olivLaw · European equity research
GVS S.p.A. GVS.MI
Italy · Euronext Milan · ISIN IT0005411209 · Vertical: Listed companies from Italy
GVS S.p.A. is a global producer of filters and technical components, organised in three divisions: Healthcare & Life Sciences, Safety and Energy & Mobility. The medical division accounted for most of its revenues from contracts with customers in 2025, which makes the health sector's trajectory decisive for the company.
At the close of 05 Nov 2026, GVS S.p.A. (GVS.MI) stock was 5.73 EUR (−3.21% on the day), with P/E 5,730.0 on diluted EPS of 0.00 EUR over the last 12 months, beta 0.73, 52-week range 3.36–5.92 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)
- 4.84 – 6.05
- in the upper half of the band · %B 0.73 · band width 22.3%
- SMA 50 / 200
- 5.08 / 4.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.23 / 0.19
- 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 | +9.4% | −0.6% | +10.0 pp | — |
| 3 months | +28.3% | −4.2% | +32.5 pp | — |
| 6 months | +35.3% | +4.3% | +31.0 pp | — |
| Year to date | +47.5% | +7.5% | +40.0 pp | — |
| 1 year | +33.3% | +9.9% | +23.3 pp | −6.1% |
| 3 years | +28.6% | +49.8% | −21.3 pp | +7.7% |
| 5 years | −54.7% | +42.8% | −97.5 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 2,573.7, median 3,229.3, max 3,885.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 436.4 m | 436.4 m | 433.2 m |
| Revenue YoY | unavailable | 0.0% | −0.7% |
| Net income | 33.4 m | 33.4 m | 18.4 m |
| Net income YoY | unavailable | 0.0% | −44.8% |
| Diluted EPS | 0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | −47.4% |
| net % | 7.6% | 7.6% | 4.3% |
| Free cash flow | unavailable | 67.9 m | 20.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 78.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 437.2 m EUR
- Total assets
- 875.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.20x
- ROE
- 4.1%
- ROA
- 2.0%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 436.4 m | 436.4 m | 433.2 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 44.3 m | 44.3 m | 45.3 m | esef· 29 Apr 2026verified |
| Interest expense | 20.5 m | 20.5 m | 32.3 m | esef· 29 Apr 2026verified |
| Pre-tax income | 43.0 m | 43.0 m | 25.8 m | esef· 29 Apr 2026verified |
| Income tax | -9.6 m | 9.6 m | 7.4 m | esef· 29 Apr 2026verified |
| Net income | 33.4 m | 33.4 m | 18.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.00 | 0.00 | 0.00 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 103.0 m | 78.7 m | esef· 29 Apr 2026verified |
| Current assets | — | 294.1 m | 248.6 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | — | 133.8 m | 163.6 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 472.9 m | 434.3 m | esef· 29 Apr 2026verified |
| Total assets | — | 930.4 m | 875.1 m | esef· 29 Apr 2026verified |
| Current liabilities | — | 171.2 m | 206.4 m | esef· 29 Apr 2026verified |
| Equity | — | 451.2 m | 437.2 m | esef· 29 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 97.1 m | 74.9 m | esef· 29 Apr 2026verified |
| Capex | — | 29.2 m | 54.1 m | esef· 29 Apr 2026verified |
| Free cash flow | — | 67.9 m ≈ | 20.8 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | — | -83.9 m | -53.6 m | esef· 29 Apr 2026verified |
| Financing cash flow | — | -102.3 m | -43.1 m | esef· 29 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
- indicators available: 4 of at least 6
- score weight coverage: 27.1% 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
27% · 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: 0.01 – 0.02 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/E0.01 – 0.02 (Mid 0.01)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.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, DLG.MI, DNR.MI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.3% | 41 (vs peers) | 23% |
| FCF conversion · Quality | 112.7% | 100 (on a fixed band) | 23% |
| 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 | 1.2x | 34 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 5,730.0x | 0 (vs peers) | 38% |
| 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· partial34/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
GVS S.P.A. (GVS.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 433.2 m EUR in 2025; YoY growth -0.7%; net margin 4.3%; ROE 4.1%.
