olivLaw · European equity research
FinecoBank Banca Fineco S.p.A. FBK.MI
Italy · Euronext Milan · ISIN IT0000072170 · Vertical: Listed companies from Italy
FinecoBank is an Italian digital bank offering savings, trading and investment services through online channels and a network of financial advisers. The 2025 annual report shows growth in total client funds and a leverage ratio above the regulatory requirement, which matters for the stability of its business model. The core figures are given in the fig lines above.
At the close of 05 Nov 2026, FinecoBank Banca Fineco S.p.A. (FBK.MI) stock was 22.73 EUR (+2.43% on the day), with dividend yield 3.26%, beta 1.17, 52-week range 18.24–24.70 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)
- 63.9
- strong (55–70)
- Bollinger (20, 2)
- 20.19 – 22.18
- above the upper band · %B 1.28 · band width 9.4%
- SMA 50 / 200
- 22.02 / 21.69
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.27
- 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 | +4.4% | −0.6% | +5.0 pp | — |
| 3 months | −7.9% | −4.2% | −3.7 pp | — |
| 6 months | +5.7% | +4.3% | +1.3 pp | — |
| Year to date | +2.4% | +7.5% | −5.1 pp | — |
| 1 year | +7.5% | +9.9% | −2.5 pp | −5.5% |
| 3 years | +94.7% | +49.8% | +44.8 pp | +8.9% |
| 5 years | +32.5% | +42.8% | −10.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 609.1 m | 652.3 m | 647.0 m |
| Net income YoY | unavailable | +7.1% | −0.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.9 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- unavailable EUR
- Total assets
- 37.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
Balance sheet · EUR
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 154.9 m | 436.4 m | esef· 07 Apr 2026verified |
| Investing cash flow | -15.7 m | -18.6 m | -17.4 m | esef· 07 Apr 2026verified |
| Financing cash flow | -321.3 m | -451.8 m | -489.1 m | esef· 07 Apr 2026verified |
| Dividends paid | 321.9 m | 452.1 m | 489.0 m | esef· 07 Apr 2026verified |
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
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
0% · 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: 10.06 – 13.72 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/Eunavailable · input data missing
- Dividend discount (DDM)10.06 – 13.72 (Mid 11.61)
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: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
FINECOBANK BANCA FINECO S.P.A. (FBK.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Financial indicators are unavailable.
The estimated value range is 10.06–13.72 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.61 EUR, the price of 22.73 EUR leaves a potential of -48.9% (value / price − 1) and a margin of safety of -95.7% (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 (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 40 companies
Multiples and returns vs the median
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 FBK.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
Scenarios are not available. input data missing
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
FinecoBank is an Italian digital bank offering savings, trading and investment services through online channels and a network of financial advisers. The 2025 annual report shows growth in total client funds and a leverage ratio above the regulatory requirement, which matters for the stability of its business model. The core figures are given in the fig lines above.
SWOT
Strengths
- Digital model with controlled operating costs and growing client funds supported by strong inflows.
- Credit quality is very good, with a very small share of non-performing loans.
- Comfortable position relative to leverage and capital regulatory requirements.
Weaknesses
- Dependence on client deposits and current accounts could become vulnerable to rapid changes in client behaviour.
- The loan book to ordinary clients is relatively modest compared with total assets.
- The lack of an extensive physical network may limit access to some client segments.
Opportunities
- Growth in assets under management could support net fee income.
- Expanding the digital offer could attract new clients and increase funding.
- Financial advisers could bring in clients with larger assets if the network keeps growing.
Threats
- Falling interest rates could compress the financial margin.
- Trade and geopolitical tensions could affect credit quality and financial markets.
- Competition on fees and trading costs could pressure margins.
Risks
- Credit riskmedium
A deterioration in the economy could increase non-performing loans, particularly among retail clients.
- Interest rate riskhigh
Changes in interest rates affect income from interest and the value of the securities portfolio.
- Capital and MREL requirementsmedium
MREL and leverage requirements could limit dividend distribution if the balance sheet grows quickly.
- Operational and cyber riskmedium
A digital banking model depends on technology platforms, and outages or attacks could affect clients.
- Liquidity risklow
Reliance on client deposits could expose the bank to rapid withdrawals in periods of stress.
Investment thesis
What would need to be true (bull case)
- If client funding keeps growing, the bank could strengthen its funding base and fee revenues.
- Solid credit quality and a comfortable capital position could support dividend distributions in future.
- A low-cost digital model could maintain operating efficiency as the balance sheet grows.
What would break the thesis
- Falling interest rates could significantly reduce net interest income, the main source of revenue.
- Competitive pressure on fees could limit growth in non-financial income.
- Rising regulatory requirements could restrict the group's financial flexibility.
What to watch
- Trend in the leverage ratio against the 3% requirement2026
- Pace of growth in total client fundsQ1 2027
- Evolution of non-performing loans and the cost of risk2027
- Interest margin in the context of monetary policy changesnext 10-K
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
FinecoBank S.p.A. is the group's digital bank, collecting deposits and offering current accounts, cards, personal loans, mortgages and investment services. Activity relies on online platforms and a network of financial advisers, with 1,435 employees and 3,076 financial advisers at year end 2025 according to the annual report. The model combines moderate operating costs with revenues from fees and financial activity.
The annual report describes a bank with client deposits of 32,442.9 million EUR at the individual level at 31 December 2025, funded mainly through current accounts. Loans to ordinary clients are modest as a share of the balance sheet, and the portfolio of securities and financial investments dominates assets. Credit quality is high, with very low non-performing loans.
The group keeps its capital structure in line with regulatory requirements, including the MREL requirement notified in November 2025. The annual report stresses that the priority is to maintain a prudent capital and liquidity position while assets and client funds grow.
Segments
Client funds and deposits
Total client funds grew 14.1% in 2025, supported by both direct deposits and investment products placed through the bank's channels. Growth in current accounts was the main driver of direct funding.
Lending
Loans to ordinary clients include current account credit lines, cards, personal loans and mortgages, and portfolio quality remains high. Recent growth was supported by greater use of overdraft facilities and credit cards.
Fees and investment services
Net fees are an important part of non-financial income and rose in 2025 compared with the prior year. This line depends on the volume of assets under management and on client activity on the platforms.
Market context
The Italian market for digital banks and online brokerage is competitive, with clients sensitive to costs and platform quality. The annual report shows the bank operating within a strict European regulatory framework that imposes capital and liquidity requirements.
The macroeconomic backdrop remains shaped by trade and geopolitical tensions, which the bank includes in its credit risk scenarios. Changes in interest rates affect income from financial activity as well as the value of the securities portfolio.
Competitive position
Competition on fees and trading costs puts pressure on margins, and differentiation rests on services, platform quality and product range. The annual report does not detail the position against competitors, so comparisons remain indicative.
- Intesa Sanpaolo
Italian banking group with a broad range of retail and investment services, competing in savings.
- UniCredit
Italian and European bank with an extensive network, competing on accounts and investments.
- Banca Mediolanum
Bank with a financial adviser model, a direct competitor in advisory.
- European online brokers
Low-cost trading platforms competing for the investment activity of active clients.
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 / FinecoBank Banca Fineco 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.