olivLaw · European equity research
Guerbet GBT.PA
France · Euronext Paris · ISIN FR0000032526 · Vertical: Listed companies from France
Guerbet is a French group specialised in contrast products and medical devices for medical imaging, operating seven industrial sites. Its 2025 annual report shows a board whose governance is changing, including a shorter mandate length, which makes its risk disclosures, especially those on Chinese centralised procurement, relevant to analyse.
At the close of 05 Nov 2026, Guerbet (GBT.PA) stock was 6.10 EUR (−2.56% on the day), with market capitalisation 74.2 m EUR, dividend yield 0.00%, beta 0.61, 52-week range 5.81–18.02 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)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 5.69 – 6.76
- in the lower half of the band · %B 0.38 · band width 17.1%
- SMA 50 / 200
- 6.85 / 9.41
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.21
- 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 | −6.2% | −0.6% | −5.5 pp | — |
| 3 months | −26.0% | −4.2% | −21.8 pp | — |
| 6 months | −43.5% | +4.3% | −47.9 pp | — |
| Year to date | −57.3% | +7.5% | −64.9 pp | — |
| 1 year | −59.3% | +9.9% | −69.3 pp | −6.8% |
| 3 years | −64.6% | +49.8% | −114.4 pp | −15.9% |
| 5 years | −83.9% | +42.8% | −126.8 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 | 785.7 m | 841.1 m | 786.4 m |
| Revenue YoY | unavailable | +7.1% | −6.5% |
| Net income | 23.9 m | 16.1 m | -108.3 m |
| Net income YoY | unavailable | −32.6% | −773.5% |
| Diluted EPS | 1.75 | 1.07 | -8.91 |
| Diluted EPS YoY | unavailable | −38.9% | −932.7% |
| net % | 3.0% | 1.9% | -13.8% |
| Free cash flow | -14.1 m | 49.2 m | 51.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 115.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 260.1 m EUR
- Total assets
- 930.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.49x
- ROE
- -33.2%
- ROA
- -11.0%
- FCF margin
- 6.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 785.7 m | 841.1 m | 786.4 m | esef· 24 Mar 2026verified |
| Operating income | 38.7 m | 49.6 m | -88.2 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 61.1 m | 61.2 m | 150.2 m | esef· 24 Mar 2026verified |
| EBITDA | 99.8 m ≈ | 110.8 m ≈ | 62.1 m ≈ | esef· 24 Mar 2026derived |
| Income tax | 8.6 m | 5.9 m | 3.1 m | esef· 24 Mar 2026verified |
| Net income | 23.9 m | 16.1 m | -108.3 m | esef· 24 Mar 2026verified |
| Diluted EPS | 1.75 | 1.07 | -8.91 | esef· 24 Mar 2026verified |
| Dividend per share | 0.50 | 0.42 | 0.00 | esef· 24 Mar 2026derived |
≈ 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 | 51.3 m | 50.2 m | 115.5 m | esef· 24 Mar 2026verified |
| Inventories | 305.2 m | 301.2 m | 294.5 m | esef· 24 Mar 2026verified |
| Current assets | 581.6 m | 590.0 m | 600.7 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 293.9 m | 291.3 m | 214.7 m | esef· 24 Mar 2026verified |
| Total assets | 1.0 bn | 1.0 bn | 930.0 m | esef· 24 Mar 2026verified |
| Accounts payable | 92.9 m | 95.1 m | 85.3 m | esef· 24 Mar 2026verified |
| Current liabilities | 229.2 m | 254.5 m | 241.2 m | esef· 24 Mar 2026verified |
| Equity | 378.3 m | 391.6 m | 260.1 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 13.6 m | 15.0 m | 12.2 m | esef· 24 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 27.4 m | 81.2 m | 81.1 m | esef· 24 Mar 2026verified |
| Capex | 41.6 m | 32.0 m | 29.9 m | esef· 24 Mar 2026verified |
| Free cash flow | -14.1 m ≈ | 49.2 m ≈ | 51.2 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -59.9 m | -53.2 m | -33.8 m | esef· 24 Mar 2026verified |
| Financing cash flow | 44.7 m | -27.6 m | 20.3 m | esef· 24 Mar 2026verified |
| Dividends paid | 6.3 m | 6.3 m | 0 | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 29.2% 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: 74.2 m EUR
Key indicators
Coverage and freshness
Score by group
29% · 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 base of the ratio is not positive
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: 5 of at least 6; score weight coverage: 29.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -13.8% | 26 (vs peers) | 21% |
| 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) | 14% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 69.1% | 100 (on a fixed band) | 29% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 14% |
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· partial26/100 · 1/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation· partial100/100 · 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
GUERBET (GBT.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 786.4 m EUR in 2025; YoY growth -6.5%; net margin -13.8%; ROE -32.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 29.2% 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: 2.5x
- FCF yield: 69.1%
- Payout ratio (FCF): 0.0%
What contradicts it
- Net margin: -13.8%
- Shareholder yield (distributions): 0.0%
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.
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% |
| 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 |
| GBT.PAGuerbet | 74.2 m | — | -32.8% | -13.8% | −6.5% | −65% / −68% |
| 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 GBT.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
Guerbet is a French group specialised in contrast products and medical devices for medical imaging, operating seven industrial sites. Its 2025 annual report shows a board whose governance is changing, including a shorter mandate length, which makes its risk disclosures, especially those on Chinese centralised procurement, relevant to analyse 1.
SWOT
Strengths
- A portfolio specialised in contrast products, with integrated industrial capacity across several owned sites, including active ingredient production 1.
