Evotec SE
EVO, EVOTF · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D53Mid-scale European drug-discovery/CRO platform (~€788M revenue) that is loss-making and mid-restructuring under Project Horizon.
Strengths
- Real scale and broad, integrated discovery/biologics platforms with 80+ partnered pipeline assets
- Net loss narrowing sharply (income growth 88th pct) with adequate ~12-quarter cash runway and modest leverage
Risks
- Negative net (-24.6%), operating (-17.9%) and ROE (-20.6%) and bottom-decile gross margin (7th pct)
- Customer concentration (3 clients = 43% of revenue), declining revenue, and execution risk on the transformation
Notable findings
- Net lossNet loss (net margin -24.6%)
- Cash burnNegative free cash flow (-103.3M)
- Strong balance sheetStrong balance sheet — $319M cash & investments, ~12 quarters of runway
- China exposure, regulatory requirements), or export control restrictions may increase the cost of or delay the procurement of essential materials, thereby adversely affecting operational processes and R&D projects
- Notable holderHeld by 2 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC (as of 2026-03-31)
Key metrics
Gross margin
14.4%
Operating margin
-17.9%
Net margin
-24.6%
Return on equity
-20.6%
Return on assets
-10.3%
ROIC
-9.1%
Revenue growth (QoQ)
-4.0%
Debt / equity
0.3×
Current ratio
2.0×
Free cash flow
-$103M
Tangible book value
$697M
Cash & investments
$319M
Cash runway
12q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-08 | 2025-12-31 | 0001104659-26-040767 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001104659-25-035638 ↗ |
| 20-F | 2024-08-14 | 2023-12-31 | 0001104659-24-089121 ↗ |
| 20-F | 2023-05-12 | 2022-12-31 | 0001104659-23-059900 ↗ |
| 20-F | 2022-04-26 | 2021-12-31 | 0001104659-22-049929 ↗ |
| 20-F | 2010-06-07 | 2009-12-31 | 0001193125-10-133596 ↗ |
| 20-F | 2009-06-05 | 2008-12-31 | 0001193125-09-125867 ↗ |
| 20-F | 2008-06-30 | 2007-12-31 | 0001193125-08-143983 ↗ |