olivLaw · European equity research
NEURONES NRO.PA
France · Euronext Paris · ISIN FR0004050250 · Vertical: Listed companies from France
NEURONES is a French IT services group, founded in 1985, that offers consulting, solution integration, managed services and cloud, and now directs its investment towards sovereign cloud and artificial intelligence. The group keeps investing in its service centres, where in 2025 it directed 10.3 M EUR.
At the close of 05 Nov 2026, NEURONES (NRO.PA) stock was 40.30 EUR (+3.60% on the day), with market capitalisation 980.6 m EUR, P/E 18.8 on diluted EPS of 2.14 EUR over the last 12 months, beta 0.43, 52-week range 33.65–44.70 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)
- 72.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 35.01 – 39.58
- above the upper band · %B 1.16 · band width 12.2%
- SMA 50 / 200
- 36.63 / 36.61
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.75 / 0.43
- 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 | +13.5% | −0.6% | +14.2 pp | — |
| 3 months | +4.8% | −4.2% | +9.0 pp | — |
| 6 months | +6.6% | +4.3% | +2.3 pp | — |
| Year to date | −6.4% | +7.5% | −13.9 pp | — |
| 1 year | +3.9% | +9.9% | −6.1 pp | −6.8% |
| 3 years | +7.9% | +49.8% | −41.9 pp | −15.9% |
| 5 years | +14.5% | +42.8% | −28.3 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 20.1, median 20.3, max 21.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 741.2 m | 810.4 m | 857.2 m |
| Revenue YoY | unavailable | +9.3% | +5.8% |
| Net income | 49.4 m | 52.6 m | 52.1 m |
| Net income YoY | unavailable | +6.4% | −0.9% |
| Diluted EPS | 2.03 | 2.16 | 2.14 |
| Diluted EPS YoY | unavailable | +6.4% | −0.9% |
| net % | 6.7% | 6.5% | 6.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 340.8 m EUR
- Financial debt
- 760.0 k EUR
- Net debt
- -340.0 m EUR
- Equity
- 464.9 m EUR
- Total assets
- 749.0 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 2.43x
- ROE
- 11.6%
- ROA
- 7.1%
- 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 | 741.2 m | 810.4 m | 857.2 m | esef· 29 Apr 2026verified |
| Operating income | 75.9 m | 77.9 m | 75.6 m | esef· 29 Apr 2026verified |
| Pre-tax income | 80.8 m | 88.1 m | 85.1 m | esef· 29 Apr 2026verified |
| Income tax | 22.2 m | 24.9 m | 23.2 m | esef· 29 Apr 2026verified |
| Net income | 49.4 m | 52.6 m | 52.1 m | esef· 29 Apr 2026verified |
| Diluted EPS | 2.03 | 2.16 | 2.14 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 297.8 m | 326.5 m | 340.8 m | esef· 29 Apr 2026verified |
| Receivables | 243.0 m | 257.7 m | 261.6 m | esef· 29 Apr 2026verified |
| Inventories | 709.0 k | 267.0 k | 18.0 k | esef· 29 Apr 2026verified |
| Current assets | 545.8 m | 588.1 m | 608.5 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 24.8 m | 28.1 m | 29.4 m | esef· 29 Apr 2026verified |
| Total assets | 676.1 m | 725.7 m | 749.0 m | esef· 29 Apr 2026verified |
| Accounts payable | 210.0 m | 234.5 m | 235.4 m | esef· 29 Apr 2026verified |
| Long-term debt | — | 2.1 m | 760.0 k | esef· 29 Apr 2026verified |
| Current liabilities | 228.9 m | 252.7 m | 250.1 m | esef· 29 Apr 2026verified |
| Equity | 409.8 m | 436.2 m | 464.9 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 24.2 m | 24.2 m | 24.3 m | esef· 29 Apr 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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 980.6 m EUR
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.74 – 63.77 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E23.74 – 63.77 (Mid 36.66)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 46.5% | 90 (vs peers) | 33% |
| Net margin · Quality | 6.1% | 79 (vs peers) | 20% |
| 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 | 2.4x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 18.8x | 48 (vs peers) | 33% |
| 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
- Quality86/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial48/100 · 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
NEURONES (NRO.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 857.2 m EUR in 2025; YoY growth 5.8%; net margin 6.1%; ROE 13.4%.
The estimated value range is 23.74–63.77 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 36.66 EUR, the price of 40.30 EUR leaves a potential of -9.0% (value / price − 1) and a margin of safety of -9.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 46.5%
- Net margin: 6.1%
- Current ratio: 2.4x
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): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| NRO.PANeurones | 980.6 m | 18.8 | 13.4% | 6.1% | +5.8% | −8% / −0% |
| 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 NRO.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 | 24.13 Total return -40% · Per year -40% | 42.63 Total return 6% · Per year 6% | 64.18 Total return 59% · Per year 59% |
| 3 years | 24.02 Total return -40% · Per year -16% | 47.70 Total return 18% · Per year 6% | 78.75 Total return 95% · Per year 25% |
| 5 years | 23.92 Total return -41% · Per year -10% | 53.37 Total return 32% · Per year 6% | 96.65 Total return 140% · Per year 19% |
- Exit P/E± 11.92
- Net margin± 8.35
- Annual revenue growth± 6.77
- Annual dilution± 0.70
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
NEURONES is a French IT services group, founded in 1985, that offers consulting, solution integration, managed services and cloud, and now directs its investment towards sovereign cloud and artificial intelligence. The group keeps investing in its service centres, where in 2025 it directed 10.3 M EUR 1.
