Almirall, S.A.

E2Z.F · Healthcare · Drug Manufacturers - Specialty & Generic · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

815.12M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

1.75B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

1.75B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

1.44B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

2.50B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.57×

the ratio the screener ranks by

Margin of Safety

-74.1%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 815.12M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)599.76M USD
−②Net Debt Today796.91K USD
+③Growth Value216.15M USD
=Value815.12M USD

EPV of the Operations (NOPAT over WACC)

599.76M USD

Net debt today

-796.91K USD

Growth Value

+216.15M USD

Value

815.12M USD

①EPV (Earnings Power Value)

599.76M USD

②Net Debt Today

796.91K USD

③Growth Value

216.15M USD

Market value

Market Cap2.50B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-207.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 1.75B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 1.75B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap2.50B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-43.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 1.75B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (an FCFF at or below zero in the latest three years), so the value is the book value today, 1.75B USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap2.50B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-43.1%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.82%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.14×Market Risk Premium 6.00%= 5.36%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 33.27M USDPretax Income 87.54M USD= 38.01%

The tax the interest saves.

Interest Expense =EBIT 97.38M USD−Pretax Income 87.54M USD= 9.83M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 9.83M USDTotal Debt 407.16M USD×(1 − Tax Rate for WACC 38.01%)= 1.50%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 407.16M USDMarket Cap + Total Debt 2.50B USD + 407.16M USD= 13.99%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 86.01%×Cost of Equity 5.36%+Debt Weight 13.99%×Cost of Debt 1.50%= 4.82%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 2.71B USD − Total Liabilities 956.64M USD = Book Value Today 1.75B USD

Total Debt 407.16M USD − Cash and Short-Term Investments 406.36M USD = Net Debt Today 796.91K USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 14.0%at most 5%passes217,605,462 / 209,183,641
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets5.6%at least -10.0%passes(205.15M USD − 54.27M USD) ÷ 2.71B USD
Price to bookMarket Cap ÷ Book Value Today1.43×at most 3×passes2.50B USD ÷ 1.75B USD
Operating marginOperating Income ÷ Revenue6.0%above 10.0%does not pass78.49M USD ÷ 1.30B USD
Revenue growthRevenue ÷ Revenue a Year Before − 126.9%above 10.0%passes1.30B USD / 1.03B USD
Net cash(Cash − Total Debt) ÷ Market Cap-0.1%above -30%passes(405.40M USD − 407.16M USD) ÷ 2.50B USD
Operating efficiencyOperating Income ÷ Gross Profit7.7%above 25.0%does not pass78.49M USD ÷ 1.02B USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

10.27 EUR

Enterprise value

2.24B EUR

the provider's own figure

EV / EBITDA

10.13×

Price / book

1.46×

the provider's book

Price / earnings

31.09×

Return on equity

4.0%

the provider's figure, not this page's

Profit margin

5.1%

Revenue growth

13.0%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

921.21M991.06M1.03B1.30B

Gross profit

707.02M755.65M799.66M1.02B

Operating income

73.46M45.68M48.72M78.49M

EBITDA

operating income before depreciation and amortisation

169.78M126.67M181.04M275.15M

Pretax income

33.11M-19.05M27.60M87.54M

Net income

4.57M-42.63M10.57M54.27M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

26.20M-2.27M22.16M45.29M

R&D

68.59M74.13M82.30M112.89M
Balance sheet, year end (USD)2022202320242025

Total assets

2.29B2.63B2.50B2.75B

Total liabilities

884.63M1.01B946.12M999.52M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

1.41B1.62B1.55B1.75B

Total debt

430.99M446.77M425.84M403.17M

Cash and equivalents

265.53M429.82M392.81M397.18M

Net PP&E

fixed assets after depreciation

173.63M204.19M205.60M246.52M

Working capital

current assets less current liabilities

296.78M407.26M403.87M427.26M
Cash flow (USD)2022202320242025

Operating cash flow

165.52M103.57M167.46M205.15M

Capital expenditure

paid out, so below zero

-124.30M-176.50M-168.16M-161.46M

Depreciation and amortisation

128.74M137.73M144.88M177.78M

Free cash flow

operating cash flow plus capital expenditure

41.22M-72.92M-691.66K43.69M