olivLaw · European equity research
LATECOERE LAT.PA
France · Euronext Paris · ISIN FR001400JY13 · Vertical: Listed companies from France
LATECOERE is an aerospace supplier active in aerostructures, interconnection systems and services, working with civil, military and space aircraft makers. The company sets firm emission reduction targets for 2030 and, for 2026, expects higher volumes on most major programmes, against persistent cost inflation pressures. Management describes this context as a combination of solid demand and supply chain constraints.
At the close of 05 Nov 2026, LATECOERE (LAT.PA) stock was 0.01 EUR (+0.85% on the day), with beta 0.62, 52-week range 0.01–0.02 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)
- 45.4
- neutral
- Bollinger (20, 2)
- 0.01 – 0.01
- in the upper half of the band · %B 0.59 · band width 6.7%
- SMA 50 / 200
- 0.01 / 0.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | +1.7% | −0.6% | +2.4 pp | — |
| 3 months | −20.3% | −4.2% | −16.1 pp | — |
| 6 months | −21.3% | +4.3% | −25.7 pp | — |
| Year to date | −25.3% | +7.5% | −32.8 pp | — |
| 1 year | −11.3% | +9.9% | −21.2 pp | −6.8% |
| 3 years | −92.1% | +49.8% | −142.0 pp | −15.9% |
| 5 years | −92.2% | +42.8% | −135.0 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 | 622.3 m | 705.8 m | 756.7 m |
| Revenue YoY | unavailable | +13.4% | +7.2% |
| Net income | 6.2 m | -60.6 m | -32.1 m |
| Net income YoY | unavailable | −1,083.3% | unavailable |
| Diluted EPS | 0.00 | -0.01 | -0.00 |
| Diluted EPS YoY | unavailable | −225.0% | unavailable |
| net % | 1.0% | -8.6% | -4.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 56.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 88.7 m EUR
- Total assets
- 631.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.47x
- ROE
- -40.9%
- ROA
- -4.8%
- 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 | 622.3 m | 705.8 m | 756.7 m | esef· 29 Apr 2026verified |
| Operating income | -148.3 m | -41.0 m | 1.8 m | esef· 29 Apr 2026verified |
| Income tax | -4.6 m | 4.7 m | 8.1 m | esef· 29 Apr 2026verified |
| Net income | 6.2 m | -60.6 m | -32.1 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.00 | -0.01 | -0.00 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 85.4 m | 59.8 m | 56.8 m | esef· 29 Apr 2026verified |
| Receivables | 116.5 m | 127.0 m | 109.0 m | esef· 29 Apr 2026verified |
| Inventories | 215.6 m | 246.4 m | 232.8 m | esef· 29 Apr 2026verified |
| Current assets | 437.8 m | 448.8 m | 422.0 m | esef· 29 Apr 2026verified |
| Goodwill | 18.0 m | 18.0 m | 14.2 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 132.4 m | 119.9 m | 95.3 m | esef· 29 Apr 2026verified |
| Total assets | 714.4 m | 696.5 m | 631.3 m | esef· 29 Apr 2026verified |
| Accounts payable | 173.1 m | 180.2 m | 165.3 m | esef· 29 Apr 2026verified |
| Current liabilities | 283.8 m | 336.2 m | 287.3 m | esef· 29 Apr 2026verified |
| Total liabilities | 549.1 m | 628.2 m | 542.6 m | esef· 29 Apr 2026verified |
| Equity | 165.3 m | 68.4 m | 88.7 m | esef· 29 Apr 2026verified |
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: unavailable
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 | -4.2% | 31 (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 | 1.5x | 56 (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· partial56/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial31/100 · 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
LATECOERE (LAT.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 756.7 m EUR in 2025; YoY growth 7.2%; net margin -4.2%; ROE -40.9%.
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
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
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.
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% |
| 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% |
| ABNX.PAAbionyx Pharma | 53.5 m | — | -92.3% | -136.6% | −10.7% | −62% / +19% |
1- and 3-year price returns: for LAT.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
Scenarios are not available. input data missing
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
LATECOERE is an aerospace supplier active in aerostructures, interconnection systems and services, working with civil, military and space aircraft makers. The company sets firm emission reduction targets for 2030 and, for 2026, expects higher volumes on most major programmes, against persistent cost inflation pressures. Management describes this context as a combination of solid demand and supply chain constraints.
SWOT
Strengths
- The company combines aerostructures expertise with interconnection systems and covers the full aeronautical value cycle 1. It is presented as a reference partner on major programmes and holds tier-one roles on many of them 1.
- Presence in commercial, military and space aviation provides a diversified base of customers and programmes 1. A dedicated organisational structure for services and space activities supports an extended offer 1.
- The 2022 Avcorp acquisition strengthened the position on wing sub-assemblies, including for an important US military programme 1.
Weaknesses
- Management acknowledges inflationary pressure and high component and labour costs that must be offset through negotiations and savings 1. The company requires significant investment to maintain competitiveness 1.
- Latecoere depends on large programmes with concentrated customers, meaning reliance on the timing of those programmes 1. The sources do not break down revenue by customer.
