olivLaw · European equity research
Technogym S.p.A. TGYM.MI
Italy · Euronext Milan · ISIN IT0005162406 · Vertical: Listed companies from Italy
Technogym designs and sells fitness and wellness equipment and services through an international network of subsidiaries and boutique stores. The company keeps investing in digital offerings and production, and investments in 2024 rose from the prior year, signalling an expansion path.
At the close of 05 Nov 2026, Technogym S.p.A. (TGYM.MI) stock was 14.92 EUR (+1.22% on the day), with market capitalisation 3.0 bn EUR, P/E 33.9 on diluted EPS of 0.44 EUR over the last 12 months, dividend yield 1.87%, beta 0.74, 52-week range 12.11–21.78 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)
- 75.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 11.65 – 14.73
- above the upper band · %B 1.06 · band width 23.4%
- SMA 50 / 200
- 13.00 / 16.02
- mixed trend
- MACD (12, 26, 9)
- 0.41 / 0.17
- 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 | +14.9% | −0.6% | +15.5 pp | — |
| 3 months | +8.9% | −4.2% | +13.1 pp | — |
| 6 months | −29.1% | +4.3% | −33.4 pp | — |
| Year to date | −7.6% | +7.5% | −15.1 pp | — |
| 1 year | −5.1% | +9.9% | −15.1 pp | −6.1% |
| 3 years | +95.0% | +49.8% | +45.2 pp | +7.7% |
| 5 years | +62.2% | +42.8% | +19.3 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 23.8, median 24.1, max 24.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 806.3 m | 899.0 m |
| Revenue YoY | unavailable | +11.5% |
| Net income | 73.6 m | 87.0 m |
| Net income YoY | unavailable | +18.2% |
| Diluted EPS | 0.37 | 0.44 |
| Diluted EPS YoY | unavailable | +18.9% |
| net % | 9.1% | 9.7% |
| Free cash flow | 89.5 m | 133.8 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 268.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 386.8 m EUR
- Total assets
- 904.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.46x
- ROE
- 23.2%
- ROA
- 10.1%
- FCF margin
- 14.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 806.3 m | 899.0 m | esef· 24 Sept 2025verified |
| Operating income | 97.4 m | 119.0 m | esef· 24 Sept 2025verified |
| Interest expense | 20.9 m | 17.2 m | esef· 24 Sept 2025verified |
| Pre-tax income | 100.4 m | 123.0 m | esef· 24 Sept 2025verified |
| Income tax | 23.2 m | 33.8 m | esef· 24 Sept 2025verified |
| Net income | 73.6 m | 87.0 m | esef· 24 Sept 2025verified |
| Diluted EPS | 0.37 | 0.44 | esef· 24 Sept 2025verified |
| Dividend per share | 0.26 | 0.28 | esef· 24 Sept 2025derived |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 224.7 m | 268.7 m | esef· 24 Sept 2025verified |
| Inventories | 103.6 m | 110.9 m | esef· 24 Sept 2025verified |
| Current assets | 480.7 m | 552.6 m | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 171.6 m | 178.0 m | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 56.7 m | 52.9 m | esef· 24 Sept 2025verified |
| Total assets | 818.3 m | 904.1 m | esef· 24 Sept 2025verified |
| Current liabilities | 322.5 m | 378.8 m | esef· 24 Sept 2025verified |
| Equity | 363.7 m | 386.8 m | esef· 24 Sept 2025verified |
| Shares outstanding at year end | 199.0 m | 197.8 m | esef· 24 Sept 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 106.8 m | 155.4 m | esef· 24 Sept 2025verified |
| Capex | 17.4 m | 21.6 m | esef· 24 Sept 2025verified |
| Free cash flow | 89.5 m ≈ | 133.8 m ≈ | esef· 24 Sept 2025derived |
| Investing cash flow | -30.8 m | -38.6 m | esef· 24 Sept 2025verified |
| Financing cash flow | -50.9 m | -73.0 m | esef· 24 Sept 2025verified |
| Dividends paid | 51.3 m | 55.2 m | esef· 24 Sept 2025verified |
≈ 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
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.0 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · 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: 2.77 – 10.05 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/E2.77 – 10.05 (Mid 5.83)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)3.79 – 5.17 (Mid 4.38)
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: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.7% | 67 (vs peers) | 12% |
| FCF conversion · Quality | 153.8% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.9x | 83 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 33.9x | 14 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.5% | 57 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.9% | 27 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 41.2% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet72/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 2/3 factors with a value
- Returns56/100 · 2/2 factors with a value
- Valuation33/100 · 2/3 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
TECHNOGYM S.P.A. (TGYM.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 899.0 m EUR in 2024; YoY growth 11.5%; net margin 9.7%; ROE 23.7%.
The estimated value range is 3.28–7.61 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.10 EUR, the price of 14.92 EUR leaves a potential of -65.8% (value / price − 1) and a margin of safety of -192.3% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 153.8%
- Interest coverage: 6.9x
- Payout ratio (FCF): 41.2%
What contradicts it
- P/E (TTM): 33.9x
- Shareholder yield (distributions): 1.9%
- 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, EV/EBITDA.
