VALN revenueFY2025€174.66M
- FY YoY
- +3.0%
- 5Y CAGR
- +9.6%
VALN revenue was €174.66M for fiscal 2025 (ended Dec 31, 2025), up 3.0% from fiscal 2024. Compound annual growth was +9.6% over 5 years. It rose in 4 of the last 6 fiscal years.
Valneva SE (VALN) financials
For fiscal 2025 (ended Dec 31, 2025), Valneva SE reported €174.66M of revenue and -€115.19M of net income. Figures are in EUR, the currency of its SEC filings.
- Revenue, FY2025
- €174.66M
- Revenue growth, YoY
- +3.0%
- Net income, FY2025
- -€115.19M
- Net margin
- -66.0%
- Free cash flow, FY2025
- -€57.31M
- EPS, diluted, FY2025
- -€0.68
- Cash
- €109.65M
- Total debt
- €179.17M
FY2019FY2025
FY2019FY2025
FY2019FY2025
VALN revenue and earnings growth
VALN net incomeFY2025-€115.19M
VALN net income was -€115.19M for fiscal 2025 (ended Dec 31, 2025), compared with -€12.25M in fiscal 2024.
VALN EPSFY2025-€0.68
VALN diluted EPS was -€0.68 for fiscal 2025 (ended Dec 31, 2025), compared with -€0.08 in fiscal 2024.
VALN free cash flowFY2025-€57.31M
VALN free cash flow was -€57.31M for fiscal 2025 (ended Dec 31, 2025), compared with -€81.08M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | €174.66M | €169.58M | €153.71M | €361.30M | €348.09M | €110.32M | €129.51M |
| Cost of revenue | €107.14M | €98.54M | €100.88M | €324.44M | €187.92M | €54.30M | €52.78M |
| Gross profit | €67.52M | €71.04M | €52.84M | €36.86M | €160.17M | €56.02M | €76.73M |
| Research and development | €85.30M | €74.14M | €59.89M | €104.92M | €173.28M | €84.45M | €38.02M |
| Selling, general and admin | €37.32M | €42.75M | €47.80M | €34.07M | €47.61M | €27.54M | €18.40M |
| Operating income | -€82.06M | €13.33M | -€82.09M | -€113.44M | -€61.39M | -€55.12M | -€811.0K |
| Interest expense | €41.90M | €23.98M | €23.32M | €19.05M | €16.96M | €10.74M | €3.08M |
| Pre-tax income | -€114.12M | -€11.49M | -€98.63M | -€144.81M | -€69.98M | -€65.30M | -€870.0K |
| Income tax | €1.07M | €761.0K | €2.80M | -€1.54M | €3.45M | -€909.0K | €874.0K |
| Net income | -€115.19M | -€12.25M | -€101.43M | -€143.28M | -€73.42M | -€64.39M | -€811.0K |
| EPS, basic | -€0.68 | -€0.08 | -€0.73 | -€1.24 | -€0.75 | -€0.71 | -€0.02 |
| EPS, diluted | -€0.68 | -€0.08 | -€0.73 | -€1.24 | -€0.75 | -€0.71 | -€0.02 |
| Diluted shares | 168.2M | 145.7M | 138.6M | 115.5M | 97.6M | 90.8M | 91.7M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | €109.65M | €168.27M | €126.08M | €286.53M | €346.69M | €204.44M | €64.44M |
| Receivables | €27.81M | €35.20M | €41.65M | €23.91M | €44.01M | €19.23M | - |
| Inventory | €50.23M | €53.66M | €44.47M | €35.10M | €124.10M | €26.93M | - |
| Current assets | €222.54M | €299.01M | €262.82M | €424.66M | €585.83M | €308.43M | - |
| Total assets | €398.84M | €500.03M | €460.06M | €621.34M | €817.35M | €449.16M | - |
| Current liabilities | €93.33M | €114.58M | €158.86M | €277.39M | €368.98M | €175.87M | - |
| Short-term debt | €17.91M | €20.85M | €44.08M | €11.58M | €7.11M | - | - |
| Long-term debt | €161.26M | €166.52M | €132.77M | €87.23M | €50.73M | €46.38M | - |
| Total debt | €179.17M | €187.37M | €176.85M | €98.81M | €57.83M | €46.38M | €26.32M |
| Total liabilities | €292.67M | €318.78M | €331.81M | €401.55M | €646.77M | €371.74M | - |
| Shareholders' equity | €106.17M | €181.25M | €128.25M | €219.80M | €170.58M | €77.42M | €135.15M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -€52.89M | -€67.22M | -€202.74M | -€245.34M | €76.90M | €137.74M | €5.53M |
