olivLaw · European equity research
Safilo Group S.p.A. SFL.MI
Italy · Euronext Milan · ISIN IT0004604762 · Vertical: Listed companies from Italy
Safilo Group is an international producer of eyewear frames and lenses, with a portfolio of owned and licensed brands and an industrial structure concentrated in Italy. The 2025 annual report shows continued investment in product innovation, sustainable materials and lower environmental impact, including reduced emissions and waste. The company employs about 3,400 people.
At the close of 05 Nov 2026, Safilo Group S.p.A. (SFL.MI) stock was 2.07 EUR (+1.07% on the day), with market capitalisation 862.2 m EUR, P/E 17.9 on diluted EPS of 0.12 EUR over the last 12 months, dividend yield 0.03%, beta 1.08, 52-week range 1.51–2.23 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)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 1.81 – 2.07
- above the upper band · %B 1.03 · band width 13.0%
- SMA 50 / 200
- 1.85 / 1.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.06 / 0.04
- 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 | +12.3% | −0.6% | +12.9 pp | — |
| 3 months | −4.1% | −4.2% | +0.1 pp | — |
| 6 months | +26.9% | +4.3% | +22.5 pp | — |
| Year to date | +7.7% | +7.5% | +0.2 pp | — |
| 1 year | +14.0% | +9.9% | +4.0 pp | −6.1% |
| 3 years | +157.0% | +49.8% | +107.2 pp | +7.7% |
| 5 years | +32.1% | +42.8% | −10.7 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 16.6, median 16.9, max 17.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 993.2 m | 983.4 m |
| Revenue YoY | unavailable | −1.0% |
| Net income | 22.3 m | 48.6 m |
| Net income YoY | unavailable | +118.2% |
| Diluted EPS | 0.05 | 0.12 |
| Diluted EPS YoY | unavailable | +114.8% |
| net % | 2.2% | 4.9% |
| Free cash flow | 64.6 m | 81.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 52.1 m EUR
- Financial debt
- 28.7 m EUR
- Net debt
- -23.4 m EUR
- Equity
- 403.0 m EUR
- Total assets
- 759.0 m EUR
- Debt / equity
- 0.07x
- Current ratio
- 1.71x
- ROE
- 11.7%
- ROA
- 6.1%
- FCF margin
- 8.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 993.2 m | 983.4 m | esef· 07 Apr 2026verified |
| Cost of revenue | 400.4 m | 384.1 m | esef· 07 Apr 2026verified |
| Gross profit | 592.8 m | 599.3 m | esef· 07 Apr 2026verified |
| Operating income | 39.4 m | 68.8 m | esef· 07 Apr 2026verified |
| Pre-tax income | 31.7 m | 67.0 m | esef· 07 Apr 2026verified |
| Income tax | 9.9 m | 18.8 m | esef· 07 Apr 2026verified |
| Net income | 22.3 m | 48.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.05 | 0.12 | esef· 07 Apr 2026verified |
| Dividend per share | 0.00 | 0.00 | esef· 07 Apr 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 47.4 m | 52.1 m | esef· 07 Apr 2026verified |
| Inventories | 210.2 m | 171.3 m | esef· 07 Apr 2026verified |
| Current assets | 510.6 m | 448.3 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 86.9 m | 77.4 m | esef· 07 Apr 2026verified |
| Goodwill | 35.8 m | 31.0 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 135.2 m | 115.5 m | esef· 07 Apr 2026verified |
| Total assets | 842.3 m | 759.0 m | esef· 07 Apr 2026verified |
| Long-term debt | 57.7 m | 28.7 m | esef· 07 Apr 2026verified |
| Current liabilities | 277.4 m | 262.4 m | esef· 07 Apr 2026verified |
| Total liabilities | 414.9 m | 355.9 m | esef· 07 Apr 2026verified |
| Equity | 427.5 m | 403.0 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 412.9 m | 415.7 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 76.2 m | 89.7 m | esef· 07 Apr 2026verified |
| Capex | 11.6 m | 8.4 m | esef· 07 Apr 2026verified |
| Free cash flow | 64.6 m ≈ | 81.3 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -48.9 m | -23.6 m | esef· 07 Apr 2026verified |
| Financing cash flow | -54.8 m | -58.6 m | esef· 07 Apr 2026verified |
| Dividends paid | 763.0 k | 286.0 k | 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: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 862.2 m EUR
Key indicators
Coverage and freshness
Score by group
56% · 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: 0.73 – 2.65 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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 · input data missing
- Peers: P/E0.73 – 2.65 (Mid 1.54)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)outside the aggregate0.01 – 0.01 (Mid 0.01)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.1% | 79 (vs peers) | 19% |
| Net margin · Quality | 4.9% | 44 (vs peers) | 11% |
| FCF conversion · Quality | 167.1% | 100 (on a fixed band) | 11% |
| 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 | 1.7x | 76 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 17.9x | 50 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 9.4% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 0.4% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial76/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation72/100 · 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
SAFILO GROUP S.P.A. (SFL.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 983.4 m EUR in 2025; YoY growth -1.0%; net margin 4.9%; ROE 12.1%.
