Carmat (ALCAR.PA) Stock Price
Carmat Price
Over the last 14 years Carmat grew revenue by 2.4% annually, reaching 7.00 M EUR. For Carmat, the net margin of -734.3% is up versus -410,700.1% a few years ago. Of 11 analysts, 8 rate the stock a buy — an overall Buy consensus.
Carmat stock price
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Stock Price
ⓘHow to Read This Chart
This chart tracks the historical stock price of Carmat over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.
Total Return vs. Price Return
The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.
Intraday Price Data
When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Carmat stock reacts to market openings, earnings releases, or breaking news throughout the trading session.
What to Look For
Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Carmat's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.
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Carmat Revenue, EBIT, Net Income
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Carmat Income Statement, Balance Sheet, Cash Flow Statement
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| EBITM EUR |
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| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | 2027e | 2028e |
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| 2.00 | – | – | – | – | – | – | – | 2.00 | – | 2.00 | 7.00 | 15.00 | 76.00 | 130.00 | 194.00 |
| – | – | – | – | – | – | – | – | – | – | – | 250.00 | 114.29 | 406.67 | 71.05 | 49.23 |
| -500.00 | – | – | – | – | – | – | – | -2,600.00 | – | -1,500.00 | -328.57 | -328.57 | -328.57 | -328.57 | -328.57 |
| -10.00 | -19.00 | -9.00 | -10.00 | -23.00 | -23.00 | -1.00 | -20.00 | -52.00 | -54.00 | -30.00 | -23.00 | -49.29 | -249.71 | -427.14 | -637.43 |
| -16.00 | -19.00 | -19.00 | -24.00 | -31.00 | -42.00 | -42.00 | -36.00 | -60.00 | -51.00 | -52.00 | -49.00 | -15.00 | -76.00 | -130.00 | -194.00 |
| -800.00 | – | – | – | – | – | – | – | -3,000.00 | – | -2,600.00 | -700.00 | -100.00 | -100.00 | -100.00 | -100.00 |
| -14.00 | -18.00 | -17.00 | -22.00 | -29.00 | -41.00 | -42.00 | -36.00 | -61.00 | -53.00 | -53.00 | -51.00 | -40.00 | -22.00 | -1.00 | 22.00 |
| -17.65 | 28.57 | -5.56 | 29.41 | 31.82 | 41.38 | 2.44 | -14.29 | 69.44 | -13.11 | – | -3.77 | -21.57 | -45.00 | -95.45 | -2,300.00 |
| 4.28 | 4.48 | 5.30 | 5.30 | 9.15 | 9.35 | 12.61 | 13.02 | 15.56 | 22.67 | 22.83 | 22.78 | 22.78 | 22.78 | 22.78 | 22.78 |
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Income Statement Key Figures
ⓘRevenue and Revenue Growth
Revenue is the starting point of every income statement — it measures the total sales Carmat generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.
Gross Margin
Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Carmat retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Carmat's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.
EBIT and EBIT Margin
EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.
Net Income and Earnings Per Share (EPS)
Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.
Shares Outstanding
The total number of shares Carmat has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.
Analyst Estimates
The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Carmat's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.
Carmat stock margins
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Carmat Stock Revenue, EBIT, Earnings per Share
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Carmat business model & stock analysis
Carmat SWOT Analysis
Strengths
Carmat SA possesses several strengths that contribute to its competitive advantage and market positioning. These strengths include:
- Advanced Technology: Carmat SA is a pioneer in the development of artificial hearts, utilizing innovative technology to provide life-saving solutions for patients with end-stage heart failure.
- Strong Intellectual Property: The company holds a significant portfolio of patents and intellectual property rights, which serves as a barrier to entry for potential competitors.
- Strategic Partnerships: Carmat has established partnerships with leading research institutions and medical centers, fostering collaboration and driving advancements in its technology.
- Experienced Management Team: The company is led by a team of experienced professionals with a deep understanding of the industry and a track record of successful commercialization.
Weaknesses
Although Carmat SA has several strengths, it also faces certain weaknesses that may hinder its growth and performance. These weaknesses include:
- High Production Costs: The manufacturing process for artificial hearts is complex and expensive, resulting in high production costs and a potential barrier to affordability for patients and healthcare systems.
- Regulatory Challenges: The medical device industry is subject to stringent regulatory requirements, which may delay product approvals and market entry for Carmat SA.
- Limited Market Acceptance: The adoption of artificial hearts by healthcare providers and patients may be slow due to concerns regarding efficacy, long-term outcomes, and patient acceptance.