SWOT
Strengths
- Portfolio diversification and recurring contracts give stability during periods of market slowdown.
- The certification policy, covering security and quality, strengthens credibility in sensitive projects.
- The decentralised structure and entrepreneurial culture support subsidiary autonomy and the retention of key staff.
Weaknesses
- Dependence on one major client represents a concentration of revenue.
- Fixed-price projects can generate cost overruns and loss-to-completion provisions.
- Recruiting engineers remains difficult, and staff turnover in the profession is usually high.
Opportunities
- Demand for sovereign cloud and AI services could open new revenue sources for the group.
- Acquisitions of mid-sized companies with a close culture could extend regional expertise.
- Automating support through voice bots could reduce response times for clients.
Threats
- A major cybersecurity incident could affect the availability of clients' systems.
- Client sanctions for failing to respect security instructions could block new orders.
- Regulatory and competition risks, including on pricing, may arise in certain niches.
Risks
- Recruitment and retentionhigh
A shortage of engineers in France could prevent reaching growth objectives if key talent leaves.
- Failure to meet contractual commitmentshigh
Fixed-price projects may exceed budget, and recurring outsourcing with service-level penalties can become unprofitable.
- Cyberattackshigh
The report considers a larger system outage likely, although the separation of subsidiaries limits how far an incident can spread.
- Client concentrationmedium
Dependence on one major client could expose revenue to decisions taken by a single partner.
- Human error and client instructionsmedium
Handling errors or failing to respect client instructions can lead to sanctions and a temporary freeze of new contracts.
Investment thesis
What would need to be true (bull case)
- If demand for sovereign cloud and AI services keeps growing, the group could use its expertise and certifications to win new projects.
- The policy of retaining profits can finance development without depending heavily on external funding conditions.
- The structure of autonomous entities and retention of key staff can support growth through acquisitions of companies with a close culture.
What would break the thesis
- If recruiting engineers becomes even harder, growth could slow or staff costs could rise.
- Dependence on one major client and the risk of fixed-price projects could weigh on results if cost overruns occur.
- A large cyber incident could generate costs and loss of trust, and insurance does not cover every type of fraud.
What to watch
- Evolution of the share of sovereign cloud and AI services in revenue2026
- The 35 M EUR target for the Data entity compared with actual results2026
- Weight of the largest client in revenuenext 10-K
- Turnover rate and ability to recruit engineers2027
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
NEURONES is a digital services group headquartered in France, made up of a set of autonomous companies that work together under a shared entrepreneurial culture. Its activities cover solution design and integration, managed services, infrastructure and cloud, consulting and training. According to the 2025 annual report, the group kept a decentralised structure and did not resort to collective redundancies during growth or acquisitions 1.
The business model combines fixed-price projects with recurring outsourcing and application maintenance contracts, which provides partly predictable revenue. The group funds its development from profits, after adopting a policy of regularly retaining them for future projects. According to the report, diversification of the portfolio allowed it to get through years of market decline without major deterioration in profitability 1.
The group emphasises security and quality certifications, including ISO 27001 and HDS, along with a human resources policy centred on training, certifications and internal career paths. This combination supports its position in sensitive projects in regulated sectors.
Segments
Services applicatifs
Division bringing together application development, integration of ERP, SAP, BPM and training packages, with about 1,600 employees and more than thirty years of experience 1.
Infrastructures et cloud
Segment focused on managed service centres and public, private and hybrid cloud, with emphasis on sovereign cloud and the planned extension of PaaS services, supported by investment in data centres and low-energy solutions 1.
Intelligence artificielle et support
New activity of AI-based user support, with voice bots and chat bots, as well as open-source LLM platforms and custom AI agents. The report indicates high resolution rates for simple automated requests 1.
Market context
The French IT services market is highly fragmented, with several thousand digital services companies with more than ten employees, which makes the risk of price-fixing understanding, according to the report, almost non-existent in technical assistance 1.
Demand is supported by digitalisation, sovereign cloud and artificial intelligence, but recruiting engineers remains difficult because of a structural shortage in France, which could limit the pace of growth 1.
Trends
- Sovereign and secure cloudtailwind
The expected development of sovereign and secure cloud, with the extension of PaaS services, could strengthen the group's offer in sectors that require data kept in France 1.
- Artificial intelligence in operationsmixed
The adoption of AI in user support and cybersecurity opens new use cases, but requires continuous monitoring of models and response quality 1.
- Shortage of engineersheadwind
The structural shortage of engineers in France may make it harder to recruit and retain the staff needed to reach growth objectives 1.
- European security regulationtailwind
Higher requirements on operational resilience and data protection, such as the DORA regulation, could generate demand for compliance and security services 1.
Competitive position
The group operates in a market with many players of different sizes. In some niches, certain NEURONES entities are among the main actors, and its relationship with a few well-identified competitors combines partnership in tenders with direct competition 1.
Differentiation rests on specialisation, certifications and a structure of autonomous entities that brings the group closer to clients, but the report does not give a public market share figure for the group 1.
- Other integrators and French digital services companies
Competitors in the French IT services market, described as part of a highly fragmented market, with no further detail in the source.
- Partners in coopetition on tenders
Companies the group collaborates with on some tenders and competes with directly on others, according to the annual report.
- Cloud and managed services providers
Players offering similar infrastructure and cloud, against which the group competes in sovereign cloud and outsourcing offers.
- Cybersecurity specialist firms
Specialised security firms, against which the group offers its own PASSi-qualified subsidiary.
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 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NEURONES · 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.