olivLaw · European equity research
Pharmanutra S.p.A. PHN.MI
Italy · Euronext Milan · ISIN IT0005274094 · Vertical: Listed companies from Italy
Pharmanutra is an Italian group that develops and sells nutraceutical products and medical foods, led by its Sideral line and sold through export partners. In 2025 consolidated revenue grew 14.0% to 131.7 million EUR, and sales outside Italy are becoming an increasingly important part of the business.
At the close of 05 Nov 2026, Pharmanutra S.p.A. (PHN.MI) stock was 73.00 EUR (+0.69% on the day), with P/E 0.0 on diluted EPS of 2,090.00 EUR over the last 12 months, dividend yield 1.37%, beta 0.22, 52-week range 43.95–92.90 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)
- 52.8
- neutral
- Bollinger (20, 2)
- 70.02 – 73.22
- in the upper half of the band · %B 0.93 · band width 4.5%
- SMA 50 / 200
- 74.28 / 77.95
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.43 / -0.85
- 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 | +0.7% | −0.6% | +1.3 pp | — |
| 3 months | −13.1% | −4.2% | −8.9 pp | — |
| 6 months | −5.8% | +4.3% | −10.1 pp | — |
| Year to date | +34.4% | +7.5% | +26.9 pp | — |
| 1 year | +61.1% | +9.9% | +51.2 pp | −6.1% |
| 3 years | +44.8% | +49.8% | −5.0 pp | +7.7% |
| 5 years | +4.0% | +42.8% | −38.8 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 67 percentile of its own 3-quarter history (min 0.0, median 0.0, max 42.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 100.2 m | 115.5 m | 131.7 m |
| Revenue YoY | unavailable | +15.3% | +14.0% |
| Net income | 12.8 m | 16.6 m | 20.0 m |
| Net income YoY | unavailable | +29.2% | +20.8% |
| Diluted EPS | 1.33 | 1,730.00 | 2,090.00 |
| Diluted EPS YoY | unavailable | +129,975.2% | +20.8% |
| net % | 12.8% | 14.3% | 15.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 71.2 m EUR
- Total assets
- 125.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 2.35x
- ROE
- 30.0%
- ROA
- 16.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 100.2 m | 115.5 m | 131.7 m | esef· 07 Apr 2026verified |
| Operating income | 26.5 m | 31.0 m | 34.2 m | esef· 07 Apr 2026verified |
| Interest expense | 1.0 m | 1.6 m | 1.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | 23.3 m | 27.2 m | 30.2 m | esef· 07 Apr 2026verified |
| Income tax | 10.4 m | 10.6 m | 10.3 m | esef· 07 Apr 2026verified |
| Net income | 12.8 m | 16.6 m | 20.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 1.33 | 1,730.00 | 2,090.00 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.85 | 1.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.9 m | 15.5 m | 18.6 m | esef· 07 Apr 2026verified |
| Receivables | 19.2 m | 22.1 m | 24.8 m | esef· 07 Apr 2026verified |
| Inventories | 8.2 m | 6.9 m | 8.9 m | esef· 07 Apr 2026verified |
| Current assets | 58.7 m | 65.0 m | 72.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 26.4 m | 25.7 m | 24.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 22.5 m | 23.3 m | 24.5 m | esef· 07 Apr 2026verified |
| Total assets | 112.4 m | 117.4 m | 125.2 m | esef· 07 Apr 2026verified |
| Accounts payable | 16.1 m | 15.8 m | 19.9 m | esef· 07 Apr 2026verified |
| Current liabilities | 27.6 m | 27.3 m | 31.0 m | esef· 07 Apr 2026verified |
| Total liabilities | 58.0 m | 55.3 m | 54.0 m | esef· 07 Apr 2026verified |
| Equity | 54.4 m | 62.1 m | 71.2 m | esef· 07 Apr 2026verified |
Cash flow · EUR
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: 13,146.58 – 47,758.34 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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/E13,146.58 – 47,758.34 (Mid 27,704.51)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)outside the aggregate13.60 – 18.55 (Mid 15.69)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 | 15.2% | 77 (vs peers) | 23% |
| 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 | 31.4x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 0.0x | 100 (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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial77/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 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
PHARMANUTRA S.P.A. (PHN.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 131.7 m EUR in 2025; YoY growth 14.0%; net margin 15.2%; ROE 30.0%.