- Female representation in management remains low, which the company acknowledges and addresses through an action plan 1.
Opportunities
- Volume growth on existing programmes could improve capacity utilisation and profitability 1. Effects of operational and commercial initiatives launched in 2024 and 2025 are expected over the full year 2026 1.
- The company aims to improve operating cash flow, which could support investment financing 1. Emission reduction targets could open access to contracts requiring ESG performance 1.
- Demand for civil, military and space products could support new contracts if manufacturers expand production 1.
Threats
- Cost inflation pressure could reduce margins if commercial negotiations do not fully offset it 1. The aerospace supply chain remains constrained, which could delay production 1.
- Dependence on demand from large manufacturers exposes the company to changes in programme timing or volumes 1. Management cites intensifying activity as a source of cost pressure across the sector 1.
- Ambitious emission reduction targets and regulatory requirements could generate additional costs if they must be accelerated 1.
Risks
- Production cost pressurehigh
Management expects continued inflation in component and labour costs in 2026. If commercial negotiations do not fully cover these increases, margins could be affected 1.
- Supply chain constraintshigh
The aerospace supply chain remains under constraints that could affect deliveries and costs. The company has included this situation in its generic risk analysis 1.
- Dependence on major programmesmedium
The company relies on a few major programmes and on manufacturer schedules. Changes to these programmes could affect volumes and results 1.
- Climate transition and physical risksmedium
The company has identified transition and climate risks, assessed using TCFD recommendations. Management has not identified a significant climate-related risk with direct financial impact on the accounts 1.
- Governance and compliance riskslow
The internal control system aims to prevent corruption and fraud, including in subsidiaries. Any shortcomings in applying these controls could create legal and reputational risks 1.
Investment thesis
What would need to be true (bull case)
- If volume growth on major programmes materialises and operational initiatives deliver the expected effects, profitability could rise noticeably in 2026 1. Positioning in aerostructures and interconnection systems, plus defence and aviation demand, could support medium-term growth 1.
- Improved operating cash flow could finance necessary investment and reduce reliance on external funding 1. A firm commitment to decarbonisation could bring commercial advantages with ESG-sensitive customers 1.
- The Avcorp acquisition and a role on important military programmes could open additional opportunities if those programmes expand 1.
What would break the thesis
- If cost inflation outpaces the ability to offset it through negotiations, margins could stay under pressure even with higher volumes 1. Supply chain constraints could postpone deliveries and partly cancel the effect of growth 1.
- Dependence on a few large manufacturers and programmes could turn any schedule change into a significant impact on results 1.
- Investment needed for competitiveness and decarbonisation targets could consume cash before benefits materialise 1.
What to watch
- Evolution of volumes on major programmes and effect on revenue2026
- Ability to offset cost inflation through commercial negotiations and savings2026
- Evolution of available operating cash flow after restructuring costs2026
- Progress toward the 2030 emission reduction targets2026
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
Latecoere presents its positioning as unique by combining aerostructures expertise with interconnection systems, allowing a global approach to the aeronautics sector from design to aftermarket 1. The company describes itself as a reference partner on major aeronautical and space programmes, able to offer both tailored solutions and high production rates 1. Activity is organised by geographic zones EMEA and Americas, plus two entities dedicated to services and space activities 1.
Segments
Aerostructures
The aerostructures division designs, industrialises and produces aircraft structural elements, notably aircraft doors, fuselage and wing sub-assemblies 1. The company manufactures the removable wing tips for a US military fighter's carrier version, following the Avcorp acquisition in 2022 1.
Interconnection systems
Latecoere cites interconnection systems expertise as the second component of its offer, complementary to aerostructures and a source of technical, commercial and operational synergies 1. The supplied sources detail this line less than aerostructures.
Market context
Trends
- Higher volumes on major programmestailwind
Outlook for 2026 includes volume growth on most major programmes, as well as the full-year effect of operational and commercial initiatives launched in 2024 and 2025 1. If this growth materialises, it could support operating margin.
- Cost and labour inflationheadwind
Management expects continued inflation in component and labour costs, partly offset by new commercial negotiations and savings from value creation programmes 1. This pressure could affect margins if negotiations do not fully cover the increase.
- Aerospace and defence demandtailwind
Growth among manufacturers in commercial aviation, business jets and defence continues to support revenue, according to management 1. The company considers itself well positioned to benefit from solid demand for civil, military and space products 1.
- Supply chain constraintsmixed
The aerospace supply chain remains under constraints that could delay deliveries and raise procurement costs 1. The company notes that an improved supply chain situation is one of the expected drivers of EBITDA growth 1.
Competitive position
The supplied sources do not explicitly identify the company's competitors or provide market shares. The positioning presented by Latecoere rests on combining aerostructures with interconnection systems and the ability to cover the whole cycle from design to aftermarket 1. Relationships with large manufacturers are presented as part of its tier-one positioning 1.
- Competitors not named in the supplied sources
The supplied sources do not name direct competitors; competitive analysis remains limited to the company's own statements about its positioning.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202420 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LATECOERE · 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.