Opportunities
Carmat SA can leverage various opportunities to enhance its growth prospects and market expansion. These opportunities include:
- Increasing Incidence of Heart Failure: The rising prevalence of heart failure worldwide creates a significant market opportunity for Carmat SA, as its artificial heart technology offers potential solutions for patients who are ineligible for heart transplants.
- Partnering with Hospitals and Clinics: Collaborating with renowned healthcare providers could strengthen Carmat's market presence and facilitate the adoption of its technology, as well as provide valuable feedback for product improvement.
- Geographical Expansion: Exploring new markets and expanding into different regions can help Carmat SA diversify its revenue streams and reduce dependency on specific markets.
Threats
Carmat SA faces various threats that could impact its business operations and future growth. These threats include:
- Competition from Established Device Manufacturers: Established medical device manufacturers may enter the artificial heart market with competing products, posing a threat to Carmat's market share.
- Financial Constraints: Continued research and development efforts, along with the scale-up of manufacturing capabilities, require substantial financial resources, which may pose challenges if funding is insufficient.
- Changing Regulatory Landscape: Evolving regulatory standards and requirements in the healthcare industry may necessitate substantial investments and modifications to Carmat's products and processes.
Carmat Eulerpool Fair Value
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Fair Value Estimate
ⓘWhat Is Fair Value?
Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.
Earnings-Based Fair Value
Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.
Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021
Revenue-Based Fair Value
Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"
Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021
Dividend-Based Fair Value
Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.
Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021
How to Use This Chart
When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.
Carmat historical P/E ratio, EBIT multiple, and P/S ratio
Carmat annual returns
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Annual Return
ⓘWhat This Chart Shows
This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.
Price Return
Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.
Dividend Return
Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.
What to Look For
Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.
Carmat shares outstanding
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Current Carmat forecasts and price targets in August 2026
Analyst Price Targets 2026Carmat Earnings Estimates & Surprises
| Date | EPS estimate | EPS Actual | Revenue Estimate | Price reaction | Quarterly report |
|---|---|---|---|---|---|
| 2/21/2024 | -0.45EUR | - | 3.09 MEUR | - | 2023 Q4 |
| 9/15/2022 | -0.97EUR | - | 0.00EUR | - | 2022 Q2 |
Carmat shareholder structure
| % | Name |
|---|---|
0.35947% |
Carmat Beneficial Ownership Filings (SEC 13D/G)
Carmat Executives and Management Board
14 members · avg. age 65 · 14 % women
Mr. Stephane Piat (51)
Chief Executive Officer, Director · since 2016
588,725.00 EUR
Management
Ms. Pascale D'Arbonneau
Deputy Chief Executive Officer, Chief Financial Officer
Prof. Christian Latremouille
Chief Medical Officer
Board of Directors
Mr. Pierre Bastid (70)
Chairman of the Board
Dr. Michael Mack (75)
Independent Director
Mr. Jean-Luc Lemercier (67)
Independent Director
Mr. Florent Battistella (60)
Independent Director
Prof. Alain Carpentier
Honorary Chairman of the Board of Directors · since 2019
Ms. Raouia Bouyanzer
Director - Human Resources · since 2021
Carmat Supply Chain
Carmat Supply Chain
Correlation: how closely stock prices move together
| # | Name | Trend | |||
|---|---|---|---|---|---|
| 1 | 0.90 | 0.89 | 0.72 |
| # | Name | Trend | |||
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| 1 | 0.36 | 0.01 | -0.09 | ||
| 2 | 0.14 | 0.41 | 0.14 |
Frequently asked questions about Carmat
The business model of Carmat SA is focused on the development and commercialization of innovative cardiovascular devices to address heart failure. Carmat SA has developed the world's most advanced total artificial heart (TAH), which aims to improve the prognosis and quality of life for patients suffering from end-stage biventricular heart failure. With its unique biocompatible design and integration of cutting-edge technologies, Carmat's TAH offers hope for patients awaiting heart transplantation. By combining expertise in biomedical engineering and cardiology, Carmat SA aims to revolutionize the field of heart failure treatment and provide long-term solutions for patients in need.
Carmat SA is primarily active in the medical device industry.
The main competitors of Carmat SA in the market include companies such as Medtronic PLC, Abbott Laboratories, Edwards Lifesciences Corporation, and SynCardia Systems, LLC.
Carmat SA, a leading French biomedical company, has a significant history and background. Established in 2008, Carmat aims to revolutionize cardiac medicine through its cutting-edge technology. The company's flagship product, the Carmat Total Artificial Heart (TAH), is an innovative solution for patients with end-stage biventricular heart failure. Designed to mimic the natural heart, the TAH offers hope to individuals otherwise awaiting heart transplantation. Carmat SA combines expertise in biomechanics, robotics, and material science to develop this groundbreaking device. By addressing the global shortage of donor organs, Carmat SA strives to improve the quality of life for patients suffering from severe heart conditions.