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% |
| TGYM.MITechnogym S.p.a. | 3.0 bn | 33.9 | 23.7% | 9.7% | +11.5% | −8% / +87% |
| 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% |
1- and 3-year price returns: for TGYM.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 | 9.44 Total return -35% · Per year -35% | 16.64 Total return 14% · Per year 14% | 24.99 Total return 70% · Per year 70% |
| 3 years | 10.50 Total return -25% · Per year -9% | 20.68 Total return 46% · Per year 13% | 33.92 Total return 136% · Per year 33% |
| 5 years | 11.67 Total return -13% · Per year -3% | 25.72 Total return 85% · Per year 13% | 46.03 Total return 226% · Per year 27% |
- Exit P/E± 5.17
- Net margin± 3.62
- Annual revenue growth± 2.78
- Annual dilution± 0.30
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
Technogym designs and sells fitness and wellness equipment and services through an international network of subsidiaries and boutique stores. The company keeps investing in digital offerings and production, and investments in 2024 rose from the prior year, signalling an expansion path.
SWOT
Strengths
- The company has an international network of subsidiaries, stores and production sites, plus a broad portfolio of products and digital services.
- Processes are standardised and certified, and relationships with key suppliers are long-term.
- Continuous investment in new products, moulds and digitalisation supports innovation capacity.
Weaknesses
- Dependence on foreign markets exposes the company to currency movements and trade restrictions.
- The scale of investment puts pressure on cash flow, especially in periods of weaker demand.
- Reliance on specialised component suppliers can create supply chain vulnerabilities.
Opportunities
- Expanding the digital offer and content could increase recurring service revenue.
- Developing markets in the Middle East and Asia could bring new clients for experience centres.
- Energy-efficient and eco-sustainable solutions could attract customers seeking lower-impact products.
Threats
- More sophisticated cyber attacks could affect customer data and market trust.
- Competitors with lower prices or stronger digital platforms could reduce market share.
- Sanctions and embargoes linked to geopolitical conflicts could limit access to certain markets.
Risks
- Currency riskmedium
International activity and transactions in currencies such as the US dollar, sterling or the yuan could generate exchange losses, even though part is hedged with derivative instruments.
- Liquidity riskmedium
Funding needs and significant investment could strain cash flows if demand falls or credit becomes more expensive, which is why treasury is centralised.
- Geopolitical risk in Russia and Ukrainehigh
The conflict in Ukraine and related embargoes could affect activity in the region, and part of the liquidity in Russia has been provisioned as at risk.
- Cyber riskhigh
Growing digitalisation and AI expose the company to attacks that could compromise sensitive data and production systems.
- Climate and transition risklow
Extreme weather and regulatory changes could affect production and costs, although physical exposure was assessed as medium-low.
Investment thesis
What would need to be true (bull case)
- If demand for fitness and wellness stays strong, the broad portfolio and international network could support revenue growth.
- The digital offer and training content could generate recurring revenue and strengthen customer loyalty.
- Steady investment in products and production could help maintain an innovation edge over competitors.
What would break the thesis
- If demand falls in mature markets, heavy investment could compress margins and available free cash flow.
- Competition from players with strong digital platforms could put pressure on prices.
- Geopolitical tensions and trade restrictions could limit access to certain markets and international growth.
What to watch
- Trend of investments and operating cash flow2025
- Progress of the decarbonisation plan and its impact on the financial statements2025
- Effects of applying the Pillar Two global minimum tax rules2025
- Developments in Russia and Ukraine and the related liquidity provisionnext 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
Technogym operates internationally through commercial subsidiaries, production sites in Italy and Slovakia, and a network of boutique stores. The group continuously extends and updates its product and service range, with emphasis on digitalising the offer and developing new content. Investments in 2024 targeted production infrastructure, process optimisation, and new or upgraded stores and offices, including a new London store and new premises in France.
Processes across the business are organised within a structured system of responsibilities and procedures, certified under ISO 9001. The company works closely with key suppliers through long-term relationships to reduce the risk of material unavailability.
The group ended 2024 with investments higher than in 2023, directed mainly at new products, industrial assets and the commercial network. These outlays are supported by centralised treasury management.
Segments
Fitness equipment and solutions
The core segment includes fitness and wellness equipment for gyms, hotels and home use. Products are developed continuously, and investments in moulds and new production lines support range expansion.
Digital services and content
The company develops digital platforms and training content, where investment in new projects and software is significant. ISO 27001 certification of the digital platforms supports customer confidence.
Market context
Technogym operates in several international markets, which diversifies geographic and segment risk. It remains exposed to local economic and political conditions, import and export restrictions, and cash flow and exchange rate controls. The company monitors embargoes related to Russia, where activity is limited to services generating about 1% of group revenues.
Demand for fitness equipment depends on customers seeking efficient and eco-sustainable solutions, which requires balancing innovation with sustainability, according to the company's report.
Trends
- Digitalisation and artificial intelligencemixed
Adoption of digital technologies and AI opens opportunities for connected products but also raises exposure to cyber attacks that call for advanced protection.
- Climate transitionmixed
Regulatory changes and demand for low-emission technologies could shape the business model. The company is preparing a decarbonisation plan that could change its production cost structure.
- Demand for wellness and healthtailwind
Growing interest in wellness and home exercise could support equipment and service sales, especially if the digital offer remains attractive.
- Compliance and tax costsheadwind
Applying Pillar Two global minimum tax rules and new accounting standards could raise administrative costs, although the exposure was considered not significant for 2025.
Competitive position
The fitness and wellness equipment market is competitive, with global and regional players competing on innovation, design, services and distribution networks. Differentiation depends on product quality, digital content and the ability to support commercial clients.
The company's advantage could come from integrating products with digital platforms and from its international network of stores and experience centres, though competition in similar segments may limit margins.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Technogym S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.