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

This company holds roughly $157M 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.

Guerbet S.A.

GBT.PA

Drug Manufacturers - Specialty & Generic · Healthcare

Also trades as: 0ELV.L

Price

€7.90

+0.15 (+1.94%)

Market Cap

€99.7M

Exchange

Euronext Paris

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Guerbet is a French pharmaceutical company that specializes in contrast agents — special liquids injected into patients before medical scans like MRIs and CT scans to make images clearer. Its main products include Dotarem, a widely used MRI contrast agent, and various other imaging solutions sold to hospitals and radiology clinics around the world. Guerbet is one of the few companies globally focused almost entirely on this niche segment of medical imaging.

The company earns revenue by selling its contrast agents and related injection systems directly to healthcare providers. Guerbet operates primarily in Europe but also has a meaningful presence in North America and Asia, generating roughly €800 million in annual sales. Its long-standing expertise and established hospital relationships provide some competitive insulation, but the company faces real pressure from generic contrast agents and rising raw material costs, which help explain its very thin operating margins today. Returning to consistent profitability is the central challenge Guerbet must navigate in the near term.

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

-5.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€76M/ year

→ Flat (-1% vs prior year)

9.6% of revenue

Below sector average (18%)

Steady R&D investment year-over-year

Insider Activity

57.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€134M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

Guerbet S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 12.6M (2021) → 12.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

41.4%

Healthy — 41.4% gross margin

Profit after running costs

Operating Margin

-2.5%

Losing money on operations — -2.5%

Return on the money invested

ROCE

0.2%

Weak — 0.2% 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

-7.1%

Shrinking sales (-7.1% YoY)

Profit growth

EPS YoY

-771.1%

Earnings shrinking (-771.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

4.0%

Thin free cash flow (4.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.59

Elevated debt (1.59)

Covers its interest

Interest Cover

0.07x

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)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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