olivLaw · European equity research
Aquafil S.p.A. ECNL.MI
Italy · Euronext Milan · ISIN IT0005241192 · Vertical: Listed companies from Italy
Aquafil is an Italian group in the circular economy, presented as the world's first producer of carpet yarn and a major European supplier of yarns and polymers for fashion and design. Its advantage rests on ECONYL® regenerated nylon, made entirely from waste, at a time when demand for recyclable materials is growing. The group reported revenues of EUR 520.8 mn in 2025.
At the close of 05 Nov 2026, Aquafil S.p.A. (ECNL.MI) stock was 1.38 EUR (−0.43% on the day), with market capitalisation 129.6 m EUR, dividend yield 0.00%, beta 0.78, 52-week range 1.25–1.78 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.5
- strong (55–70)
- Bollinger (20, 2)
- 1.30 – 1.39
- in the upper half of the band · %B 0.88 · band width 7.1%
- SMA 50 / 200
- 1.34 / 1.39
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- 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 | +6.3% | +0.4% | +5.9 pp | — |
| 3 months | −1.0% | −3.3% | +2.3 pp | — |
| 6 months | −7.4% | +4.0% | −11.3 pp | — |
| Year to date | −0.9% | +8.1% | −9.0 pp | — |
| 1 year | −22.5% | +10.7% | −33.2 pp | −6.1% |
| 3 years | −46.2% | +50.1% | −96.3 pp | +10.1% |
| 5 years | −83.7% | +43.6% | −127.3 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 571.8 m | 542.1 m | 520.8 m |
| Revenue YoY | unavailable | −5.2% | −3.9% |
| Net income | -25.8 m | -16.3 m | -4.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.51 | -0.30 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4.5% | -3.0% | -0.9% |
| Free cash flow | 43.7 m | 1.5 m | 11.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 165.5 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 131.3 m EUR
- Total assets
- 625.6 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.90x
- ROE
- -3.2%
- ROA
- -0.7%
- FCF margin
- 2.2%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 571.8 m | 542.1 m | 520.8 m | esef· 07 Apr 2026verified |
| Operating income | -8.9 m | 3.3 m | 6.6 m | esef· 07 Apr 2026verified |
| Interest expense | 19.0 m | 21.0 m | 15.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | -26.0 m | -17.6 m | -4.9 m | esef· 07 Apr 2026verified |
| Income tax | -143.0 k | -1.3 m | -255.0 k | esef· 07 Apr 2026verified |
| Net income | -25.8 m | -16.3 m | -4.7 m | esef· 07 Apr 2026verified |
| Diluted EPS | -0.51 | -0.30 | -0.05 | esef· 07 Apr 2026verified |
| Dividend per share | 0.24 | 0.00 | 0.00 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 157.7 m | 130.4 m | 165.5 m | esef· 07 Apr 2026verified |
| Receivables | 26.2 m | 20.4 m | 20.0 m | esef· 07 Apr 2026verified |
| Inventories | 189.5 m | 197.5 m | 172.8 m | esef· 07 Apr 2026verified |
| Current assets | 395.3 m | 358.8 m | 369.0 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 245.8 m | 233.9 m | 197.7 m | esef· 07 Apr 2026verified |
| Goodwill | 15.1 m | 16.1 m | 14.2 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 19.1 m | 15.2 m | 12.0 m | esef· 07 Apr 2026verified |
| Total assets | 695.5 m | 655.3 m | 625.6 m | esef· 07 Apr 2026verified |
| Current liabilities | 240.7 m | 232.3 m | 194.0 m | esef· 07 Apr 2026verified |
| Equity | 125.3 m | 158.4 m | 131.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 50.7 m | 54.4 m | 93.9 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 72.8 m | 23.3 m | 29.5 m | esef· 07 Apr 2026verified |
| Capex | 29.2 m | 21.8 m | 18.3 m | esef· 07 Apr 2026verified |
| Free cash flow | 43.7 m ≈ | 1.5 m ≈ | 11.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -33.2 m | -24.0 m | -21.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | 7.4 m | -26.5 m | 26.8 m | esef· 07 Apr 2026verified |
| Dividends paid | 12.0 m | 0 | 0 | esef· 07 Apr 2026verified |
| Share repurchases | 598.0 k | 0 | 0 | esef· 07 Apr 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
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 129.6 m EUR
Key indicators
Coverage and freshness
Score by group
35% · 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 · 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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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: score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.9% | 18 (vs peers) | 18% |
| 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 | 0.4x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.9x | 92 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 18% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 12% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet37/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 factors with a value
- Returns40/100 · 2/2 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
AQUAFIL S.P.A. (ECNL.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 520.8 m EUR in 2025; YoY growth -3.9%; net margin -0.9%; ROE -3.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 35.4% 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
- Current ratio: 1.9x
- FCF yield: 8.7%
- Payout ratio (FCF): 0.0%
What contradicts it
- Net margin: -0.9%
- Interest coverage: 0.4x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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% |
| 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% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| 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 ECNL.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Aquafil is an Italian group in the circular economy, presented as the world's first producer of carpet yarn and a major European supplier of yarns and polymers for fashion and design. Its advantage rests on ECONYL® regenerated nylon, made entirely from waste, at a time when demand for recyclable materials is growing. The group reported revenues of EUR 520.8 mn in 2025 1.
SWOT
Strengths
- ECONYL® technology, produced entirely from waste with properties declared equal to conventional nylon, offers a competitive edge that is hard to replicate 1.
