olivLaw · European equity research
PIAGGIO & C. S.P.A. PIA.MI
Italy · Euronext Milan · ISIN IT0003073266 · Vertical: Listed companies from Italy
Piaggio is an Italian maker of two-wheel vehicles (scooters and motorcycles, including its premium brands) and light commercial vehicles, operating in Europe, India and Asia Pacific. In fiscal 2025 sales fell, with two-wheel net revenue of about 1,155.4 million euro, which makes demand and market-position trends in key markets relevant. Regulatory pressure and Asian competition matter for the group's outlook.
At the close of 05 Nov 2026, PIAGGIO & C. S.P.A. (PIA.MI) stock was 2.04 EUR (−2.11% on the day), with market capitalisation 724.1 m EUR, P/E 21.3 on diluted EPS of 0.10 EUR over the last 12 months, dividend yield 3.89%, beta 0.77, 52-week range 1.47–2.09 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)
- 59.9
- strong (55–70)
- Bollinger (20, 2)
- 1.86 – 2.08
- in the upper half of the band · %B 0.83 · band width 11.2%
- SMA 50 / 200
- 1.95 / 1.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.02
- 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 | +6.6% | −0.6% | +7.3 pp | — |
| 3 months | +2.5% | −4.2% | +6.6 pp | — |
| 6 months | +21.4% | +4.3% | +17.1 pp | — |
| Year to date | +12.2% | +7.5% | +4.7 pp | — |
| 1 year | +6.6% | +9.9% | −3.3 pp | −6.1% |
| 3 years | −21.8% | +49.8% | −71.7 pp | +7.7% |
| 5 years | −30.2% | +42.8% | −73.1 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 3-quarter history (min 11.5, median 11.6, max 19.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.5 bn |
| Revenue YoY | unavailable | −14.3% | −11.7% |
| Net income | 91.1 m | 67.2 m | 34.0 m |
| Net income YoY | unavailable | −26.2% | −49.4% |
| Diluted EPS | 0.26 | 0.19 | 0.10 |
| Diluted EPS YoY | unavailable | −26.1% | −49.5% |
| net % | 4.6% | 4.0% | 2.3% |
| Free cash flow | 130.6 m | 75.9 m | 72.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 121.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 396.3 m EUR
- Total assets
- 1.7 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.70x
- ROE
- 8.4%
- ROA
- 1.9%
- FCF margin
- 4.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.0 bn | 1.7 bn | 1.5 bn | esef· 07 Apr 2026verified |
| Operating income | 180.7 m | 147.7 m | 101.2 m | esef· 07 Apr 2026verified |
| Interest expense | 44.4 m | 50.4 m | 48.5 m | esef· 07 Apr 2026verified |
| Pre-tax income | 135.3 m | 97.4 m | 51.6 m | esef· 07 Apr 2026verified |
| Income tax | 44.3 m | 30.1 m | 17.5 m | esef· 07 Apr 2026verified |
| Net income | 91.1 m | 67.2 m | 34.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.26 | 0.19 | 0.10 | esef· 07 Apr 2026verified |
| Dividend per share | 0.23 | 0.20 | 0.08 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 181.7 m | 149.7 m | 121.1 m | esef· 07 Apr 2026verified |
| Inventories | 328.0 m | 323.7 m | 274.0 m | esef· 07 Apr 2026verified |
| Current assets | 680.5 m | 654.4 m | 525.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 287.5 m | 304.5 m | 294.5 m | esef· 07 Apr 2026verified |
| Total assets | 1.9 bn | 1.9 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Current liabilities | 900.8 m | 866.1 m | 749.8 m | esef· 07 Apr 2026verified |
| Equity | 416.0 m | 418.2 m | 396.3 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 354.3 m | 353.8 m | 354.3 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 185.2 m | 144.1 m | 132.5 m | esef· 07 Apr 2026verified |
| Capex | 54.6 m | 68.1 m | 60.1 m | esef· 07 Apr 2026verified |
| Free cash flow | 130.6 m ≈ | 75.9 m ≈ | 72.4 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -155.5 m | -166.0 m | -127.8 m | esef· 07 Apr 2026verified |
| Financing cash flow | -87.6 m | -11.8 m | -17.5 m | esef· 07 Apr 2026verified |
| Dividends paid | 79.8 m | 69.1 m | 28.2 m | esef· 07 Apr 2026verified |
| Share repurchases | 1.4 m | 1.3 m | 2.3 m | 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: 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: 724.1 m EUR
Key indicators
Coverage and freshness
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: 0.60 – 2.19 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/E0.60 – 2.19 (Mid 1.27)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)1.08 – 1.48 (Mid 1.25)
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 | 2.3% | 31 (vs peers) | 12% |
| FCF conversion · Quality | 212.9% | 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 | 2.1x | 9 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 21.3x | 36 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 39.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet5/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality65/100 · 2/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation65/100 · 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
PIAGGIO & C. S.P.A. (PIA.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.5 bn EUR in 2025; YoY growth -11.7%; net margin 2.3%; ROE 8.3%.
