Technogym S.p.A. (TGYM.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

+26.4%

€17.45

vs €13.81 price

Levered DCF

€19.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.05

Safe zone

Rating

A-

Overall 4 / 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	27.83×	23.75×	24.51×	22.34×	27.29×	51.33×	28.27×	20.24×
P/B	9.61×	5.49×	5.09×	4.19×	5.5×	6.46×	9.03×	9.01×
P/S	3.15×	2.31×	2.23×	2×	2.79×	3.66×	3.5×	2.95×
EV / EBITDA	14.54×	10.62×	11.42×	10.81×	14.28×	19.15×	16.86×	14.61×
Gross margin	37.6%	41.4%	43.8%	34.5%	33.8%	34.5%	38.9%	46.3%
Operating margin	15.6%	13.2%	12.1%	11.5%	12.9%	10.7%	16.4%	17.3%
Net margin	11.3%	9.7%	9.1%	8.8%	10.3%	7.1%	12.5%	14.7%
Current ratio	1.27×	1.46×	1.49×	1.44×	1.36×	1.57×	1.27×	1.19×
Debt / equity	0.17×	0.19×	0.19×	0.3×	0.42×	0.44×	0.43×	0.55×
Interest coverage	9.6×	36.94×	37.17×	44.04×	51.94×	30.29×	56.01×	83.89×
Dividend yield	5.1%	2.7%	2.8%	2.2%	2.6%	0.0%	1.6%	1.0%
Payout ratio	141.1%	63.4%	69.7%	50.6%	70.2%	0.0%	43.5%	19.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.5%	23.0%	20.8%	18.5%	20.4%	12.5%	32.3%	44.8%
Return on invested capital	25.2%	15.4%	14.2%	12.7%	12.8%	8.5%	20.2%	36.2%
Return on assets	13.8%	9.6%	9.0%	8.1%	8.3%	5.3%	13.0%	15.6%
Free cash flow yield	4.5%	5.5%	3.9%	5.5%	4.0%	3.9%	4.2%	2.4%
Earnings yield	3.6%	4.2%	4.1%	4.4%	3.7%	1.9%	3.6%	5.0%
Enterprise value	€3.1B	€1.9B	€1.6B	€1.3B	€1.7B	€1.8B	€2.3B	€1.9B
Net debt / EBITDA	-0.71×	-1.12×	-1.1×	-0.82×	-0.37×	-0.81×	-0.03×	0.27×
Cash conversion cycle (days)	-0	16	12	5	22	25	26	29