olivLaw · European equity research
Softlab S.p.A. SFT.MI
Italy · Euronext Milan · ISIN IT0001469953 · Vertical: Listed companies from Italy
Softlab is an Italian provider of IT consulting services and software solutions, with a focus on data analytics and artificial intelligence. In fiscal 2025 total revenues grew 22% from 2024, and the company expanded investment in development projects, which may shape its medium-term growth path.
At the close of 05 Nov 2026, Softlab S.p.A. (SFT.MI) stock was 1.57 EUR (+1.62% on the day), with market capitalisation 18.8 m EUR, P/E 52.3 on diluted EPS of 0.03 EUR over the last 12 months, beta 0.19, 52-week range 0.91–1.83 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)
- 55.0
- strong (55–70)
- Bollinger (20, 2)
- 1.44 – 1.65
- in the upper half of the band · %B 0.63 · band width 13.6%
- SMA 50 / 200
- 1.51 / 1.38
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.00 / 0.00
- 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 | −1.3% | −0.6% | −0.6 pp | — |
| 3 months | +6.1% | −4.2% | +10.2 pp | — |
| 6 months | +33.6% | +4.3% | +29.3 pp | — |
| Year to date | +25.6% | +7.5% | +18.1 pp | — |
| 1 year | +10.6% | +9.9% | +0.6 pp | −6.1% |
| 3 years | −0.6% | +49.8% | −50.5 pp | +7.7% |
| 5 years | −47.3% | +42.8% | −90.1 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 1-quarter history (min 41.7, median 41.7, max 41.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 23.6 m | 24.0 m | 27.0 m | 29.1 m |
| Revenue YoY | unavailable | +1.6% | +12.4% | +7.7% |
| Net income | 3.2 m | -372.0 k | -19.0 k | 359.0 k |
| Net income YoY | unavailable | −111.7% | unavailable | unavailable |
| Diluted EPS | unavailable | -0.03 | unavailable | 0.03 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | 13.4% | -1.5% | -0.1% | 1.2% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 9.4 m EUR
- Total assets
- 30.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 3.9%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 23.6 m | 24.0 m | 27.0 m | 29.1 m | esef· 11 Jun 2026verified |
| Operating income | 3.9 m | 4.2 m | 318.0 k | 572.0 k | esef· 11 Jun 2026verified |
| Depreciation & amortisation | 193.0 k | 278.0 k | 394.0 k | 421.0 k | esef· 11 Jun 2026verified |
| EBITDA | 4.1 m ≈ | 4.5 m ≈ | 712.0 k ≈ | 993.0 k ≈ | esef· 11 Jun 2026derived |
| Interest expense | 658.0 k | 678.0 k | 546.0 k | 400.0 k | esef· 11 Jun 2026verified |
| Pre-tax income | 4.1 m | 370.0 k | -193.0 k | 212.0 k | esef· 11 Jun 2026verified |
| Income tax | 939.0 k | 667.0 k | -70.0 k | -170.0 k | esef· 11 Jun 2026verified |
| Net income | 3.2 m | -372.0 k | -19.0 k | 359.0 k | esef· 11 Jun 2026verified |
| Diluted EPS | — | -0.03 | — | 0.03 | esef· 11 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.1 m | 2.6 m | 1.9 m | 3.2 m | esef· 11 Jun 2026verified |
| Current assets | 10.5 m | 11.8 m | — | — | esef· 13 Jun 2024verified |
| Property, plant & equipment, net | 782.0 k | 718.0 k | 621.0 k | 520.0 k | esef· 11 Jun 2026verified |
| Goodwill | 8.2 m | 8.2 m | 8.2 m | 8.2 m | esef· 11 Jun 2026verified |
| Total assets | 26.3 m | 24.2 m | 25.6 m | 30.1 m | esef· 11 Jun 2026verified |
| Current liabilities | 10.6 m | 10.3 m | — | — | esef· 13 Jun 2024verified |
| Total liabilities | 16.9 m | 14.8 m | 16.4 m | 20.7 m | esef· 11 Jun 2026verified |
| Equity | 9.4 m | 9.4 m | 9.2 m | 9.4 m | esef· 11 Jun 2026verified |
| Shares outstanding at year end | — | 13.3 m | — | 12.0 m | esef· 11 Jun 2026derived |
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: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 18.8 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 0.19 – 0.69 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/E0.19 – 0.69 (Mid 0.40)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: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 1.2% | 28 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 7.1% | 59 (on a fixed band) | 27% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 1.4x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 52.3x | 9 (vs peers) | 33% |
| 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· partial0/100 · 1/3 factors with a value
- Growth· partial59/100 · 1/2 factors with a value
- Quality· partial28/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial9/100 · 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
"SOFTLAB - SOCIETA' PER AZIONI" IN BREVE "SOFTLAB S.P.A." (SFT.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 29.1 m EUR in 2025; YoY growth 7.7%; net margin 1.2%; ROE 3.9%.
