olivLaw · European equity research
DE' LONGHI S.P.A. DLG.MI
Italy · Euronext Milan · ISIN IT0003115950 · Vertical: Listed companies from Italy
De' Longhi designs and sells coffee machines, kitchen appliances and home care products with a strong international footprint. Its annual report for 2025 shows operational resilience amid an uncertain macroeconomic and geopolitical backdrop, which makes the group relevant for investors.
At the close of 05 Nov 2026, DE' LONGHI S.P.A. (DLG.MI) stock was 45.32 EUR (+1.07% on the day), with market capitalisation 6.8 bn EUR, P/E 21.5 on diluted EPS of 2.11 EUR over the last 12 months, dividend yield 2.74%, beta 1.03, 52-week range 28.80–45.32 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)
- 68.0
- strong (55–70)
- Bollinger (20, 2)
- 39.90 – 45.72
- in the upper half of the band · %B 0.93 · band width 13.6%
- SMA 50 / 200
- 41.00 / 37.65
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.07 / 0.87
- 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 | +13.5% | +0.4% | +13.1 pp | — |
| 3 months | +9.7% | −3.3% | +13.0 pp | — |
| 6 months | +27.4% | +4.0% | +23.4 pp | — |
| Year to date | +24.2% | +8.1% | +16.1 pp | — |
| 1 year | +47.0% | +10.7% | +36.3 pp | −6.1% |
| 3 years | +98.1% | +50.1% | +48.0 pp | +7.7% |
| 5 years | +32.5% | +43.6% | −11.1 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 100 percentile of its own 2-quarter history (min 14.7, median 16.0, max 17.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 3.4 bn | 3.7 bn |
| Revenue YoY | unavailable | +8.7% |
| Net income | 310.7 m | 316.3 m |
| Net income YoY | unavailable | +1.8% |
| Diluted EPS | 2.05 | 2.11 |
| Diluted EPS YoY | unavailable | +2.9% |
| net % | 9.0% | 8.4% |
| Free cash flow | 400.7 m | 485.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 998.4 m EUR
- Financial debt
- 191.2 m EUR
- Net debt
- -807.3 m EUR
- Equity
- 2.2 bn EUR
- Total assets
- 4.2 bn EUR
- Debt / equity
- 0.09x
- Current ratio
- 1.78x
- ROE
- 14.1%
- ROA
- 7.4%
- FCF margin
- 13.0%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.4 bn | 3.7 bn | esef· 07 Apr 2026verified |
| Operating income | 430.8 m | 458.1 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 117.6 m | 131.0 m | esef· 07 Apr 2026verified |
| EBITDA | 548.4 m ≈ | 589.2 m ≈ | esef· 07 Apr 2026derived |
| Pre-tax income | 429.4 m | 450.0 m | esef· 07 Apr 2026verified |
| Income tax | 104.4 m | 108.6 m | esef· 07 Apr 2026verified |
| Net income | 310.7 m | 316.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 2.05 | 2.11 | esef· 07 Apr 2026verified |
| Dividend per share | 0.67 | 1.24 | esef· 07 Apr 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.0 bn | 998.4 m | esef· 07 Apr 2026verified |
| Inventories | 621.9 m | 606.0 m | esef· 07 Apr 2026verified |
| Current assets | 2.2 bn | 2.3 bn | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 300.3 m | 314.6 m | esef· 07 Apr 2026verified |
| Goodwill | 694.2 m | 636.6 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 629.1 m | 587.2 m | esef· 07 Apr 2026verified |
| Total assets | 4.3 bn | 4.2 bn | esef· 07 Apr 2026verified |
| Long-term debt | 228.0 m | 191.2 m | esef· 07 Apr 2026verified |
| Current liabilities | 1.3 bn | 1.3 bn | esef· 07 Apr 2026verified |
| Equity | 2.3 bn | 2.2 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 150.8 m | 149.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 486.4 m | 544.2 m | esef· 07 Apr 2026verified |
| Capex | 85.6 m | 59.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 400.7 m ≈ | 485.1 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -121.0 m | -86.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -299.2 m | -463.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 101.0 m | 186.5 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 60.6 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: 70 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.8 bn EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet87
- Valuation44
- Quality90
- Returns71
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: 13.27 – 57.48 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/EBITDA22.67 – 39.13 (Mid 37.40)6 companies used · median multiple 8.1x · quartiles 4.4x – 8.6xASC.MI, AVIO.MI, BAN.MI, COM.MI, DEX.MI, ELC.MI
