DBV Technologies DBVT

Nasdaq · Biological Products, (No Diagnostic Substances) · $589M

$9.80−1.41%Nov 5 close · Databento

Every report since 2023 →

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DBVT Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $9.801D −1.41%3M −31.32%SMA20 $9.62SMA50 $11.14RSI(14) 45.8

9.80

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 45.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$589M

Enterprise value$395.2M

Revenue$5.6M +35.8%

True FCF (ex-SBC)$-127.1M −14.0%

Rule of 40-2123.8%

Operating margin-2609.2%

True FCF Yield-21.6%

EPS, diluted$-1.05 +10.3%

Modern Valuation (EOD)

Market Cap$589M

Enterprise Value$395.2M

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales70.12

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book3.49

Owner & Cash Yields

True FCF Yield-21.6%

FCF Yield-20.7%

Owner Earn. Yield-25.5%

Earnings Yield-25.0%

Shareholder Yield—

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio—

FCF / sh$-0.39

EPS (diluted)$-1.05

Compounder & Returns

Rule of 40-2123.8%

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE-87.1%

ROA-62.9%

Gross Margin—

Oper. Margin-2609.2%

Net Margin-2607.3%

FCF Margin-2159.6%

True FCF Margin-2255.1%

Quality & Dilution

Cash Conversion—

Accrual Ratio−11.0%

SBC % of FCF—

SBC % of Rev95.6%

Reinvest. Rate—

Sales Growth Y/Y+35.8%

Sales 3Y CAGR+5.2%

EPS Growth Y/Y+10.3%

FCF Growth Y/Y−14.0%

FCF 3Y CAGR—

Share Change Y/Y+43.9%

Balance Sheet & Scale

Revenue (FY)$5.6M

Gross Profit (FY)—

Oper. Income (FY)$-147.1M

GAAP Net Income$-146.9M

True FCF (ex-SBC)$-127.1M

Cash & Equiv$194.2M

Total Debt$810,000

Net Cash (Debt)$193.4M

Net Cash % MCap+32.9%

Debt / FCF (yrs)—

Current Ratio3.67314.39M sh

Price & Technicals (EOD)

Perf Week−4.76%

Perf Month+0.31%

Perf Quarter−27.30%

Perf Half Y−50.98%

Perf YTD−53.33%

SMA 20 Dist+1.90%$9.62

SMA 50 Dist−12.05%$11.14

SMA 100 Dist−24.76%$13.03

Window High−53.33%$21.00

Window Low+10.48%$8.87

RSI (14) · Vol45.868%v

Income Distribution & Cash Flow ConversionHow every dollar of DBVT revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

R&D Reinvestment$116.7M ($100.0 / $100)

Operating Expenses$36.0M ($100.0 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$-146.9M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-146.9M (-2607.3% margin)

Operating Cash Flow (OCF)$-121.2M(-2150.1% of rev)

Less: Capital Expenditures−$532,000(9.4% of rev)

Standard Free Cash Flow (FCF)$-121.7M(-2159.6% margin)

