olivLaw · European equity research
NACON NACON.PA
France · Euronext Paris · ISIN FR0013482791 · Vertical: Listed companies from France
NACON is a developer and publisher of AA video games for consoles and PC, and a European maker of accessories for third-party consoles. In fiscal 2025/26 it reported revenue of 160.8 million euros, and sharp losses in the period have put the company under pressure from court-supervised proceedings and major asset impairments.
At the close of 05 Nov 2026, NACON (NACON.PA) stock was 0.04 EUR (+2.56% on the day), with market capitalisation 4.3 m EUR, beta 0.65, 52-week range 0.04–0.61 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)
- 23.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.04 – 0.06
- in the lower half of the band · %B 0.08 · band width 51.8%
- SMA 50 / 200
- 0.06 / 0.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −33.3% | −0.6% | −32.7 pp | — |
| 3 months | −50.6% | −4.2% | −46.4 pp | — |
| 6 months | −83.3% | +4.3% | −87.6 pp | — |
| Year to date | −92.4% | +7.5% | −99.9 pp | — |
| 1 year | −93.4% | +9.9% | −103.3 pp | −6.8% |
| 3 years | −97.3% | +49.8% | −147.2 pp | −15.9% |
| 5 years | −99.2% | +42.8% | −142.1 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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 167.7 m | 167.9 m | 160.8 m |
| Revenue YoY | unavailable | +0.1% | −4.3% |
| Net income | 17.5 m | -1.3 m | -366.1 m |
| Net income YoY | unavailable | −107.7% | unavailable |
| Diluted EPS | 0.19 | -0.01 | -3.37 |
| Diluted EPS YoY | unavailable | −105.3% | unavailable |
| net % | 10.5% | -0.8% | -227.7% |
| Free cash flow | 71.9 m | 59.3 m | 79.8 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 20.7 m EUR
- Financial debt
- 139.0 k EUR
- Net debt
- -20.5 m EUR
- Equity
- -81.3 m EUR
- Total assets
- 163.8 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.45x
- ROE
- unavailable
- ROA
- -108.2%
- FCF margin
- 49.7%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 167.7 m | 167.9 m | 160.8 m | esef· 21 Oct 2026verified |
| Operating income | 20.9 m | 1.1 m | -349.7 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 50.0 m | 58.5 m | 60.6 m | esef· 21 Oct 2026verified |
| EBITDA | 70.9 m ≈ | 59.6 m ≈ | -289.1 m ≈ | esef· 21 Oct 2026derived |
| Pre-tax income | 16.1 m | -4.7 m | -354.8 m | esef· 21 Oct 2026verified |
| Income tax | -1.5 m | -3.3 m | 11.3 m | esef· 21 Oct 2026verified |
| Net income | 17.5 m | -1.3 m | -366.1 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.19 | -0.01 | -3.37 | esef· 21 Oct 2026verified |
| Weighted average diluted shares | 91.6 m | 107.7 m | 113.4 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 26.2 m | 29.3 m | 20.7 m | esef· 21 Oct 2026verified |
| Inventories | 27.1 m | 25.2 m | 22.5 m | esef· 21 Oct 2026verified |
| Current assets | 108.5 m | 119.5 m | 105.0 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 3.9 m | 3.7 m | 3.0 m | esef· 21 Oct 2026verified |
| Goodwill | 137.6 m | 136.0 m | 0 | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 213.4 m | 233.4 m | 43.8 m | esef· 21 Oct 2026verified |
| Total assets | 479.0 m | 512.9 m | 163.8 m | esef· 21 Oct 2026verified |
| Long-term debt | 74.8 m | 83.8 m | 139.0 k | esef· 21 Oct 2026verified |
| Current liabilities | 118.1 m | 128.1 m | 232.9 m | esef· 21 Oct 2026verified |
| Equity | 263.6 m | 284.4 m | -81.3 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 87.6 m | — | 108.6 m | esef· 21 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 73.1 m | 60.5 m | 80.5 m | esef· 21 Oct 2026verified |
| Capex | 1.2 m | 1.1 m | 649.0 k | esef· 21 Oct 2026verified |
| Free cash flow | 71.9 m ≈ | 59.3 m ≈ | 79.8 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -87.3 m | -80.0 m | -72.4 m | esef· 21 Oct 2026verified |
| Financing cash flow | -8.6 m | 19.1 m | -21.9 m | esef· 21 Oct 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: 3 of at least 6
- score weight coverage: 18.8% 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: 4.3 m EUR
Key indicators
Coverage and freshness
Score by group
19% · 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 · the base of the ratio is not positive
- 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: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -227.7% | 10 (vs peers) | 33% |
| 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 | 0.5x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1,837.2% | 100 (on a fixed band) | 44% |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial10/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
NACON (NACON.PA). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 160.8 m EUR in 2026; YoY growth -4.3%; net margin -227.7%; ROE -361.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% 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
- FCF yield: 1,837.2%
What contradicts it
- Net margin: -227.7%
- Current ratio: 0.5x
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, 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 NACON.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
NACON is a developer and publisher of AA video games for consoles and PC, and a European maker of accessories for third-party consoles. In fiscal 2025/26 it reported revenue of 160.8 million euros, and sharp losses in the period have put the company under pressure from court-supervised proceedings and major asset impairments.
SWOT
Strengths
- A diversified games portfolio across four strategic genres and a back-catalogue that supports revenue.
- A recognised position in gaming accessories, backed by in-house R&D and patents for premium products.
- A gross margin that has held steady above 60 percent, pointing to cost discipline in the core business 1.
Weaknesses
- The large operating loss in fiscal 2025/26 shows vulnerability to asset impairments.
- Reliance on a few major releases and frequent schedule slips make revenue volatile.
- Equity has deteriorated sharply, and financial debt became immediately due through the court procedure.
