NAE.PA·Energy

North Atlantic Energies

I · AI Analysis

The brief

North Atlantic Energies refines and markets petroleum products in France, including gasoline, diesel, marine fuels, lubricants, and bitumen [Yahoo Finance]. The company operates fuel retail stations under the Esso brand and distributes heating oils and specialty products [Yahoo Finance].

North Atlantic Energies (formerly Esso S.A.F.) is a French oil refining and marketing company operating fuel retail under the Esso brand [Yahoo Finance]. The company shows meaningful financial strain: trailing-twelve-month free cash flow was negative EUR 1.2B and operating margin was negative 0.7% through 30 June 2026 [Yahoo Finance]. With a Health Score of 4.1/10 and Piotroski Score of 3/9, the company faces significant structural challenges [Sentinellis calculation].

The company is burning cash heavily and operating at a loss, with negative margins and deeply negative free cash flow.

The brief AI analysisConfidence 5/10

Sentinellis health

Significant risks

4.1/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

18% of score0.0/10

Net margin-0.3%· need ≥ 3.2%, the lower third of oil & gas midstream & refining in our libraryGross margin+6.0%· need ≥ 11.9%, the lower third of oil & gas midstream & refining in our library

Returns on capital

18% of score0.0/10

ROIC-3.9%· need > 10%Return on equity-5.3%· need > 12%

Growth & momentum

12% of score10.0/10

Revenue growth+0.7%Operating margin trend—· no data

Balance sheet

35% of score8.3/10

Current ratio1.3xNet debt / EBITDA1.7xInterest coverage-1.6x· need > 6.0xDebt / equity1.27

Cash generation

18% of score0.0/10

Free cash flowEUR -1.2B· need positiveCash vs reported profitEUR -473.9M vs EUR -38.4M· need OCF > net income

Value creation

no data

ROIC vs cost of capital—· no data

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

EUR 931.3M

Revenue (TTM)

EUR 11.4B

Explainers

How we read these numbers

Plain-English guides · no account needed

Fundamentals

ROIC vs WACC Explained: How to Tell If a Company Actually Creates Value

What ROIC and WACC are, how to compute both, and why the spread between them is the single most important number in fundamental investing.

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Fundamentals

Piotroski F-Score Explained: A 9-Point Financial Health Check (with a Live Apple Example)

What the Piotroski F-Score is, how to calculate all 9 criteria, and how to read the result. Plain English, with a real Apple walkthrough.

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Fundamentals

Altman Z-Score Explained: Predicting Bankruptcy in 5 Minutes (with Real Examples)

What the Altman Z-Score is, the exact formula, how to read the result, and which version to use for manufacturers vs tech vs private companies.

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The company is consuming cash at an extreme rate: negative EUR 1.2B in free cash flow represents a burn of more than the entire market cap [Yahoo Finance].

1 of 5 risks in this report

Risks

Opportunities

Red flags

Leadership

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