Icade Past Earnings Performance
Past criteria checks 0/6
Icade's earnings have been declining at an average annual rate of -31.4%, while the REITs industry saw earnings declining at 20.6% annually. Revenues have been declining at an average rate of 2.9% per year.
Key information
-31.35%
Earnings growth rate
-31.46%
EPS growth rate
| REITs Industry Growth | 12.57% |
| Revenue growth rate | -2.86% |
| Return on equity | -3.23% |
| Net Margin | -9.20% |
| Next Earnings Update | 21 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jun 06
ICAD: Limited Downside View Will Still Pressure Shares Going Forward
Analysts have raised their fair value estimate for Icade from €16.30 to €17.00, citing a higher Street price target of €22 and the view that downside risk at current levels now appears more limited. What's in the News Icade has scheduled a Special and Extraordinary Shareholders Meeting for June 10, 2026, at the Coeur Defense building, Tour B Espace Comet, 24th floor, 100 Esplanade du General de Gaulle, Paris La Defense Cedex, France.
Narrative Update • May 22
ICAD: Slower Healthcare Exit And Paused Special Payouts Will Shape Balanced Outlook
Analysts have nudged their fair value estimate for Icade slightly lower to about €21.31. This reflects a reduced price target and updated assumptions around slower revenue growth, a modestly softer profit margin, a higher discount rate and the view that asset disposals and potential special dividends may take longer to materialise.Narrative Update • May 06
ICAD: Slower Healthcare Disposal And Halted Special Payouts Will Pressure Shares
Analysts have reduced their price target on Icade from €30 to €25, citing expectations that the healthcare business disposal could take longer and that special dividends are no longer assumed over the next three years. Analyst Commentary Bearish analysts are flagging a more cautious stance on Icade, with recent research pointing to timing and payout uncertainties that weigh on sentiment.Narrative Update • Apr 21
ICAD: Slower Healthcare Disposal And Lost Special Dividends Will Pressure Shares
Analysts have trimmed their price target for Icade to €25 from €30, reflecting expectations that the planned disposal of the healthcare business may take longer and that special dividends are no longer assumed over the next three years. Analyst Commentary Bearish analysts have shifted to a more cautious stance on Icade, with the rating cut to Equal Weight from Overweight and the price target moved to €25 from €30.Narrative Update • Apr 06
ICAD: Slower Healthcare Disposal And Missing Special Dividends Will Shape Fair Outlook
Narrative Update The analyst price target for Icade has been trimmed to €21.35 from €21.54. This reflects a more cautious stance from analysts after recent downgrades and expectations that healthcare asset disposals and potential special dividends may take longer to play out.
Narrative Update • Mar 23
ICAD: Slower Healthcare Exit And Reset Distributions Will Support Future Repricing
Analysts have trimmed their fair value estimate for Icade to about €29.91 from €31.29, echoing recent price target cuts, such as the move from €30 to €25, as they factor in a longer timeline for healthcare asset disposals and the absence of expected special dividends. Analyst Commentary The recent research updates on Icade point to a more cautious stance as analysts reassess how quickly the group can execute on its healthcare disposals and how generous future shareholder returns might be.Narrative Update • Mar 08
ICAD: Slower Healthcare Disposals And Lost Special Dividends Will Shape Fairly Valued Outlook
Analysts have modestly trimmed their fair value estimate for Icade from €22.03 to about €21.54. This reflects updated views on slower progress on healthcare disposals, a higher required discount rate and the removal of assumed special dividends after recent downgrades and price target cuts on the stock.Narrative Update • Feb 22
ICAD: Higher Office Risk Premium Will Set Stage For Future Repricing
Analysts have reduced their fair value estimate for Icade from about €36.67 to about €31.29, reflecting a higher assumed discount rate and lower profit margin expectations following recent rating cuts and a lower €18 Street price target. Analyst Commentary Recent rating actions on Icade have leaned cautious, with cuts to both recommendations and price targets that feed into the lower fair value estimate.Narrative Update • Feb 08
ICAD: Office Risk Repricing And Downgrades Will Shape Fairly Valued Outlook
Analysts have trimmed their fair value estimate for Icade from €23.33 to €22.03. This reflects a slightly higher discount rate, a modestly lower profit margin outlook and recent downgrades that cite a higher perceived equity risk premium in offices.Narrative Update • Jan 24
ICAD: Office Risk Repricing And Downgrades Will Shape Future Share Performance
Analysts have trimmed their fair value estimate for Icade from about €23.46 to roughly €23.33, citing slightly higher required returns, more cautious assumptions on revenue growth and profit margins, and recent Street downgrades, including a cut in one price target from €25 to €18. Analyst Commentary Bullish Takeaways Bullish analysts may see the recent pullback in fair value and price targets as already reflecting higher equity risk premiums in offices, which can limit further downside if execution on existing projects is steady.Narrative Update • Jan 10
ICAD: Office Downgrades And Higher Risk Premium Will Pressure Shares
Analysts have trimmed their price expectations for Icade to around €14.60, reflecting recent rating downgrades and a higher equity risk premium for office assets. This has been incorporated into updated assumptions for revenue growth, profit margins and future P/E levels.Narrative Update • Dec 26
ICAD: Office Risk Repricing Will Shape Margins And Share Performance
Analysts have lowered their price target on Icade from EUR 25 to EUR 18. This reflects a higher perceived equity risk in offices, alongside slightly faster expected revenue growth but weaker profit margins and a higher valuation multiple.Narrative Update • Dec 12
ICAD: Office Weakness And Higher Equity Risk Will Pressure Shares
Analysts have cut their price target on Icade from EUR 17.80 to EUR 14.60, reflecting a lower revenue growth outlook and higher perceived equity risk in offices, even as profit margins are expected to improve. Analyst Commentary Bearish analysts have recently shifted their stance on Icade, highlighting a weaker outlook for office assets and increasing caution around the company’s equity risk profile.
New Narrative • Apr 28
Pulse Building Lease With Seine-Saint-Denis Will Boost Portfolio Strength
Improved rental growth expected from the lease agreement and focus on prime locations may enhance revenue stability.Analysis Article • Feb 23
A Look At Icade's (EPA:ICAD) Share Price Returns
Passive investing in an index fund is a good way to ensure your own returns roughly match the overall market. When you...Analysis Article • Jan 19
How Did Icade SA's (EPA:ICAD) 8.0% ROE Fare Against The Industry?
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...Analysis Article • Dec 13
What Type Of Shareholders Make Up Icade SA's (EPA:ICAD) Share Registry?
If you want to know who really controls Icade SA ( EPA:ICAD ), then you'll have to look at the makeup of its share...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Icade makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 1,337 | -123 | 327 | 0 |
| 30 Sep 25 | 1,338 | -155 | 331 | 0 |
| 30 Jun 25 | 1,339 | -187 | 334 | 0 |
| 31 Mar 25 | 1,376 | -231 | 335 | 0 |
| 31 Dec 24 | 1,412 | -275 | 336 | 0 |
| 30 Sep 24 | 1,468 | -614 | 339 | 0 |
| 30 Jun 24 | 1,523 | -953 | 343 | 0 |
| 31 Mar 24 | 1,524 | -1,121 | 355 | 0 |
| 31 Dec 23 | 1,525 | -1,289 | 367 | 0 |
| 30 Sep 23 | 1,494 | -1,116 | 370 | 0 |
| 30 Jun 23 | 1,464 | -944 | 372 | 0 |
| 31 Mar 23 | 1,467 | -657 | 367 | 0 |
| 31 Dec 22 | 1,469 | -370 | 361 | 0 |
| 30 Sep 22 | 1,496 | -61 | 415 | 0 |
| 30 Jun 22 | 1,524 | 249 | 468 | 0 |
| 31 Mar 22 | 1,586 | 324 | 425 | 0 |
| 31 Dec 21 | 1,648 | 399 | 382 | 0 |
| 30 Jun 21 | 1,640 | 280 | 228 | 0 |
| 31 Mar 21 | 1,534 | 178 | 225 | 0 |
| 31 Dec 20 | 1,429 | 76 | 222 | 0 |
| 30 Jun 20 | 1,458 | 259 | 224 | 0 |
| 31 Mar 20 | 1,485 | 278 | 221 | 0 |
| 31 Dec 19 | 1,512 | 298 | 218 | 0 |
| 30 Sep 19 | 1,587 | 235 | 215 | 0 |
| 30 Jun 19 | 1,662 | 173 | 212 | 0 |
| 31 Mar 19 | 1,717 | 165 | 220 | 0 |
| 31 Dec 18 | 1,773 | 156 | 229 | 0 |
| 30 Sep 18 | 1,714 | 137 | 229 | 0 |
| 30 Jun 18 | 1,655 | 118 | 230 | 0 |
| 31 Mar 18 | 1,642 | 142 | 227 | 0 |
| 31 Dec 17 | 1,629 | 165 | 224 | 0 |
| 30 Jun 17 | 1,596 | 106 | 219 | 0 |
| 31 Mar 17 | 1,542 | 75 | 212 | 0 |
| 31 Dec 16 | 1,487 | 45 | 205 | 0 |
| 30 Jun 16 | 1,391 | -101 | 204 | 0 |
| 31 Mar 16 | 1,411 | -144 | 205 | 0 |
| 31 Dec 15 | 1,431 | -187 | 206 | 0 |
| 30 Jun 15 | 1,649 | 82 | 194 | 0 |
Quality Earnings: ICAD is currently unprofitable.
Growing Profit Margin: ICAD is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: ICAD is unprofitable, and losses have increased over the past 5 years at a rate of 31.4% per year.
Accelerating Growth: Unable to compare ICAD's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: ICAD is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (2.7%).
Return on Equity
High ROE: ICAD has a negative Return on Equity (-3.23%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/19 08:29 |
| End of Day Share Price | 2026/06/19 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
|
| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
| |
| Key Developments | 10 years |
|
* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Icade is covered by 18 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Celine Huynh | Barclays |
| Paul May | Barclays |
| Aaron Guy | Barclays |