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LIGHTON (ALTAI) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of LIGHTON stock €1.16, price €1.29, that is 10.4% below the price, quality 37 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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Technology FR · ISIN FR0013230950

L LIGHTON logo Thin data Nov 10, 2026

LIGHTON

ALTAI · PA
Expensive, weak quality

Our calculation puts a fair price 10% below what the stock costs today.

Low debt
Revenue last quarter 49% below a year ago.
Fair value €1.16 · Overvalued
Quality 37/100
Weak Growth (revenue 3y −2.0 %/yr in EUR)
Loss-making · -135.2% net margin (TTM)
Negative free cash flow
Trails peers (2/9)
Narrow moat 6/100 · thin data
Thin data
Estimate
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What runs behind every stock

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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€25.34 €1.19 Fair Value €1.16 Nov 2024 Nov 2026

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

How to read this chart

23‑month range €1.19 – €25.34 · fair‑value band €0.8700 – €1.46 · the €1.29 price screens above the €1.16 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

LightOn SA offers generative artificial intelligence solutions. The company provides Paradigm, a platform of software products and solutions integrating key generative AI in the public sector; and Forge, a toolbox enabling businesses and the public sector to create their own.

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The company was incorporated in 2016 and is based in Paris, France.

Stock analysis

LIGHTON (ALTAI) currently trades at €1.29, while our estimate is €1.16, 10% 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: €0.8700 (bear) to €1.46 (bull), the price of €1.29 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 37/100 (below-average quality), in the Technology sector.

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

LIGHTON reported revenue of €1.7M in FY2025 versus €1.8M in FY2022, a compound −2.0%/yr. Reported net income was −€7.4M in FY2025.

Key figures

Market cap €10.6M Micro · P/S ratio 1.86 · EPS (TTM) €−1.23 · Return on equity −144% · Return on assets (EBIT) −21.4% (4-year average) · Operating margin −361% · Revenue growth (YoY) −48.6% · Free cash flow −€8.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 86% below its 52-week high and 9% above its 52-week low.

For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −10%, ALTAI screens cheaper than that median.

Fair Value

Bear €0.8700 Fair Value €1.16 Bull €1.46
Price €1.29 · Downside -10.4%
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 37/100

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

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 43
Are margins and returns getting better?
Cashflow 13
Do the profits arrive as real cash?
Financial strength 68
Debt, balance sheet and risk of trouble
Investment 31
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 79
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. 6/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+54.1%
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.
−2.0%
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.
−18.7% (2022) → −440.0% (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

ALTAI screens overvalued: fair value 10% below the price. Compare with Microsoft Corporation →

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Price, fair value, quality and upside side by side.

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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.Software - Infrastructure · 410 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −10.4% · Below median
Profitability
Return on assets −89.0% · Bottom 25%
Net margin (12 months) −135.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −48.6% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 2.59× · Pricier than median
P/S (12 months) 1.86× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 22
FUTURE (revenue growth)0 · sector 60
PAST (return on equity)0 · sector 15
HEALTH (low debt)99 · sector 98
DIVIDEND (yield)0 · sector 27

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 Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Microsoft Corporation MSFT $533.16 $599.70 +12% vs ALTAI
Fortinet, Inc FTNT $123.57 $130.72 +6% vs ALTAI
Oracle Corporation ORCL $117.98 $111.97 −5% vs ALTAI
Block, Inc XYZ $85.58 $76.43 −11% vs ALTAI
NetApp, Inc NTAP $175.99 $156.80 −11% vs ALTAI
Synopsys, Inc SNPS $459.95 $288.23 −37% vs ALTAI
Zscaler, Inc ZS $194.92 $101.45 −48% vs ALTAI
Palantir Technologies Inc PLTR $168.82 $42.20 −75% vs ALTAI
CrowdStrike Holdings CRWD $225.76 $37.97 −83% vs ALTAI
Palo Alto Networks, Inc PANW $326.36 $39.54 −88% vs ALTAI

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LIGHTON: fair value per Fair Value Calculator

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

Frequently asked questions

Is LIGHTON (ALTAI) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €1.16 versus a price of €1.29, about 10% lower (overvalued).
What is the fair value of ALTAI?
Our estimate for LIGHTON is €1.16 (as of Nov 10, 2026), built from audited fundamentals. The current price: €1.29.
What is the quality score of ALTAI?
LIGHTON has a Quality Score of 37/100. 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 LIGHTON (ALTAI)?
Our calculated price target is the estimate of €1.16 (as of Nov 10, 2026). Cautious scenario €0.8700, optimistic scenario €1.46. 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 LIGHTON stock forecast for 2026?
Our estimate puts fair value at €1.16, about 10% lower versus a price of €1.29 (overvalued). Cautious scenario €0.8700, optimistic scenario €1.46. The calculation is refreshed regularly with new filings.
What is the intrinsic value of LIGHTON (ALTAI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For LIGHTON it is €1.16 per share (as of Nov 10, 2026), against a price of €1.29.
Is LIGHTON stock overvalued or undervalued in 2026?
As of Nov 10, 2026, ALTAI trades above its calculated fair value: price €1.29, fair value €1.16, a gap of about −10% (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 ALTAI?
No. The price is what the market pays today (€1.29); the fair value is what the company's own numbers justify (€1.16). For LIGHTON the two are €0.1340 per share apart. That gap is exactly why we show both numbers side by side.
How much is LIGHTON worth?
The market values LIGHTON at about €10.6M (market capitalisation, as of Nov 10, 2026). Per share that is €1.29; our models calculate a fair value of €1.16 per share.
What do the bullish and bearish scenarios say about ALTAI?
Our models span a range for LIGHTON: cautious scenario €0.8700, base €1.16, optimistic €1.46 per share (as of Nov 10, 2026, price €1.29). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of LIGHTON (ALTAI)?
Balance-sheet figures for LIGHTON (as of Nov 10, 2026): return on equity −143.7%, debt of 0.02 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is ALTAI from its 52-week high?
LIGHTON trades at €1.29, about 86% below its 52-week high of €9.35 and 9% above the low of €1.19 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €1.16 is for.
Which stocks are comparable to LIGHTON?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 LIGHTON stock attractive at the current price?
The data as of Nov 10, 2026: price €1.29, calculated fair value €1.16 (−10%), Quality Score 37/100. 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. LIGHTON 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 LIGHTON (ALTAI)?
The closing price on Nov 10, 2026 was €1.29. Our estimate is €1.16, about 10% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with LIGHTON right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of LIGHTON

How large is the market capitalisation of LIGHTON (ALTAI)?
The market capitalisation of LIGHTON is €10.6M. 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 LIGHTON (ALTAI)?
The price-to-sales ratio of LIGHTON is 1.86 (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 LIGHTON (ALTAI)?
Earnings per share at LIGHTON are €−1.23. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of LIGHTON (ALTAI)?
The return on equity (ROE) of LIGHTON is −144% (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 LIGHTON (ALTAI)?
On an EBIT basis the return on assets of LIGHTON is −21.4% (avg 4y). 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 LIGHTON (ALTAI)?
The operating margin of LIGHTON is −361% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at LIGHTON (ALTAI)?
Revenue at LIGHTON is growing −48.6% versus a year earlier (3y avg −2.0%). 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 LIGHTON (ALTAI) generate?
The free cash flow of LIGHTON is −€8.0M (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 LIGHTON (ALTAI) hold?
LIGHTON holds more cash than debt, €3.8M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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