- Peers: P/E13.27 – 57.48 (Mid 27.97)20 companies used · median multiple 13.3x · quartiles 6.3x – 27.2xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.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, DNR.MI, ELN.MI
- Dividend discount (DDM)16.92 – 23.07 (Mid 19.52)
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
Neutral profile · Score 70/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.1% | 100 (vs peers) | 14% |
| Net margin · Quality | 8.4% | 64 (vs peers) | 8% |
| FCF conversion · Quality | 153.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.4x | 89 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.8x | 82 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.5x | 36 (vs peers) | 14% |
| EV/EBITDA · Valuation | 10.2x | 17 (vs peers) | 14% |
| FCF yield · Valuation | 7.1% | 89 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 3.6% | 52 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 38.4% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet87/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns71/100 · 2/2 factors with a value
- Valuation44/100 · 3/3 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
DE' LONGHI S.P.A. (DLG.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.7 bn EUR in 2025; YoY growth 8.7%; net margin 8.4%; ROE 15.4%; net debt/EBITDA -1.4x.
The estimated value range is 16.92–39.13 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 27.97 EUR, the price of 45.32 EUR leaves a potential of -38.3% (value / price − 1) and a margin of safety of -62.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 70/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.1%
- FCF conversion: 153.4%
- Net debt / EBITDA: -1.4x
- Current ratio: 1.8x
- FCF yield: 7.1%
- Payout ratio (FCF): 38.4%
What contradicts it
- EV/EBITDA: 10.2x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage.
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 DLG.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 | 27.91 Total return -36% · Per year -36% | 49.25 Total return 12% · Per year 12% | 74.06 Total return 67% · Per year 67% |
| 3 years | 29.41 Total return -28% · Per year -10% | 58.17 Total return 38% · Per year 11% | 95.70 Total return 123% · Per year 31% |
| 5 years | 30.99 Total return -20% · Per year -4% | 68.71 Total return 69% · Per year 11% | 123.67 Total return 196% · Per year 24% |
- Exit P/E± 14.54
- Net margin± 10.18
- Annual revenue growth± 8.03
- Annual dilution± 0.86
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
De' Longhi designs and sells coffee machines, kitchen appliances and home care products with a strong international footprint. Its annual report for 2025 shows operational resilience amid an uncertain macroeconomic and geopolitical backdrop, which makes the group relevant for investors.
SWOT
Strengths
- The group has strong brands, an extensive international presence and an integrated production and purchasing platform, elements the report links to its operational resilience.
- Digitalization of processes enables quick decisions in the face of changing conditions, supporting continuous adaptation.
- The internal control and risk management system is formally organized, with clear procedures for financial reporting.
Weaknesses
- The business depends on markets sensitive to macroeconomic instability, particularly in some key European and Asian countries.
- The business is exposed to fluctuations in raw material costs, especially coffee, which could affect margins.
- The report acknowledges that a detailed resilience analysis of the strategy against climate change effects has not yet been carried out.
Opportunities
- Access to grants and dedicated financing for sustainable investments could support modernization of production.
- Adopting efficient energy practices could reduce costs and strengthen brand reputation.
- Developing products with lower environmental impact could open new customer segments.
Threats
- Tariffs and protectionist policies may shift trade flows and raise purchasing costs.
- Competition from large international groups could pressure prices and market share.
- Extreme weather events and regional conflicts could disrupt supply chains.
Risks
- Macroeconomic instabilityhigh
Persistent inflation, rising fiscal pressure and stagnation in key markets could limit the group's activity and financial results.
- Tariffs and trade policyhigh
The application of US tariffs and other policy changes in a few key markets could affect demand and costs.
