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.

Icade S.A.

ICAD.PA

REIT - Diversified · Real Estate

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

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Icade is a French real estate company that owns, builds, and manages properties across two main areas: commercial office parks and healthcare facilities. Its office parks are large campuses outside Paris where businesses rent space, while its healthcare division owns clinics, hospitals, and nursing homes that it leases to healthcare operators across France. Icade is one of the larger listed real estate companies in France and is majority-owned by Caisse des Dépôts, a French public financial institution.

Icade makes most of its money from long-term rental income on its properties, which provides relatively steady cash flows. It operates almost entirely in France, with a portfolio worth several billion euros across both its office and healthcare segments. In recent years, Icade sold its healthcare real estate division to refocus on its core office and urban development business, which leaves it more exposed to the sluggish demand for office space in France — a key risk as remote work continues to weigh on commercial property values.

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

+10.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-70.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

40.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

€7.4B cash & investments at current burn rate

Growth context

Icade S.A. is growing revenue at 10% 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

25.4%

Modest — 25.4% gross margin

Profit after running costs

Operating Margin

13.9%

Healthy — 13.9% operating margin

Return on the money invested

ROCE

3.1%

Weak — 3.1% 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

-1.4%

Shrinking sales (-1.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

4.5%

Thin free cash flow (4.5%)

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

1.11

Elevated debt (1.11)

Covers its interest

Interest Cover

2.74x

Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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

40.46%

no trend

Healthy income — 40.46% yield

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

Dividend record

Dividend Growth

-2.3%

no trend

Dividend cut (-2.3% YoY) — warning sign

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