- Governance with separated chair and chief executive roles and a board that includes independent directors 1.
- Safety management systems and digitalised HSE processes documented in the report 1.
Weaknesses
- Dependence on suppliers and subcontractors for strategic raw materials and packaging, with risk of supply interruption 1.
- High exposure of several production sites to strict safety regulation, including Seveso classification 1.
- The software segment, represented by Intrasense, makes only a marginal contribution to group sales 1.
Opportunities
- Winning centralised procurement tenders could allow the group to extend its position in the Chinese local market 1.
- Supply strategies and a second source for strategic raw materials could reduce vulnerability in the production chain 1.
- Decarbonisation planned within five-year plans could generate cost efficiencies over the medium term 1.
Risks
- Centralised procurement in Chinahigh
The VBP mechanism could lead to lower prices and expose the group to changes in government policy or fluctuations in public demand 1.
- Supply interruptionmedium
Failure of a key supplier could interrupt supply of strategic raw materials or packaging, affecting production 1.
- Industrial and environmental safetymedium
Fire, chemical exposure and pollution risks at Seveso sites could have financial, legal and reputational consequences 1.
- Product quality and safetymedium
Possible events linked to product use could generate legal liability and loss of confidence among patients and authorities 1.
- Information systems securitylow
Cyberattacks, including those using artificial intelligence, could lead to data loss and unavailability of strategic systems 1.
Investment thesis
What would need to be true (bull case)
- If winning VBP tenders translates into stable local market shares, the group could turn price pressure into a consolidated position in China 1.
- A governance structure with independent directors and decarbonisation plans built into the five-year strategy could support execution discipline 1.
- Measures to diversify supply sources could reduce vulnerability to shocks in the production chain 1.
What would break the thesis
- If centralised procurement extends to other products and countries, margins could be eroded significantly 1.
- Geopolitical tensions could amplify energy and raw material costs and disrupt international deliveries 1.
- Dependence on a limited number of production sites and external suppliers could turn a local disruption into an impact on the whole group 1.
What to watch
- Outcomes of VBP tenders and sales trends in China2026
- Renewal of board mandates at the general meetingAGM 2026
- Trends in raw material and energy costs in procurement plans2026
- Progress of the decarbonisation plan with industrial projects and dedicated investmentnext 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
Guerbet develops, manufactures and markets contrast products and medical devices used in medical imaging, according to its 2025 annual report 1. The group runs seven industrial sites, three of which produce active ingredients and are classified Seveso, indicating a chemical industrial profile with high safety obligations 1. Its activity is international and its supply and production strategy is constantly adapted to the geopolitical context 1.
The company is governed by a board of directors with the roles of chair and chief executive separated, in place since 2010 1. At 31 December 2025 the board had nine members, of whom 38 % were independent, and in 2025 mandate lengths were reduced from six to four years 1. These changes are relevant to assessing the board's capacity to oversee strategy 1.
The subsidiary Intrasense, in which Guerbet holds 55.50 %, is consolidated in group figures but accounts for a very small part of sales, according to the report 1. This structure points to activity concentrated on contrast products and associated devices rather than software segments 1.
Segments
Contrast products
Contrast products are the core of Guerbet's activity and are manufactured at the three active-ingredient sites, classified Seveso 1. The segment is exposed to centralised procurement policies, notably in China, where the VBP mechanism was first applied to a Guerbet product in October 2024 1.
Market context
The report indicates that the market for contrast products and associated medical devices is influenced by state policies, price pressure and geopolitical conditions 1. Centralised procurement in China may intensify competition and reduce margins, but could also offer an opportunity to consolidate local positions after winning a tender 1. Demand developments depend largely on public decisions by healthcare systems 1.
The group identifies in the report the instability of supply chains, rising raw material and energy costs, and geopolitical tensions in the Middle East, Ukraine and Taiwan as factors that could affect the market 1. Use of air freight and inventory adjustments is described as a mitigation tool 1.
Trends
- Centralised procurement in Chinamixed
The Chinese government's VBP policy, applied to Guerbet products from 2024, could lead to lower prices but also offers a chance to extend local positions in the two years after winning a tender 1.
- Geopolitical tensions and supply chainsheadwind
Conflicts in the Middle East, Ukraine and Taiwan may generate instability in the contrast product market and raise production costs, according to the report 1.
- Digitalisation of HSE systemstailwind
The group has digitalised reporting of accidents, risk analyses and follow-up of preventive actions, which could improve operational control 1.
- Rising cyber threatsheadwind
Cyberattacks are becoming more sophisticated, including through the use of artificial intelligence, and the group has stepped up security and awareness measures 1.
Competitive position
The annual report mentions intensified competition as a possible effect of centralised procurement, particularly in China, without naming specific competitors 1. Competitive pressure therefore appears linked more to pricing and public policy than to a named rival 1.
The source does not explicitly identify Guerbet's direct competitors, so the list below is limited to what can be inferred from context 1. Assessing its competitive position would require additional sources such as results releases or market documents 1.
- Bidders in Chinese VBP public tenders
The report mentions intensified competition from centralised procurement without naming individual firms 1.
- Producers of contrast active ingredients
The group's production of active ingredients at three sites suggests technological and cost competition, with no names given in the source 1.
- Suppliers of imaging medical devices
Devices associated with contrast products place the group in a field where other manufacturers operate, without identification in the report 1.
- Medical software providers
The subsidiary Intrasense operates in a software segment where other players exist, unnamed in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202415 Apr 2025
- Annual report 202424 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Guerbet · 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.