olivLaw · European equity research
Brunello Cucinelli S.p.A. BC.MI
Italy · Euronext Milan · ISIN IT0004764699 · Vertical: Listed companies from Italy
Brunello Cucinelli is an Italian absolute luxury brand that designs and sells apparel and accessories, with a dominant direct retail channel. Fiscal 2025 brought a new all-time high in revenue of 1.407.951 thousand EUR, as growth exceeded expectations set at the start of the year in a luxury market that remains volatile.
At the close of 05 Nov 2026, Brunello Cucinelli S.p.A. (BC.MI) stock was 87.26 EUR (−0.39% on the day), with market capitalisation 6.2 m EUR, P/E 0.0 on diluted EPS of 1,986.50 EUR over the last 12 months, dividend yield 1,102.78%, beta 1.03, 52-week range 70.34–102.15 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)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 80.83 – 89.46
- in the upper half of the band · %B 0.74 · band width 10.1%
- SMA 50 / 200
- 82.44 / 82.50
- mixed trend
- MACD (12, 26, 9)
- 1.38 / 1.21
- MACD above 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 | +8.6% | −0.6% | +9.2 pp | — |
| 3 months | −5.6% | −4.2% | −1.4 pp | — |
| 6 months | +2.1% | +4.3% | −2.2 pp | — |
| Year to date | −11.3% | +7.5% | −18.8 pp | — |
| 1 year | −1.7% | +9.9% | −11.6 pp | −6.1% |
| 3 years | +8.4% | +49.8% | −41.4 pp | +7.7% |
| 5 years | +44.8% | +42.8% | +2.0 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 0.0, median 52.6, max 60.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 188.0 k | 188.0 k |
| Revenue YoY | unavailable | −100.0% | 0.0% |
| Net income | 114.6 m | 128.5 m | 142.0 m |
| Net income YoY | unavailable | +12.1% | +10.5% |
| Diluted EPS | 1.69 | 1.76 | 1,986.50 |
| Diluted EPS YoY | unavailable | +4.2% | +112,953.7% |
| net % | 10.1% | 68,358.0% | 75,526.1% |
| Free cash flow | 142.6 m | 98.7 m | 115.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 202.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 564.0 m EUR
- Total assets
- unavailable EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 26.5%
- ROA
- unavailable
- FCF margin
- 61,220.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 188.0 k | 188.0 k | esef· 07 Apr 2026verified |
| Operating income | 187.4 m | 211.7 m | — | esef· 15 Apr 2025verified |
| Depreciation & amortisation | 138.8 m | 153.0 m | — | esef· 15 Apr 2025verified |
| EBITDA | 326.3 m ≈ | 364.7 m ≈ | — | esef· 15 Apr 2025derived |
| Interest expense | 61.3 m | 67.6 m | — | esef· 15 Apr 2025verified |
| Pre-tax income | 173.3 m | 179.7 m | — | esef· 15 Apr 2025verified |
| Income tax | 49.5 m | 51.2 m | — | esef· 15 Apr 2025verified |
| Net income | 114.6 m | 128.5 m | 142.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.69 | 1.76 | 1,986.50 | esef· 07 Apr 2026verified |
| Dividend per share | 0.78 | 0.90 | 962.28 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 106.9 m | 182.1 m | 202.8 m | esef· 07 Apr 2026verified |
| Inventories | 287.3 m | 370.0 m | — | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 213.0 m | 18.4 m | 17.8 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 13.8 m | 125.0 k | 438.0 k | esef· 07 Apr 2026verified |
| Total assets | 1.4 bn | 1.7 bn | — | esef· 15 Apr 2025verified |
| Short-term debt | 86.9 m | 124.7 m | — | esef· 15 Apr 2025verified |
| Long-term debt | 22.2 m | 155.2 m | — | esef· 15 Apr 2025verified |
| Total liabilities | 926.3 m | 1.2 bn | — | esef· 15 Apr 2025verified |
| Equity | 453.6 m | 506.6 m | 564.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 68.0 m | 73.1 m | 71.5 k | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 209.0 m | 188.9 m | 242.6 m | esef· 07 Apr 2026verified |
| Capex | 66.4 m | 90.2 m | 127.5 m | esef· 07 Apr 2026verified |
| Free cash flow | 142.6 m ≈ | 98.7 m ≈ | 115.1 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -52.8 m | -108.9 m | -145.3 m | esef· 07 Apr 2026verified |
| Financing cash flow | -163.6 m | -6.5 m | -71.8 m | esef· 07 Apr 2026verified |
| Dividends paid | 53.1 m | 66.1 m | 68.8 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: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.2 m EUR
Key indicators
Coverage and freshness
Score by group
48% · 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: 13,087.03 – 54,112.93 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E17,465.12 – 54,112.93 (Mid 31,268.70)20 companies used · median multiple 15.7x · quartiles 8.8x – 27.2xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.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)13,087.03 – 17,845.95 (Mid 15,100.42)
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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 75,526.1% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 81.1% | 73 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 13% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.0x | 100 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1,845.3% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 1,102.8% | 100 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 59.8% | 86 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial25/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns94/100 · 2/2 factors with a value
- Valuation100/100 · 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
BRUNELLO CUCINELLI S.P.A. (BC.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 188.0 k EUR in 2025; YoY growth 0.0%; net margin 75,526.1%; ROE 26.5%.
