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Maat Pharma SA (MAAT) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Maat Pharma SA stock €0.77, price €1.09, that is 29.5% below the price, quality 24 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 FR0012634822

MP Maat Pharma SA logo Thin data Nov 10, 2026

Maat Pharma SA

MAAT · PA
Expensive, weak quality

Our calculation puts a fair price 29% below what the stock costs today.

Mixed Growth (revenue 3y +46.8 %/yr in EUR)
Negative equity (buybacks among others)
Revenue last quarter 56% below a year ago.
Fair value €0.7700 · Overvalued
Quality 24/100
Negative free cash flow
Trails peers (1/5)
Narrow moat 30/100 · 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

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Price vs Fair Value

€13.95 €0.9080 Fair Value €0.7700 Nov 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 €0.9080 – €13.95 · fair‑value band €0.5800 – €0.9600 · the €1.09 price screens above the €0.7700 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

MaaT Pharma SA, a late-stage clinical company, engages in the development of gut microbiome-driven therapies to modulate the immune system and improve cancer survival.

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Its products pipeline includes MaaT013, that is in pivotal phase 3 clinical trial for the treatment of acute graft versus host diseases with gastrointestinal involvement; MaaT033, which is in phase 2b clinical trial for the improvement of survival at 12 months for patients with blood cancer receiving allogenic hematopoietic stem cell transplantation; and MaaT03X for the treatment of solid tumors, as well as MaaT034 that optimize immune checkpoint inhibitor treatment.

MaaT Pharma SA was incorporated in 2014 and is headquartered in Lyon, France.

Stock analysis

Maat Pharma SA (MAAT) currently trades at €1.09, while our estimate is €0.7700, 29% 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: €0.5800 (bear) to €0.9600 (bull), the price of €1.09 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 24/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Maat Pharma SA reported revenue of €4.5M in FY2025 versus €972K in FY2021, a compound +46.9%/yr. Reported net income was −€31.1M in FY2025.

Key figures

Market cap €20.6M Micro · P/S ratio 6.27 · EPS (TTM) €−1.82 · Return on equity −512% · Return on assets (EBIT) −49.0% (5-year average) · Operating margin −1,761% · Revenue (TTM) €3.2M · Revenue growth (YoY) −55.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 30 out of 100 (low confidence).

What moves the price

The share trades about 86% below its 52-week high and 20% above its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −29%, MAAT screens richer than that median.

Fair Value

Bear €0.5800 Fair Value €0.7700 Bull €0.9600
Price €1.09 · Downside -29.5%
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 24/100

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 72
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 25
Debt, balance sheet and risk of trouble
Investment 79
Does it invest with discipline instead of growing at any price?
Low Volatility 46
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 0
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. 35/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+40.7%
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.
+46.8%
Revenue growth 8 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.
+59.3%
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.
−5,559.7% (2019) → −754.9% (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

MAAT screens overvalued: fair value 29% 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 1/5 measures
Overall it trails its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Fair Value upside −29.5% · Below median
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 −69.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −55.5% · 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) 6.48× · Cheaper than median

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

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Maat Pharma SA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Maat Pharma SA Fair Value". https://www.fairvalue-calculator.com/stock/MAAT

Frequently asked questions

Is Maat Pharma SA (MAAT) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is €0.7700 versus a price of €1.09, about 29% lower (overvalued).
What is the fair value of MAAT?
Our estimate for Maat Pharma SA is €0.7700 (as of Nov 10, 2026), built from audited fundamentals. The current price: €1.09.
What is the quality score of MAAT?
Maat Pharma SA has a Quality Score of 24/100. 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 Maat Pharma SA (MAAT)?
Our calculated price target is the estimate of €0.7700 (as of Nov 10, 2026). Cautious scenario €0.5800, optimistic scenario €0.9600. 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 Maat Pharma SA stock forecast for 2026?
Our estimate puts fair value at €0.7700, about 29% lower versus a price of €1.09 (overvalued). Cautious scenario €0.5800, optimistic scenario €0.9600. The calculation is refreshed regularly with new filings.
What is the revenue of Maat Pharma SA (MAAT)?
Maat Pharma SA reported trailing-twelve-month revenue of about €3.2M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Maat Pharma SA (MAAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Maat Pharma SA it is €0.7700 per share (as of Nov 10, 2026), against a price of €1.09.
Is Maat Pharma SA stock overvalued or undervalued in 2026?
As of Nov 10, 2026, MAAT trades above its calculated fair value: price €1.09, fair value €0.7700, a gap of about −29% (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 MAAT?
No. The price is what the market pays today (€1.09); the fair value is what the company's own numbers justify (€0.7700). For Maat Pharma SA the two are €0.3220 per share apart. That gap is exactly why we show both numbers side by side.
How much is Maat Pharma SA worth?
The market values Maat Pharma SA at about €20.6M (market capitalisation, as of Nov 10, 2026). Per share that is €1.09; our models calculate a fair value of €0.7700 per share.
What do the bullish and bearish scenarios say about MAAT?
Our models span a range for Maat Pharma SA: cautious scenario €0.5800, base €0.7700, optimistic €0.9600 per share (as of Nov 10, 2026, price €1.09). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Maat Pharma SA (MAAT)?
Balance-sheet figures for Maat Pharma SA (as of Nov 10, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is MAAT from its 52-week high?
Maat Pharma SA trades at €1.09, about 86% below its 52-week high of €7.78 and 20% above the low of €0.9080 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of €0.7700 is for.
Which stocks are comparable to Maat Pharma SA?
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 Maat Pharma SA stock attractive at the current price?
The data as of Nov 10, 2026: price €1.09, calculated fair value €0.7700 (−29%), Quality Score 24/100. 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. Maat Pharma 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 Maat Pharma SA (MAAT)?
The closing price on Nov 10, 2026 was €1.09. Our estimate is €0.7700, about 29% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Maat Pharma SA right now?
The price sits above even our optimistic bull case (€0.9600). The favourable scenario is already priced in. Weak quality (24/100) 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 Maat Pharma SA

How large is the market capitalisation of Maat Pharma SA (MAAT)?
The market capitalisation of Maat Pharma SA is €20.6M. 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 Maat Pharma SA (MAAT)?
The price-to-sales ratio of Maat Pharma SA is 6.27 (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 Maat Pharma SA (MAAT)?
Earnings per share at Maat Pharma SA are €−1.82. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Maat Pharma SA (MAAT)?
The return on equity (ROE) of Maat Pharma SA is −512% (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 Maat Pharma SA (MAAT)?
On an EBIT basis the return on assets of Maat Pharma SA is −49.0% (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 Maat Pharma SA (MAAT)?
The operating margin of Maat Pharma SA is −1,761% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Maat Pharma SA (MAAT)?
Revenue at Maat Pharma SA is growing −55.5% versus a year earlier (3y avg +46.8%). 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 Maat Pharma SA (MAAT) generate?
The free cash flow of Maat Pharma SA is −€16.5M (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 Maat Pharma SA (MAAT) hold?
Maat Pharma SA holds more cash than debt, €7.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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