olivLaw · European equity research
Pininfarina S.p.A. PINF.MI
Italy · Euronext Milan · ISIN IT0003056386 · Vertical: Listed companies from Italy
Pininfarina is an Italian design group active in automotive, yachts, architecture and consumer products. It reported total revenues of 91.9 million EUR in 2024, with a net loss of 4.1 million EUR driven by provisions and unrecoverable receivables.
At the close of 03 Nov 2026, Pininfarina S.p.A. (PINF.MI) stock was 1.00 EUR (+0.00% on the day), with market capitalisation 82.6 m EUR, beta 0.27, 52-week range 0.71–1.01 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)
- 75.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.86 – 1.09
- in the upper half of the band · %B 0.61 · band width 24.1%
- SMA 50 / 200
- 0.89 / 0.82
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.04
- 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 | unavailable | −1.0% | unavailable | — |
| 3 months | +22.0% | −3.9% | +25.8 pp | — |
| 6 months | +37.0% | +7.2% | +29.8 pp | — |
| Year to date | +15.2% | +6.6% | +8.7 pp | — |
| 1 year | +16.0% | +9.1% | +6.9 pp | −7.1% |
| 3 years | +27.2% | +47.9% | −20.7 pp | +6.7% |
| 5 years | +1.4% | +43.3% | −41.9 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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 72.2 m | 87.2 m | 91.1 m |
| Revenue YoY | unavailable | +20.7% | +4.6% |
| Net income | -5.0 m | -1.6 m | -4.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.06 | -0.02 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -6.9% | -1.8% | -4.5% |
| Free cash flow | -3.9 m | 4.3 m | 2.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 24.9 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 35.6 m EUR
- Total assets
- 91.3 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.01x
- ROE
- -11.5%
- ROA
- -4.4%
- FCF margin
- 2.4%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 72.2 m | 87.2 m | 91.1 m | esef· 07 May 2025verified |
| Operating income | -3.2 m | -281.0 k | -3.6 m | esef· 07 May 2025verified |
| Depreciation & amortisation | 3.8 m | 3.8 m | 4.1 m | esef· 07 May 2025verified |
| EBITDA | 641.0 k ≈ | 3.5 m ≈ | 544.0 k ≈ | esef· 07 May 2025derived |
| Interest expense | 1.5 m | 1.5 m | 1.4 m | esef· 07 May 2025verified |
| Pre-tax income | -4.7 m | -1.6 m | -4.5 m | esef· 07 May 2025verified |
| Income tax | 340.0 k | -24.0 k | -389.0 k | esef· 07 May 2025verified |
| Net income | -5.0 m | -1.6 m | -4.1 m | esef· 07 May 2025verified |
| Diluted EPS | -0.06 | -0.02 | -0.05 | esef· 07 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 22.8 m | 27.0 m | 24.9 m | esef· 07 May 2025verified |
| Receivables | 18.3 m | 28.0 m | 18.2 m | esef· 07 May 2025verified |
| Inventories | 342.0 k | 419.0 k | 820.0 k | esef· 07 May 2025verified |
| Current assets | 48.5 m | 60.4 m | 49.4 m | esef· 07 May 2025verified |
| Property, plant & equipment, net | 32.5 m | 31.6 m | 36.2 m | esef· 07 May 2025verified |
| Total assets | 85.6 m | 97.5 m | 91.3 m | esef· 07 May 2025verified |
| Current liabilities | 32.5 m | 44.9 m | 49.1 m | esef· 07 May 2025verified |
| Total liabilities | 49.9 m | 61.5 m | 55.7 m | esef· 07 May 2025verified |
| Equity | 35.7 m | 36.1 m | 35.6 m | esef· 07 May 2025verified |
| Shares outstanding at year end | 83.4 m | 79.6 m | 82.6 m | esef· 07 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.8 m | 7.1 m | 4.6 m | esef· 07 May 2025verified |
| Capex | 1.1 m | 2.8 m | 2.4 m | esef· 07 May 2025verified |
| Free cash flow | -3.9 m ≈ | 4.3 m ≈ | 2.2 m ≈ | esef· 07 May 2025derived |
| Investing cash flow | -1.2 m | 3.4 m | -2.5 m | esef· 07 May 2025verified |
| Financing cash flow | -2.6 m | -6.2 m | -4.3 m | esef· 07 May 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
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 82.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · 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 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: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -4.5% | 8 (vs peers) | 25% |
