 1. Support such as purchase obligations or biogas certificates can influence project profitability 1.
Trends
- Support regulation for biomethanemixed
Support policies for renewable gases, including purchase obligations and biogas certificates, can underpin project revenues but can also be unstable from one jurisdiction to another 1.
- Climate warmingheadwind
Rising ambient temperatures could cause premature wear of components and unit shutdowns, which would require stronger cooling investment 1.
- Waste reduction policiesheadwind
Governments that limit waste production or favour other treatment routes could reduce access to site gas 1.
- Demand for renewable energytailwind
The need for renewable substitutes for fossil natural gas could support expansion of injected biomethane production 1.
Competitive position
The report does not explicitly name listed competitors or give a detailed competitive landscape, but it mentions competing actors that can complicate access to site gas 1. The company differentiates itself through its integrated model as developer, investor and operator 1.
Internally, the company relies on its proprietary WAGABOX technology and on partnerships with industrial suppliers, including a long-term partner mentioned in the report 1. Its competitive position depends on obtaining site access and maintaining the technical performance of its units 1.
- Competing actors in waste-site biomethane
The report mentions competitors for access to site gas, without naming them in the analysed excerpt 1.
- Biogas purification operators
Competition comes from operators purifying biogas from other sources, such as wastewater plants or farm digesters 1.
- Fossil natural gas suppliers
Fossil natural gas is the substitute biomethane replaces, and its price affects competitiveness 1.
- Biogas project developers
Other developers may compete for the same site access contracts and public support 1.
News & filings
In the press
- Char Tech develops pyrolysis to fuels sites; RNG news from Waga, NeogenyxYahoo Finance — News · 04 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Waga Energy · 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.