The estimated value range is 13,146.58–47,758.34 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 27,704.51 EUR, the price of 73.00 EUR leaves a potential of 37,851.4% (value / price − 1) and a margin of safety of 99.7% (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: 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
- Net margin: 15.2%
- Interest coverage: 31.4x
- Current ratio: 2.3x
- P/E (TTM): 0.0x
- The price is below the estimated value range
What contradicts it
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.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 PHN.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
Pharmanutra is an Italian group that develops and sells nutraceutical products and medical foods, led by its Sideral line and sold through export partners. In 2025 consolidated revenue grew 14.0% to 131.7 million EUR 1, and sales outside Italy are becoming an increasingly important part of the business 1.
SWOT
Strengths
- High operating margins and a net cash financial position that support consistent dividends.
- The Sideral line holds a significant market share in Italy and is well positioned abroad.
- Successful launches such as Sidevit B12, described as the best product launch in the group's history.
Weaknesses
- Dependence on the Italian market, where the wholesaler channel limits growth.
- Operating costs are rising faster than revenue, which compresses margins.
- Sales in some lines depend on the ordering timing of foreign distributors.
Opportunities
- Foreign markets, especially China and the US, show strong growth dynamics.
- The Akern integration could broaden the product and software range offered by the group.
- The Italian sales reorganisation could improve the direct relationship with pharmacies.
Threats
- High marketing costs for new markets could reduce profitability if sales do not grow enough.
- Regulatory or distribution channel changes could affect the sales model.
- Dependence on exclusive foreign distributors could create risk if they reduce orders.
Risks
- Dependence on foreign distributorsmedium
Sales in foreign markets rely on exclusive contracts with local partners, and their orders can vary over time 1.
- Margin pressuremedium
Operating costs grew faster than revenue, and investments in new markets could keep weighing on margins 1.
- Italian wholesaler channelmedium
Dynamics in the Italian wholesaler channel created difficulties and required a reorganisation of the sales network 1.
- Concentration on the Sideral linemedium
The Sideral line accounts for most finished product revenue, making the group sensitive to its performance 1.
- Akern integration costslow
The earn-out payment for Akern and research investments affected cash flows, and their longer-term effects are uncertain 1.
Investment thesis
What would need to be true (bull case)
- Consistent revenue growth in foreign markets and a net cash balance sheet could support continued dividends and development investment 1.
- The Sideral line leads the Italian market, and recent launches show the group's ability to introduce new products successfully 1.
- If the new business units in China and the US keep growing, they could diversify the group's revenue sources 1.
What would break the thesis
- Operating costs rising faster than revenue could compress margins if the trend continues 1.
- The Italian market remains difficult, and the group still depends on the wholesaler channel for part of its sales 1.
- Dependence on foreign distributors and on one main product line could make revenue vulnerable to order changes 1.
What to watch
- Effect of the Italian sales reorganisation on sales to pharmacies2026
- Trend in EBITDA margin as costs for new businesses stabilise2026
- Growth of sales in the US and China through the e-commerce channelnext 10-K
- Dividend policy and payout ratio after the 2025 distribution2027
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 operates two main lines: Foreign Business, where finished products and raw materials are sold through local partners under multi-year exclusive distribution contracts, and Akern Business, which sells instruments and software for body bioimpedance measurement 1. Consolidated revenue reached 131.7 million EUR in 2025, up 14.0% 1. The company also cites new business units, for example in China and the US, where sales grew significantly 1.
Segments
Trends
- Expansion into foreign marketstailwind
Sales growth in Europe, the Middle East and the Far East suggests that international development could continue if local distributors maintain their pace 1.
- Cross-border e-commercemixed
Sales in China and the US through the e-commerce channel grew rapidly but required large marketing costs that pressured margins 1.
- Italian wholesaler channel pressureheadwind
Commercial dynamics in the wholesaler channel make growth in Italy harder and led to a reorganisation of the sales network 1.
Competitive position
The supplied sources do not explicitly name the group's competitors and do not allow a direct comparison of market shares with other players. Competition is mentioned only indirectly, through the market shares of the Sideral, Apportal and Sidevit B12 lines in their segments 1.
- No competitors named in sources
The annual report does not name direct competitors, so the competitive analysis remains incomplete based on the available sources.
- Other Italian nutraceutical producers
The source mentions only market shares in the nutraceutical segment, without naming competitors.
- Local distributors in foreign markets
The group relies on local partners, but the source does not identify them.
- Bioimpedance equipment makers
Akern sells measurement instruments, but the source does not name other suppliers in this segment.
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 / Pharmanutra 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.