| 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 | -2.6x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.6% | 33 (on a fixed band) | 33% |
| 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 sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial33/100 · 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
PININFARINA S.P.A. (PINF.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 91.1 m EUR in 2024; YoY growth 4.6%; net margin -4.5%; ROE -11.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% 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
- Net margin: -4.5%
- Interest coverage: -2.6x
- Current ratio: 1.0x
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, 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. | 6.6 bn | 20.8 | 15.4% | 8.4% | +8.7% | +20% / +55% |
| ACE.MIAcea S.p.a. | 4.5 bn | 9.4 | 18.2% | 16.6% | +0.2% | −6% / +69% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.2 | 9.2% | 13.0% | +0.8% | +30% / −8% |
| CRL.MICarel Industries S.p.a. | 3.1 bn | 42.2 | 16.1% | 11.7% | +8.7% | +10% / +18% |
| AMP.MIAmplifon S.p.a. | 2.6 bn | 29.1 | 8.5% | 3.8% | −0.6% | −11% / −59% |
| CMB.MICembre S.p.a. | 1.3 bn | 28.1 | 20.6% | 18.9% | +6.7% | +16% / +116% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.4 | 12.8% | 7.1% | −23.0% | +12% / +70% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.5 | 8.6% | 9.4% | +1.4% | −22% / −61% |
| AVIO.MIAvio S.p.a. | 971.3 m | 95.4 | 2.1% | 1.8% | +21.5% | +30% / +330% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 938.1 m | 10.1 | 23.5% | 41.0% | +1.8% | −8% / −26% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 793.9 m | 6.0 | 17.1% | 7.3% | +1.6% | +5% / +74% |
| ASC.MIAscopiave S.p.a. | 634.5 m | 17.7 | 4.2% | 17.5% | +13.4% | −10% / +30% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| 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. | 319.0 m | 12.8 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 280.5 m | 6.2 | 8.1% | 4.4% | −1.3% | −25% / +24% |
| ECNL.MIAquafil S.p.a. | 127.7 m | — | -3.2% | -0.9% | −3.9% | −2% / −53% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| PINF.MIPininfarina S.p.a. | 82.6 m | — | -11.5% | -4.5% | +4.6% | +24% / +25% |
| 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. | 50.4 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. | 11.8 m | 0.6 | 21.9% | 7.7% | −21.3% | −52% / −84% |
| CLF.MICaleffi - S.p.a. | 11.7 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
1- and 3-year price returns: for PINF.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
Pininfarina is an Italian design group active in automotive, yachts, architecture and consumer products. It reported total revenues of 91.9 million EUR in 2024, with a net loss of 4.1 million EUR driven by provisions and unrecoverable receivables 1.
SWOT
Strengths
- The group has a diversified portfolio of projects, from automotive to yachts and architecture, and an international presence through its own subsidiaries.
- Pininfarina Shanghai and Pininfarina of America showed positive momentum in revenues and operating results.
- The group signed in 2024 a high-value commercial agreement with an OEM, indicating client confidence.
Weaknesses
- The net result was negative in 2024, due to provisions and operating losses at the parent company.
- The group depends on a single refinancing agreement with a covenant tied to consolidated net equity.
- Personnel costs exceed the gross operating margin, making profitability sensitive to order volumes.
Opportunities
- Growing demand for electric vehicles and mobility could support new design projects for manufacturers.
- Branded residential projects and urban architecture could open new revenue sources.
- The Shanghai turnaround could be extended to other markets if results are sustained.
Threats
- A slowdown in the automotive market may reduce style orders from traditional manufacturers.