Less: Stock-Based Comp (SBC)−$5.4M

True FCF (Owner Cash ex-SBC)$-127.1M(-2255.1% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$5.7M	$4.8M	$15.7M	$4.2M	$5.6M	+35.8%	−0.3%
Research & Development (R&D)	$70.3M	$75.5M	$60.2M	$89.3M	$116.7M	+30.6%	+13.5%
Total Operating Expenses	$104.3M	$101.5M	$92.2M	$120.7M	$152.7M	+26.5%	+10.0%
Operating Income (EBIT)	$-98.6M	$-96.6M	$-76.4M	$-116.6M	$-147.1M	−26.1%	—
Income Tax Expense	$-381,000	$70,000	$7,000	$55,000	$491,000	+792.7%	—
GAAP Net Income	$-97.8M	$96.3M	$-72.7M	$-113.9M	$-146.9M	−29.0%	—
Diluted EPS	$-1.78	$-1.24	$-0.76	$-1.17	$-1.05	+10.3%	—
Diluted Shares	54.9M	77.4M	95.1M	97.0M	139.6M	+43.9%	+26.3%
Balance Sheet
Cash & Equivalents	$77.3M	$209.2M	$141.4M	$32.5M	$194.2M	+497.5%	+25.9%
Inventory	$0	$0	$0	$0	$0	—	—
Total Current Assets	$114.4M	$223.1M	$158.9M	$44.4M	$212.9M	+379.6%	+16.8%
Total Assets	$146.7M	$246.5M	$183.0M	$65.7M	$233.7M	+255.9%	+12.3%
Total Current Liabilities	$31.4M	$29.5M	$37.3M	$31.1M	$58.0M	+86.3%	+16.6%
Total Debt (Short + Long Term)	$1.3M	$1.3M	$1.3M	$1.3M	$810,000	−38.6%	−11.5%
Total Liabilities	$47.4M	$52.1M	$42.8M	$38.3M	$64.9M	+69.6%	+8.1%
Stockholders' Equity	$99.3M	$194.5M	$140.2M	$27.4M	$168.8M	+516.1%	+14.2%
Net Cash / (Net Debt)	$76.0M	$207.9M	$140.0M	$31.2M	$193.4M	+520.2%	+26.3%
Invested Capital	$23.3M	$-13.4M	$140,000	$-3.8M	$-24.6M	−550.5%	—
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-108.2M	$-55.7M	$-79.7M	$-104.5M	$-121.2M	−16.0%	—
Depreciation & Amortization (D&A)	$4.4M	$2.7M	$3.6M	$2.7M	$3.0M	+9.8%	−9.2%
Stock-Based Compensation (SBC)	$3.1M	$5.0M	$6.0M	$4.6M	$5.4M	+16.6%	+14.6%
Capital Expenditures (CapEx)	$910,000	$754,000	$677,000	$2.3M	$532,000	−77.2%	−12.6%
Free Cash Flow (FCF)	$-109.2M	$-56.4M	$-80.3M	$-106.8M	$-121.7M	−14.0%	—
True FCF (ex-SBC Owner Cash)	$-112.3M	$-61.4M	$-86.3M	$-111.4M	$-127.1M	−14.1%	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what DBVT did at the next close after each story

Oct 29

DBV Technologies shares slide 8% on going-concern warning, wider Q3 loss

Investing.com · 4:45 AM ET

−3.38%

What happened · big days

17 big days in a year, and what we hold on each

A big day is a close more than 7.44% from the one before, three times DBVT’s median day (2.48%). On 0 of the 17, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±7.44%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayDBVTWhat we hold that dayGroup (median of 4) · each

