Nicox S.A (ALCOX) Fair Value & Analysis
Healthcare · FR · Market cap €36.1M
Fair value as of: Jul 11, 2026
From 1 valuation models · updated 30 days ago
Share price +0.6% over the past month.
A solid business, but screening 87% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (€0.0680). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (€0.0340 to €0.0680) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range €0.1520 – €4.13 · fair‑value band €0.0340 – €0.0680 · the €0.3875 price screens above the €0.0510 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.
Analysis
Nicox S.A (ALCOX) currently trades at €0.3875, while our model-based Fair Value estimate is €0.0510, implying the stock looks roughly 86.8% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).
Over the trailing twelve months, Nicox S.A generated revenue of €16.8M at a net margin of -14.4%. It earns a return on equity of -51.2%. The balance sheet holds a net cash position of €3.7M. Fundamentals as of Jul 11, 2026
Our scenario range runs from €0.0340 (bear case) to €0.0680 (bull case); at €0.3875, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 40% below its 52-week high and 79% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -87%, ALCOX screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 1 models by family
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 39
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Nicox S.A., together with its subsidiaries, operates as an ophthalmology company in France and internationally. The company develops solutions to maintain vision and improve eye health.
Full company description
Nicox S.A., together with its subsidiaries, operates as an ophthalmology company in France and internationally. The company develops solutions to maintain vision and improve eye health. The company's lead product candidate is NCX 470, a novel nitric oxide (NO)-donating bimatoprost eye drop for lowering intraocular pressure in patients with open-angle glaucoma or ocular hypertension, which is in Phase 3 clinical trial. It also develops NCX 4251, a novel patented ophthalmic suspension of fluticasone propionate nanocrystals that is in Phase 2b clinical trial for the treatment of dry eye disease; and NCX 1728, a NO-donating phosphodiesterase-5 inhibitor, which is in preclinical evaluation. In addition, the company offers VYZULTA, a latanoprostene bunod ophthalmic solution to treat patients with open-angle glaucoma or ocular hypertension; and ZERVIATE, a cetirizine ophthalmic solution for the treatment of ocular itching related associated with allergic conjunctivitis. Nicox S.A. was founded in 1996 and is headquartered in Biot, France.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Nicox S.A reported revenue of €16.8M in FY2025 versus €7.2M in FY2021, a compound +23.4%/yr. Reported net income was −€2.4M in FY2025.
ALCOX screens 87% overvalued. Compare with Vertex Pharmaceuticals Incorporated →
Peer Group
Biotechnology · 601 stocks
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.
Valuation Multiples vs Biotechnology median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Vertex Pharmaceuticals Incorporated VRTX | $486.03 | $278.78 | -43% |
| Regeneron Pharmaceuticals, Inc REGN | $664.45 | $594.40 | -11% |
| Samsung Biologics Co 207940 | 1,368,000 KRW | 1,091,384 KRW | -20% |
| Celltrion, Inc 068270 | 175,800 KRW | 76,325 KRW | -57% |
| WuXi Biologics (Cayman) Inc 2269 | HK$39.54 | HK$30.42 | -23% |
| Innovent Biologics, Inc 1801 | HK$86.70 | HK$19.66 | -77% |
| Sino Biopharmaceutical Limited 1177 | HK$5.26 | HK$3.36 | -36% |
| ALTEOGEN Inc 196170 | 276,500 KRW | 44,444 KRW | -84% |
| RemeGen Co 688331 | ¥134.02 | ¥26.99 | -80% |
| Biocon Limited BIOCON | ₹440.70 | ₹57.36 | -87% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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