Icade stock
ICAD.PAPARIcade S.A., Real EstateISIN FR0000035081
37Score 37 out of 100, Weak
Price and trend
39 / 100
Price history
−28% in one yearThe chart shows daily closes over 20 years, adjusted for stock splits and without dividends. Click into the chart to set a price alert at that price.
Below the 200-day line: the price is 19% below it.
Since August 2025 the 50-day line has been below the 200-day line; the trend has turned down.
Normal: the price is neither overheated nor sold off (RSI 67).
The price is 32% below its 52-week high. Largest decline in 20 years: 90% (June 2007 to October 2026).
Chart figures for advanced users
- SMA 50$17.40
- Average price of the last 50 trading days, shows the short-term trend.
- SMA 200$20.99
- Average price of the last 200 trading days, shows the long-term trend.
- RSI (14)67
- Relative strength over the last 14 days on a scale from 0 to 100. Above 70 the price counts as overheated, below 30 as sharply fallen.
- MACDabove the signal line
- Compares a fast and a slow price average. Above its signal line momentum is rising, below it momentum is fading.
- Support$16.05
- The lowest closing price of the last twelve months.
- Resistance$25.15
- The highest closing price of the last twelve months.
Snapshot
Computed from the data by fixed rules, no AI
- Icade S.A. belongs to the REIT (Diversified) industry (France) and, with a market value of $1.29B, is number 13 of 27 companies in its industry on MEQIRI.
- In fiscal 2025 it reported revenue of $1.61B (down 0.1% year on year) and a loss of $136.86M.
- MEQIRI Score 37 out of 100 (Weak): rank 308 of 327 in Real Estate, median 55.
Show more
- For real estate investment trusts (REITs) what counts is funds from operations (FFO and AFFO). The P/E and the payout ratio of earnings say little here, because depreciation on properties depresses earnings.
- Our model puts fair value at $50.44, with the price 66% below it.
In plain words
The numbers on this page in plain words, written by an AI
Strengths
None of our strength checks applies.
Weaknesses
- Loss-makingLoss of $208.3M over the last 12 months.Fundamentals 34
- Turned to a lossEarnings per share from $1.20 in 2020 to −$1.80.Growth 14
- Dividend at riskDividend yield 12.6%. At yields this high (12 to 15%), the dividend was cut by at least a fifth within a year in 44 of 100 cases from 2011 to 2025, against 7 of 100 at 2 to 4%.Capital allocation 40
Its standout strength is valuation, while profitability and growth hold the score back.
Daily figure as of 12 Nov 2026
How the score is calculatedScore overview
Fundamental quality fluctuates.
Score history
The full history of up to 20 years comes with MEQIRI Pro.
See plansCrash risk medium
How well MEQIRI warnsIn the middle among smaller stocks.
From 2016 to 2025, 20 in 100 such stocks fell 30% or more within a year, against a group average of 23 in 100.
What drives the risk
- weak fundamentals
- price far below its 52-week high
What lowers it
- low growth grade (crashed less often in the backtest)
Valuation
Valuation signal
Possible value trapClosing price of 11 Nov 2026, used by the daily score.
In our model the price counts as cheap below $42.03 and expensive above $63.05 (uncertainty low, based on the price swings of the past year).
The two parts of the fair value come to $42.33 (cash-flow model) and $58.54 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 8.1%. At 9.1% the fair value would be $47.12, at 7.1% it would be $55.30.
Possible value trap: looks cheap, but score below 50, weak growth, weak balance sheet.
Valuation metrics
Half from the cash-flow model, half from operating cash flow per share times the median price to cash flow of the REIT industry (11.6). For the fair value, FFO only counts when it is in line with operating cash flow. That is not the case here, for example because the REIT carries its properties at market value, records little depreciation or a gain on sale sits in earnings. The cash-flow model uses AFFO: operating cash flow less maintenance, estimated at 4% of revenue. New construction and acquisitions do not count as running costs there.
