Pininfarina S.p.A. (PINF.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

-81.3%

€0.19

vs €1.00 price

Levered DCF

-€0.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.04

Distress zone

Rating

Overall 2 / 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	-10.18×	-13.56×	-39.11×	-13.18×	31.06×	-2.58×	-3.89×	58.02×
P/B	2.41×	1.57×	1.72×	1.85×	1.89×	1.83×	2.31×	2.04×
P/S	0.67×	0.65×	0.71×	0.95×	1.15×	0.96×	1.06×	1.29×
EV / EBITDA	-75.25×	37×	10.9×	74.27×	9.42×	-3.5×	-7.5×	19.77×
Gross margin	55.5%	62.8%	10.2%	65.5%	70.7%	77.6%	72.1%	69.7%
Operating margin	-4.8%	-4.1%	-3.9%	-3.6%	-1.0%	-14.8%	-15.5%	3.9%
Net margin	-6.5%	-4.8%	-1.8%	-7.2%	3.7%	-37.3%	-27.1%	2.2%
Current ratio	0.91×	1.01×	1.35×	1.49×	1.47×	1.35×	1.27×	1.64×
Debt / equity	0.21×	0.14×	0.12×	0.13×	0.57×	0.78×	0.84×	0.43×
Interest coverage	-4.12×	-2.56×	-2.35×	-1.66×	-0.38×	-4.87×	-5.99×	1.57×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-23.7%	-11.6%	-4.4%	-14.0%	6.1%	-71.4%	-59.2%	3.5%
Return on invested capital	-13.5%	-7.3%	-6.2%	-4.5%	-0.9%	-15.1%	-17.4%	4.1%
Return on assets	-6.1%	-4.5%	-1.6%	-5.8%	2.5%	-23.7%	-19.0%	1.7%
Free cash flow yield	-7.4%	3.2%	6.6%	-6.2%	-2.1%	-14.1%	-12.3%	-4.1%
Earnings yield	-9.8%	-7.4%	-2.6%	-7.6%	3.2%	-39.0%	-25.6%	1.7%
Enterprise value	€48.7M	€36.2M	€39.4M	€47.9M	€69.6M	€60.8M	€102.8M	€134.5M
Net debt / EBITDA	30.28×	-20.21×	-6.29×	-27.92×	-0.86×	0.11×	-0.92×	1.24×
Cash conversion cycle (days)	-6	-67	68	-118	-202	-294	-161	-98