The estimated value range is 15,276.08–35,979.44 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 23,184.56 EUR, the price of 87.26 EUR leaves a potential of 26,469.5% (value / price − 1) and a margin of safety of 99.6% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 75,526.1%
- FCF conversion: 81.1%
- P/E (TTM): 0.0x
- FCF yield: 1,845.3%
- Shareholder yield (distributions): 1,102.8%
- Payout ratio (FCF): 59.8%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 3.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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 BC.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 | 49.25 Total return 786% · Per year 786% | 87.26 Total return 1,103% · Per year 1,103% | 131.71 Total return 1,383% · Per year 1,383% |
| 3 years | 43.57 Total return 2,294% · Per year 188% | 87.26 Total return 3,308% · Per year 224% | 145.21 Total return 4,264% · Per year 252% |
| 5 years | 38.55 Total return 3,629% · Per year 106% | 87.26 Total return 5,514% · Per year 124% | 160.09 Total return 7,441% · Per year 137% |
- Exit P/E± 21.81
- Net margin± 15.27
- Annual revenue growth± 13.10
- Annual dilution± 1.28
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
Brunello Cucinelli is an Italian absolute luxury brand that designs and sells apparel and accessories, with a dominant direct retail channel. Fiscal 2025 brought a new all-time high in revenue of 1.407.951 thousand EUR, as growth exceeded expectations set at the start of the year in a luxury market that remains volatile.
SWOT
Strengths
- The brand sits in absolute luxury, with distinct craftsmanship and a network of company-operated boutiques. Revenue growth exceeded expectations set at the start of the year.
- The direct retail channel dominates the revenue structure, giving control over product presentation and the customer relationship.
- Sales are spread across three large regions, which reduces dependence on a single market.
Weaknesses
- Seasonality and the concentration of retail sales in the last quarter make quarterly results hard to compare.
- Operating costs rise with network expansion, which could weigh on efficiency if sales growth slows.
- Reliance on specific raw materials, such as cashmere, exposes the company to cost and availability swings.
Opportunities
- Expansion in Asian and Middle Eastern markets could add growth if local demand keeps rising.
- New spaces and enlargements completed in 2025 could generate additional revenue in the following years.
- Extending the accessories range, which has grown as a share, could diversify revenue.
Threats
- New luxury brands could enter the absolute segment, intensifying competition for top-end clients.
- Geopolitical tensions and political instability could reduce demand in some countries or tourist flows.
- Stricter sanctions and trade controls could limit sales to certain territories.
Risks
- Competition in absolute luxurymedium
The entry of new brands or brands from other segments could reduce the company's market share in its segment.
- Cashmere availabilityhigh
Climate conditions, policies in producing countries and animal diseases could limit supply and raise raw material costs.
- Sanctions and trade compliancehigh
Wider EU restrictions or new criminal rules could impose compliance costs and limit sales in certain territories.
- Dependence on third-party producersmedium
Ending relationships with several façonisti at short notice, or failure to meet production schedules, could affect deliveries.
