olivLaw · European equity research
Fermentalg ALGAE.PA
France · Euronext Paris · ISIN FR0011271600 · Vertical: Listed companies from France
Fermentalg is a biotechnology company that develops and sells microalgae-based ingredients, mainly DHA omega 3 oils and natural pigments. The company holds more than 217 patents in force and signed a production partnership in December 2023 with the HuvePharma group, which gives it access to large fermentation capacity in Europe.
At the close of 05 Nov 2026, Fermentalg (ALGAE.PA) stock was 0.37 EUR (+1.08% on the day), with market capitalisation 16.5 m EUR, beta 0.88, 52-week range 0.37–0.63 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)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 0.36 – 0.42
- in the lower half of the band · %B 0.19 · band width 15.3%
- SMA 50 / 200
- 0.43 / 0.47
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.02 / -0.02
- 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 | −14.4% | −0.6% | −13.8 pp | — |
| 3 months | −19.8% | −4.2% | −15.6 pp | — |
| 6 months | −35.1% | +4.3% | −39.5 pp | — |
| Year to date | −12.4% | +7.5% | −20.0 pp | — |
| 1 year | −23.6% | +9.9% | −33.5 pp | −6.8% |
| 3 years | +46.9% | +49.8% | −3.0 pp | −15.9% |
| 5 years | −87.8% | +42.8% | −130.6 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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 5.6 m | 7.6 m | 4.1 m |
| Revenue YoY | unavailable | +35.4% | −46.9% |
| Net income | -6.9 m | -9.9 m | -14.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.19 | -0.24 | -0.32 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -121.3% | -129.1% | -348.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 11.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 30.8 m EUR
- Total assets
- 50.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 5.19x
- ROE
- -38.9%
- ROA
- -26.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.6 m | 7.6 m | 4.1 m | esef· 01 May 2024verified |
| Cost of revenue | 3.7 m | 5.8 m | 3.5 m | esef· 01 May 2024verified |
| Gross profit | 2.0 m ≈ | 1.8 m ≈ | 536.0 k ≈ | esef· 01 May 2024derived |
| Research & development | 4.7 m | 4.8 m | 4.4 m | esef· 01 May 2024verified |
| Operating income | -5.9 m | -9.0 m | -11.8 m | esef· 01 May 2024verified |
| Income tax | 0 | 0 | 0 | esef· 01 May 2024verified |
| Net income | -6.9 m | -9.9 m | -14.1 m | esef· 01 May 2024verified |
| Diluted EPS | -0.19 | -0.24 | -0.32 | esef· 01 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.0 m | 15.9 m | 11.2 m | esef· 01 May 2024verified |
| Inventories | 2.9 m | 6.4 m | 6.8 m | esef· 01 May 2024verified |
| Current assets | 33.7 m | 26.3 m | 21.3 m | esef· 01 May 2024verified |
| Property, plant & equipment, net | 12.8 m | 12.6 m | 10.8 m | esef· 01 May 2024verified |
| Intangibles (excl. goodwill) | 12.6 m | 14.4 m | 15.0 m | esef· 01 May 2024verified |
| Total assets | 60.9 m | 57.5 m | 50.2 m | esef· 01 May 2024verified |
| Current liabilities | 4.3 m | 4.6 m | 4.1 m | esef· 01 May 2024verified |
| Equity | 47.0 m | 42.0 m | 30.8 m | esef· 01 May 2024verified |
| Shares outstanding at year end | 36.1 m | 41.1 m | 44.2 m | esef· 01 May 2024derived |
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: 16.5 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | -348.6% | 8 (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 | 5.2x | 100 (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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 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
FERMENTALG (ALGAE.PA). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 4.1 m EUR in 2023; YoY growth -46.9%; net margin -348.6%; ROE -38.9%.
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
- Current ratio: 5.2x
What contradicts it
- Net margin: -348.6%
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% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| 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% |
1- and 3-year price returns: for ALGAE.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
Fermentalg is a biotechnology company that develops and sells microalgae-based ingredients, mainly DHA omega 3 oils and natural pigments. The company holds more than 217 patents in force and signed a production partnership in December 2023 with the HuvePharma group, which gives it access to large fermentation capacity in Europe.
SWOT
Strengths
- A solid patent portfolio and accumulated know-how in process development from laboratory to industrial scale.
- Industrial and commercial partnerships with large groups that provide access to production capacity and distribution channels.
- Safety and quality certifications, including for infant nutrition and for vegan, Halal and Kosher products.
Weaknesses
- The company has recorded losses since its creation and relies on funding for research and production investment.
- Production is outsourced to third parties, creating dependence on industrial partners and their timelines.
- Dependence on a few large customers and partners could create commercial vulnerabilities if those relationships change.
Opportunities
- Access to HuvePharma fermentation capacity could improve the cost position in the most competitive segments.
- Extending the natural colorant and functional proteins into food, cosmetics and animal feed could open new markets.
- CarbonWorks technology could generate bio-based products and lower the carbon footprint if it reaches industrial scale.
Threats
- Competition from global groups with greater resources could reduce the company's market share.
- Delays in regulatory authorisations in Europe or the US could postpone product launches.
- Supply chain difficulties or problems at subcontractors could cause delays and order cancellations.