The estimated value range is 0.01–0.02 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.01 EUR, the price of 5.73 EUR leaves a potential of -99.8% (value / price − 1) and a margin of safety of -43,126.5% (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: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 112.7%
What contradicts it
- P/E (TTM): 5,730.0x
- 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, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
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% |
| 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% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for GVS.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
GVS S.p.A. is a global producer of filters and technical components, organised in three divisions: Healthcare & Life Sciences, Safety and Energy & Mobility. The medical division accounted for most of its revenues from contracts with customers in 2025, which makes the health sector's trajectory decisive for the company 1.
SWOT
Strengths
- Diversification across three divisions and a global industrial footprint, with plants on several continents, reduces dependence on any single market 1.
- The « Local For Local » model allows proximity to customers and services tailored to each region 1.
- The medical division is the largest source of revenue, providing a stable base of demand 1.
Weaknesses
- Dependence on a relatively small number of OEM customers in the automotive division can make revenues sensitive to their decisions 1.
- Integration of recently acquired assets carries execution and internal restructuring risks 1.
- Compliance and sustainability reporting costs add administrative pressure on the governance structure 1.
Opportunities
- Growing adoption of electric and hydrogen vehicles could expand demand for Energy & Mobility filtration solutions 1.
- Strengthening the whole blood position could bring new contracts with hospitals and transfusion centres 1.
- Asian and American markets could offer growth if local presence is expanded 1.
Risks
- Dependence on OEM customersmedium
A concentrated base of industrial customers could reduce revenues if they change suppliers or purchasing strategies 1.
- Acquisition integrationmedium
If integration of the whole blood business faces difficulties, expected synergies could be delayed 1.
- Compliance costslow
New sustainability reporting and cybersecurity requirements could raise administrative expenses 1.
- Raw material volatilitymedium
Prices of purchased materials and components could affect margins if they cannot be fully passed on to customers 1.
- Geographic exposurelow
Operating in many countries exposes the company to political and currency changes that could affect results 1.
Investment thesis
What would need to be true (bull case)
- If the medical division keeps growing and the acquisition integration succeeds, the company could benefit from a steadier and more diversified revenue base 1.
- Adoption of electric vehicles could open new demand for the Energy & Mobility division's filters 1.
- The « Local For Local » model and global plant network could support market share gains in regions where the company is already present 1.
What would break the thesis
- If competitive pressure in respiratory protection rises, margins in the Safety division could decline 1.
- Delays in integrating acquisitions could reduce the benefits expected from recent transactions 1.
- If raw material costs rise without being passed on to customers, profitability could be affected 1.
What to watch
- Revenue trajectory of the Healthcare & Life Sciences division after the whole blood acquisition2026
- Growth pace of the Energy & Mobility division amid automotive electrification2026
- Safety division margins under competitive pressure2026
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
GVS develops and manufactures filters and components for gas, air and liquid filtration, under a model the company describes as « Local For Local », meaning proximity to customers in each market. The Healthcare & Life Sciences division generated 67,1% of revenues from contracts with customers in 2025 1. The company had 3.973 employees at 31 December 2025 and 18 plants, one of them in Romania 1.
Segments
Healthcare & Life Sciences
The division makes filters and components for medical applications, and in January 2025 GVS completed the acquisition of Haemonetics' whole blood business, which included a facility in California 1. Its sub-divisions are MedTech, Transfusion Medicine and Life Sciences 1.
Safety
The division designs respiratory protection devices for individual and collective use, from disposable masks to reusable respirators for industrial settings. It accounted for 19,5% of revenues from contracts with customers in 2025 1.
Energy & Mobility
The division supplies filters for traditional and new vehicles, including hybrid, electric and hydrogen, as well as solutions for batteries and hydrogen production. It accounted for 13,4% of revenues from contracts with customers in 2025 1.
Market context
Competitive position
- Multinational filtration materials suppliers
Specialised companies that supply materials and components to GVS, named as main suppliers in the value chain 1.
- Automotive component manufacturers
Tier-1 suppliers with which the Energy & Mobility division works, which may compete in automotive filtration 1.
- Medical device manufacturers
OEM customers in the medical sector, which may develop in-house solutions or choose other suppliers 1.
- Respiratory protection equipment makers
Firms active in respirators and masks that compete directly with the Safety division 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202529 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / GVS 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.