Icade/€ICAD
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Capital at risk
About Icade
Icade is a French real estate investment company headquartered in Paris, specializing in the development, investment, and management of real estate properties. The company's business segments include its Property Investment Division, focused on commercial property rentals, and its Property Development Division, which handles residential and healthcare facility development projects. Established in 1954, Icade's strategic focus is on enhancing its property portfolio through sustainable and innovative urban planning. With operations primarily in France, it leverages its strong market knowledge and expertise in green building practices to maintain a competitive edge in the real estate sector.
- Ticker
- €ICAD
- Sector
- Real Estate
- Primary listing
- PAR
- Employees
- 981
- Headquarters
- Puteaux, France
- Website
- www.icade.fr
Icade Metrics
BasicAdvanced
€1.3B
-
-€2.47
0.90
€1.92
3.58%
Price and volume
Market cap
€1.3B
Beta
0.9
52-week high
€22.72
52-week low
€16.74
Average daily volume
100K
Dividend rate
€1.92
Financial strength
Current ratio
1.208
Quick ratio
0.857
Long term debt to equity
0.97
Total debt to equity
1.121
Interest coverage (TTM)
3.01%
Profitability
EBITDA (TTM)
264
Gross margin (TTM)
36.53%
Net profit margin (TTM)
-14.20%
Operating margin (TTM)
18.37%
Effective tax rate (TTM)
-12.58%
Revenue per employee (TTM)
€1,340,000
Management effectiveness
Return on assets (TTM)
1.59%
Return on equity (TTM)
-5.24%
Valuation
Price to revenue (TTM)
0.969
Price to book
0.36
Price to tangible book (TTM)
0.36
Price to free cash flow (TTM)
4.636
Free cash flow yield (TTM)
21.57%
Free cash flow per share (TTM)
3.632
Dividend yield (TTM)
11.40%
Forward dividend yield
3.58%
Growth
Revenue change (TTM)
-1.55%
Earnings per share change (TTM)
0.01%
3-year revenue growth (CAGR)
-3.44%
10-year revenue growth (CAGR)
-0.54%
3-year earnings per share growth (CAGR)
-37.69%
10-year earnings per share growth (CAGR)
4.80%
3-year dividend per share growth (CAGR)
-23.74%
10-year dividend per share growth (CAGR)
-6.43%
Bulls say / Bears say
The sale of the Marignan building for €402 m on April 9, 2026 reduced Icade’s LTV by c. 0.6 pps and bolstered its liquidity to €2.5 bn, strengthening financial flexibility (Icade press release)
Icade renewed 58,000 sq m of leases in Nanterre until 2036, illustrating strong tenant demand in its office portfolio and underpinning a c. 90% occupancy rate in the office segment (Icade press release)
The residential segment saw orders rise 11.9% in volume and 6.4% in value over H1 2025, with residential revenue up 1.6%, evidencing robust development demand (MarketScreener)
Gross rental income slipped 4.5% year-on-year (–1.1% like-for-like) and net rental income fell 6.4% (–2.0% LFL), dragging the net rental income margin down to 85.7% (–1.7 pps) due to tenant departures and negative rent reversions (MarketScreener)
The Property Investment portfolio’s value declined 8.4% yoy (–3.1% LFL) as rising interest rates and yield decompression in La Défense weighed on valuations (MarketScreener, Bloomberg)
Group net current cash flow per share dropped 11.5% to €1.80 and the Group reported a net loss of €156 m in H1 2026, leaving EPRA NTA down 6.9% to €49.7 per share, highlighting reduced cash generation and NAV pressure (MarketScreener)
Data summarised monthly by Lightyear AI. Last updated on 29 Aug 2026.
Upcoming events
No upcoming events
Funds containing Icade
AllEURGBPUSD
Fund name | Fund size | €ICAD weighting |
|---|---|---|
iShares European Property Yield€IPRP | €813M | 0.63% |
iShares European Property Yield£IPRP | £698M | 0.63% |
iShares Developed Markets Property Yield$IDWP | $1.2B | 0.05% |
iShares Developed Markets Property Yield£IWDP | £859M | 0.05% |
Xtrackers MSCI Europe Small Cap€DX2J | €3.2B | 0.04% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.