- Geopolitical tensions may increase the risk of unrecoverable receivables in certain regions.
- A possible failure of the net equity covenant could trigger discussions with the banks.
Risks
- Financial covenantmedium
The refinancing agreement requires a minimum consolidated net equity; the filing indicates compliance at 31 March 2025, but a later breach could lead to remedies with the banks.
- Provisions and litigationhigh
A provision for a legal dispute weighed heavily on the operating result, and the outcome of the dispute could generate additional costs.
- Unrecoverable receivablesmedium
Receivables from clients in geopolitically sensitive regions may remain uncollected, which could reduce results.
- Slowdown in the reference marketmedium
If the automotive design market stays weak, order volumes for the parent company could decline further.
Investment thesis
What would need to be true (bull case)
- Total revenues grew in 2024 and the Shanghai and American subsidiaries showed positive momentum, suggesting the restructuring is producing effects.
- The high-value commercial agreement with an OEM could support style and development activity in the coming years.
- The net financial position remains positive, and the controlling shareholder has announced financial support for the next 12 months.
What would break the thesis
- The group reported a net loss in 2024, and the parent company's operating result was negative because of provisions.
- Dependence on a single refinancing agreement and a net equity covenant limits financial flexibility.
- Geopolitical tensions and unrecoverable receivables could continue to weigh on revenues from certain regions.
What to watch
- Evolution of the net equity covenant and the refinancing2025
- Outcome of the legal dispute and any additional costs2025
- Recovery of receivables from geopolitically sensitive regions2025
- New orders from automotive and electric mobility partnershipsnext 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
The Pininfarina group operates in two main areas, style and engineering, through the Italian parent company and subsidiaries in the United States, China and Germany 1. Consolidated total revenues of 91.9 million EUR in 2024 rose slightly from the previous year, and the group had 486 employees at 31 December 2024 1. The net loss was influenced by a legal provision and losses at the parent company 1.
Segments
Style
The style sector grew by about 1.8% in 2024, covering automotive, yacht, branded residential, product design and special collections, as well as awards and orders in electric mobility 1.
Engineering
The engineering sector grew by about 0.6% in 2024, while Pininfarina Engineering S.r.l. is in liquidation, with no staff and no operations since the fourth quarter of 2020 1.
International subsidiaries
Pininfarina of America increased its revenues, Pininfarina Shanghai recovered after a turnaround, and Pininfarina Deutschland still reported an operating loss, though an improving one 1.
Market context
The company states that its reference market slowed in 2024, which weighed on the Italian parent company, with revenues of 63.9 million EUR against 66.7 million EUR a year earlier 1. A tense geopolitical context, linked to the Russia-Ukraine conflict and the Middle East, led to a provision for a receivable from an Iranian client 1.
Trends
- Slowdown in the reference marketheadwind
The filing indicates a slowdown in the market in which the parent company operates, which reduced its revenues in 2024 1.
- Growth in Asiatailwind
Pininfarina Shanghai reported a jump in revenues and a positive operating result after turnaround measures, pointing to the potential of the Chinese market for the group 1.
- Geopolitical tensionsheadwind
The conflicts in Ukraine and the Middle East led to provisions for receivables, which could affect collections from sensitive regions 1.
- Mobility and design projectsmixed
Partnerships with electric vehicle makers and design projects for yachts and architecture could support demand for style services if they convert into orders 1.
Competitive position
The filing does not explicitly name the group's competitors. Pininfarina does, however, operate in competitive areas such as automotive design, vehicle engineering and product design, where other studios and engineering firms also operate 1.
- Independent automotive design studios
Competition for style projects from manufacturers, similar to the group's style sector, though not named in the source.
- Automotive engineering firms
Competition in the engineering sector, where the group recorded modest growth in 2024 1.
- Yacht and branded residential design houses
Competition for branded residential and yacht projects, segments where the group signs partnerships 1.
- Consumer product makers with in-house design
Competition for product design commissions, an area where the group has collaborations such as those with tool and accessory makers 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202407 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Pininfarina 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.