olivLaw · European equity research
S.S. Lazio S.p.A. SSL.MI
Italy · Euronext Milan · ISIN IT0003621783 · Vertical: Listed companies from Italy
S.S. Lazio S.p.A. is the sports company that runs the Lazio football team in Rome and is listed on the Italian market. In the year ended 30 June 2026 the company revalued its Formello sports centre to a market value of 235 million EUR, and the federal transfer restrictions of summer 2026 now shape its ability to sustain financial balance.
At the close of 04 Nov 2026, S.S. Lazio S.p.A. (SSL.MI) stock was 1.91 EUR (−0.78% on the day), with market capitalisation 127.5 m EUR, beta 0.16, 52-week range 1.05–1.94 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)
- 70.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 1.53 – 1.95
- in the upper half of the band · %B 0.89 · band width 23.9%
- SMA 50 / 200
- 1.68 / 1.48
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.07 / 0.04
- 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 | +16.5% | −1.5% | +18.0 pp | — |
| 3 months | +20.2% | −5.3% | +25.5 pp | — |
| 6 months | +39.6% | +4.7% | +34.9 pp | — |
| Year to date | +59.4% | +6.0% | +53.4 pp | — |
| 1 year | +78.0% | +8.2% | +69.8 pp | −5.7% |
| 3 years | +121.5% | +47.2% | +74.3 pp | +8.3% |
| 5 years | +69.2% | +41.8% | +27.4 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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 38.5 m | -17.2 m | -10.0 m |
| Net income YoY | unavailable | −144.6% | unavailable |
| Diluted EPS | 0.01 | -0.25 | -0.15 |
| Diluted EPS YoY | unavailable | −4,486.0% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 13.6 m | -15.1 m | -37.2 m |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 1.8 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 113.6 m EUR
- Total assets
- 455.5 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.16x
- ROE
- unavailable
- ROA
- -2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 44.2 m | -16.8 m | -13.6 m | esef· 15 Oct 2026verified |
| Interest expense | 6.1 m | 5.4 m | 7.5 m | esef· 15 Oct 2026verified |
| Pre-tax income | 40.7 m | -21.0 m | -19.2 m | esef· 15 Oct 2026verified |
| Net income | 38.5 m | -17.2 m | -10.0 m | esef· 15 Oct 2026verified |
| Diluted EPS | 0.01 | -0.25 | -0.15 | esef· 15 Oct 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.1 m | 6.1 m | 1.8 m | esef· 15 Oct 2026verified |
| Inventories | 1.9 m | 2.3 m | 2.2 m | esef· 15 Oct 2026verified |
| Current assets | 81.4 m | 43.8 m | 38.1 m | esef· 15 Oct 2026verified |
| Property, plant & equipment, net | 52.6 m | 54.2 m | 247.8 m | esef· 15 Oct 2026verified |
| Intangibles (excl. goodwill) | 13.9 m | 13.9 m | 15.0 m | esef· 15 Oct 2026verified |
| Total assets | 292.1 m | 288.7 m | 455.5 m | esef· 15 Oct 2026verified |
| Current liabilities | 188.5 m | 218.7 m | 234.5 m | esef· 15 Oct 2026verified |
| Equity | 388.3 k | -16.8 m | 113.6 m | esef· 15 Oct 2026verified |
| Shares outstanding at year end | — | 68.7 m | 67.0 m | esef· 15 Oct 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 17.2 m | -11.2 m | -33.8 m | esef· 15 Oct 2026verified |
| Capex | 3.6 m | 3.9 m | 3.4 m | esef· 15 Oct 2026verified |
| Free cash flow | 13.6 m ≈ | -15.1 m ≈ | -37.2 m ≈ | esef· 15 Oct 2026derived |
| Investing cash flow | -5.7 m | -15.0 m | -22.4 m | esef· 15 Oct 2026verified |
| Financing cash flow | -9.0 m | 17.2 m | 52.0 m | esef· 15 Oct 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: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 127.5 m EUR
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
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 · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| 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 | -1.8x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -29.1% | 0 (on a fixed band) | 44% |
| 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 sheet0/100 · 2/3 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· 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
S.S. LAZIO - S.P.A. (SSL.MI). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: ROE -20.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Interest coverage: -1.8x
- Current ratio: 0.2x