1 Dec 8, 2025+22.16%
Before our storiesgroup −0.2%, did not move with it
1Dec 8, 2025+22.16%
Before our stories
−0.2% did not move with itMRNA +1.0 · GILD −0.0 · BIIB −0.5 · AMGN −2.6
2 Dec 10, 2025+16.55%
Before our storiesgroup +1.3%, did not move with it
2Dec 10, 2025+16.55%
Before our stories
+1.3% did not move with itMRNA +2.8 · GILD +1.7 · BIIB +1.0 · AMGN +0.5
3 Dec 17, 2025+25.42%
Before our storiesgroup +1.2%, did not move with it
3Dec 17, 2025+25.42%
Before our stories
+1.2% did not move with itGILD +2.2 · MRNA +2.1 · BIIB +0.3 · AMGN −0.2
4 Dec 22, 2025−10.94%
Before our storiesgroup +0.6%, did not move with it
4Dec 22, 2025−10.94%
Before our stories
+0.6% did not move with itGILD −0.1 · BIIB −0.1 · AMGN +1.2 · MRNA +3.3
5 Jan 5, 2026−10.81%
Before our storiesgroup −1.9%, did not move with it
5Jan 5, 2026−10.81%
Before our stories
−1.9% did not move with itGILD −2.7 · AMGN −2.1 · BIIB −1.8 · MRNA +4.2
6 Jan 7, 2026+8.18%
Before our storiesgroup +2.4%, did not move with it
6Jan 7, 2026+8.18%
Before our stories
+2.4% did not move with itAMGN +3.5 · GILD +2.5 · BIIB +2.4 · MRNA +0.6
7 Jan 15, 2026+8.42%
Before our storiesgroup −1.4%, did not move with it
7Jan 15, 2026+8.42%
Before our stories
−1.4% did not move with itAMGN +0.3 · BIIB −0.4 · GILD −2.3 · MRNA −3.0
8 Jan 16, 2026+10.53%
Before our storiesgroup +1.6%, did not move with it
8Jan 16, 2026+10.53%
Before our stories
+1.6% did not move with itMRNA +6.3 · GILD +3.0 · AMGN +0.1 · BIIB −2.5
9 Feb 5, 2026−8.33%
Before our storiesgroup +0.2%, did not move with it
9Feb 5, 2026−8.33%
Before our stories
+0.2% did not move with itMRNA −4.4 · BIIB −0.1 · AMGN +0.4 · GILD +2.1
10 Mar 2, 2026+10.77%
Before our storiesgroup −1.0%, did not move with it
10Mar 2, 2026+10.77%
Before our stories
−1.0% did not move with itGILD +0.7 · AMGN −0.6 · MRNA −1.4 · BIIB −2.0
11 Mar 11, 2026−12.02%
Before our storiesgroup +0.8%, did not move with it
11Mar 11, 2026−12.02%
Before our stories
+0.8% did not move with itGILD −1.7 · AMGN +0.6 · BIIB +1.1 · MRNA +1.8
12 Apr 13, 2026+7.53%
Before our storiesgroup −0.2%, did not move with it
12Apr 13, 2026+7.53%
Before our stories
−0.2% did not move with itBIIB +2.0 · GILD +0.0 · AMGN −0.3 · MRNA −0.6
13 Jun 16, 2026−7.56%
Nothing on DBVTgroup +0.8%, did not move with it
13Jun 16, 2026−7.56%
Nothing on DBVTNo DBVT story, brief or results filing in our record that day
+0.8% did not move with itBIIB −1.5 · AMGN −0.8 · GILD +2.4 · MRNA +6.3
14 Jul 7, 2026+11.15%
Nothing on DBVTgroup −0.4%, did not move with it
14Jul 7, 2026+11.15%
Nothing on DBVTNo DBVT story, brief or results filing in our record that day
−0.4% did not move with itGILD +5.2 · AMGN +0.5 · BIIB −1.3 · MRNA −2.5
15 Sep 11, 2026−8.64%
Nothing on DBVTgroup +0.0%, did not move with it
15Sep 11, 2026−8.64%
Nothing on DBVTNo DBVT story, brief or results filing in our record that day
+0.0% did not move with itAMGN −1.3 · GILD −0.8 · BIIB +0.8 · MRNA +5.4
16 Oct 30, 2026−7.77%
Nothing on DBVTgroup +1.4%, did not move with it
16Oct 30, 2026−7.77%
Nothing on DBVTNo DBVT story, brief or results filing in our record that day
+1.4% did not move with itMRNA −0.5 · AMGN +1.1 · BIIB +1.6 · GILD +3.1
17 Nov 3, 2026+11.71%
Nothing on DBVTgroup −0.5%, did not move with it
17Nov 3, 2026+11.71%
Nothing on DBVTNo DBVT story, brief or results filing in our record that day
−0.5% did not move with itMRNA +3.5 · BIIB −0.0 · AMGN −0.9 · GILD −1.7

A story on the same day is not a cause, and a group move is not proof either. Group: the median of AMGN, GILD, MRNA and BIIB that day, the largest companies in DBVT’s SEC industry; “moved with DBVT” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). DBVT reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 28, 2025

day 1−2.19%day 6−9.32%

Reported Apr 30, 2026

day 1−5.38%day 6−6.05%

Reported Jul 16, 2026

day 1−1.08%day 6−8.28%

Reported Oct 28, 2026

day 1−3.38%day 6−7.98%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 28 report: −7.98%. Four reports is a small sample.

Every report since 2023 →

Each line is DBVT’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

DBVT against four biotech peers, a year at 100

DBVT is down 29.8% in a year. Moderna is up 9.8 times, Biogen is up 56.9%, Amgen 43.8% and Gilead Sciences 41.0%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 9.8-fold rise and a 29.8% fall both read honestly.

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DBVT −29.8%. Moderna ×9.8, Biogen +56.9%, Amgen +43.8%, Gilead Sciences +41.0%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in DBVT’s SEC industry (Biological Products, (No Diagnostic Substances)) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

AMGN	Amgen	$258.7B	−3.80%
GILD	Gilead Sciences	$216.3B	−3.96%
MRNA	Moderna	$103.2B	−6.55%
BIIB	Biogen	$37.6B	−4.14%
EXEL	Exelixis	$18.0B	−5.55%
NBIX	Neurocrine Biosciences	$16.9B	−3.79%
HALO	Halozyme Therapeutics	$14.8B	−5.66%
TECH	BIO-TECHNE	$11.4B	−0.10%