- Exposure to a retail grouplow
The company set up an impairment provision tied to its exposure to a retail group, showing that counterparty risk can have financial effects.
Investment thesis
What would need to be true (bull case)
- Revenue growth across all regions and both channels suggests solid brand demand, and if the trend continues, results could stay strong.
- The high share of direct retail could support long-term margins, especially if new spaces mature.
- Fast growth in Asia could open a new phase of expansion if regional demand stays high.
What would break the thesis
- Operating costs are rising faster than revenue in some categories, which could pressure margins if sales slow.
- Raw material and sanctions risks could raise costs or limit sales over a short period.
- Seasonality and the concentration of sales in the last quarter could make results more volatile from quarter to quarter.
What to watch
- Growth trend in Asia, especially China2026
- Operating margin after the impairment provision adjustment2026
- Impact of EU restrictive measures on sales to sanctioned territoriesnext 10-K
- Cashmere availability and raw material cost trend2027
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
The group designs, produces and distributes apparel and accessories under the Brunello Cucinelli brand, with an emphasis on craftsmanship and cashmere as the main raw material 1. Sales are made through retail, via boutiques and spaces run inside luxury department stores, and through the wholesale channel. The company keeps its positioning in absolute luxury, where brand strength and production quality are central.
The revenue structure shows heavy reliance on the retail channel, which contributed 67,3% of revenue in 2025 1. The company also expanded its store count, including enlargements in London, Paris and Los Angeles and openings in Carmel, Macao and Shanghai Pudong completed in late 2025 1.
Headcount rose to 3.327,5 FTE at 31 December 2025 from 3.101,4 at 31 December 2024, a rise mostly explained by the expansion of the sales network 1. Operating costs grew with the network and with new commercial initiatives, so operating efficiency depends on keeping revenue growth ahead of cost growth.
Segments
Market context
The company operates in the absolute luxury market, a fragmented segment where brands compete on exclusivity, quality and craftsmanship. Demand comes from local clients and high-end tourist flows, and Asia and the Americas grew faster than Europe in 2025 1.
Seasonality is driven by sales channels: wholesale brings more revenue in the first and third quarters, while retail concentrates in the last quarter, when the highest unit-value products are sold 1. Intra-year results are not evenly distributed across the year.
Trends
- Growing luxury demand in Asiatailwind
Sales growth in Asia, up 13,7% in 2025, suggests that regional demand could remain an important driver if the trend holds 1. If local demand shifts, regional results could be affected.
- Luxury tourismmixed
High-end tourist flows keep Europe an attractive destination, which supported growth in 2025 1. A decline in tourism could reduce sales in boutiques in the region.
- Trade restrictions and sanctionsheadwind
EU restrictive measures limit sales of certain luxury goods to some territories, and new rules also introduce criminal exposure for legal persons 1. If the regime expands, compliance costs could rise.
- Access to raw materialsheadwind
Cashmere availability depends on climate conditions and policies in producing countries, and a drop in supply could raise raw material prices 1. This factor could pressure margins if it cannot be passed on to customers.
Competitive position
The absolute luxury market is highly competitive, and new brands or brands from other segments could position themselves in the same space, according to the annual report 1. Competition for space in the most prestigious cities is also intense.
Competition also appears in securing retail space, where operators with comparable or larger financial resources could limit network expansion 1. Differentiation remains based on craftsmanship, brand and material quality.
- Other absolute luxury brands
The annual report mentions competitors in the absolute luxury segment and in other segments that may move into the same space, without naming them.
- Retail operators in major cities
Competition for the most prestigious retail spaces in global cities is described as intense.
- Third-party producers (façonisti)
Production partly depends on third parties, and relationships are not governed by multi-year contracts, which creates a continuity risk.
- Other cashmere buyers
Cashmere demand can be contested by other buyers, which could raise the cost of the raw material.
News & filings
In the press
- Poliția italiană a efectuat controale la companii de modă, inclusiv Brunello Cucinelli și Moncler, într-o anchetă privind exploatarea forței de muncăG4Media · 20 Jul 2026 · RO
- Stilistul Brunello Cucinelli îi face complimente lui Cristian Chivu și îl compară cu un mare antrenor italianAdevărul · 28 May 2026 · RO
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 / Brunello Cucinelli 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.