olivLaw · European equity research
Amplifon S.p.A. AMP.MI
Italy · Euronext Milan · ISIN IT0004056880 · Vertical: Listed companies from Italy
Amplifon is an Italian group specialised in hearing solutions, with its own network of centres in Europe, the Americas and Asia-Pacific. Revenue was broadly stable in fiscal 2025, while EBITDA margin declined under pressure from operating deleverage and the Fit4Growth network optimisation programme.
At the close of 05 Nov 2026, Amplifon S.p.A. (AMP.MI) stock was 12.08 EUR (+2.76% on the day), with market capitalisation 2.7 bn EUR, P/E 29.9 on diluted EPS of 0.40 EUR over the last 12 months, dividend yield 2.43%, beta 0.67, 52-week range 8.03–14.49 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.2
- neutral
- Bollinger (20, 2)
- 11.37 – 13.52
- in the lower half of the band · %B 0.33 · band width 17.3%
- SMA 50 / 200
- 12.03 / 11.25
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.05 / 0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | +0.4% | −1.3 pp | — |
| 3 months | +1.2% | −3.3% | +4.5 pp | — |
| 6 months | +8.2% | +4.0% | +4.3 pp | — |
| Year to date | −12.1% | +8.1% | −20.2 pp | — |
| 1 year | −17.5% | +10.7% | −28.2 pp | −4.8% |
| 3 years | −56.5% | +50.1% | −106.6 pp | +10.1% |
| 5 years | −73.6% | +43.6% | −117.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 34.1, median 38.7, max 45.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.3 bn | 2.4 bn | 2.4 bn |
| Revenue YoY | unavailable | +6.6% | −0.6% |
| Net income | 155.1 m | 145.4 m | 91.3 m |
| Net income YoY | unavailable | −6.3% | −37.2% |
| Diluted EPS | 0.69 | 0.64 | 0.40 |
| Diluted EPS YoY | unavailable | −6.7% | −37.2% |
| net % | 6.9% | 6.0% | 3.8% |
| Free cash flow | 338.2 m | 366.2 m | 358.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 308.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 998.5 m EUR
- Total assets
- 3.9 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.61x
- ROE
- 8.5%
- ROA
- 2.3%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.3 bn | 2.4 bn | 2.4 bn | esef· 07 Apr 2026verified |
| Operating income | 259.2 m | 256.8 m | 196.6 m | esef· 07 Apr 2026verified |
| Pre-tax income | 209.7 m | 196.8 m | 131.8 m | esef· 07 Apr 2026verified |
| Income tax | 54.7 m | 51.2 m | 40.2 m | esef· 07 Apr 2026verified |
| Net income | 155.1 m | 145.4 m | 91.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.69 | 0.64 | 0.40 | esef· 07 Apr 2026verified |
| Dividend per share | 0.29 | 0.29 | 0.29 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 193.1 m | 288.8 m | 308.9 m | esef· 07 Apr 2026verified |
| Inventories | 88.3 m | 93.2 m | 82.5 m | esef· 07 Apr 2026verified |
| Current assets | 621.2 m | 725.2 m | 763.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 221.5 m | 253.9 m | 237.1 m | esef· 07 Apr 2026verified |
| Goodwill | 1.8 bn | 1.9 bn | 1.9 bn | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 416.6 m | 428.4 m | 380.7 m | esef· 07 Apr 2026verified |
| Total assets | 3.7 bn | 4.0 bn | 3.9 bn | esef· 07 Apr 2026verified |
| Current liabilities | 1.2 bn | 1.2 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Equity | 1.1 bn | 1.2 bn | 998.5 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 223.9 m | 225.8 m | 222.5 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 413.5 m | 451.2 m | 414.8 m | esef· 07 Apr 2026verified |
| Capex | 75.3 m | 85.0 m | 56.4 m | esef· 07 Apr 2026verified |
| Free cash flow | 338.2 m ≈ | 366.2 m ≈ | 358.4 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -261.5 m | -335.1 m | -187.0 m | esef· 07 Apr 2026verified |
| Financing cash flow | -135.1 m | -18.8 m | -202.2 m | esef· 07 Apr 2026verified |
| Dividends paid | 65.4 m | 65.6 m | 65.3 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 25.4 m | 108.2 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.54 – 9.22 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.54 – 9.22 (Mid 5.35)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)3.99 – 5.44 (Mid 4.61)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.8% | 38 (vs peers) | 14% |
| FCF conversion · Quality | 392.4% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 29.9x | 18 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.3% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 6.5% | 92 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 18.2% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality69/100 · 2/3 factors with a value
- Returns95/100 · 2/2 factors with a value
- Valuation55/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AMPLIFON S.P.A. (AMP.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.4 bn EUR in 2025; YoY growth -0.6%; net margin 3.8%; ROE 8.5%.
