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Makes naval robotics, navigation systems and photonics for defense, marine and space applications.
Makes naval robotics, navigation systems and photonics for defense, marine and space applications.
Sells equipment under long government programmes with development and delivery stretching over years, notably mine-countermeasure drones, plus a stream of spare parts and service after delivery. It was formed in 2022 by combining the robotics group ECA with iXblue, a navigation and photonics maker, under the new name Exail.
Moat: narrow (IP / patents, regulatory licence, customer qualification). Specialized defense-grade navigation and underwater robotics require certification and trusted-supplier status.
Headquarters: Paris, France · Founded: 2023 · Employees: 2,259
Size Exail Technologies (EXA.PA) is a France Industrials company (Aerospace & Defense) with a market value of $2.37B, the 102nd largest of 206 France companies the cockpit tracks. Shares closed at €125.50 on 6 Nov 2026.
Performance Over six months the shares gained 9.8%, against -17.5% for the median peer and -0.4% for the France market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 23.7% over the last twelve months (peer median +3.5%); the operating margin is -1.8% (peer median 0.7%).
Valuation It trades at 62.9× forward earnings against a peer median of 54.9× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.4 points below its cost of capital (9.3% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €533M | €479M | €373M | €323M | €180M |
| Revenue growth | — | +28% | +16% | +79% | — |
| Gross profit | -€1.78M | €33.0M | €25.7M | €17.5M | €13.5M |
| EBITDA | €22.3M | €56.5M | €40.7M | €33.5M | €22.5M |
| Net income | -€83.0M | €2.98M | -€3.64M | €16.8M | -€8.08M |
| Free cash flow | €18.4M | €75.3M | €62.2M | €31.4M | €36.2M |
| Capital expenditure | €45.5M | €35.1M | €34.7M | €31.8M | €17.1M |
| Total debt | n/a | €368M | €349M | €339M | €368M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Exail Technologies EXA.PA | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Saab SAAB-B.ST | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% |
| Kongsberg Gruppen KOG.OL | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | EXA.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -3.4% | 5th highest of 20 |
| 6-month return | +9.8% | -17.5% | 4th highest of 20 |
| Distance from 52-week high | -21.2% | -40.0% | 4th highest of 21 |
| Revenue growth (TTM) | +23.7% | +3.5% | 6th highest of 20 |
| Operating margin | -1.8% | 0.7% | 9th lowest of 21 |
| Forward P/E | 62.9× | 54.9× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 42.5% | 23.0% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +26.0% | +7.5% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | +16.5 pp | +18.7 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -12.4 pp | -5.6 pp | 4th lowest of 21 |
| Net debt / EBITDA | -4.6× | 0.7× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 62.9× | 42.5% | +26.0% |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 18.6× | 17.3% | +11.4% |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | n/a | n/a | n/a |
| Hunan Aerospace Huanyu Communication Technology 688523.SS | China | $2.19B | -45% | -30% | -8% | 100.3× | n/a | n/a |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 54.9× | n/a | n/a |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 97.4× | 17.1% | +6.8% |
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 65.9× | 41.7% | +1.5% |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 57.5× | 23.0% | +7.5% |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | n/a | n/a | n/a |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 8.1× | n/a | n/a |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | n/a | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 26.0× | 38.2% | -5.4% |