Deep Value: cash covers more than 100% of the stock price

This company holds roughly $1.9B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Clariane SE

CLARI.PA

Medical - Care Facilities · Healthcare

Also trades as: 0OPS.L

Price

€4.01

-0.02 (-0.55%)

Market Cap

€1.43B

Exchange

Euronext Paris

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Strong

Stability

Weak

Valuation

Good

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Share count rising — dilution

+191.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 122.2M (2021) → 355.6M (2025)

Winston Score History

The full picture

Clariane SE is a European company that runs care homes and clinics for elderly people and individuals with mental health conditions or disabilities. Its main services include long-term nursing care, psychiatric care, and rehabilitation, delivered through thousands of facilities across Europe. It is one of the largest private care home operators on the continent, with a particularly strong presence in France, Germany, Belgium, and the Netherlands.

Clariane makes money by charging residents and patients daily or monthly fees for housing, meals, and medical care, with a significant portion of revenue coming from government health insurance programs. The company operates tens of thousands of beds across multiple countries, giving it scale, but it carries a heavy debt load from years of acquisitions that has pressured profitability — reflected in its near-zero operating margin. The key risk facing Clariane is managing that debt while navigating rising labor costs and regulatory changes in the government-funded care sectors it depends on.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+18.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

9.4%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

€1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Clariane SE is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

8.0%

Thin — 8.0% gross margin

Profit after running costs

Operating Margin

5.9%

Thin — 5.9% operating margin

Return on the money invested

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+1.0%

Nearly flat sales (+1.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

6356%

Turns 6356% of profit into real cash

Spare cash per sale

FCF Margin

10.7%

Modest free cash flow (10.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

1.34

Elevated debt (1.34)

Covers its interest

Interest Cover

0.14x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

100.1x

Expensive — P/E 100.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+89.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (100.1 → 11.1)

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Dividends

Not applicable for this business.

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