Dbv Technologies SA DBVT

Health CarePharmaceuticalsFrance

Last close 9.05 USD on Nov 2, 2026, −52.8% year to date

Quant rating

Quant rating D Rank 187 of 211 in Health Care

Growth B 36 of 211
Valuation D 181 of 211
Quality D 203 of 211
Revisions C 98 of 211
Momentum D 190 of 211

Wall Street consensus Buy (2.14)Average target 37.26 USD +311.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 571M
Enterprise value: 396M
52-week range: 8.63 – 26.18
3-year range: 2.36 – 26.18
Dividend yield: –
Beta (5 years): −0.88
Shares outstanding: 314M
Next earnings: Mar 24, 2027

About the company

DBV Technologies SA is a France-based clinical-stage biopharmaceutical company focused on changing the field of immunotherapy by developing a technology platform called Vaskin. The Company's therapeutic approach is based on epicutaneous immunotherapy, or EPIT, its proprietary method of delivering biologically active compounds to the immune system through intact skin using Viaskin. It dedicates its technology to treat patients, including infants and children, suffering from severe food allergies, for whom safety is paramount, since the introduction of the offending allergen into their bloodstream can cause severe or life-threatening allergic reactions, such as anaphylactic shock. The Company's product portfolio for allergy treatments consists of Viaskin Peanut, Viaskin Milk and Viaskin Egg. The Company operates one subsidiary DBV Technologies Inc. in the United States.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5.6	4.2	15.7	4.8	5.7	–
Revenue growth	35.8%	−73.6%	224.7%	−15.1%	−49.4%	−13.0%
EPS (basic, normalized)	−1.05	−5.85	−3.79	−12.40	−8.90	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	−2,607.3%	−2,744.4%	−462.4%	−1,987.5%	−1,713.5%	−1,903.0%
ROE	−149.8%	−136.0%	−43.5%	−65.6%	−64.2%	−91.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	166
Current ratio	3.72x
Long-term debt (mil)	0
Net debt (mil)	−175
Total equity (mil)	160
Net debt / equity	−1.09x
Net debt / EBITDA	1.22x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	5.6	+35.8%	70.3x	−144	–	−2.8x	−1.05	+82.1%	−8.6x
2026	3.3	−41.3%	119.8x	−181	−25.9%	−2.2x	−0.45	+57.1%	−20.1x
2027	73.7	+2,129.7%	5.4x	−69.4	+61.7%	−5.7x	−0.48	−6.7%	−18.9x
2028	227	+208.0%	1.7x	33.4	+148.1%	11.9x	−0.21	+55.2%	−42.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3.3	+6.4%	+12.9%	+2.2%	−0.45	+12.3%	+18.2%	+19.6%
2027	73.7	+12.9%	−2.4%	−18.4%	−0.48	0.0%	+4.0%	0.0%
2028	227	−7.8%	−19.0%	−22.1%	−0.21	0.0%	−34.4%	−168.8%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1.4	1.2	1.1	0.6	0.8	1.5	2.8	0.6	0.9	0.7
Sales mean (mil)	2.3	1.7	1.1	1.1	0.5	0.7	0.6	1.2	1.0	0.8
Surprise	−37.5%	−30.3%	−5.7%	−51.0%	+50.6%	+105.6%	+380.3%	−48.2%	−5.6%	−10.0%
EPS reported	−1.40	−1.70	−1.60	−1.20	−1.30	−1.55	−1.20	−0.23	−0.55	−0.60
EPS mean	−2.10	−2.24	−1.79	−1.11	−0.24	−0.14	−0.65	−0.28	−0.15	−0.11
Surprise	+33.4%	+24.1%	+10.7%	−8.1%	−443.9%	−1,048.1%	−83.7%	+17.3%	−275.4%	−445.5%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DBVT Dbv Technologies SA	571M	1.22x	−2,607.3%	3.34x	−20.1x	−18.9x	−2.2x	−5.7x
BIIB Biogen Inc.	36.8B	2.02x	13.1%	1.95x	19.9x	15.6x	15.5x	12.6x
MIRM Mirum Pharmaceuticals, Inc.	5.6B	–	−4.5%	−532.73x	−5.7x	−134.1x	−6.5x	−163.9x
SRPT Sarepta Therapeutics, Inc.	1.9B	−0.14x	−32.5%	1.27x	5.9x	36.4x	4.6x	19.8x
RARE Ultragenyx Pharmaceutical Inc.	1.6B	−1.71x	−85.4%	−5.52x	−3.8x	−18.2x	−6.6x	−56.6x
PHAT Phathom Pharmaceuticals, Inc.	481M	−2.31x	−126.3%	−1.38x	−9.1x	7.9x	65.3x	6.4x
Mean		−0.18x	−473.8%	−88.85x	−2.1x	−18.5x	11.7x	−31.2x
Median		−0.14x	−58.9%	−0.06x	−4.7x	−5.1x	1.2x	0.3x