- Competition and customer concentrationmedium
Intense competition and the tendency for business to concentrate among a few players could create pressure on prices and margins.
- Raw material costsmedium
Fluctuations in raw material costs, especially coffee, could influence margins and production planning.
- Climate and sustainability riskslow
Extreme weather and emissions-related regulation could affect assets, costs and the group's reputation.
Investment thesis
What would need to be true (bull case)
- If the operational resilience shown in 2025 holds, the group could continue to protect its market share amid uncertainty.
- Strong brands and an integrated production and purchasing platform could support sales growth in key categories.
- Access to financing for sustainable investments could reduce transition costs and strengthen the competitive position.
What would break the thesis
- If tariffs and protectionist policies expand, costs and demand could be significantly affected.
- Instability in key markets could limit growth and weigh on financial results over the medium term.
- Strong competition and swings in coffee costs could compress the group's margins.
What to watch
- Evolution of US tariffs applied and their impact on purchasing costs2026
- Results in key European and Chinese markets relative to macroeconomic conditionsQ1 2026
- Progress of the transition plan and of the emission reduction targets validated by SBTi2027
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
According to the 2025 annual report, De' Longhi is an industrial group with an international network of subsidiaries, production plants and purchasing platforms. The group relies on the strength of its brands, the digitalization of its processes and a solid international presence, which it cites as sources of its operational resilience 1. Its activity is closely linked to the coffee market, a sector complementary to its business model that influences revenue distribution 1.
The group runs production and purchasing on an integrated platform, which management says supports its ability to respond quickly to changing conditions. The report notes that companies controlled by the parent include entities incorporated in non-EU states, subject to special reporting requirements 1.
The internal control and risk management framework is organized on the COSO model and includes an enterprise risk management system covering the whole value chain. It allows the group to identify, measure and control its exposure to various risk factors 1.
Segments
Coffee and kitchen appliances
The annual report excerpt provided does not break down revenue by product segment. It does note that the coffee market is a complementary sector to the group's activity and that revenue distribution is tied to it 1.
Risk management and resilience
The group has extended its risk management work to cover sustainability topics, and the 2025 operating results are presented as evidence of its resilience to macroeconomic and geopolitical change 1.
Market context
The annual report highlights that key markets are affected by macroeconomic instability. In Romania, the high public deficit and persistent inflation have led to higher tax pressure and the gradual removal of the energy price cap. In China, consumption is very sensitive to local support policies, and Germany faces stagnation 1.
The group also identifies strong competition from international industrial groups, a tendency for the business to concentrate among a few important players, and risks linked to US tariffs. These could affect demand and costs in certain regions 1.
Trends
- Trade tensions and tariffsheadwind
Protectionist US policies and the application of tariffs are cited as a risk factor that could affect the group's activity and costs, particularly if they extend to more markets.
- Process digitalizationtailwind
Digitalization of processes is presented as a component that supported the group's resilience and its ability to decide quickly in the face of global uncertainty.
- Raw material and coffee costsmixed
Raw material costs and climate change could affect coffee prices and consumption. The report mentions possible price increases and a potential decline in consumption, which could influence the coffee segment.
- Transition to a low-carbon economymixed
Stricter environmental rules, consumer demands on sustainability and the need for low-impact technologies may bring adaptation costs, but also access to dedicated financing.
Competitive position
The group states that it operates in a highly competitive environment, competing with other international industrial groups. The report also flags a tendency for the business to concentrate among a few important players, which could pressure margins and market share 1.
Its response strategies include adapting the product range and promotions to strengthen market positions, and using the strength of its brands and its production and purchasing platform 1.
- Other international industrial groups in kitchen appliances
The report mentions competition from international industrial groups without naming them; no specific firms are identified in the source.
- Major players in the coffee machine segment
The source refers to the concentration of business among a few important players but does not list them.
- Competitors in regions affected by tariffs
Tariffs applied by the US could change the competitive balance in some markets, but the source does not identify specific competitors.
- Producers of low-impact technologies
The report mentions low-environmental-impact technologies as a potential source of competitive pressure, without naming companies.
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 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / DE' LONGHI 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.