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

This company holds roughly €134.3M 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.

Stock

Guerbet S.A.

GBT.PA
19
Medical - Specialties · Healthcare
Also trades as: 0ELV.L GBP 0.06 (+0.00%)
Price
€6.44
-0.15 (-2.28%)
Market Cap
€81.2M
Exchange
Euronext Paris
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
1/30
Growth
Weak
2/20
Cash Flow
Weak
1/10
Stability
Weak
2/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Good
3/5

19 of 100 counted points = Winston Score 19.

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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

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

Revenue Growth

-2.2% 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
0.0%
Thin — 0.0% gross margin
Profit after running costs
Operating Margin
-1.1%
Losing money on operations — -1.1%
Return on the money invested
ROCE
-2.0%
Weak — -2.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-3.9%
Shrinking sales (-3.9% YoY)
Profit growth
EPS YoY
<−1,000%
Earnings shrinking (<−1,000% 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
1.64
Elevated debt (1.64)
Covers its interest
Interest Cover
N/A
Data not available

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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

Dividend
Dividend Yield
6.71%
Healthy income — 6.71% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
-21.5%
Dividend cut (-21.5% YoY) — warning sign

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