The estimated value range is 0.73–2.65 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.54 EUR, the price of 2.07 EUR leaves a potential of -25.9% (value / price − 1) and a margin of safety of -34.9% (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: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 12.1%
- FCF conversion: 167.1%
- Current ratio: 1.7x
- FCF yield: 9.4%
- Payout ratio (FCF): 0.4%
What contradicts it
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| SFL.MISafilo Group S.p.a. | 862.2 m | 17.9 | 12.1% | 4.9% | −1.0% | +11% / +153% |
| 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 SFL.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 | 1.17 Total return -44% · Per year -44% | 2.07 Total return -0% · Per year -0% | 3.13 Total return 51% · Per year 51% |
| 3 years | 1.01 Total return -51% · Per year -21% | 2.03 Total return -2% · Per year -1% | 3.38 Total return 63% · Per year 18% |
| 5 years | 0.88 Total return -58% · Per year -16% | 1.99 Total return -4% · Per year -1% | 3.66 Total return 77% · Per year 12% |
- Exit P/E± 0.51
- Net margin± 0.36
- Annual revenue growth± 0.31
- 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
Safilo Group is an international producer of eyewear frames and lenses, with a portfolio of owned and licensed brands and an industrial structure concentrated in Italy. The 2025 annual report shows continued investment in product innovation, sustainable materials and lower environmental impact, including reduced emissions and waste. The company employs about 3,400 people 1.
SWOT
Strengths
- The group has a long industrial tradition and a portfolio of owned and licensed brands. Innovation capacity and investment in laboratories and design are strengths the report highlights.
- The company has a global network of design studios and an integrated industrial structure. These resources allow it to develop a large number of new models each year.
- Commitment to quality, verified through tests that exceed European requirements, is a reputational advantage. It can support relationships with licensors and customers.
Weaknesses
- Reliance on licences carries the risk of losing or failing to renew important contracts. The cost structure can be affected by raw material prices and by plants concentrated in one country.
- The report shows hazardous waste remains a significant part of the total generated. Managing it implies higher operating costs than other waste types.
- Sustainability information for the value chain is less precise than for the company's own operations. The absence of a formalised due diligence process may limit transparency.
Opportunities
- Expanding recycled and bio-based materials could open markets for customers seeking sustainable products. Collaboration across the value chain can support circular economy goals.
- Digitalisation and e-learning could raise sales efficiency. Selective acquisitions, mentioned by management, could complement organic growth.
- Artificial intelligence programmes and digital tools could optimise design and the supply chain. If applied at scale, they could shorten development times.
Threats
- An unstable geopolitical and macroeconomic context can affect demand and costs. Management acknowledges these conditions will continue to weigh on revenue growth.
- Stricter environmental regulation may raise compliance and packaging costs. Competition in the premium and licensed segments could squeeze margins.
- Rapid fashion changes can make existing models less attractive. If launches fail to meet expectations, inventories and asset values could be affected.
Risks
- Dependence on licenceshigh
Part of the portfolio comes from brands licensed from third parties. If an important contract is not renewed, revenues and growth plans could be affected.
- Environmental costs and hazardous wastemedium
Managing hazardous waste involves costs and regulatory risks. Non-compliance could lead to penalties and additional expenses.
- Geopolitical and macroeconomic uncertaintymedium
Management acknowledges the external environment will continue to influence growth. A prolonged period of instability could reduce demand in some regions.
- Quality of sustainability datalow
Value-chain data is harder to verify and may be incomplete. If the data proves inaccurate, the reporting could be challenged.
- No quantitative waste targets yetlow
For waste management the company has not set quantitative targets and focuses on compliance with local rules. If targets are adopted later, costs and pressures could rise.