- FCF yield: -29.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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. | 6.7 bn | 21.3 | 15.4% | 8.4% | +8.7% | +22% / +58% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 28.8 | 9.2% | 13.0% | +0.8% | +33% / −5% |
| CRL.MICarel Industries S.p.a. | 3.0 bn | 40.9 | 16.1% | 11.7% | +8.7% | +7% / +14% |
| AMP.MIAmplifon S.p.a. | 2.6 bn | 29.1 | 8.5% | 3.8% | −0.6% | −11% / −59% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 31.4 | 10.9% | 7.3% | +4.2% | +31% / +79% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.9 | 20.6% | 18.9% | +6.7% | +15% / +114% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.1 | 12.8% | 7.1% | −23.0% | +11% / +68% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.7 | 8.6% | 9.4% | +1.4% | −21% / −61% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 986.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 909.3 m | 89.4 | 2.1% | 1.8% | +21.5% | +22% / +302% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 799.2 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +75% |
| ASC.MIAscopiave S.p.a. | 639.9 m | 17.9 | 4.2% | 17.5% | +13.4% | −9% / +31% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 345.1 m | — | -4.9% | -3.5% | +0.4% | −31% / +4% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 319.0 m | 12.8 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 290.6 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +29% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 119.8 m | 11.8 | 18.5% | 10.2% | −1.3% | −25% / −31% |
| ABT.MIAbitare In S.p.a. | 76.3 m | 277.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.0 m | — | -7.8% | -2.2% | +1.9% | −34% / −49% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 34.4 m | — | -29.2% | -3.8% | −0.7% | −11% / +102% |
| AEF.MIAeffe S.p.a. | 11.7 m | 0.6 | 21.9% | 7.7% | −21.3% | −52% / −84% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
1- and 3-year price returns: for SSL.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
S.S. Lazio S.p.A. is the sports company that runs the Lazio football team in Rome and is listed on the Italian market. In the year ended 30 June 2026 the company revalued its Formello sports centre to a market value of 235 million EUR, and the federal transfer restrictions of summer 2026 now shape its ability to sustain financial balance 1.
SWOT
Strengths
- The company owns a sports centre valued at market value and has a majority shareholder that exercises direction and coordination.
- Disposal of player rights has generated significant capital gains in recent windows.
- The company obtained the UEFA licence for the next season and was admitted to the Serie A championship.
Weaknesses
- Player-rights acquisitions are restricted by the partial block imposed by the federation.
- Results depend heavily on player sales, which makes revenues less predictable.
- The revaluation of the sports centre generates no cash and depends on market parameters that may vary.
Opportunities
- A return to European competition could bring additional rights and sponsorship revenues.
- New sponsorship contracts could offset the termination of the main sponsor agreement.
- Developing young players from the youth sector could reduce dependence on costly acquisitions.
Threats
- If financial coverage of commitments remains insufficient, federal restrictions could continue.
- Changes in European financial rules could alter reporting and control obligations.
- Termination of sponsorships for reasons independent of the parties' will could reduce commercial revenues.
Risks
- Restrictions on player acquisitionshigh
The partial block imposed by the federation limits acquisition operations unless economic commitments are fully covered.
- Dependence on disposalshigh
Revenues and financial balance could depend on sales of player rights, which are hard to forecast.
- Loss of a sponsormedium
The termination of the main sponsor agreement for 2026/27 shows that commercial revenues can be interrupted.
- Valuation of the sports centremedium
The revalued Formello centre depends on market parameters and could change at future valuations.
- Regulatory changeslow
New sustainability reporting obligations and changes to European rules could increase compliance costs.
