olivLaw · European equity research
Technoprobe S.p.A. TPRO.MI
Italy · Euronext Milan · ISIN IT0005482333 · Vertical: Listed companies from Italy
Technoprobe is an Italian group that designs and manufactures probe cards, key components for testing semiconductor chips before delivery. The company sits at the centre of demand generated by AI chips, and its plan to double production capacity in 2026-2027 draws investor attention. During 2025 the company bought back its own shares for 60 million EUR.
At the close of 05 Nov 2026, Technoprobe S.p.A. (TPRO.MI) stock was 20.52 EUR (−9.28% on the day), with P/E 0.1 on diluted EPS of 150.00 EUR over the last 12 months, beta 1.61, 52-week range 8.68–38.10 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)
- 27.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 19.74 – 33.49
- in the lower half of the band · %B 0.06 · band width 51.6%
- SMA 50 / 200
- 28.83 / 25.18
- mixed trend
- MACD (12, 26, 9)
- -2.09 / -1.59
- MACD below 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 | −44.3% | −0.6% | −43.7 pp | — |
| 3 months | −32.9% | −4.2% | −28.8 pp | — |
| 6 months | +5.9% | +4.3% | +1.6 pp | — |
| Year to date | +68.2% | +7.5% | +60.7 pp | — |
| 1 year | +123.5% | +9.9% | +113.6 pp | −6.1% |
| 3 years | +176.2% | +49.8% | +126.3 pp | +7.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 3-quarter history (min 0.1, median 0.1, max 0.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 409.3 m | 543.2 m | 628.4 m |
| Revenue YoY | unavailable | +32.7% | +15.7% |
| Net income | 97.0 m | 63.8 m | 97.7 m |
| Net income YoY | unavailable | −34.2% | +53.0% |
| Diluted EPS | 160.00 | 100.00 | 150.00 |
| Diluted EPS YoY | unavailable | −37.5% | +50.0% |
| net % | 23.7% | 11.8% | 15.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 688.2 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.2 bn EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 7.23x
- ROE
- 7.9%
- ROA
- 6.9%
- 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 | 409.3 m | 543.2 m | 628.4 m | esef· 07 Apr 2026verified |
| Cost of revenue | 209.9 m | 319.7 m | 349.3 m | esef· 07 Apr 2026verified |
| Gross profit | 199.3 m | 223.4 m | 279.1 m | esef· 07 Apr 2026verified |
| Research & development | 56.8 m | 63.4 m | 54.4 m | esef· 07 Apr 2026verified |
| Operating income | 79.8 m | 67.1 m | 136.3 m | esef· 07 Apr 2026verified |
| Pre-tax income | 85.2 m | 97.0 m | 128.1 m | esef· 07 Apr 2026verified |
| Income tax | -12.1 m | 34.2 m | 29.3 m | esef· 07 Apr 2026verified |
| Net income | 97.0 m | 63.8 m | 97.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | 160.00 | 100.00 | 150.00 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 361.8 m | 666.4 m | 688.2 m | esef· 07 Apr 2026verified |
| Current assets | 608.7 m | 979.4 m | 974.4 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 252.3 m | 295.1 m | 308.0 m | esef· 07 Apr 2026verified |
| Goodwill | 25.5 m | 43.7 m | 42.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 17.9 m | 65.5 m | 61.4 m | esef· 07 Apr 2026verified |
| Total assets | 928.4 m | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Current liabilities | 76.8 m | 121.6 m | 134.7 m | esef· 07 Apr 2026verified |
| Total liabilities | 111.1 m | 171.1 m | 177.6 m | esef· 07 Apr 2026verified |
| Equity | 817.3 m | 1.2 bn | 1.2 bn | esef· 07 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Capex | 62.8 m | 84.5 m | 92.6 m | esef· 07 Apr 2026verified |
| Investing cash flow | -93.4 m | -168.8 m | -63.5 m | esef· 07 Apr 2026verified |
| Financing cash flow | -15.0 m | 344.0 m | -87.0 m | esef· 07 Apr 2026verified |
| Dividends paid | 0 | 1.2 m | 0 | esef· 07 Apr 2026verified |
| Share repurchases | 11.7 m | 34.7 m | 60.0 m | esef· 07 Apr 2026verified |
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: 20.8% 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
21% · 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: 943.53 – 3,427.63 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/E943.53 – 3,427.63 (Mid 1,988.36)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 · input data missing
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: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.5% | 77 (vs peers) | 30% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 7.2x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 0.1x | 95 (vs peers) | 50% |
| 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· partial100/100 · 1/3 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· partial95/100 · 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
TECHNOPROBE S.P.A. (TPRO.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 628.4 m EUR in 2025; YoY growth 15.7%; net margin 15.5%; ROE 7.9%.
The estimated value range is 943.53–3,427.63 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1,988.36 EUR, the price of 20.52 EUR leaves a potential of 9,589.9% (value / price − 1) and a margin of safety of 99.0% (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: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.5%
- Current ratio: 7.2x
- P/E (TTM): 0.1x
- 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, 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 TPRO.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
Technoprobe is an Italian group that designs and manufactures probe cards, key components for testing semiconductor chips before delivery. The company sits at the centre of demand generated by AI chips, and its plan to double production capacity in 2026-2027 draws investor attention. During 2025 the company bought back its own shares for 60 million EUR 1.