- The international network of companies and vertical integration in waste collection provide a stable supply 1.
- Relationships with many partner brands show a commercial base diversified across several industries 1.
Weaknesses
- An important part of production still depends on fossil-based caprolactam, exposing the company to traditional raw material costs 1.
- Technologies for separating composite materials are still at pilot stage, without confirmed industrial scale-up 1.
- Research activity requires constant investment, and the amounts allocated are significant relative to the company's revenues 1.
Opportunities
- European rules on the circular economy and sustainability reporting could increase demand for regenerated materials 1.
- Extending ECONYL® into new areas such as 3D printing, automotive and nautical could open new market segments 1.
- If the elastic-fibre separation technology scales, the company could enter textile segments previously hard to reach 1.
Threats
- The price of fossil raw materials and its volatility could reduce the cost advantage of regenerated nylon 1.
- Competitors that quickly adopt recycled materials could narrow the differentiation of ECONYL® products 1.
- Difficulty recycling multilayer products could limit the volumes of waste collectable 1.
Risks
- Dependence on fossil raw materialmedium
Part of production still uses caprolactam from oil, and changes in the price of this raw material could affect margins 1.
- Scaling new technologieshigh
Elastic-fibre separation and multilayer carpet recycling are at pilot stage, and moving to industrial production could be delayed or cost more than estimated 1.
- Geographic exposurelow
Operations in 13 countries and reliance on international collection chains create regulatory and logistical risks 1.
- Share liquiditylow
The listing on the US OTCQX market alongside Euronext STAR Milan could affect share liquidity for US investors 1.
Investment thesis
What would need to be true (bull case)
- If demand for circular materials keeps growing under European regulation, ECONYL® could strengthen the company's position as a niche leader.
- Extending separation and recycling technologies to new product categories could diversify revenue sources.
- Vertical integration in waste collection could reduce dependence on external raw material flows.
What would break the thesis
- If the price of fossil raw materials falls, the cost advantage of regenerated nylon could shrink.
- New technologies that do not reach industrial scale could absorb capital without predictable returns.
- Competition from producers adopting recycled materials quickly could reduce product differentiation.
What to watch
- Trend of revenues and margins against EUR 520.8 mn reported for 20252026
- Progress of the ACS pilot plant at Rovereto and of elastic-fibre separation in Slovenia2026
- Development of the NTF segment and relationships with partner brandsnext annual report
- Effects of EU textile waste rules on demand for ECONYL®2027
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
Aquafil S.p.A., founded in 1965 in Arco, produces and sells nylon yarns, synthetic fibres and polymers. Since 2011 the company has used the ECONYL® Regeneration System, which turns nylon waste into new raw material 1. In 2025 the group had 2,227 employees and revenues of EUR 520.8 mn 1.
The group is made up of 20 companies and operates in 13 countries across 4 continents, with headquarters in Trentino-Alto Adige 1. Shares are listed on Euronext STAR Milan and on the OTCQX segment in the United States 1.
The value chain combines a fossil-based line, still present, with a circular one fed by pre- and post-consumer waste recovered through vertical integration, including in the United States, Norway and Chile 1.
Segments
BCF - carpet yarn
The main segment, covering yarn for textile flooring used in automotive, marine, residential and contract applications 1. It also serves airports and offices 1.
NTF - apparel yarn
Supplies yarns and synthetic fibres to apparel, swimwear and sportswear brands 1. It also includes polyester yarn spinning through Aquafil O'Mara 1.
EP - engineering plastics
Produces nylon polymers and compounds for injection moulding, used in fashion accessories, furniture and electrical components 1.
Market context
The core market is textile flooring and apparel yarn, where roughly 12 kg of textile waste per European citizen is generated each year, and the sources cited in the report indicate that less than 1% is effectively recycled 1.
Demand for recycling and regenerated content is growing, but the cost and complexity of separating composite materials limit the market for circular solutions, and the price of fossil raw materials remains a point of comparison 1.
Trends
- European circular regulationtailwind
New EU rules on textile and food waste and CSRD reporting push customers toward recyclable materials, which could support demand for ECONYL® 1.
- Separating textile blendsmixed
The technology separating nylon from elastic fibre, developed after 2013 and tested in a demonstration plant in Slovenia in 2025, could open new markets if scaled industrially 1.
- Complexity of multilayer recyclingheadwind
Carpets and tiles combining latex, PVC or bitumen remain hard to separate, and the ACS pilot project at Rovereto is still in testing 1.
- Digitalisation of productiontailwind
Machine vision systems and a colour database developed in 2025 could reduce waste and production time if extended across all plants 1.
Competitive position
Competition comes from traditional nylon and polyester producers, which have lower raw material costs, and from other recycled-fibre suppliers. Aquafil's advantage is its patented ECONYL® range, which the company says competing plastics cannot match 1.
The analysed sources do not explicitly name direct competitors. Comparison with other carpet and synthetic fibre producers listed in the United States would require additional sources.
- Traditional nylon and polyester producers
Compete in conventional synthetic yarns at lower raw material cost, although the report compares directly only with traditional materials 1.
- Recycled fibre suppliers
Offer regenerated alternatives, most relevant in the apparel and sportswear segment 1.
- Textile flooring producers
Customers and also potential competitors in carpet recycling, where Aquafil builds its own capabilities 1.
- Other engineering polymer suppliers
Compete in the EP segment on compounds for accessories and components, where ECONYL® is positioned as a sustainable alternative 1.
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 / Aquafil 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.