Investment thesis
What would need to be true (bull case)
- If the UEFA licence and Serie A admission translate into new competition and sponsorship revenues, the company could ease its financial pressure.
- Capital gains from player disposals and the revalued sports centre could support the balance sheet if the pace of disposals holds.
- The majority shareholder exercises clear control, which could allow quick decisions if the transfer strategy changes.
What would break the thesis
- If the partial block on acquisitions continues, the team could remain limited in strengthening its squad and in sporting results.
- Dependence on player sales can make revenues volatile and hard for investors to anticipate.
- The termination of sponsorships shows that commercial revenues could be more fragile than the balance sheet suggests.
What to watch
- Evolution of federal restrictions on player acquisitions2026/27 transfer window
- New sponsorship contracts after termination of the main agreement2027
- Effect of the UEFA licence on competition revenues2027
- Possible revaluation of the Formello sports centrenext annual report
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
S.S. Lazio S.p.A. principally manages the Lazio football team, with sporting, commercial and player-rights trading activities. The company adopted the dual governance system in 2004, with a Consiglio di Gestione and a Consiglio di Sorveglianza 1. The majority shareholder is LAZIO EVENTS S.r.l., which holds 67.035% of the share capital, and the company is subject to its direction and coordination 1.
Operations focus on the first men's team, the Formello sports centre and commercial sponsorships. The source also mentions Lazio Women and other subsidiaries, but the main revenues remain tied to the football team 1. The company funds its activity through disposals of multi-year player rights, sponsorships and receivables factoring 1.
For fiscal 2025/26 the Formello sports centre was moved to the revaluation model under IAS 16, with a net equity impact after deferred tax of 140.4 million EUR 1. The UEFA licence for the 2026/27 season was obtained on 8 May 2026 1.
Segments
First team and transfers
Most economic activity is linked to disposing and acquiring player rights. In the winter window four players were sold for 54.70 million EUR with a capital gain of 31.38 million EUR, while four others were acquired for 35.63 million EUR 1.
Sponsorships and commercial
Commercial revenues include sponsorships, and the main contract for 2026/27 was terminated by mutual agreement after year-end, with the full agreed share paid 1.
Formello sports centre
The sports centre is treated as a strategic asset, and its revaluation at market value significantly changed the balance sheet, without a new valuation after year-end 1.
Market context
The company operates in professional Italian football, regulated by the FIGC and UEFA. It is listed as a small and medium enterprise on the Italian market, and its revenue cycle depends on international competition, transfers and commercial contracts. Federal restrictions in summer 2026, linked to the labour cost index, limit player-rights acquisitions unless commitments are fully covered 1.
The regulatory framework is changing, and the company says it is monitoring the evolution of European sustainability reporting rules, without yet being required to publish that report for fiscal 2025/26 1.
Trends
- Federal restrictions on transfersheadwind
The partial block on acquisitions in summer 2026 could limit the team's ability to strengthen its squad if financial coverage of commitments is not fully ensured 1.
- Capital gains from player disposalstailwind
Sales of player rights generated significant capital gains in the winter window and in summer, which could support results if the pace of disposals is maintained 1.
- Revaluation of the sports centremixed
Moving the Formello centre to the revaluation model increases the book value of assets but brings no cash and depends on the stability of market parameters 1.
- Return to European competitiontailwind
The UEFA licence for 2026/27 and a possible return to international competition could bring additional revenues from rights and sponsorships, if realised 1.
Competitive position
Direct competition comes from other Serie A clubs and European clubs that compete for the same players and sponsors. The analysed source does not name specific competitors, and comparisons with US-listed clubs are not supported by the official document.
- Other Serie A clubs
Compete for players, sponsors and competition revenues. The analysed document does not name them.
- Top European clubs
Compete for players and for access to UEFA competitions, a factor that influences the value of rights disposed of.
- Other sports companies listed on the Italian market
Operate under the same FIGC regulatory framework and compete for investors and sponsorships.
- Clubs in other leagues
Can attract Serie A players with salary offers, which affects the company's transfer policy.
