Stock

Valneva SE

VALN

Biotechnology · Healthcare

Also trades as: 0OB3.L GBP 0.02 (-1.81%)

Price

$5.36

-0.20 (-3.60%)

Market Cap

$508.3M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

§How the score breaks down

Quality

Weak

1/30

Growth

Weak

2/20

Cash Flow

Weak

0/10

Stability

Weak

1/10

Valuation

Data not available

0/10

Ownership

Mixed

6/15

Dividends

Not counted

n/a

10 of 95 counted points = Winston Score 11. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+72.3% over 4y

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

Diluted shares outstanding: 48.8M (2021) → 84.1M (2025)

§Winston Score History

The full picture

Valneva SE is a French biotechnology company that makes vaccines for infectious diseases. Its most important product is IXCHIQ, a vaccine for chikungunya — a painful viral illness spread by mosquitoes — which became the first approved chikungunya vaccine in the world when the U.S. FDA cleared it in late 2023. The company also sells IXIARO, a travel vaccine for Japanese encephalitis, primarily to military and travel medicine customers.

Valneva earns money by selling its approved vaccines to governments, militaries, and travel health clinics, mainly in the United States and Europe. It is a small company with a market cap around $500 million, and its main competitive edge is being the only maker of an approved chikungunya vaccine. However, the company is currently losing money — its operating margin is deeply negative — and the key risk is whether IXCHIQ can achieve broad commercial adoption fast enough to offset ongoing research and operating costs.

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

-26.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-126.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€85M/ year

↑ Rising (+15% vs prior year)

48.8% of revenue

2.7x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

4.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~19 months

€121M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Heavy R&D investment

Valneva SE is putting 49% of revenue into R&D and that number is rising. That's 2.7x the sector average.

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

4.6%

Thin — 4.6% gross margin

Profit after running costs

Operating Margin

-77.8%

Losing money on operations — -77.8%

Return on the money invested

ROCE

-39.9%

Weak — -39.9% 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

-26.9%

Shrinking sales (-26.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

-59.7%

Burning cash (-59.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.59

Heavy debt load (2.59)

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

Not applicable for this business.

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