| Capital expenditures | €4.42M | €13.87M | €14.23M | €29.25M | €92.23M | €18.94M | €10.50M |
| Free cash flow | -€57.31M | -€81.08M | -€216.97M | -€274.59M | -€15.33M | €118.80M | -€4.97M |
| Investing cash flow | -€1.71M | €76.92M | -€20.59M | -€29.05M | -€93.12M | -€19.34M | - |
| Financing cash flow | -€621.0K | €30.68M | €63.08M | €215.12M | €154.50M | €21.74M | - |
| Stock-based compensation | €9.53M | €7.97M | €5.11M | -€8.66M | €14.51M | €6.33M | - |
| Depreciation and amortization | €21.75M | €19.59M | €17.58M | €21.04M | €14.28M | €9.80M | - |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 3.0% | 10.3% | -57.5% | 3.8% | 215.5% | -14.8% | - |
| Gross margin | 38.7% | 41.9% | 34.4% | 10.2% | 46.0% | 50.8% | 59.2% |
| Operating margin | -47.0% | 7.9% | -53.4% | -31.4% | -17.6% | -50.0% | -0.6% |
| Net margin | -66.0% | -7.2% | -66.0% | -39.7% | -21.1% | -58.4% | -0.6% |
| Free cash flow margin | -32.8% | -47.8% | -141.2% | -76.0% | -4.4% | 107.7% | -3.8% |
| Return on equity | -108.5% | -6.8% | -79.1% | -65.2% | -43.0% | -83.2% | -0.6% |
| Return on assets | -28.9% | -2.4% | -22.0% | -23.1% | -9.0% | -14.3% | - |
| Current ratio | 2.38 | 2.61 | 1.65 | 1.53 | 1.59 | 1.75 | - |
| Debt to equity | 1.69 | 1.03 | 1.38 | 0.45 | 0.34 | 0.60 | 0.19 |
Source: XBRL data Valneva SE files with the SEC, latest filing dated Mar 17, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
VALN peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| VALN | €174.66M | +3.0% | -€115.19M | -66.0% | $557.0M |
| AMGN | $38.90B | +8.2% | $9.39B | 24.1% | $251.65B |
| GILD | $30.99B | +6.5% | -$3.86B | -12.5% | $211.94B |
| MRNA | $2.52B | +13.1% | -$2.79B | -110.5% | $101.49B |
| ARGX | $4.25B | +88.6% | $1.29B | 30.4% | $60.30B |
| RVMD | $0 | - | -$1.13B | - | $41.76B |
| BIIB | $10.30B | +2.3% | $347.50M | 3.4% | $37.44B |
| BNTX | €2.87B | +4.3% | -€1.14B | -39.6% | $21.91B |
| EXEL | $2.50B | +9.1% | $885.14M | 35.5% | $17.22B |
VALN FAQ
9 questionsWhat is VALN revenue?
Valneva SE (VALN) reported €174.66M of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 3.0% from the year before.Is VALN profitable?
No. Valneva SE reported a net loss of €115.19M for fiscal 2025 (ended Dec 31, 2025).How much cash and debt does VALN have?
Valneva SE reported €109.65M in cash and cash equivalents and €179.17M of debt on its most recent balance sheet in SEC filings.How fast is VALN revenue growing?
Valneva SE's revenue changed +3.0% in fiscal 2025, to €174.66M. Its compound annual growth rate was +9.6% over 5 years.What is VALN gross margin?
Valneva SE's gross profit was €67.52M on €174.66M of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 38.7%.What is VALN free cash flow?
Valneva SE generated -€57.31M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of -€52.89M less capital expenditures.What is VALN earnings per share?
Diluted earnings per share were -€0.68 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did VALN last report financial results?
The latest statements here come from Valneva SE's 20-F filed on Mar 17, 2026, covering the period ended Dec 31, 2025.Where does this VALN financial data come from?
Quantisnow builds these statements from the structured XBRL data Valneva SE files with the SEC. It is provided for information only and is not investment advice.