The estimated value range is 0.84–1.83 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.26 EUR, the price of 2.04 EUR leaves a potential of -38.3% (value / price − 1) and a margin of safety of -62.1% (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: 212.9%
- FCF yield: 10.0%
- Payout ratio (FCF): 39.0%
What contradicts it
- Interest coverage: 2.1x
- Current ratio: 0.7x
- 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% |
| 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% |
| PIA.MIPiaggio & C. S.p.a. | 724.1 m | 21.3 | 8.3% | 2.3% | −11.7% | +10% / −23% |
| 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 PIA.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 | 1.09 Total return -44% · Per year -44% | 1.94 Total return -1% · Per year -1% | 2.94 Total return 48% · Per year 48% |
| 3 years | 0.87 Total return -50% · Per year -21% | 1.75 Total return -4% · Per year -1% | 2.94 Total return 57% · Per year 16% |
| 5 years | 0.69 Total return -55% · Per year -15% | 1.58 Total return -6% · Per year -1% | 2.94 Total return 66% · Per year 11% |
- Exit P/E± 0.44
- Net margin± 0.31
- Annual revenue growth± 0.28
- 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
Piaggio is an Italian maker of two-wheel vehicles (scooters and motorcycles, including its premium brands) and light commercial vehicles, operating in Europe, India and Asia Pacific. In fiscal 2025 sales fell, with two-wheel net revenue of about 1,155.4 million euro, which makes demand and market-position trends in key markets relevant. Regulatory pressure and Asian competition matter for the group's outlook.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Falling saleshigh
Two-wheel volumes and revenue declined in fiscal 2025. If the trend continues, financial results could be affected 1.
- Competitive pressurehigh
Asian and Indian competitors could reduce the group's share if they expand their offering 1.
- Regulationmedium
The final form of the recycling decree and other environmental rules may change producer costs 1.
- Currency exposuremedium
Revenue is earned in several currencies, and exchange-rate changes can affect reported figures 1.
- Electric transitionlow
Investments in electric vehicles might not quickly translate into market share, especially in India 1.
Investment thesis
What would need to be true (bull case)
- If the North American share holds, the group could benefit from a more diversified revenue base.
- Presence in premium segments in India and Asia Pacific may support better margins.
- Network rationalisation could improve commercial efficiency over the medium term.
What would break the thesis
- Falling volumes in all areas could continue if European demand does not recover.
- Loss of share in European scooters points to competitive pressure.
- Lost share in the Indian electric segment could delay the transition.
What to watch
- Final form of the recycling decree2026
- Evolution of the European scooter market share2026
- Recovery of volumes in Asia Pacificnext 10-K
- Results of the Indian electric segment2027
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
The Piaggio Group designs, manufactures and distributes two-wheel vehicles and commercial vehicles. Operations are organised by geographic area: EMEA and Americas, India and Asia Pacific. Each area has its own plants and sales network. In 2025 the group sold 329,000 two-wheel vehicles, while commercial vehicles generated revenue of about 346.6 million euro 1.
Two-wheel sales include scooters and motorcycles, plus spare parts, accessories, engines sold to third parties and after-sales services. Scooters remain the main segment, while motorcycles are used mainly for recreation 1.
Commercial vehicles include light three- and four-wheel vehicles under 3.5 tonnes, designed for commercial and private use. They are significant in India, while in Europe the group operates in a niche urban segment 1.
Segments
Two-wheel vehicles
The segment generated about 1,155.4 million euro in fiscal 2025, with scooters accounting for most revenue, and volumes fell in all geographic areas 1.
Trends
- Recycling regulationtailwind
An updated decree on extended producer responsibility removed motorcycles from the list of products subject to mandatory recycling. The final decree was expected in March 2026, and the effect depends on its final form 1.
- Lower volumes in Asia and Europeheadwind
Two-wheel volumes fell in all geographic areas in fiscal 2025, and competition in Asia Pacific put pressure on regional revenue 1.
- Distribution network rationalisationmixed
The group reduced the number of partners and raised standards for points of sale, especially in Asia Pacific. The short-term effect can be mixed, with transition costs but also a more efficient network 1.
- Electric vehiclesmixed
Developing electric vehicles is an investment priority. In India the share in the electric three-wheeler segment declined, showing the transition can be challenging 1.
Competitive position
Piaggio competes in markets where local and Asian manufacturers hold large shares, especially in Asia Pacific and India. In the European scooter segment the group remains second, but its share has fallen 1.
In commercial vehicles, competition comes from makers that can quickly expand electric offerings. Piaggio's position depends on maintaining share in niche segments and in the Indian market 1.
- Honda Motor Co.HMC
Global competitor in scooters and motorcycles, present in Asian markets where Piaggio operates.
- Yamaha Motor
Manufacturer with a strong presence in scooters and motorcycles in Asia and Europe.
- Mahindra & Mahindra
Important competitor in three-wheeled commercial vehicles in India.
- Bajaj Auto
Major competitor in three-wheelers and motorcycles in India.
News & filings
In the press
- Un scuter Ciao Piaggio a fost recuperat după 45 de ani, în stare de funcționare: Proprietarul l-a recunoscut imediatLibertatea.ro · 08 Jun 2026 · RO
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / PIAGGIO & C. 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.