Technical analysis

1M−14.2%
3M−33.0%
1Y−38.2%
3Y−9.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Dbv Technologies SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5.6	4.2	15.7	4.8	5.7	11.3
Cost of revenue	–	–	–	–	–	–
Gross profit	5.6	4.2	15.7	4.8	5.7	11.3
Selling, general & administrative expenses	28.3	23.9	22.8	17.6	20.8	48.2
Research & development	107	90.1	73.9	62.6	54.0	80.9
Depreciation/amortization	17.6	7.5	9.2	21.3	30.5	17.7
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	0	−0.9	23.6
Other operating expenses	0	−0.7	−13.7	0	0	−0.2
Operating income	−147	−117	−76.4	−96.6	−98.6	−159
Net interest income (expense)	0.6	2.7	3.7	0.4	0.4	−0.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−146	−114	−72.7	−96.2	−98.2	−160
Provision for taxes	0.5	0.1	0	0.1	−0.4	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−147	−114	−72.7	−96.3	−97.8	−160
Extraordinary items	–	–	–	–	–	–
Net income	−147	−114	−72.7	−96.3	−97.8	−160
EBIT, normalized	−147	−117	−76.4	−96.6	−99.5	−135
EBITDA, normalized	−129	−109	−67.3	−75.3	−69.0	−118
Basic EPS, normalized	−1.05	−5.85	−3.79	−12.40	−8.90	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Dbv Technologies SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	194	32.5	141	209	77.3	196
Receivables	16.1	10.4	15.4	11.2	4.8	7.9
Total inventory	–	–	–	–	–	0
Prepaid expenses	2.6	1.5	2.1	2.7	4.1	3.2
Other current assets	0	0	0	0	28.1	0
Total current assets	213	44.4	159	223	114	207
Property, plant & equipment	14.9	16.8	17.9	17.6	25.5	34.9
Goodwill	–	–	–	–	–	–
Intangibles	0	0	0.1	0	0	0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	5.8	4.4	6.1	5.8	6.8	29.9
Total assets	234	65.7	183	247	147	272
Liabilities
Accounts payable	40.9	22.0	23.3	14.5	11.4	20.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	15.4	8.1	9.2	7.8	9.9	20.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	1.7	1.0	4.8	7.2	10.1	11.4
Total current liabilities	58.0	31.1	37.3	29.5	31.4	52.7
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	6.9	7.1	5.5	22.5	16.1	14.0
Total liabilities	64.9	38.3	42.8	52.1	47.4	66.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	26.9	11.7	11.0	10.7	6.5	6.5
Additional paid-in capital	541	316	377	458	358	1,152
Retained earnings (accumulated deficit)	−393	−286	−239	−260	−259	−959
Treasury stock	−0.8	−1.3	−1.3	−1.1	−1.2	−1.2
Other equity	−5.4	−12.2	−8.1	−13.8	−5.6	6.6
Total equity	169	27.4	140	194	99.3	205
Total liabilities & shareholders' equity	234	65.7	183	247	147	272

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Dbv Technologies SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−147	−114	−72.7	−96.3	−97.8	−160
Depreciation, depletion & amortization	–	–	–	13.2	8.4	10.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	8.4	3.7	−7.9	5.1	4.0	−0.9
Changes in working capital	17.4	5.8	1.0	22.3	−22.8	−15.6
Cash from operations	−121	−104	−79.7	−55.7	−108	−166
Investing activities
Capital expenditures	−0.5	−2.3	−0.7	−0.8	−0.9	−2.8
Other investing cash flows	−0.8	1.6	−0.1	0.7	0.5	−0.1
Cash from investing	−1.4	−0.8	−0.8	−0.1	−0.4	−2.9
Financing activities
Financing cash flow items	–	–	0	−0.5	−0.7	−0.3
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	276	0.6	6.8	195	1.0	150
Cash from financing	276	0.6	6.8	194	0.3	150
Foreign exchange effects	8.1	−4.3	5.9	−6.5	−10.7	22.0
Net change in cash	162	−109	−67.8	132	−119	3.1
Free cash flow	−122	−107	−80.3	−56.4	−109	−168

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.