SWOT
Strengths
- Specialised position in an important technological niche, with internal know-how and the ability to develop key components in-house.
- Quality certification for all products and a customer base of large semiconductor companies.
- Industrial presence on several continents, with plants in Italy, the United States and Taiwan.
Weaknesses
- Dependence on a small number of large customers could make revenue sensitive to their investment cycles.
- Rapid capacity expansion, with new plants and hiring, carries execution and integration risks.
- Currency exposure to the US dollar can affect results reported in euro.
Opportunities
- Demand for high-density AI chips could increase testing complexity and the value of the group's products.
- Advanced Packaging and Silicon Photonics are segments that could generate new development projects and orders.
- A recovery in Automotive and Industrial after stock corrections could bring additional volumes.
Threats
- Geopolitical and trade tensions can disrupt supply chains and change access to markets.
- Competition for engineering and AI talent could slow the group's growth plans.
- A slowdown in data centre investment could reduce demand in the company's core segment.
Risks
- Execution of the expansion planhigh
Doubling production capacity in 2026-2027 depends on the success of investments and hiring, and delays could affect deliveries.
- Customer concentrationhigh
If a small number of large customers reduce orders, group revenue could be affected quickly.
- Currency riskmedium
Revenue and costs in US dollars can generate swings in results expressed in euro.
- Geopolitical tensionsmedium
Trade conflicts and tensions in East Asia could disrupt supply and operations in Taiwan.
- Dependence on talentmedium
A shortage of engineering and AI specialists could limit the group's ability to innovate and grow.
Investment thesis
What would need to be true (bull case)
- If demand for AI chips continues, testing complexity could rise further, supporting the value of the group's products.
- Internal control of know-how and vertical integration can give the group an edge over competitors.
- If capacity expansion is delivered on time, the group could capture a larger share of industry growth.
What would break the thesis
- If data centre investments are not monetised, demand for probe cards could slow in 2026.
- Geopolitical and trade tensions could disrupt supply chains and expansion plans.
- Dependence on a few large customers could make revenue more volatile than that of a more diversified supplier.
What to watch
- Start-up of the new plants in Italy and Taiwan2026
- Trend of orders in the AI and Advanced Packaging segments2026
- Progress of the plan to double production capacity2027
- Recovery of the Automotive and Industrial segments in the first part of the yearnext 10-K
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
Technoprobe S.p.A. is the parent company of a group that develops and manufactures probe cards and their key components, used for the electrical testing of semiconductor chips. The group operates through its Device Interface Solutions division (DIS Tech) and runs plants in Italy, the United States and Taiwan. Its main office is in Osnago, with sites at Agrate Brianza, Caponago, Vimercate and Catania 1.
The technology strategy is largely internal, aimed at controlling know-how and the supply chain. The group intends to double its production capacity in 2026-2027 through an investment and hiring plan, and the new plants in Italy and Taiwan are due to reach full operation in 2026 1.
Research and development focuses on projects such as FusionLink, Athena, High Power and Thermal Management, HBM Vertical and Silicon Photonics, all aimed at adding technological complexity to the group's products. The group has dedicated teams for probe card components, assembly processes, robotics and artificial intelligence applications in production 1.
Segments
Probe cards
Probe cards are the group's main product and are used to test chips before dicing and packaging. The group develops both the boards and their key components, working closely with customers in the semiconductor industry.
Components and production equipment
The group also develops thermal management components, as well as robotics and machinery for probe card production. These support internal manufacturing and fit the company's automation strategy 1.
Market context
Management describes the testing industry as having unprecedented momentum, driven by higher volumes and more intense, complex tests. Demand for AI architectures is the main growth driver, and 2026 is seen as a year of selection, when the market will better assess the financial sustainability of data centre investments 1.
Advanced Packaging and advanced Automotive are expected to accelerate in 2026-2027, while the consumer market, led by PCs and smartphones, could grow modestly. The Automotive and Industrial segments show signs of recovery in the first part of the year after inventory corrections 1.
Trends
- Demand for AI chipstailwind
The complexity of AI chips and workloads increases the testing content per unit produced, which could support demand for probe cards over the medium term.
- The 2026 year of selectionheadwind
If data centre investments are not quickly monetised, customers could slow orders after a 2025 dominated by their build-out.
- Advanced Packagingtailwind
Demand for advanced packaging, needed by high-density AI chips, is expected to accelerate in 2026-2027, which could open new orders for the group.
- Trade and tariff tensionsmixed
Uncertainty from trade and tariff tensions has contracted volumes in Automotive and Industrial, but recovery signals for 2026 could soften the effect.
Competitive position
The probe card market is concentrated, and the main competitors are companies specialised in test interfaces for semiconductors. Competition centres mainly on technological lead, production capacity and proximity to customers and chip fabs.
The group emphasises internal control of know-how and reshoring of production in response to geopolitical tensions. Competition for talent in engineering, AI and advanced materials is also a significant pressure on the company 1.
- FormFactorFORM
American supplier of probe cards and semiconductor test systems, in the same market niche as Technoprobe.
- Advantest
Japanese maker of semiconductor test equipment, competing in the testing segment for advanced chips.
- MJC
Taiwanese probe card manufacturer, present in the same global market for test interfaces.
- MPI Corporation
Taiwanese maker of test systems and probe cards, competing especially in wafer-level testing.
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 / Technoprobe 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.