ICAD Stock Analysis: Icade | PA
REIT - Diversified | PA, France | Market Cap: 1.421m EUR | 12M Return: 2.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.51M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Icade SA is a French real estate company combining two core activities: property investment, with a portfolio valued at €6.1bn as of 31 December 2025 (100% plus Group share of joint ventures), and property development, which generated €1.1bn in 2025 economic revenue. The company supports public and private partners across France in urban development projects focused on more sustainable and livable cities.
Listed on Euronext Paris under the ticker ICAD, Icade sits within the GICS Real Estate sector and the Diversified REITs sub-industry. Diversified REITs typically hold income-generating assets across multiple property types, though Icades combination of long-term investment with active development sets it apart from purely passive landlords. The Caisse des Dépôts group is its leading shareholder, anchoring the company within Frances public-interest financial ecosystem.
Icade was incorporated in 1954 and is headquartered in France, qualifying as a small-cap stock by market value.
- ECB rate cuts pressure French REIT valuations and borrowing costs
- Office vacancy rises as hybrid work persists across Paris region
- Healthcare portfolio expansion drives recurring rental income growth
| Net Income: -192.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 4.68 > 1.0 |
| NWC/Revenue: 11.74% < 20% (prev 65.77%; Δ -54.02% < -1%) |
| CFO/TA 0.08 > 3% & CFO 789.9m > Net Income -192.7m |
| Net Debt (4.08b) to EBITDA (581.2m): 7.01 < 3 |
| Current Ratio: 1.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (75.9m) vs 12m ago 0.18% < -2% |
| Gross Margin: 32.91% > 18% (prev 34.39%; Δ -1.48% > 0.5%) |
| Asset Turnover: 28.61% > 50% (prev 26.32%; Δ 2.29% > 0%) |
| Interest Coverage Ratio: 2.49 > 6 (EBIT TTM 419.3m / Interest Expense TTM 168.3m) |
| A: 0.04 (Total Current Assets 1.37b - Total Current Liabilities 1.03b) / Total Assets 9.56b |
| B: -0.01 (Retained Earnings -123.0m / Total Assets 9.56b) |
| C: 0.04 (EBIT TTM 419.3m / Avg Total Assets 10.0b) |
| D: 0.68 (Book Value of Equity 3.88b / Total Liabilities 5.66b) |
| Altman-Z'' = 1.19 = BB |
| DSRI: 0.48 (Receivables 499.9m/995.8m, Revenue 2.87b/2.77b) |
| GMI: 1.05 (GM 34.39% / 32.91%) |
| AQI: 1.38 (AQ_t 0.85 / AQ_t-1 0.62) |
| SGI: 1.04 (Revenue 2.87b / 2.77b) |
| TATA: -0.10 (NI -192.7m - CFO 789.9m) / TA 9.56b) |
| Beneish M = -3.17 (Cap -4..+1) = AA |
As of July 17, 2026, the stock is trading at EUR 19.06 with a total of 101,664 shares traded. Over the past week, the price has changed by +4.21%, over one month by -1.83%, over three months by +2.17% and over the past year by +2.67%.
Current recommended Stop Loss: 18.40 (which is 3.5% or 1.5 ATR below the current price).
Icade has no consensus analysts rating.
P/E Forward = 6.3211
P/S = 1.0716
P/B = 0.3695
P/EG = 2.8071
Revenue TTM = 2.87b EUR
EBIT TTM = 419.3m EUR
EBITDA TTM = 581.2m EUR
Long Term Debt = 3.27b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.04b EUR (from shortTermDebt, last quarter)
Debt = 4.44b EUR (from shortLongTermDebtTotal, last quarter) + Leases 48.5m
Net Debt = 4.08b EUR (calculated: Debt 4.44b - CCE 359.8m)
Enterprise Value = 5.50b EUR (1.42b + Debt 4.44b - CCE 359.8m)
Interest Coverage Ratio = 2.49 (Ebit TTM 419.3m / Interest Expense TTM 168.3m)
EV/FCF = 15.13x (Enterprise Value 5.50b / FCF TTM 363.3m)
FCF Yield = 6.61% (FCF TTM 363.3m / Enterprise Value 5.50b)
FCF Margin = 12.65% (FCF TTM 363.3m / Revenue TTM 2.87b)
Net Margin = -6.71% (Net Income TTM -192.7m / Revenue TTM 2.87b)
Gross Margin = 32.91% ((Revenue TTM 2.87b - Cost of Revenue TTM 1.93b) / Revenue TTM)
Gross Margin QoQ = 21.19% (prev 35.49%)
Tobins Q-Ratio = 0.57 (Enterprise Value 5.50b / Total Assets 9.56b)
Interest Expense / Debt = 3.79% (Interest Expense 168.3m / Debt 4.44b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 314.5m (EBIT 419.3m * (1 - 25.00%))
Current Ratio = 1.33 (Total Current Assets 1.37b / Total Current Liabilities 1.03b)
Debt / Equity = 1.14 (Debt 4.44b / totalStockholderEquity, last quarter 3.88b)
Debt / EBITDA = 7.01 (Net Debt 4.08b / EBITDA 581.2m)
Debt / FCF = 11.22 (Net Debt 4.08b / FCF TTM 363.3m)
Total Stockholder Equity = 4.14b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.92% (Net Income -192.7m / Total Assets 9.56b)
RoE = -4.66% (Net Income TTM -192.7m / Total Stockholder Equity 4.14b)
RoCE = 5.66% (EBIT 419.3m / Capital Employed (Equity 4.14b + L.T.Debt 3.27b))
RoIC = 3.34% (NOPAT 314.5m / Invested Capital 9.42b)
WACC = 3.45% (E(1.42b)/V(5.86b) * Re(5.35%) + D(4.44b)/V(5.86b) * Rd(3.79%) * (1-Tc(0.25)))
Discount Rate = 5.35% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -27.65 | Cagr: 0.05%
[DCF] Terminal Value 75.44% ; FCFF base≈363.3m ; Y1≈364.8m ; Y5≈386.4m
[DCF] Fair Price = 25.50 (EV 6.01b - Net Debt 4.08b = Equity 1.93b / Shares 75.8m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.81 | # QB: 0
Revenue Correlation: -93.84 | Revenue CAGR: -7.99% | SUE: 0.06 | # QB: 0
EPS current Year (2026-12-31): EPS=2.96 | Chg30d=+0.05% | Revisions=+25% | GrowthEPS=-17.2% | GrowthRev=-10.3%
EPS next Year (2027-12-31): EPS=2.82 | Chg30d=+1.32% | Revisions=+25% | GrowthEPS=-4.5% | GrowthRev=+1.8%
[Analyst] Revisions Ratio: +40% (up=2, down=0)