Rankings Food, drinks & restaurants Solar Foods
Solar Foods
37
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−12
- Financing of Factory 02−10
- Quality of growth−6
Strengths
- Public funding and partners+3
- Net cash+1
How the score is built
From 100 to 37, 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
- 4.72 EUR
- Median analyst target
- 5.03 EUR
- Upside to median
- +6.6%
- Analysts
- 2
- Target range
- 4.05 – 6.00 EUR
- 52-week change
- −12%
- 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−25 of −30
- −12MarginRevenue is EUR 0.16m TTM vs an operating loss of -12.4m and a net loss of -13.6m. H1 2026: revenue 0.1m and operating loss -6.8m. The company so far sells only sample and test quantities from Factory 01.
- −6Quality of growthThe order book fell from EUR 1.5m to 0.2m in a year. The only concrete consumer launch is a protein powder (Planta from Ambrosia Collective) in the USA in May 2026. The volume agreements are non-binding LOIs and MoUs, and sales in the EU require novel food approval, which has not yet been granted.
- −4Capital allocationOperations are financed with issues (EUR 8.8m in 2024 and EUR 25m in January 2026 with 5.15m new shares, about +21%) and public grants. The share count has risen from 20.5m (2023) to 30.1m. Grant financing is however cheaper for shareholders than pure equity.
- −3MoatSolein (microbial protein from CO2, hydrogen and electricity) is patent-protected, and the company is early, but gas fermentation is also pursued by Calysta, Air Protein, NovoNutrients and Unibio, and precision fermentation and cheap plant protein are strong alternatives. The price (EUR 17/kg in the company's illustration) is high vs whey and plant protein.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −3Multiples vs own historyP/B is 5.0 vs 5.0 (2024) and 10.1 (2025). EV/Sales is approx. 840 and meaningless. There is a short listing history (listed 2024), and the price is roughly at the issue price from January (approx. EUR 4.85).
- −6Absolute levelEV of about EUR 135m for a company with no revenue. The company's own illustration for 2030 (EBITDA EUR 34-42m) assumes that Factory 02 (EUR 182m in two phases) is built and filled; the illustration is expressly not guidance. EV corresponds to about 3.5x the illustrated EBITDA four years ahead, before dilution and discounting.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−22 of −35
- −10Financing of Factory 02The first phase costs 134 m EUR (both phases 182 m), and the plan requires 65–75 m in debt, about 95 m from strategic partners and 110 m in IPCEI grants. In June Business Finland granted only 39.6 m in grants plus a loan of 38.1 m, and about 21 m under the IPCEI notification awaits a decision. The investment decision is promised in 2026 and has not yet been made with three months left.
- −5RegulationThe novel food approval in the EU is still in process, and the company has not received a No Questions Letter from the FDA (Solein is sold in the US on self-affirmed GRAS and in Singapore). Without EU approval, Factory 02's output cannot be sold in the home market.
- −4Commercial validationThe largest deal is a non-binding LOI for 500–1,650 tonnes a year with an unnamed sports nutrition brand (July 2025). Together with two MoUs it could cover 50–60% of Factory 02's capacity, but only if the agreements become binding. The order book is EUR 0.2m.
- −3Scaling and technology riskFactory 01 is a demonstration plant; the first phase of Factory 02 is to produce 3,200 tons a year and the whole plant up to 12,800 tons. The production price of EUR 6.5/kg is a plan, not documented at large scale, and depends on cheap power and hydrogen (energy agreement with Fortum under development).
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Public funding and partnersBusiness Finland has granted EUR 77.8m (39.6m grant and 38.1m R&D loan) to Factory 02 under IPCEI. There is an exclusivity agreement with GEA on equipment and a development agreement with Fortum on energy.
- +1Net cashCash is EUR 27.0m vs debt of 15.5m (net cash 11.5m) after the issue in January, so operations are funded for approx. 2 years without Factory 02.
Caveats
What the score does not capture, or where the data is weak.
No analysts at stockanalysis (forecast 404); Inderes covers the company. Market cap: 30.11m shares × EUR 5.00 = EUR 150.6m ≈ DKK 1,124m (Nordnet: DKK 1,125m). Runway of c. 27 months applies only to current operations (FCF c. −EUR 3m per quarter). The company's equity share in Factory 02 (EUR 25–35m according to the company's own plan from October 2025) will use most of the cash on an investment decision. The Business Finland support of EUR 77.8m (of which EUR 39.6m grants and EUR 38.1m loans) is conditional on an investment decision and full financing. The industry is 'Consumer: food, beverages & restaurants' (protein ingredient). Short data not found.
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