Calculate with your own assumptionsCompany performance
This shows several years of history with an automatic assessment.
Revenue
In the twelve months to 30 Jun 2026, revenue fell 1.4% on the twelve months before. Revenue has stayed largely stable since 2006.
Margins
- Gross margin
- Operating margin
- Net margin
In fiscal 2025: gross 32%, operating 19%, net −8%.
Debt & balance sheet
latest quarterDebt is elevated. Keep an eye on the interest burden and refinancing.
Earnings
- Next earnings
- 9 Feb 2027in 89 days
- Last reported
- 21 Jul 2026EPS reported $1.30 (expected $1.38)below expectations
Analyst estimates
Earnings estimates have barely changed since 15 Oct 2026.
- Earnings per share
- $3.26+0.2%
- Revenue
- $338.77M+1.7%
- Earnings per share
- $3.17+1.0%
- Revenue
- $333.06M+2.2%
MEQIRI has stored the estimates since 15 Oct 2026. Until 30 days are available, the card shows the change since that day. Mean estimate according to Financial Modeling Prep. No price target and no recommendation.
Company outlook confirmed
Share price after the results: +0.5%The 2026 guidance is confirmed: group net current cash flow of EUR 2.90 to EUR 3.10 per share.
“Finally, we confirm our 2026 guidance with group net current cash flow expected between EUR 2.90 and EUR 3.10 per share, while 2026 should mark a low point for strategic cash flows.”The outlook is not part of the score and not a recommendation to buy or sell.
From the earnings call on 22 Jul 2026 (fiscal Q2 2026), read by AI.
What happened at Icade
The key events of the last six months from our own data. A click takes you to the matching card.
Sector comparison
327 rated companies in Real Estate
- This company
- 37
- Sector median
- 55
Categories against the sector median
The median is the middle value: half of the companies in the sector lie above it, half below. Categories with too few comparable companies are left out.
Competitors in REIT (Diversified)
The next larger and next smaller companies by market value
- AroundtownAT1.DE $2.1B47
- Global Net LeaseGNL $1.5B39
- American Assets TrustAAT $1.32B53
- GMP Property SOCIMIYGMP.MC $1.32B64
- Cpi Fim S.a.OPG.WA $1.09B49
- Empire State Realty TrustESRT $900.43M45
- CTO Realty GrowthCTO $791.87M55
- SafeholdSAFE $733.46M46
ETFs that hold Icade
Held by 22 ETFs on Xetra. Shown per index: the ETF with the largest weight.
| ETF | Weight | Cost | Fund size |
|---|---|---|---|
| Global X Superdividend UCITS ETF USDUDIV | 0.79% | 0.45% | €842.65M |
| iShares European Property Yield UCITS ETFIPRE | 0.58% | 0.40% | €193.25M |
| State Street SPDR FTSE EPRA Europe ex UK Real Estate UCITS ETFZPRP | 0.53% | 0.30% | €113.99M |
Show 5 more
| Xtrackers FTSE Developed Europe ex UK Real Estate UCITS ETF 1CXREA | 0.52% | 0.33% | €18.23M |
| Xtrackers FTSE Developed Europe Real Estate UCITS ETF 1CD5BK | 0.35% | 0.33% | €639.74M |
| Amundi MSCI EMU Small Cap ESG Broad Transition UCITS ETF DISTLGWU | 0.28% | 0.40% | €575.19M |
| iShares MSCI EMU Small Cap UCITS ETFSXRJ | 0.09% | 0.58% | €834.67M |
| Amundi MSCI Europe Small Cap ESG Broad Transition UCITS ETF DistX026 | 0.08% | 0.23% | €319.31M |
Holdings as reported by the funds via FMP, excluding swap ETFs (their holdings are only collateral).
Data status and sources
- Score
- Daily value of 12 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 11 Nov 2026 ($1 = €0.8987)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 30 Apr 2023)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.