News & filings
In the press
- 5 știri by Libertatea - Sport: Kimi Antonelli, cel mai tânăr campion mondial în Formula 1, iar Interul lui Chivu nu se simte bineLibertatea.ro · 03 Nov 2026 · RO
- Ce scădere! Șansele pe care Inter le are la titlu în Serie A, după ce a pierdut derby-ul cu AC Milan - Digi SportSurge — Google News · 02 Nov 2026 · RO
- Ce șanse are Cristi Chivu să câștige din nou titlul cu Inter Milano după ce a pierdut derby-ul cu AC Milan - Sport.roSurge — Google News · 02 Nov 2026 · RO
- Gattuso l-a depășit pe Chivu, dar vorbește despre salvarea de la retrogradare: „Mai avem nevoie de 12 puncte!” - GOLAZO.roSurge — Google News · 02 Nov 2026 · RO
- Lazio a profitat de pasul greșit al lui Chivu și e noul lider din Serie A! - Sport.roSurge — Google News · 02 Nov 2026 · RO
- Italienii nu mai au răbdare cu Cristi Chivu și au transmis un mesaj clar - Digi SportSurge — Google News · 02 Nov 2026 · RO
- Decizie radicală a lui Cristi Chivu! Mutare pregătită după înfrângerea din derby-ul cu AC Milan - Antena SportSurge — Google News · 02 Nov 2026 · RO
- Lazio move three points clear with Cagliari win as Juventus beat NapoliCNA (Channel NewsAsia) · 01 Nov 2026 · EN
- Cristi Chivu a pierdut primul loc în Serie A. O nouă victorie pentru revelația sezonului - Antena SportSurge — Google News · 01 Nov 2026 · RO
- Cristi Chivu, pus la zid după derby în Italia: „A arătat ca o echipă de «județeană»” - Sport.roSurge — Google News · 01 Nov 2026 · RO
- Gennaro Gattuso i-a „furat” primul loc lui Cristi Chivu, dar a surprins după meci: „Să nu ne ia amețeala” - Antena SportSurge — Google News · 01 Nov 2026 · RO
- Gennaro Gattuso a surprins pe toată lumea, după ce l-a depășit pe Cristi Chivu și a devenit lider în Serie A - Digi SportSurge — Google News · 01 Nov 2026 · RO
- Încă o lovitură pentru Chivu, după înfrângerea cu AC Milan! Noul lider din Serie A s-a distanțat de... - Ziare.comSurge — Google News · 01 Nov 2026 · RO
- Interul lui Cristi Chivu nu mai este lider! Premieră după 5 ani în Serie A + Cum arată clasamentul - EurosportSurge — Google News · 01 Nov 2026 · RO
- Hátrányból nyert a Lazio, Gennaro Gattuso csapata továbbra is vezeti az olasz bajnokságotIndex.hu English (HU) · 01 Nov 2026 · EN
- Lazio, noul lider din Serie A: Alb-albaștrii înving Cagliari și profită de înfrângerea Interului din derbiG4Media · 01 Nov 2026 · RO
- Weekend de coșmar pentru Chivu și Inter: Lazio a revenit de la 0-1 și conduce solitar Serie A! - GSPSurge — Google News · 01 Nov 2026 · RO
- Walter Zenga nu l-a iertat nici el pe Cristi Chivu: ”Nu mai poți”. Răspunsul românului - Ziare.comSurge — Google News · 01 Nov 2026 · RO
- Fotbal: AC Milan a câștigat cu 3-1 derby-ul cu Inter în Serie A - AgerpresAgerpres · 01 Nov 2026 · RO
- E scandal mare la Inter după eșecul cu Milan! Fanii echipei lui Chivu au turbat de furie: ce au făcut după derby - ProsportSurge — Google News · 01 Nov 2026 · RO
Annual reports (ESEF)
- Annual report 202615 Oct 2026
- Annual report 202514 Oct 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / S.S. Lazio S.p.A. · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.