Carmat SA, a leading biomedical company, has achieved several significant milestones. Firstly, the company successfully developed and received European approval for its cutting-edge biocompatible artificial heart (Aeson). This breakthrough medical device offers a potential life-saving solution for end-stage heart failure patients. Secondly, Carmat SA successfully performed clinical trials demonstrating the feasibility and safety of their artificial heart. Moreover, the company achieved the first human implantation of Aeson, which was an important milestone towards commercialization. These milestones highlight Carmat SA's commitment to innovative biomedical solutions and their pursuit of transforming the lives of patients suffering from heart failure.
Carmat SA is primarily present in France and the European Union (EU) region.
Carmat SA represents values of innovation, medical advancement, and patient care. With its corporate philosophy centered around improving the quality of life for individuals with end-stage heart failure, Carmat SA aims to provide a groundbreaking solution through its artificial heart technology. The company's relentless focus on research and development, collaboration with medical professionals, and commitment to excellence underscores its dedication to transforming the field of cardiac medicine. Carmat SA strives to enhance patients' well-being by offering a revolutionary cardiac solution that integrates seamlessly into their lives, emphasizing its commitment to both technological prowess and human compassion.
11 analysts currently rate the Carmat stock: 8 recommend buying, 3 holding and 0 selling. For 2026, analysts expect Carmat to generate revenue of 76.90 M EUR and earnings per share of -0.98 EUR.
The Carmat share (ALCAR.PA) is listed on 6 stock exchanges, including: Frankfurt (CXT.F), München (CXT.MU), Düsseldorf (CXT.DU), Paris (ALCAR.PA).
Carmat SA is a French company specializing in the development, manufacturing, and marketing of innovative therapy products for patients with severe heart failure. The company is headquartered in Vélizy-Villacoublay, a municipality in the southwest of Paris, and is listed on the Euronext Paris stock exchange. Carmat SA's business model consists of three main areas: research and development, production, and distribution. In the research and development area, the company focuses on the exploration and development of implantable artificial hearts as an alternative to conventional treatment methods for end-stage heart failure patients. It aims to prolong the lives and improve the quality of life of patients. The production area of Carmat SA encompasses the manufacturing of implantable artificial hearts that adhere to the highest standards to ensure their suitability for human use. The company employs state-of-the-art manufacturing methods and materials. The production is a complex task due to the high quality requirements and compliance with medical technology regulations. Carmat SA's distribution area is focused on introducing the implantable artificial hearts in selected global markets. The company collaborates closely with medical institutions and networks to promote widespread acceptance of this innovation. Carmat SA has a clear vision for the development of artificial hearts that can enable patients with severe heart failure to lead independent lives. By integrating cutting-edge technology and innovative design features, the treatment of heart failure is intended to be revolutionized. Carmat SA aims to be a leading provider of medical technology for the cardiology industry. The artificial hearts developed by Carmat SA make a significant contribution to patients with severe heart failure. In addition to the development of high-quality heart supplementation solutions, the company also focuses on continuous improvement and adaptation of its products to meet the patients' needs. To ensure the quality and longevity of its products, Carmat SA invests heavily in research and development. The company collaborates with leading experts in the fields of medicine and technology to keep its products at the forefront of technological advancements. In summary, Carmat SA is an innovative company specializing in the development, manufacturing, and marketing of implantable artificial hearts for patients with heart failure. Through its research and development, production, and distribution areas, the company effectively produces and sells its products. Carmat SA aims to increase its market share in the medical technology industry for cardiology and contribute to improving the quality of life for patients with heart failure.
The expected revenue of Carmat is 76.90 M EUR. This figure is based on current financial data and reflects the company's business performance.
The expected profit of Carmat is -22.25 M EUR. The net profit reflects the company's profitability after deducting all expenses.
The P/E ratio cannot be calculated for Carmat at the moment.
The P/S cannot be calculated for Carmat currently.
The Eulerpool Quality Score for Carmat is 4/10.
The ISIN of Carmat is FR0010907956. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.
The WKN of Carmat is A1C017. The WKN (Wertpapierkennnummer) is a six-digit German security identification number.
The ticker of Carmat is ALCAR.PA. The ticker symbol is used to trade Carmat shares on the stock exchange.
Carmat is assigned to the 'Health' sector.
The dividends of Carmat are distributed in EUR.
Carmat stock
Carmat Peer Group
Carmat Ticker
Carmat FIGI
All fundamentals and in-depth analysis of Carmat
Our stock analysis for Carmat stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Carmat. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.