The estimated value range is 0.19–0.69 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.40 EUR, the price of 1.57 EUR leaves a potential of -74.7% (value / price − 1) and a margin of safety of -294.8% (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: 31.2% 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
- Net margin: 1.2%
- Interest coverage: 1.4x
- P/E (TTM): 52.3x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, 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% |
| SFT.MI"softlab - Societa' Per Azioni" In Breve "softlab S.p.a." | 18.8 m | 52.3 | 3.9% | 1.2% | +7.7% | +17% / +6% |
| 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 SFT.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 | 0.95 Total return -39% · Per year -39% | 1.68 Total return 7% · Per year 7% | 2.53 Total return 61% · Per year 61% |
| 3 years | 0.97 Total return -38% · Per year -15% | 1.93 Total return 23% · Per year 7% | 3.18 Total return 103% · Per year 27% |
| 5 years | 1.00 Total return -37% · Per year -9% | 2.22 Total return 41% · Per year 7% | 4.00 Total return 155% · Per year 21% |
- Exit P/E± 0.48
- Net margin± 0.34
- Annual revenue growth± 0.27
- Annual dilution± 0.03
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
Softlab is an Italian provider of IT consulting services and software solutions, with a focus on data analytics and artificial intelligence. In fiscal 2025 total revenues grew 22% from 2024, and the company expanded investment in development projects, which may shape its medium-term growth path.
SWOT
Strengths
- A portfolio of specialized practices and integrated business lines, with long-standing client relationships.
- Strong growth in revenues and operating profitability in fiscal 2025.
- Active investment in development projects focused on artificial intelligence.
Weaknesses
- Receivables are concentrated in a few large client groups, increasing exposure to credit risk.
- Profitability remains modest and the net result is small relative to revenues.
- Costs of reorganization and research investment could weigh on margins.
Opportunities
- Demand for AI, automation and cloud solutions could support new contracts.
- Expansion into less covered sectors could reduce dependence on current clients.
- Ongoing development projects could generate new revenue from existing and new clients.
Threats
- The entry of international operators may intensify pressure on prices.
- Rapid technological change can make some solutions obsolete without constant investment.
- Geopolitical tensions and economic uncertainty could affect client budgets.
Risks
- Client concentrationhigh
A large share of receivables comes from a few groups, so cash flows could be affected if one of them reduces demand.
- Technology riskmedium
Rapid changes in IT could reduce margins if skills and solutions are not updated in time.
- Competitive pressuremedium
New competitors could influence prices and client retention, with effects on margins.
- Geopolitical uncertaintylow
Regional conflicts could produce indirect economic effects, although the group's direct exposure is considered limited.
- Financial charges and debtmedium
Financial costs and tax and social security payment plans could limit financial flexibility if revenues decline.
