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SMAIO SA (ALSMA) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of SMAIO SA stock €3.76, price €4.48, that is 16.1% below the price, quality 48 out of 100. Rating: 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 FR0014005I80

SS SMAIO SA logo Thin data Nov 10, 2026

SMAIO SA

ALSMA · PA
Expensive, weak quality

Our calculation puts a fair price 16% below what the stock costs today.

Quality 48/100
Expensive Growth (revenue 5y +49.4 %/yr in EUR)
Moderate debt
Profit last quarter 70% below a year ago.
Fair value €3.76 · Overvalued
Loss-making · -29.6% net margin (TTM)
Negative free cash flow
Trails peers (0/10)
Narrow moat 12/100 · 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

€9.00 €2.04 Fair Value €3.76 Apr 2022 Nov 2026

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

How to read this chart

55‑month range €2.04 – €9.00 · fair‑value band €2.82 – €4.69 · the €4.48 price screens above the €3.76 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

S.M.A.I.O S.A. provides software, implantable devices, and associated services to treat spinal pathologies requiring surgery.

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It offers solutions for surgeons including programs for training, assistance with surgical planning based on a database called KEOPS. The company also offers solutions such as i-PLAN, take control of the realignment plan; i-PERFORM, take control of the surgical plan; i-CHECK, take control of the outcome data; and i-LEARN, take control of the education.

S.M.A.I.O S.A. was incorporated in 2009 and is based in Saint-Priest, France.

Stock analysis

SMAIO SA (ALSMA) currently trades at €4.48, while our estimate is €3.76, 16% 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: €2.82 (bear) to €4.69 (bull), the price of €4.48 sits inside 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 48/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

SMAIO SA reported revenue of €9.2M in FY2025 versus €2.1M in FY2021, a compound +44.0%/yr. Reported net income was −€2.2M in FY2025.

Key figures

Market cap €27.4M Micro · P/S ratio 3.67 · EPS (TTM) €−0.4900 · Net margin −29.6% · Return on equity −35.1% · Return on assets (EBIT) −14.3% (5-year average) · Operating margin −33.0% · Revenue (TTM) €9.3M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 50% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −35% fair-value upside, at −16%, ALSMA screens cheaper than that median.

Fair Value

Bear €2.82 Fair Value €3.76 Bull €4.69
Price €4.48 · Downside -16.1%
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 48/100

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

Profitability 29
How much profit the company makes from its sales and capital
Quality Growth 98
Are margins and returns getting better?
Cashflow 8
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 61
How calm the share price moves, does not count
Price momentum 7
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 28
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. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+66.7%
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.
+55.4%
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.
+49.4%
Start year 2020 (pandemic)
Revenue growth 7 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.
+77.4%
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.
−201.7% (2020) → −28.7% (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

ALSMA screens overvalued: fair value 16% below the price. Compare with Veeva Systems Inc →

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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.Health Information Services · 141 stocks

Beats the industry median on 0/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −16.1% · Below median
Profitability
Return on assets −15.8% · Below median
Net margin (12 months) −29.6% · Bottom 25%
Operating margin (12 months) −33.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 2.8% · Below median
Balance sheet
Debt / equity 0.81× · Highest 25%

Valuation Multiplesvs Health Information Services median · lower = cheaper

P/B 4.56× · Pricier than median
P/S (12 months) 2.95× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)12 · sector 13
FUTURE (revenue growth)14 · sector 45
PAST (return on equity)0 · sector 0
HEALTH (low debt)60 · sector 98
DIVIDEND (yield)0 · sector 46

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 Health Information Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Doximity, Inc DOCS $32.42 $36.16 +12% vs ALSMA
Veeva Systems Inc VEEV $305.55 $337.04 +10% vs ALSMA
HealthEquity, Inc HQY $103.54 $112.32 +8% vs ALSMA
Waystar Holding WAY $29.30 $29.10 −1% vs ALSMA
Tempus AI, Inc TEM $80.54 $52.58 −35% vs ALSMA
HeartFlow, Inc HTFL $55.80 $34.82 −38% vs ALSMA
Hinge Health, Inc HNGE $123.23 $51.25 −58% vs ALSMA
Pro Medicus Limited PME A$207.31 A$85.12 −59% vs ALSMA
BrightSpring Health Services, Inc BTSG $72.49 $25.72 −65% vs ALSMA
XtalPi Holdings 2228 HK$6.37 HK$1.53 −76% vs ALSMA