The estimated value range is 3.26–7.33 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 4.98 EUR, the price of 12.08 EUR leaves a potential of -58.8% (value / price − 1) and a margin of safety of -142.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 392.4%
- FCF yield: 13.3%
- Shareholder yield (distributions): 6.5%
- Payout ratio (FCF): 18.2%
What contradicts it
- Current ratio: 0.6x
- P/E (TTM): 29.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for AMP.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.90 Total return -41% · Per year -41% | 12.22 Total return 4% · Per year 4% | 18.45 Total return 56% · Per year 56% |
| 3 years | 6.03 Total return -45% · Per year -18% | 12.09 Total return 7% · Per year 2% | 20.13 Total return 76% · Per year 21% |
| 5 years | 5.27 Total return -48% · Per year -12% | 11.95 Total return 11% · Per year 2% | 21.95 Total return 98% · Per year 15% |
- Exit P/E± 3.02
- Net margin± 2.11
- Annual revenue growth± 1.82
- Annual dilution± 0.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Amplifon is an Italian group specialised in hearing solutions, with its own network of centres in Europe, the Americas and Asia-Pacific. Revenue was broadly stable in fiscal 2025, while EBITDA margin declined under pressure from operating deleverage and the Fit4Growth network optimisation programme.
SWOT
Strengths
- Its own centre network and direct distribution give control over customer experience and sales.
- Geographic diversification across three regions reduces dependence on a single market.
- EMEA revenue grew in 2025, supported by acquisitions and their integration.
Weaknesses
- Profitability declined in 2025, with EBITDA margin hit by costs and lower operating leverage.
- Revenue in America and Asia and Oceania fell, partly because of currency effects.
- Organic revenue growth was negative in 2025, pointing to pressure on comparable sales.
Opportunities
- Network optimisation through the Fit4Growth programme could improve centre returns.
- Expanding the direct network in the United States could raise market share in America.
- Local acquisitions could add capacity and customers in existing markets.
Threats
- Currency fluctuations can reduce euro-reported revenue from non-euro regions.
- Competitive pressure and pricing could limit the ability to maintain margins.
- Economic conditions and inflation in Argentina could affect reported results.
Risks
- Currency riskhigh
The depreciation of currencies in America and Asia and Oceania reduced reported revenue. If these trends continue, consolidated results could remain under pressure.
- Margin pressurehigh
The fall in EBITDA in 2025 shows the sensitivity of profitability to costs and operating leverage. If costs rise faster than revenue, margins could decline.
- Argentine hyperinflationmedium
Accounting for Argentine hyperinflation under IAS 29 affects reported revenue. If inflation persists, the impact on results could continue.
- Restructuring costsmedium
The Fit4Growth programme generated unusual items that weighed on results. If restructuring continues, the associated costs could remain elevated.
- Acquisition integrationlow
Integrating acquisitions, including the Polish subsidiary, carries operational risks. If integration is delayed, expected synergies could be smaller.
Investment thesis
What would need to be true (bull case)
- Geographic diversification and an owned network could support long-term growth if organic revenue recovers.
- Network optimisation through Fit4Growth could lift EBITDA margin once the restructuring period ends.
- Growth in EMEA and local acquisitions could provide a stable revenue base.
What would break the thesis
- Negative organic growth and lower EBITDA suggest profitability could remain under pressure.
- Currency effects could keep reducing reported revenue from non-euro regions.
- Marketing and restructuring costs could limit margin improvement in the coming period.
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Amplifon S.p.A. is an international hearing care group that designs, distributes and fits hearing aids through its own network of centres and through indirect channels. According to the annual report for the year ended 31 December 2025, consolidated revenue was 2.395.705 thousand euro 1. The group operates in three geographic regions: EMEA, America and Asia and Oceania.
The geographic structure is dominated by EMEA, which generated 64,9% of 2025 revenue 1. The rest of sales came from America, with 20,7%, and from Asia and Oceania, with 14,4% 1. In 2025 the company integrated local acquisitions, including the first consolidation of a Polish subsidiary at the start of March.
Profitability was under pressure in 2025: EBITDA was 511.645 thousand euro and adjusted EBITDA 540.435 thousand euro 1. The report attributes the decline to lower operating leverage, as well as higher marketing investment and the accelerated growth of the direct Miracle-Ear network in the United States.
Segments
EMEA
The EMEA segment accounts for most of the business, with 64,9% of 2025 revenue 1. Revenue grew 1,5% year on year, mainly thanks to acquisitions and perimeter effects 1.
America
The America segment declined in 2025, with revenue affected by the depreciation of the US dollar, the Argentine peso and the Canadian dollar 1. Organic growth stayed positive but was outweighed by currency effects.
Market context
The supplied source does not describe the size of the global hearing aid market; based on the document, the company operates in a sector where regional shares vary. Consolidated revenue of 2.395.705 thousand euro in 2025 1 gives a reference point for the scale of Amplifon's activity.
In 2025 organic revenue growth was negative, at -0,6% 1, and currency effects significantly influenced results. The report gives no estimates of future market developments.
Competitive position
The supplied source does not identify Amplifon's direct competitors. The company maintains its position through its own centre network and indirect channels, and geographic diversification reduces dependence on any single region.
Amplifon's own distribution structure, combined with local acquisitions, gives it an advantage in covering markets. Competitive pressure remains a risk factor, since the document provides no data on market share relative to other players.
- Competitors not named in source
The supplied source names no competitors; the competition analysis is limited to the information in the annual report.
- Indirect distribution networks
Indirect channels are mentioned in the report, especially in Asia, but no specific partners are identified.
- Regional hearing aid operators
The report mentions competitive local markets but does not single out any operator.
- Hearing technology suppliers
The source does not describe external suppliers or technology competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Amplifon S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.