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Data-driven stock valuation

Adocia (ADOC) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Adocia stock €2.10, price €3.80, that is 44.7% below the price, quality 18 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare FR · ISIN FR0011184241

A Adocia logo Thin data Nov 10, 2026

Adocia

ADOC · PA
Very expensive, weak quality

Our calculation puts a fair price 45% below what the stock costs today.

Negative equity (buybacks among others)
Revenue last quarter 39% below a year ago.
Fair value €2.10 · Strongly overvalued
Quality 18/100
Weak Growth (revenue 3y −49.5 %/yr in EUR)
Negative free cash flow
Trails peers (0/5)
Narrow moat 21/100 · thin data
Thin data
Estimate
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€14.86 €2.01 Fair Value €2.10 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range €2.01 – €14.86 · fair‑value band €1.57 – €2.62 · the €3.80 price screens above the €2.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 10, 2026.

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Company profile

Adocia SA, a clinical-stage biotechnology company, researches and develops therapeutic solutions for diabetes and obesity. Its proprietary BioChaperone technological platform provides molecular delivery of therapeutic proteins.

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The company provides BioChaperone Lispro U100 and U200, which are ultra-rapid formulations based on rapid prandial insulin lispro; BioChaperone Combo, a combination of acting insulin glargine and rapid-acting insulin lispro; and BioChaperone LisPram, a combination of pramlintide and lispro, as well as M1Pram, a combination of insulin M1 and pramlintide.

Its preclinical pipeline includes products for the treatment of diabetes and obesity, including AdoShell Islets, an implant containing islets of Langerhans; AdOral Sema, an oral delivery of semaglutide; and AdoGel Sema for the long-acting drug delivery of semaglutide.

The company has a strategic alliance with Tonghua Dongbao Pharmaceutical Co., Ltd. to develop and commercialize BioChaperone Lispro in China and other Asian and Middle Eastern territories. Adocia SA was incorporated in 2005 and is headquartered in Lyon, France.

Stock analysis

Adocia (ADOC) currently trades at €3.80, while our estimate is €2.10, 45% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: €1.57 (bear) to €2.62 (bull), the price of €3.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 18/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Adocia reported revenue of €1.5M in FY2025 versus €1.4M in FY2021, a compound +0.5%/yr. Reported net income was −€16.6M in FY2025.

Key figures

Market cap €75.3M Micro · P/S ratio 20.8 · EPS (TTM) €−0.8700 · Return on equity −361% · Return on assets (EBIT) −43.6% (5-year average) · Operating margin −596% · Revenue (TTM) €3.0M · Revenue growth (YoY) −39.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).

What moves the price

The share trades about 58% below its 52-week high and 89% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −45%, ADOC screens richer than that median.

Fair Value

Bear €1.57 Fair Value €2.10 Bull €2.62
Price €3.80 · Downside -44.7%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 18/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 0
How much profit the company makes from its sales and capital
Quality Growth 0
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 34
Debt, balance sheet and risk of trouble
Investment 55
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 13
Distance to the 52-week high, does not count
New shares 35
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−84.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−49.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.9%
Start year 2020 (pandemic). Over 10 years: −27.5% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+53.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−2,514.6% (2020) → −1,229.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

ADOC screens overvalued: fair value 45% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 849 stocks

Beats the industry median on 0/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 18 · Bottom 25%
Fair Value upside −44.7% · Bottom 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −58.3% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −39.4% · Bottom 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 25.24× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $916.06 $1,275 +39% vs ADOC
Samsung Biologics Co 207940 1,468,000 KRW 1,661,000 KRW +13% vs ADOC
Vertex Pharmaceuticals Incorporated VRTX $547.89 $601.80 +10% vs ADOC
Genmab A/S GMAB kr 3,581 kr 3,880 +8% vs ADOC
argenx SE ARGX $971.55 $908.40 −7% vs ADOC
CSL Limited CSL A$201.68 A$181.40 −10% vs ADOC
Moderna, Inc MRNA $250.83 $158.70 −37% vs ADOC
BeOne Medicines AG 6160 HK$252.20 HK$152.80 −39% vs ADOC
Celltrion, Inc 068270 203,000 KRW 74,945 KRW −63% vs ADOC
Royalty Pharma plc RPRX $69.45 $19.01 −73% vs ADOC

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Adocia: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Adocia Fair Value". https://www.fairvalue-calculator.com/stock/ADOC

Frequently asked questions

Is Adocia (ADOC) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €2.10 versus a price of €3.80, about 45% lower (overvalued).
What is the fair value of ADOC?
Our estimate for Adocia is €2.10 (as of Nov 10, 2026), built from audited fundamentals. The current price: €3.80.
What is the quality score of ADOC?
Adocia has a Quality Score of 18/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Adocia (ADOC)?
Our calculated price target is the estimate of €2.10 (as of Nov 10, 2026). Cautious scenario €1.57, optimistic scenario €2.62. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Adocia stock forecast for 2026?
Our estimate puts fair value at €2.10, about 45% lower versus a price of €3.80 (overvalued). Cautious scenario €1.57, optimistic scenario €2.62. The calculation is refreshed regularly with new filings.
What is the revenue of Adocia (ADOC)?
Adocia reported trailing-twelve-month revenue of about €3.0M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Adocia (ADOC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Adocia it is €2.10 per share (as of Nov 10, 2026), against a price of €3.80.
Is Adocia stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ADOC trades above its calculated fair value: price €3.80, fair value €2.10, a gap of about −45% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ADOC?
No. The price is what the market pays today (€3.80); the fair value is what the company's own numbers justify (€2.10). For Adocia the two are €1.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Adocia worth?
The market values Adocia at about €75.3M (market capitalisation, as of Nov 10, 2026). Per share that is €3.80; our models calculate a fair value of €2.10 per share.
What do the bullish and bearish scenarios say about ADOC?
Our models span a range for Adocia: cautious scenario €1.57, base €2.10, optimistic €2.62 per share (as of Nov 10, 2026, price €3.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Adocia (ADOC)?
Balance-sheet figures for Adocia (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is ADOC from its 52-week high?
Adocia trades at €3.80, about 58% below its 52-week high of €9.00 and 89% above the low of €2.01 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €2.10 is for.
Which stocks are comparable to Adocia?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Adocia stock attractive at the current price?
The data as of Nov 10, 2026: price €3.80, calculated fair value €2.10 (−45%), Quality Score 18/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Adocia itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Adocia (ADOC)?
The closing price on Nov 10, 2026 was €3.80. Our estimate is €2.10, about 45% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Adocia right now?
The price sits above even our optimistic bull case (€2.62). The favourable scenario is already priced in. Weak quality (18/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Adocia

How large is the market capitalisation of Adocia (ADOC)?
The market capitalisation of Adocia is €75.3M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Adocia (ADOC)?
The price-to-sales ratio of Adocia is 20.8 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Adocia (ADOC)?
Earnings per share at Adocia are €−0.8700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Adocia (ADOC)?
The return on equity (ROE) of Adocia is −361% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Adocia (ADOC)?
On an EBIT basis the return on assets of Adocia is −43.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Adocia (ADOC)?
The operating margin of Adocia is −596% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Adocia (ADOC)?
Revenue at Adocia is growing −39.4% versus a year earlier (3y avg −49.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Adocia (ADOC) generate?
The free cash flow of Adocia is −€6.8M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Adocia (ADOC) hold?
Adocia holds more cash than debt, €8.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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