Opportunities
- A better US market could return accessories to growth, and new products could support that trend.
- The growth of eSports can create demand for high-performance accessories and partnerships with content creators.
- The in-house accessories factory under construction could improve control of production and competitiveness.
Threats
- The ongoing court procedure could lead to the loss of partnerships essential to the business.
- Closed console systems and technical changes imposed by manufacturers can affect accessory products.
- Strong competition in action and adventure games can reduce sales of new titles.
Risks
- Delays in product development and launchhigh
Development or launch delays can create unplanned costs and push revenue outside the expected period, and the company rates the probability of this risk as high 1.
- High-investment games selling below expectationshigh
A title with a large budget may achieve commercial success below its spending level, which could affect results and outlook if the portfolio is not broad enough 1.
- Liquidity and court proceedingshigh
The judicial reorganisation procedure made financial debts immediately due, raising serious questions about the company's capacity to finance its activity 1.
- Loss of partnershipsmedium
The court procedure may lead to the loss of distribution or licensing partnerships, with effects on sales and reputation 1.
- Accessory sourcing and productionmedium
Reliance on industrial partners in Asia can create delays or quality problems for accessory products, and the company's own factory is still under construction 1.
Investment thesis
What would need to be true (bull case)
- If AA games keep finding their niche audience and the back-catalogue keeps expanding, the company could turn its portfolio into a more stable source of revenue.
- If the US accessories market recovers, new products and console steering wheels could bring growth back to this segment.
- If the in-house factory and R&D produce competitive premium accessories, the company could regain margins and position in Europe.
What would break the thesis
- If operating losses and impairments keep recurring, negative equity could limit access to financing and add pressure on the company.
- If the court procedure leads to the loss of partnerships, revenue from games and accessories could fall more than anticipated.
- If launches continue to be postponed, costs could rise and revenue could shift to periods when the company has no new title ready.
What to watch
- Progress of the judicial reorganisation procedure and any financing plansNext annual report
- Results of the accessories segment in the US marketfiscal 2026/27
- Release calendar of major games and whether announced dates are met2027
- Construction status of the in-house accessories factory and its impact on costsNext 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
NACON is an integrated gaming hub spun out of the Bigben Interactive group, operating in two segments: Games and Gaming Accessories. The company manages projects from concept to launch through internal and external studios and sells its products worldwide. According to the annual report, consolidated revenue in fiscal 2025/26 was 160.8 million euros 1.
Game production follows defined stages, from pre-conception and validation to production, Alpha and Beta versions and pre-submission, with deliverables checked by the publishing production team 1. Accessories activity starts with market studies and R&D at the Lesquin headquarters and continues with mass production by partners in Hong Kong and Shenzhen 1.
The company has begun building its own accessories factory near its logistics site and head office in northern France, which could reduce reliance on external production partners if the project is completed 1.
Segments
Games
The Games segment focuses on AA titles for consoles and PC, grouped into four strategic genres: Racing, Sport, Simulation and Adventure, with projects such as MXGP 26, Edge of Memories and The Mound 1. Its target is games selling between 200,000 and 3 million copies, with development budgets from 1 to 20 million euros, where competition with AAA producers is lower 1.
Gaming Accessories
Accessories are mainly designed for Sony, Microsoft and Nintendo consoles and PC, with products such as Revolution controllers and RIG headsets, supported by a distribution network with proprietary subsidiaries in Europe and the United States 1. In 2025/26, the decline of the accessories business in the United States pulled revenue down while games performed well 1.
Market context
NACON operates in the video game market, where AA games occupy a niche compared with the AAA titles of industry majors, and in the accessories market for non-proprietary consoles, where it counts among the leading European players 1. Management says the US market appears better oriented, which could support a return of accessories to growth if the trend holds 1.
In games, a high-investment title can sell below expectations, and success depends on factors such as fashion and unpredictable player enthusiasm 1. Development cycles are long and releases can be postponed, which affects the revenue timeline 1.
Trends
- Growth of eSports and technology demandstailwind
High-stakes eSports competitions require cutting-edge technology in accessories, and amateur players copy the equipment of their champions, supporting demand for premium products 1.
- Recovery of US marketstailwind
Management suggests that a better American environment could bring accessories back onto a sustained growth path, supported by new RIG headsets and console steering wheels 1.
- Closed console ecosystemsheadwind
Sony, Microsoft and Nintendo platforms are closed systems, and accessory makers must respect their technical constraints, which can limit product flexibility 1.
- Rising development costs and sequelsmixed
Development costs are rising, and the company relies on sequels and licences to capitalise on its investments, a strategy that can reduce risk but also narrow catalogue diversity 1.
Competitive position
In games, NACON differentiates itself from AAA majors through less contested niches and from other AA publishers through strong licences and sequels, with competition most intense in the action-adventure genre 1. In accessories, rivals include makers offering controllers and headsets for the major consoles, and the company's edge rests on its R&D and proprietary distribution network 1.
The company argues that entry barriers for competitors are high, since matching the technical quality of a successful game takes years of investment and development 1. However, delayed launch cycles or sales below expectations could weaken its position against rivals 1.
- Bigben Interactive
Parent company that created NACON as a gaming hub and exerts influence over its strategy and shareholders.
- AAA producers of the video game industry
Industry majors releasing AAA blockbusters and competing for player attention.
- Accessory makers for Sony, Microsoft and Nintendo consoles
Competitors in controllers and gaming headsets, some with larger shares in certain categories.
- AA and indie game publishers
Companies active in the same mid-sized game segment and competing for licences and niches.
News & filings
In the press
- Nacon’s new PS5 controller can mix audio from your phone and consoleThe Verge · 02 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202621 Oct 2026
- Annual report 202501 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / NACON · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.