Risks
- Dependence on industrial partnershigh
Interruption of partner relationships or operational problems at partners could affect deliveries and financial results.
- Funding requirementhigh
Investment in research and production may exceed cash flows, which could force new capital raises.
- Regulatory approvalsmedium
Refusal or delay of authorisations for new products could block commercialisation.
- Technological competitionmedium
Progress by competitors or the emergence of cheaper processes could make the company's products less competitive.
- Key personnellow
Loss of key employees could slow development and implementation of the strategy.
Investment thesis
What would need to be true (bull case)
- If the HuvePharma partnership lowers costs and speeds up launches, the company could gain positions in competitive segments.
- A solid patent portfolio and certifications could support adoption of products in regulated markets.
- If CarbonWorks technology reaches industrial scale, it could open a new line of activity.
What would break the thesis
- Historical losses and the need for funding could limit the company's ability to sustain growth.
- Reliance on third parties for production could expose the company to delays and loss of quality control.
- Larger competitors could erode the company's technological advantage if they develop similar products.
What to watch
- Performance of DHA production at HuveNutra and adherence to the transfer timetable2024
- Renegotiation of the agreement with DSM-Firmenich2024
- Progress of the CarbonWorks pilot and any move to industrial scale2025
- Obtaining FSSC 22000 certification and the results of the diagnosticnext 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
Founded in 2009, Fermentalg uses microalgae to produce molecules of interest for food, nutrition and other industries. Its main products are DHA ORIGINS oil, a natural source of omega 3, and a natural blue colorant based on phycocyanin, marketed through partner DDW, part of the Givaudan group. The company outsources manufacturing to CDMOs, which reduces required investment and scale-up risk 1.
Research and development covers microbiology, process development from 1 litre fermenters up to a 1000 litre unit, and an analytical platform. The company obtained Novel Food authorisation for its DHA oils for infant formula and holds ISO 22000, Halal, Kosher and Vegan Society certifications 1.
Since December 2023, DHA oil production has been transferred to HuveNutra, a subsidiary of HuvePharma, and production of the Everzure colorant has started at Biovet, within the same group. Fermentalg also holds a joint venture stake in CarbonWorks, which develops technology to capture CO2 using microalgae cultures 1.
Segments
Lipids and omega 3 (DHA ORIGINS)
DHA ORIGINS oils, obtained from the Schizochytrium sp. strain, are the first commercialised product and are aimed at supplements and infant nutrition. Production has been outsourced, and the contract with HuveNutra took effect in 2024 for a period of three years 1.
Natural blue colorant (Everzure / Blue Origins)
The phycocyanin-based colorant from Galdieria sulphuraria is developed with the Evonik group and marketed as Everzure by the Givaudan group. The company also promotes the antioxidant properties of this molecule for dietary supplements and cosmetics 1.
CarbonWorks (CO2 capture)
CarbonWorks is a joint venture with the Suez group that develops a photobioreactor to capture industrial CO2 and produce bio-based products. The technology is at the pilot testing stage, and the company has licensed some of its patents to this entity 1.
Market context
The market for microalgae ingredients competes with traditional fishing and agriculture-based solutions, as well as other industrial biotechnology companies. Adoption of these products depends on consumer demand, awareness of sustainability issues and local regulations, largely external factors for the company 1.
The company states that algal oils show lower exposure to contaminants than fish oils, which could be a commercial argument in infant nutrition and supplements. Market acceptance, however, also depends on regulatory approvals in each country 1.
Trends
- Demand for natural and vegan ingredientstailwind
Consumers and manufacturers increasingly seek natural and vegan alternatives to animal-derived ingredients, which supports microalgae products. The Vegan Society certification obtained by Fermentalg in 2023 fits this trend 1.
- Focus on sustainability and circular economytailwind
Pressure to reduce carbon footprints and use renewable energy favours projects such as CarbonWorks and the choice of green-energy partners such as HuvePharma 1.
- Strict regulation of novel foods and colorantsheadwind
Authorisations from EFSA or the FDA can take a long time, and compliance requirements raise costs and can delay product launches 1.
- Cost competition and consolidation in biotechnologymixed
Mergers and acquisitions in the sector and the entry of large groups could increase competitors' resources, which could put pressure on Fermentalg's prices and margins 1.
Competitive position
Fermentalg competes with companies in traditional fishing, agriculture and food industries, as well as industrial biotechnology firms. Some competitors are global groups with greater financial and technical resources than the company 1.
The company's sources indicate that new players, including global-scale groups, could invest in the same technologies using similar university research. Fermentalg's advantage depends on its patent portfolio and industrial partnerships 1.
- DSM-Firmenich
Commercial partner for DHA 550 under a 2018 agreement that includes exclusivity in some markets and is being renegotiated 1.
- Givaudan
Group that acquired DDW and sells the Everzure blue colorant in partnership with Fermentalg 1.
- Evonik
Partner in the industrial development of the blue colorant, which collaborated on large-scale fermentations 1.
- Industrial biotechnology companies and fish-based omega 3 producers
Competitors offering fish oil or alternative biotechnology solutions for nutrition and colouring, with no US ticker identified in the sources 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202301 May 2024
- Annual report 202202 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Fermentalg · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.