Dbv Technologies S.A. (DBVT) intrinsic value & 10-year financials
Dbv Technologies S.A. (DBVT) has a Graham intrinsic value of $1.67 per share. At $9.05 on Oct 17, 2026, the stock trades 442% above that value. Over the last 10 fiscal years revenue shrank 5.2% a year to $5.6M, with an average return on invested capital of -4355.3%.
- Graham intrinsic value
- $1.67
- Share price (Oct 17, 2026)
- $9.05
- Price vs Graham value
- 442% above
- Market cap
- $1.3B
- Revenue (FY2025)
- $5.6M
- Revenue growth (10-yr CAGR)
- -5.2%
- ROIC (10-yr avg)
- -4355.3%
- Free cash flow (FY2025)
- -$121.7M
DBVT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.6M | -$146.9M | -$1.05 | -$121.7M | -2609.2% | 1567.0% |
| FY2024 | $4.2M | -$113.9M | -$1.17 | -$106.8M | -2808.7% | -5097.9% |
| FY2023 | $15.7M | -$72.7M | -$0.76 | -$80.3M | -486.0% | 1488.7% |
| FY2022 | $4.8M | -$96.3M | -$1.24 | -$56.4M | -1994.9% | -1206.7% |
| FY2021 | $5.7M | -$97.8M | -$1.78 | -$109.2M | -1727.6% | -388.8% |
| FY2020 | $11.3M | -$159.6M | — | -$168.3M | -1408.7% | -1435.4% |
| FY2019 | $14.7M | -$172.0M | — | -$153.9M | -1162.8% | -17034.2% |
| FY2018 | $14.5M | -$166.1M | — | -$141.3M | — | -21319.1% |
| FY2017 | $11.9M | -$147.7M | — | -$121.6M | — | -79.2% |
| FY2016 | $9.1M | -$114.5M | — | -$67.5M | — | -47.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DBV Technologies S.A. is facing top-line stagnation, with revenue contracting over the decade.
DBV Technologies S.A. has historically struggled to out-earn its cost of capital, averaging just -56.1% ROIC.
DBV Technologies S.A. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DBV Technologies S.A. is modeled at -5.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.67 per share.