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SMAIO SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "SMAIO SA Fair Value". https://www.fairvalue-calculator.com/stock/ALSMA

Frequently asked questions

Is SMAIO SA (ALSMA) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €3.76 versus a price of €4.48, about 16% lower (overvalued).
What is the fair value of ALSMA?
Our estimate for SMAIO SA is €3.76 (as of Nov 10, 2026), built from audited fundamentals. The current price: €4.48.
What is the quality score of ALSMA?
SMAIO SA has a Quality Score of 48/100. 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 SMAIO SA (ALSMA)?
Our calculated price target is the estimate of €3.76 (as of Nov 10, 2026). Cautious scenario €2.82, optimistic scenario €4.69. 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 SMAIO SA stock forecast for 2026?
Our estimate puts fair value at €3.76, about 16% lower versus a price of €4.48 (overvalued). Cautious scenario €2.82, optimistic scenario €4.69. The calculation is refreshed regularly with new filings.
What is the revenue of SMAIO SA (ALSMA)?
SMAIO SA reported trailing-twelve-month revenue of about €9.3M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of SMAIO SA (ALSMA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SMAIO SA it is €3.76 per share (as of Nov 10, 2026), against a price of €4.48.
Is SMAIO SA stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ALSMA trades above its calculated fair value: price €4.48, fair value €3.76, a gap of about −16% (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 ALSMA?
No. The price is what the market pays today (€4.48); the fair value is what the company's own numbers justify (€3.76). For SMAIO SA the two are €0.7200 per share apart. That gap is exactly why we show both numbers side by side.
How much is SMAIO SA worth?
The market values SMAIO SA at about €27.4M (market capitalisation, as of Nov 10, 2026). Per share that is €4.48; our models calculate a fair value of €3.76 per share.
What do the bullish and bearish scenarios say about ALSMA?
Our models span a range for SMAIO SA: cautious scenario €2.82, base €3.76, optimistic €4.69 per share (as of Nov 10, 2026, price €4.48). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SMAIO SA (ALSMA)?
Balance-sheet figures for SMAIO SA (as of Nov 10, 2026): return on equity −35.1%, debt of 0.81 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is ALSMA from its 52-week high?
SMAIO SA trades at €4.48, about 50% below its 52-week high of €9.00 and at the low of €4.48 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €3.76 is for.
Which stocks are comparable to SMAIO SA?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Tempus AI, Inc, 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 SMAIO SA stock attractive at the current price?
The data as of Nov 10, 2026: price €4.48, calculated fair value €3.76 (−16%), Quality Score 48/100. 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. SMAIO SA 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 SMAIO SA (ALSMA)?
The closing price on Nov 10, 2026 was €4.48. Our estimate is €3.76, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SMAIO SA right now?
Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of SMAIO SA

How large is the market capitalisation of SMAIO SA (ALSMA)?
The market capitalisation of SMAIO SA is €27.4M. 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 SMAIO SA (ALSMA)?
The price-to-sales ratio of SMAIO SA is 3.67 (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 SMAIO SA (ALSMA)?
Earnings per share at SMAIO SA are €−0.4900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SMAIO SA (ALSMA)?
The net margin of SMAIO SA is −29.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SMAIO SA (ALSMA)?
The return on equity (ROE) of SMAIO SA is −35.1% (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 SMAIO SA (ALSMA)?
On an EBIT basis the return on assets of SMAIO SA is −14.3% (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 SMAIO SA (ALSMA)?
The operating margin of SMAIO SA is −33.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SMAIO SA (ALSMA)?
Revenue at SMAIO SA is growing +2.8% versus a year earlier (3y avg +55.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SMAIO SA (ALSMA)?
Earnings per share at SMAIO SA are growing −69.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SMAIO SA (ALSMA) generate?
The free cash flow of SMAIO SA is −€1.3M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does SMAIO SA (ALSMA) carry?
The net debt of SMAIO SA is €7.2M (fiscal year 2021). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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