MeritValue

DBV Technologies S.A.

DBVTdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

DBV Technologies S.A. earns about -100% on equity, but has diluted owners by 154% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.71M1$4.84M2$15.7M3$4.15M4$5.64M4
Net income−$97.8M5$96.3M6$72.7M6−$113.9M7−$146.9M7
Operating cash flow−$108.2M8−$55.7M9−$79.7M10−$104.5M11−$121.2M11
Capital expenditure$910,00012$754,00013$677,00014$2.34M15$532,00015
Free cash flow (derived)−$109.2M8−$56.4M9−$80.3M10−$106.8M11−$121.7M11
Total debt$510,00016————
Cash & equivalents$77.3M17$209.2M18$141.4M19$32.5M20$194.2M20
Diluted shares54.9M77.4M95.1M97.0M139.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.09
your share of equity
Profit it earned you last year
−$10.53
Free cash flow it threw off
−$8.72
Debt you’d be carrying
—

10 shares is a claim on $12.09 of net worth that earned you −$10.53 and generated −$8.72 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-100% avg · 5y
FY21 -99%FY22 50%FY23 52%FY24 -416%FY25 -87%

It earned an average -100% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+154% shares · 5y

Share count is up 154% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001193125-24-062357 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001613780-25-000006 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021504 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001193125-25-100826 (NetIncomeLoss)
  7. 10-K · period ending 2024-12-31 · accession 0001628280-26-021504 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-12-31 · accession 0001193125-24-062357 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-12-31 · accession 0001613780-25-000006 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-12-31 · accession 0001628280-26-021504 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001193125-24-062357 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2023-12-31 · accession 0001613780-25-000006 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2024-12-31 · accession 0001628280-26-021504 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (LongTermDebt)
  17. 10-K · period ending 2021-12-31 · accession 0001193125-23-058309 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001193125-24-062357 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001613780-25-000006 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001628280-26-021504 (CashAndCashEquivalentsAtCarryingValue)