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French diversified real-estate company owning and developing offices and healthcare properties, majority owned by state investor Caisse des Depots.
French diversified real-estate company owning and developing offices and healthcare properties, majority owned by state investor Caisse des Depots.
Earns rent on offices, mostly in the Paris region, and on clinics leased to operators under long leases, with property development, building homes and offices for sale, as the more cyclical third line. Caisse des Depots, a French state-backed investor, is its largest shareholder.
In one line: A French diversified REIT/developer, part office landlord part hospital-property REIT.
Moat: narrow (scale, installed base, regulatory licence). Large Paris-region office and clinic property portfolio backed by state-linked ownership, but exposed to office-market weakness.
Headquarters: Paris, France · Founded: 1911 · Employees: 1,007
Size Icade (ICAD.PA) is a France Real Estate company (Real Estate Development) with a market value of $1.33B, the 123rd largest of 206 France companies the cockpit tracks. Shares closed at €15.63 on 6 Nov 2026.
Performance Over six months the shares fell 22.4%, against -16.2% for the median peer and -0.4% for the France market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue fell 9.1% over the last twelve months (peer median +2.8%); the operating margin is 16.9% (peer median 15.0%).
Valuation It trades at 5.3× forward earnings against a peer median of 16.0× (cheapest of 13).
Credit Icade has 5 bonds outstanding ($3.24B), rated BBB by the agencies and trading like BB+ at a weighted spread of 196 bp.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.40B | €1.45B | €1.57B | €1.66B | €1.57B |
| Revenue growth | — | -8% | -5% | +6% | — |
| Gross profit | €341M | €368M | €393M | €465M | €472M |
| EBITDA | €252M | €292M | €238M | €279M | €311M |
| Net income | -€187M | -€123M | -€276M | -€1.12B | €54.0M |
| Free cash flow | €63.2M | €51.0M | €233M | €18.3M | -€234M |
| Capital expenditure | €280M | €306M | €200M | €305M | €547M |
| Total debt | n/a | €4.35B | €4.74B | €5.13B | €8.02B |
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 |
|---|---|---|---|---|---|---|
| Icade ICAD.PA | $1.33B | -22% | -9% | 17% | 5.3× | n/a |
| Gecina GFC.PA | $5.47B | -8% | +1% | 68% | 9.8× | n/a |
| Covivio COV.PA | $5.64B | -16% | +5% | 54% | 9.2× | n/a |
| Altarea SCA ALTA.PA | $2.05B | -31% | -20% | 9% | 9.9× | n/a |
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 | ICAD.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.7% | -7.5% | highest of 21 |
| 6-month return | -22.4% | -16.2% | 8th lowest of 20 |
| Distance from 52-week high | -31.3% | -30.7% | 11th highest of 21 |
| Revenue growth (TTM) | -9.1% | +2.8% | 7th lowest of 21 |
| Operating margin | 16.9% | 15.0% | 10th highest of 21 |
| Forward P/E | 5.3× | 16.0× | cheapest of 13 |
| Bond spread | 196 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Icade ICAD.PA | France | $1.33B | -22% | -9% | 17% | 5.3× | n/a | n/a |
| Gmp Property SOCIMI YGMP.MC | Spain | $1.33B | -4% | 0% | 53% | n/a | n/a | n/a |
| Horizon Industrial Parks HORIZONIND.NS | India | $1.33B | n/a | +83% | 44% | n/a | n/a | n/a |
| Sakura Development 2539.TW | Taiwan | $1.31B | -28% | +10% | 39% | n/a | n/a | n/a |
| Wedge Industrial 000534.SZ | China | $1.30B | -57% | +4% | 10% | 28.6× | n/a | n/a |
| Starts 8850.T | Japan | $1.35B | -6% | +7% | 14% | 7.8× | n/a | n/a |
| China Overseas Grand Oceans 0081.HK | Hong Kong | $1.30B | -7% | -3% | 5% | 19.2× | n/a | n/a |
| Seazen 1030.HK | Hong Kong | $1.36B | -36% | -35% | 16% | 12.8× | n/a | n/a |
| China Merchants Property Operation & Service 001914.SZ | China | $1.36B | -16% | +6% | 5% | 9.8× | n/a | n/a |
| Opendoor Technologies OPEN | United States | $1.36B | -72% | -37% | -16% | n/a | n/a | n/a |
| Zug Estates ZUGN.SW | Switzerland | $1.37B | -2% | +1% | 62% | 27.3× | n/a | n/a |
| Shanghai Jinqiao Export Processing Zone Development 600639.SS | China | $1.37B | -10% | +203% | 23% | 5.7× | n/a | n/a |
| Evergrande Property Services 6666.HK | Hong Kong | $1.37B | -34% | +9% | 10% | n/a | n/a | n/a |
| Art 0565.HK | Hong Kong | $1.28B | +38% | +51% | 60% | n/a | n/a | n/a |
| Shanghai Chengtou 600649.SS | China | $1.38B | -14% | -53% | 6% | 28.3× | n/a | n/a |
| Grandjoy 000031.SZ | China | $1.38B | -30% | -25% | 3% | n/a | n/a | n/a |
| Cham Swiss Properties CHAM.SW | Switzerland | $1.38B | -5% | -78% | 32% | 102.7× | n/a | n/a |
| Tibet Urban Development & Investment 600773.SS | China | $1.27B | -67% | -78% | -124% | n/a | n/a | n/a |
| Deutsche EuroShop DEQ.DE | Germany | $1.40B | -16% | +2% | 76% | 9.5× | n/a | n/a |
| China Overseas Property 2669.HK | Hong Kong | $1.41B | -17% | +11% | 11% | 7.0× | n/a | n/a |
| Frey FREY.PA | France | $1.24B | 0% | +45% | 49% | 22.9× | n/a | n/a |
Icade has 5 bonds outstanding with $3.24B face value. The agencies rate it BBB; its bonds trade like BB+. Weighted yield 5.08%, a spread of 196 bp over government bonds.