Fincantieri S.p.A. (FCT.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-233.1%

-€16.67

vs €12.53 price

Levered DCF

€10.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.05

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	43.95×	49.5×	-18.04×	-21.63×	365.62×	-30.36×	-97.41×	169×
P/B	5.41×	1.95×	2.19×	11.91×	9.7×	9.45×	11.84×	9.76×
P/S	0.6×	0.21×	0.13×	0.95×	1.17×	1.24×	2.09×	2.28×
EV / EBITDA	17.37×	5.91×	7.85×	2,799.33×	26.78×	511.85×	76.16×	39.1×
Gross margin	6.5%	21.3%	20.8%	18.2%	21.9%	18.2%	21.7%	23.6%
Operating margin	1.2%	0.8%	1.5%	-2.1%	4.4%	-3.4%	1.4%	4.6%
Net margin	1.4%	0.4%	-0.7%	-4.2%	0.3%	-4.2%	-2.1%	1.3%
Current ratio	0.88×	1.01×	0.91×	0.96×	1.03×	1.15×	0.98×	1.06×
Debt / equity	2.3×	2.74×	6.73×	5.49×	4.35×	5.01×	1.99×	1.51×
Interest coverage	0.6×	0.26×	0.48×	-1.47×	3.56×	-2.65×	1.23×	2.98×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Payout ratio	0.0%	0.6%	-0.2%	0.0%	0.0%	0.0%	-13.6%	23.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	3.9%	-12.2%	-52.8%	2.7%	-31.5%	-12.2%	5.8%
Return on invested capital	2.0%	1.4%	2.3%	-3.3%	1.7%	-3.9%	2.1%	3.6%
Return on assets	1.2%	0.3%	-0.6%	-3.5%	0.2%	-2.8%	-1.7%	1.0%
Free cash flow yield	3.8%	10.9%	39.9%	-5.1%	6.4%	-11.8%	-2.1%	-1.0%
Earnings yield	2.3%	2.0%	-5.6%	-4.4%	0.3%	-3.3%	-1.0%	0.6%
Enterprise value	€7.2B	€3.3B	€3.1B	€9.6B	€10.3B	€9.7B	€13.7B	€13.5B
Net debt / EBITDA	4.31×	2.94×	5.46×	770.23×	6.06×	133.58×	9.13×	3.54×
Cash conversion cycle (days)	71	72	38	58	117	139	148	179