(ICAD) Icade - Overview
Stock: Office, Healthcare, Residential, Logistics, Development
Dividends
| Dividend Yield | 20.46% |
| Yield on Cost 5y | 13.92% |
| Yield CAGR 5y | 1.82% |
| Payout Consistency | 92.4% |
| Payout Ratio | 591.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 27.1% |
| Relative Tail Risk | -2.90% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.44 |
| Alpha | 9.82 |
| Character TTM | |
|---|---|
| Beta | -0.048 |
| Beta Downside | 0.045 |
| Drawdowns 3y | |
|---|---|
| Max DD | 46.98% |
| CAGR/Max DD | -0.21 |
Description: ICAD Icade January 14, 2026
Icade SA (ICAD) is a French diversified REIT listed on Euronext Paris that combines large-scale property investment-its portfolio was valued at €6.2 billion as of 30 June 2025, fully owned by the group and its joint-venture stakes-with development activities that generated €1.2 billion in revenue in 2024. The company positions itself as a city-builder, working with local authorities and partners to create urban spaces that are greener and better aligned with contemporary living, working, and mobility patterns. Its majority shareholder is Caisse des Dépôts, and it operates under the SIIC (Société d’Investissement Immobilier Cotée) regime, which grants tax-efficient distribution of earnings.
Key market metrics that shape Icade’s outlook include a FY 2024 occupancy rate of roughly 95 % across its office, health-care and logistics assets, and a net rental income of €1.1 billion, reflecting strong demand in France’s tertiary real-estate segment. The REIT maintains a net-debt-to-EBITDA leverage of about 45 %, giving it moderate sensitivity to rising European interest rates-a critical driver given the Eurozone’s recent monetary-policy tightening. Additionally, Icade’s ESG agenda, highlighted by its commitment to achieve carbon-neutral operations by 2030, aligns with growing tenant and investor preference for sustainable urban developments.
For a deeper, data-driven dive into Icade’s valuation and risk profile, you might find ValueRay’s analytical tools worth exploring.
Piotroski VR‑10 (Strict, 0-10) 4.0
| Net Income: -341.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA 4.40 > 1.0 |
| NWC/Revenue: 5.65% < 20% (prev 87.78%; Δ -82.13% < -1%) |
| CFO/TA 0.07 > 3% & CFO 716.7m > Net Income -341.9m |
| Net Debt (3.65b) to EBITDA (607.4m): 6.01 < 3 |
| Current Ratio: 1.06 > 1.5 & < 3 |
| Outstanding Shares: last quarter (75.9m) vs 12m ago 0.19% < -2% |
| Gross Margin: 36.90% > 18% (prev 0.35%; Δ 3655 % > 0.5%) |
| Asset Turnover: 26.34% > 50% (prev 27.23%; Δ -0.89% > 0%) |
| Interest Coverage Ratio: 0.75 > 6 (EBITDA TTM 607.4m / Interest Expense TTM 587.1m) |
Altman Z'' 0.65
| A: 0.02 (Total Current Assets 2.71b - Total Current Liabilities 2.55b) / Total Assets 10.13b |
| B: -0.01 (Retained Earnings -91.7m / Total Assets 10.13b) |
| C: 0.04 (EBIT TTM 440.1m / Avg Total Assets 10.87b) |
| D: 0.29 (Book Value of Equity 1.79b / Total Liabilities 6.20b) |
| Altman-Z'' Score: 0.65 = B |
Beneish M -1.52
| DSRI: 2.94 (Receivables 993.5m/373.2m, Revenue 2.86b/3.16b) |
| GMI: 0.95 (GM 36.90% / 34.97%) |
| AQI: 1.23 (AQ_t 0.73 / AQ_t-1 0.60) |
| SGI: 0.91 (Revenue 2.86b / 3.16b) |
| TATA: -0.10 (NI -341.9m - CFO 716.7m) / TA 10.13b) |
| Beneish M-Score: -1.52 (Cap -4..+1) = CCC |
What is the price of ICAD shares?
Over the past week, the price has changed by +4.63%, over one month by +0.93%, over three months by +5.65% and over the past year by +13.56%.
Is ICAD a buy, sell or hold?
What are the forecasts/targets for the ICAD price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 22 | 1.5% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 26 | 19.7% |
ICAD Fundamental Data Overview February 03, 2026
P/E Forward = 6.7114
P/S = 1.1745
P/B = 0.4069
Revenue TTM = 2.86b EUR
EBIT TTM = 440.1m EUR
EBITDA TTM = 607.4m EUR
Long Term Debt = 3.49b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.13b EUR (from shortTermDebt, last quarter)
Debt = 4.70b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.65b EUR (from netDebt column, last quarter)
Enterprise Value = 5.68b EUR (1.57b + Debt 4.70b - CCE 597.7m)
Interest Coverage Ratio = 0.75 (Ebit TTM 440.1m / Interest Expense TTM 587.1m)
EV/FCF = 16.97x (Enterprise Value 5.68b / FCF TTM 334.6m)
FCF Yield = 5.89% (FCF TTM 334.6m / Enterprise Value 5.68b)
FCF Margin = 11.69% (FCF TTM 334.6m / Revenue TTM 2.86b)
Net Margin = -11.94% (Net Income TTM -341.9m / Revenue TTM 2.86b)
Gross Margin = 36.90% ((Revenue TTM 2.86b - Cost of Revenue TTM 1.81b) / Revenue TTM)
Gross Margin QoQ = 35.49% (prev 45.95%)
Tobins Q-Ratio = 0.56 (Enterprise Value 5.68b / Total Assets 10.13b)
Interest Expense / Debt = 4.45% (Interest Expense 209.2m / Debt 4.70b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 330.1m (EBIT 440.1m * (1 - 25.00%))
Current Ratio = 1.06 (Total Current Assets 2.71b / Total Current Liabilities 2.55b)
Debt / Equity = 1.21 (Debt 4.70b / totalStockholderEquity, last quarter 3.90b)
Debt / EBITDA = 6.01 (Net Debt 3.65b / EBITDA 607.4m)
Debt / FCF = 10.90 (Net Debt 3.65b / FCF TTM 334.6m)
Total Stockholder Equity = 4.41b (last 4 quarters mean from totalStockholderEquity)
RoA = -3.15% (Net Income -341.9m / Total Assets 10.13b)
RoE = -7.75% (Net Income TTM -341.9m / Total Stockholder Equity 4.41b)
RoCE = 5.57% (EBIT 440.1m / Capital Employed (Equity 4.41b + L.T.Debt 3.49b))
RoIC = 3.71% (NOPAT 330.1m / Invested Capital 8.90b)
WACC = 3.94% (E(1.57b)/V(6.28b) * Re(5.74%) + D(4.70b)/V(6.28b) * Rd(4.45%) * (1-Tc(0.25)))
Discount Rate = 5.74% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 0.09%
[DCF Debug] Terminal Value 84.15% ; FCFF base≈334.6m ; Y1≈275.6m ; Y5≈198.0m
Fair Price DCF = 31.79 (EV 6.06b - Net Debt 3.65b = Equity 2.41b / Shares 75.8m; r=5.90% [WACC]; 5y FCF grow -21.22% → 2.90% )
EPS Correlation: -71.75 | EPS CAGR: -30.76% | SUE: 0.0 | # QB: 0
Revenue Correlation: 4.75 | Revenue CAGR: -8.21% | SUE: 1.89 | # QB: 1
EPS next Year (2026-12-31): EPS=2.98 | Chg30d=-0.151 | Revisions Net=-5 | Growth EPS=-11.0% | Growth Revenue=-1.7%