Investment thesis
What would need to be true (bull case)
- Revenue growth and the recovery of EBITDA could signal a lasting improvement in operating efficiency if the trend continues.
- Development projects linked to artificial intelligence could generate additional revenue starting in the next fiscal year.
- Long relationships with clients and sector specialization could support revenue stability.
What would break the thesis
- Client and receivables concentration could amplify the impact of losing a major contract.
- Net profitability remains small, and financial and tax costs could limit the bottom line.
- Competitive pressure and constant technology investment could compress margins over the medium term.
What to watch
- Trend in EBITDA and operating margin against plan targets2026
- Progress of the 13 development projects and when they start contributing revenue2026
- Concentration of receivables and collection from major clientsnext annual report
- Effects of the reorganization on indirect costs and efficiency2026
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
Softlab concentrates its activity on three business lines: Data Insight, Process Optimization and Technology Performance Improvement. Services are delivered through specialized practices such as Digital Sales & Marketing, Data Analytics, Governance Risk Management & Compliance, BPM & Automation, Software Engineering and Telecommunication Network Management. Total revenues reached 35.5 million euro in fiscal 2025 1.
The group had 326 employees at 31 December 2025 1 and operates mainly in the Telco, Insurance, Media, Manufacturing, Life Science and Energy sectors. A significant part of its clients have long-standing relationships, some lasting decades. The company has offices in Rome, Milan and Maglie 1.
In fiscal 2025 the company strengthened its capabilities through the acquisition of the Insurance branch, which extended the Software Engineering centre of expertise 1. The company also signed new contracts with important national clients 1.
Segments
Data Insight and Data Analytics
The Data Insight line leverages information held by client companies, with an emphasis on AI-based solutions, while the Data Analytics practice provides business intelligence, machine learning and predictive models 1.
Process Optimization and BPM & Automation
This line covers process re-engineering and outsourced services with an automation component, aimed at reducing clients' operating costs 1.
Technology Performance Improvement
This line focuses on the efficient use of clients' technology resources, including in the cloud, alongside the Governance Risk Management & Compliance practice and Telecommunication Network Management services 1.
Market context
The company operates in the ICT consulting and digital services market, characterized by rapid technological change, adoption of artificial intelligence, cloud computing and automation 1. Revenues in 2025 rested on a loyal client base, and the software market is evolving quickly toward AI models embedded in workflows 1.
The company is mainly present in Europe, where almost all of its workforce is located, with small operations in South America and Asia 1. Exposure to Italian and European market dynamics therefore remains central to assessing the business.
Trends
- Adoption of artificial intelligencemixed
Clients are embedding AI models into processes and digital workflows, which opens room for Softlab's AI-oriented projects but requires continuous investment in skills and technology 1.
- Competitive and price pressureheadwind
The entry of new operators, including international ones, could put pressure on prices and client retention, a risk the company itself identifies 1.
- Demand for automation and cloudtailwind
Growing cloud adoption and automation support the company's process optimization and technology performance services 1.
- Geopolitical uncertaintyheadwind
The conflicts in Ukraine and the Middle East may have economic effects that remain unclear, although the group's direct exposure appears limited 1.
Competitive position
The company competes with IT consulting and digital service providers, including international operators that may enter the Italian market, which could affect prices and client retention 1. The sources reviewed do not name specific direct competitors.
The company differentiates itself through specialization in vertical practices, AI expertise and long-standing relationships with clients in Telco, insurance and media 1. If these advantages hold, they could support its competitive position over the medium term 1.
- International IT consulting operators
The source mentions the entry of international operators into the national market, without naming them.
- Local digital services providers
Competition in Italian IT consulting includes local firms with similar offers in data analysis and automation.
- Telecommunications service providers
The Telecommunication Network Management practice faces specialized providers focused on mobile network optimization.
- AI and data analytics firms
The company's AI projects compete with solutions developed by firms specialized in advanced analytics.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202511 Jun 2026
- Annual report 202313 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Softlab 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.