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French photonics group making night-vision tubes, infrared imaging and radiation-detection components for defense and industrial customers.
French photonics group making night-vision tubes, infrared imaging and radiation-detection components for defense and industrial customers.
Sells image intensifier tubes and sensors mostly to makers of night-vision and infrared equipment, rather than finished goggles, with long defence qualification periods. Formerly named Photonis, it listed in Paris in 2024 and has added infrared specialists such as Xenics through acquisitions.
In one line: No US peer..
Moat: narrow (IP / patents, process know-how, customer qualification). Decades of specialized optoelectronic manufacturing know-how, certified for defense programs hard to re-qualify elsewhere.
Headquarters: Merignac, France · Employees: 1,573
Size Exosens (EXENS.PA) is a France Information Technology company (Electronic Production Equipment) with a market value of $2.95B, the 88th largest of 206 France companies the cockpit tracks. Shares closed at €51.65 on 6 Nov 2026.
Performance Over six months the shares fell 10.6%, against -31.2% for the median peer and -0.4% for the France market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 15.1% over the last twelve months (peer median +19.7%); the operating margin is 16.6% (peer median 6.4%).
Valuation It trades at 27.5× forward earnings against a peer median of 30.1× (9th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (9.0% WACC).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €497M | €468M | €383M | €292M | €201M |
| Revenue growth | — | +22% | +31% | +45% | — |
| Gross profit | €126M | €144M | €115M | €80.5M | €51.6M |
| EBITDA | €150M | €136M | €111M | €77.2M | €49.4M |
| Net income | €53.2M | €65.8M | €30.7M | €18.4M | €11.2M |
| Free cash flow | €54.5M | €45.9M | €35.4M | -€4.25M | €12.3M |
| Capital expenditure | €61.5M | €50.1M | €40.0M | €30.9M | €21.8M |
| Total debt | n/a | €266M | €261M | €317M | €253M |
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 |
|---|---|---|---|---|---|---|
| Exosens EXENS.PA | $2.95B | -11% | +15% | 17% | 27.5× | 24.3% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
| Hamamatsu Photonics K.K 6965.T | $3.69B | -7% | +10% | 9% | 30.9× | 27.8% |
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 | EXENS.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -27.8% | 3rd highest of 21 |
| 6-month return | -10.6% | -31.2% | 6th highest of 21 |
| Distance from 52-week high | -30.2% | -56.7% | 4th highest of 21 |
| Revenue growth (TTM) | +15.1% | +19.7% | 7th lowest of 21 |
| Operating margin | 16.6% | 6.4% | 5th highest of 21 |
| Forward P/E | 27.5× | 30.1× | 9th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 24.3% | 14.7% | 4th most demanding of 10 |
| Growth delivered (Del g) | +25.6% | +7.3% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | -1.3 pp | -2.7 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +0.4 pp | -4.4 pp | 6th highest of 21 |
| EV / EBITDA | 18.8× | 12.5× | 3rd most expensive of 7 |
| Net debt / EBITDA | 1.3× | -1.1× | most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exosens EXENS.PA | France | $2.95B | -11% | +15% | 17% | 27.5× | 24.3% | +25.6% |
| OPT Machine Vision Tech 688686.SS | China | $2.96B | +48% | +38% | 12% | 75.4× | n/a | n/a |
| OFILM 002456.SZ | China | $3.10B | -35% | -17% | -1% | n/a | 27.0% | -14.4% |
| Guangdong Create Century Intelligent Equipment 300083.SZ | China | $3.13B | +7% | +35% | 11% | 24.4× | n/a | n/a |
| Zhejiang Jiemei Electronic & Technology 002859.SZ | China | $2.71B | -21% | +26% | 13% | 47.3× | n/a | n/a |
| Marketech International 6196.TW | Taiwan | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% | +15.5% |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |
| Olympic Circuit Technology 603920.SS | China | $3.29B | -42% | +21% | 6% | 30.1× | n/a | n/a |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| Fositek 6805.TW | Taiwan | $3.50B | -15% | +46% | 27% | 20.0× | 14.7% | +41.1% |
| Vishay Intertechnology VSH | United States | $3.57B | -32% | +18% | 5% | 13.2× | 18.8% | +4.2% |
| Changsha Jingjia Microelectronics 300474.SZ | China | $3.59B | -30% | +50% | -77% | n/a | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| Jones Tech 300684.SZ | China | $3.83B | +20% | +15% | 20% | 45.3× | 42.9% | +9.8% |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |