Icade SA (ICAD) - Net Assets
Based on the latest financial reports, Icade SA (ICAD) has net assets worth €3.90 Billion EUR (≈ $4.56 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€9.56 Billion ≈ $11.18 Billion USD) and total liabilities (€5.66 Billion ≈ $6.62 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check ICAD tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €3.90 Billion |
| % of Total Assets | 40.8% |
| Annual Growth Rate | 17.67% |
| 5-Year Change | -54.84% |
| 10-Year Change | -4.85% |
| Growth Volatility | 63.35 |
Icade SA - Net Assets Trend (2000–2025)
This chart illustrates how Icade SA's net assets have evolved over time, based on quarterly financial data. See operational self-sufficiency of Icade SA to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Icade SA (2000–2025)
The table below shows the annual net assets of Icade SA from 2000 to 2025. For live valuation and market cap data, see ICAD market cap.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €3.90 Billion ≈ $4.56 Billion |
-10.60% |
| 2024-12-31 | €4.36 Billion ≈ $5.10 Billion |
-13.89% |
| 2023-12-31 | €5.07 Billion ≈ $5.92 Billion |
-41.65% |
| 2022-12-31 | €8.68 Billion ≈ $10.15 Billion |
+0.52% |
| 2021-12-31 | €8.64 Billion ≈ $10.10 Billion |
+5.92% |
| 2020-12-31 | €8.16 Billion ≈ $9.54 Billion |
+99.19% |
| 2019-12-31 | €4.09 Billion ≈ $4.79 Billion |
+4.02% |
| 2018-12-31 | €3.94 Billion ≈ $4.60 Billion |
-4.62% |
| 2017-12-31 | €4.13 Billion ≈ $4.83 Billion |
+0.66% |
| 2016-12-31 | €4.10 Billion ≈ $4.79 Billion |
-3.92% |
| 2015-12-31 | €4.27 Billion ≈ $4.99 Billion |
-5.80% |
| 2014-12-31 | €4.53 Billion ≈ $5.30 Billion |
-1.09% |
| 2013-12-31 | €4.58 Billion ≈ $5.35 Billion |
+54.54% |
| 2012-12-31 | €2.96 Billion ≈ $3.46 Billion |
+8.16% |
| 2011-12-31 | €2.74 Billion ≈ $3.20 Billion |
-3.32% |
| 2010-12-31 | €2.83 Billion ≈ $3.31 Billion |
+55.68% |
| 2009-12-31 | €1.82 Billion ≈ $2.13 Billion |
+23.08% |
| 2008-12-31 | €1.48 Billion ≈ $1.73 Billion |
+3.57% |
| 2007-12-31 | €1.43 Billion ≈ $1.67 Billion |
-20.05% |
| 2006-12-31 | €1.79 Billion ≈ $2.09 Billion |
+53.84% |
| 2005-12-31 | €1.16 Billion ≈ $1.36 Billion |
-5.44% |
| 2004-12-31 | €1.23 Billion ≈ $1.44 Billion |
+246.12% |
| 2003-12-31 | €354.76 Million ≈ $414.76 Million |
+168.66% |
| 2002-12-31 | €132.05 Million ≈ $154.38 Million |
+0.09% |
| 2001-12-31 | €131.94 Million ≈ $154.25 Million |
+97.53% |
| 2000-12-31 | €66.79 Million ≈ $78.09 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Icade SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 2081.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | €116.20 Million | 3.00% |
| Other Components | €3.88 Billion | 100.18% |
| Total Equity | €3.88 Billion | 100.00% |
Icade SA Competitors by Market Cap
The table below lists competitors of Icade SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Hengdian Entertainment Co Ltd Class A
SHG:603103
|
$1.60 Billion |
|
Alkami Technology Inc
NASDAQ:ALKT
|
$1.60 Billion |
|
Telkom
JSE:TKG
|
$1.60 Billion |
|
Guangdong Homa Appliances Co Ltd
SHE:002668
|
$1.60 Billion |
|
Champion Iron Ltd
TO:CIA
|
$1.59 Billion |
|
Enviri Corporation
NYSE:NVRI
|
$1.59 Billion |
|
JSL Construction & Development Co Ltd
TW:2540
|
$1.59 Billion |
|
Purecycle Technologies Holdings Corp
NASDAQ:PCT
|
$1.59 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Icade SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,323,400,000 to 3,877,300,000, a change of -446,100,000 (-10.3%).
- Net loss of 123,000,000 reduced equity.
- Dividend payments of 326,700,000 reduced retained earnings.
- Share repurchases of 1,100,000 reduced equity.
- New share issuances of 1,100,000 increased equity.
- Other comprehensive income decreased equity by 2,127,600,000.
- Other factors increased equity by 2,131,200,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €-123.00 Million | -3.17% |
| Dividends Paid | €326.70 Million | -8.43% |
| Share Repurchases | €1.10 Million | -0.03% |
| Share Issuances | €1.10 Million | +0.03% |
| Other Comprehensive Income | €-2.13 Billion | -54.87% |
| Other Changes | €2.13 Billion | +54.97% |
| Total Change | €- | -10.32% |
Book Value vs Market Value Analysis
This analysis compares Icade SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.42x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | €41.49 | €21.32 | x |
| 2005-12-31 | €28.25 | €21.32 | x |
| 2006-12-31 | €39.39 | €21.32 | x |
| 2007-12-31 | €30.05 | €21.32 | x |
| 2008-12-31 | €30.13 | €21.32 | x |
| 2009-12-31 | €37.11 | €21.32 | x |
| 2010-12-31 | €55.55 | €21.32 | x |
| 2011-12-31 | €52.97 | €21.32 | x |
| 2012-12-31 | €51.22 | €21.32 | x |
| 2013-12-31 | €68.47 | €21.32 | x |
| 2014-12-31 | €54.82 | €21.32 | x |
| 2015-12-31 | €48.72 | €21.32 | x |
| 2016-12-31 | €46.52 | €21.32 | x |
| 2017-12-31 | €45.33 | €21.32 | x |
| 2018-12-31 | €42.98 | €21.32 | x |
| 2019-12-31 | €42.81 | €21.32 | x |
| 2020-12-31 | €87.36 | €21.32 | x |
| 2021-12-31 | €89.52 | €21.32 | x |
| 2022-12-31 | €86.89 | €21.32 | x |
| 2023-12-31 | €65.81 | €21.32 | x |
| 2024-12-31 | €57.06 | €21.32 | x |
| 2025-12-31 | €51.13 | €21.32 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Icade SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -3.17%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -8.49%
- • Asset Turnover: 0.15x
- • Equity Multiplier: 2.47x
- Recent ROE (-3.17%) is below the historical average (5.67%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2000 | 9.37% | 13.66% | 0.16x | 4.41x | €-420.60K |
| 2001 | 5.58% | 13.09% | 0.16x | 2.66x | €-5.81 Million |
| 2002 | 6.15% | 12.71% | 0.16x | 2.95x | €-5.06 Million |
| 2003 | 1.79% | 9.16% | 0.10x | 1.88x | €-29.08 Million |
| 2004 | 6.73% | 6.06% | 0.30x | 3.67x | €-29.24 Million |
| 2005 | 7.47% | 6.00% | 0.34x | 3.64x | €-24.00 Million |
| 2006 | 14.17% | 16.99% | 0.30x | 2.82x | €66.33 Million |
| 2007 | 2.60% | 2.46% | 0.28x | 3.79x | €-105.08 Million |
| 2008 | 21.27% | 19.35% | 0.26x | 4.19x | €165.61 Million |
| 2009 | 29.12% | 35.01% | 0.25x | 3.31x | €346.11 Million |
| 2010 | 42.99% | 85.07% | 0.20x | 2.52x | €934.68 Million |
| 2011 | 3.40% | 6.23% | 0.20x | 2.66x | €-180.83 Million |
| 2012 | 1.94% | 3.43% | 0.19x | 2.94x | €-213.79 Million |
| 2013 | 3.04% | 8.71% | 0.14x | 2.47x | €-289.86 Million |
| 2014 | 3.75% | 8.78% | 0.17x | 2.52x | €-252.73 Million |
| 2015 | -5.21% | -13.07% | 0.14x | 2.84x | €-546.35 Million |
| 2016 | 1.30% | 3.01% | 0.15x | 2.92x | €-298.82 Million |
| 2017 | 5.08% | 10.30% | 0.15x | 3.37x | €-165.00 Million |
| 2018 | 4.86% | 8.74% | 0.15x | 3.69x | €-163.62 Million |
| 2019 | 9.47% | 19.70% | 0.12x | 3.95x | €-16.67 Million |
| 2020 | 0.37% | 1.68% | 0.08x | 2.66x | €-622.21 Million |
| 2021 | 5.95% | 24.09% | 0.09x | 2.62x | €-272.08 Million |
| 2022 | 0.82% | 3.45% | 0.09x | 2.77x | €-604.69 Million |
| 2023 | -25.08% | -81.85% | 0.13x | 2.33x | €-1.75 Billion |
| 2024 | -6.38% | -19.01% | 0.14x | 2.43x | €-708.24 Million |
| 2025 | -3.17% | -8.49% | 0.15x | 2.47x | €-510.73 Million |
Industry Comparison
This section compares Icade SA's net assets metrics with peer companies in the REIT - Diversified industry.
Industry Context
- Industry: REIT - Diversified
- Average net assets among peers: $2,904,364,458
- Average return on equity (ROE) among peers: 7.01%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Icade SA (ICAD) | €3.90 Billion | 9.37% | 1.45x | $1.59 Billion |
| Soc Centrale Bois Scieries Manche SA (CBSM) | $130.82 Million | 6.22% | 1.52x | $133.68 Million |
| Covivio SA (COV) | $11.36 Billion | 6.60% | 1.15x | $6.50 Billion |
| Immobiliere Dassault SA (IMDA) | $73.76 Million | -1.53% | 0.51x | $376.86 Million |
| Groupe Partouche SA (PAR) | $54.46 Million | 16.76% | 0.93x | $44.29 Million |
About Icade SA
Icade is a real estate player that strives to make cities more pleasant places to live for everyone. Icade combines expertise in property investment (portfolio worth 6.1bn euros as of 12/31/2025 100% + Group share of joint ventures) and property development (2025 economic revenue of 1.1bn pounds), supporting clients, elected officials and partners throughout France in building the city of tomorro… Read more