Rankings Pharma & medtech Aiforia
Aiforia
38
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin and returns−13
- Funding need−10
- Quality of growth−7
Strengths
- Validation from the EIB+1
- New large customers+1
How the score is built
From 100 to 38, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.88 EUR
- Median analyst target
- 1.05 EUR
- Upside to median
- +19.2%
- Analysts
- 2
- Target range
- 1.00 – 1.10 EUR
- 52-week change
- −67%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−29 of −30
- −13Margin and returnsEBITDA −EUR 4.7m and operating result −7.6m on revenue of only 0.75m in H1 2026; operating result −13.4m on 2.9m over the last 12 months (−464%). ROE −77%, ROIC −34%.
- −7Quality of growthRevenue fell 46% in H1 2026 to EUR 753,000 (profit warning 21 Jul); 12-month revenue is -18%, and the order book fell from EUR 5.1m to 3.5m in a year. Management points out that new hospital contracts are only recognised as revenue at roll-out.
- −6Capital allocationCapitalises approx. 5.8m EUR of development per year (approx. 2x revenue) and has done two directed issues in 2026 (approx. 4.2m EUR in the spring and 6.4m in June at 1.772 EUR); share count +12.7% over a year, and the share price is now approx. half of the June price.
- −3MoatBroad portfolio of CE-IVD-marked AI models for pathology and references such as AP-HP in Paris, but the digital pathology market is fragmented with better-funded competitors (Paige, PathAI, Ibex, Visiopharm), and customers use only a small part of the portfolio.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −3Multiples vs own historyEV/Sales 11.1 versus 22.2 (2025), 31.7 (2024), 31.8 (2023) and 33.6 (2022) – lower than ever, but on falling revenue and after the share price halved.
- −7Absolute price levelEV about EUR 32m for EUR 2.9m in revenue, an annual cash burn of about 12.8m and under a year of runway; an upcoming issue will probably be done at a discount to the current share price.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−19 of −35
- −10Funding needCash 9.9m EUR (30 Jun) versus a burn including capitalised development of approx. 3.2m per quarter = approx. 9 months of runway (to approx. March/April 2027). The EIB tranches (5/7/8m EUR) require milestones that have not been published; NuWays estimates that the cash only lasts through Q1 2027.
- −4Loss of US marketNorth America gave EUR 1.43m in 2023, but 0 in 2025; growth is now entirely dependent on European hospitals with long roll-outs.
- −4Slow adoption and regulationDigital pathology requires investment in scanners, IVDR certification and reimbursement in each country; delayed customer agreements pulled H1 revenue down, and management gives no guidance for 2026.
- −1EIB warrants and debt burdenThe EIB receives synthetic warrants with each tranche (terms not disclosed), and the loans must be amortised after 3 years of interest-only on top of the existing debt of EUR 7.3m.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Validation from the EIBThe European Investment Bank has signed a venture debt facility of up to EUR 20m (31/7/2026) for the development of AI-based cancer diagnostics.
- +1New large customersFive new hospitals in the Paris region (AP-HP), a regional provider in Spain and new agreements in Italy and Finland (Fimlab) in H1 2026, which begin to generate revenue in H2.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis's FCF (-EUR 7.0m TTM) is BEFORE capitalised development: purchases of intangible assets were -EUR 5.8m over the past 12 months, so the real cash burn is about -EUR 12.8m a year (about EUR 3.2m per quarter). The EIB facility of up to EUR 20m is NOT included in the runway, because each tranche requires undisclosed revenue and other milestones. Market value 37.41m shares × EUR 0.929 = EUR 34.8m ≈ DKK 259m (Nordnet 263). The EUR 7.3m of debt is probably mainly Business Finland loans; terms and maturity not found. Largest owners not verified (insiders about 22% according to stockanalysis). Only 2 analysts. Short register not checked.
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