Investment thesis
What would need to be true (bull case)
- Investment in innovation, sustainable materials and design could support attractive product launches. If these win customer share, the portfolio could become more balanced.
- The global design network, owned plants and distribution centres provide a solid operating base. If efficiency improves, profitability could benefit.
- Management states the group is well positioned to strengthen profitability and cash generation. If this holds, it could support long-term growth.
What would break the thesis
- Dependence on licensed brands could limit control over strategy and margins. Losing an important licence could significantly reduce revenues.
- The geopolitical and macroeconomic environment remains uncertain, and management acknowledges it will keep pressuring growth. A drop in demand could hit premium segments in particular.
- Environmental costs and hazardous waste management could rise with regulation. If margins tighten, the company could have less room for investment.
What to watch
- Revenue and profitability trajectory against the organic growth plan2026
- Renewal and terms of the main licence contracts2026
- Progress on recycled and bio-based materials and molecular recyclingnext 10-K
- Results of the selective acquisitions announced by management2027
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 group designs, manufactures and distributes eyeglasses and sunglasses under its own brands and numerous licensed international brands. Its activity relies on a global innovation centre, design studios spread across the world and a selected supplier network. According to the annual report, the group operates three production plants and three main distribution centres 1.
The stated strategy focuses on the four pillars of its sustainability approach, called the 4 Ps: people, product, planet and partnership. The company says it wants to keep its craftsmanship heritage while modernising processes and products. Growth is pursued both organically and through selective acquisitions 1.
The 2025 report includes statements about strengthening profitability and cash generation, but the section analysed contains no financial performance figures. Management says the group considers itself well positioned for 2026 amid a challenging geopolitical and macroeconomic backdrop 1.
Segments
Frames and optical eyewear
The core segment includes eyeglass and sunglass frames developed by the group, where the company launched around 1,750 new models in 2025, some of them made from recycled or bio-based materials 1.
Licensed brands
The group produces and distributes eyewear under brands licensed from third parties, so this segment's performance depends on contract terms and the relationship with licensors. The report names licensors as part of the value chain relevant to business ethics 1.
Lenses and quality control
The annual report highlights quality controls carried out in a central corporate laboratory, which tests both raw materials and finished products. This process is part of the quality system aimed at reducing defective products 1.
Market context
The eyewear market depends on fashion trends, material innovation and European conformity requirements, which the company cites as its testing benchmark. According to the report, products undergo more tests than those required by European conformity standards 1.
The annual report does not provide market shares or peer comparisons in the section analysed. Management describes the geopolitical and macroeconomic environment as a factor that will continue to influence top-line growth opportunities 1.
Trends
- Circular economy and recycled materialsmixed
The company is expanding the use of recycled or bio-based materials and exploring molecular recycling. If these solutions scale, they could reduce reliance on virgin materials, though they may also involve transition costs 1.
- Environmental regulation and packagingmixed
Stricter recycling and waste rules push the group to adapt its packaging and consumer information. This could raise compliance costs but also customer appreciation for more responsible solutions 1.
- Geopolitical and macroeconomic instabilityheadwind
Management says the geopolitical and macroeconomic environment will continue to influence revenue growth, making demand and costs harder to anticipate. A prolonged period of uncertainty could affect organic growth plans 1.
- Digitalisation and professional trainingtailwind
The company is investing in digital tools, artificial intelligence and e-learning for sales and technical teams. If these programmes prove effective, they could support sales and productivity 1.
Competitive position
The eyewear market includes producers competing through owned brands, licences and distribution networks. The annual report analysed does not explicitly name the group's competitors, so references to them rest on the general sector context.
The competitive advantage the group highlights lies in its innovation capacity, quality standards and partnerships with licensors. The company aims to sustain it through investment in talent, technology and sustainability 1.
- Luxottica Group
Major competitor in optical and sun eyewear, with a strong position in distribution and licensed brands. The Safilo report analysed does not name it explicitly, so the link is sector context.
- Marcolin
Italian eyewear producer that also operates with licensed brands. Its presence makes competitive pressure in the licensed segment relevant for the group.
- Kering Eyewear
Eyewear division of a luxury group, competing through premium brands and selective distribution. Its relevance to Safilo lies in the luxury segment.
- De Rigo
Italian producer of frames and lenses active in similar markets. Its competition may influence pricing and distribution shelf space.
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 202507 Apr 2026
- Annual report 202507 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Safilo Group 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.