olivLaw · European equity research
SOL S.p.A. SOL.MI
Italy · Euronext Milan · ISIN IT0001206769 · Vertical: Listed companies from Italy
SOL S.p.A. is a European group producing industrial and medical gases, and also providing home healthcare to chronic patients. Its relevance is growing as industry, health systems and the shift to low-emission mobility seek cleaner solutions, while its exposure to industrial cyclicality and energy costs remains a point to monitor.
At the close of 05 Nov 2026, SOL S.p.A. (SOL.MI) stock was 63.20 EUR (+0.80% on the day), with beta 0.38, 52-week range 45.40–63.40 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)
- 70.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 54.08 – 63.00
- above the upper band · %B 1.02 · band width 15.2%
- SMA 50 / 200
- 56.79 / 55.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.59 / 1.08
- 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 | +9.7% | −0.6% | +10.4 pp | — |
| 3 months | +12.1% | −4.2% | +16.2 pp | — |
| 6 months | +11.5% | +4.3% | +7.1 pp | — |
| Year to date | +29.1% | +7.5% | +21.6 pp | — |
| 1 year | +30.6% | +9.9% | +20.7 pp | −6.1% |
| 3 years | +131.1% | +49.8% | +81.2 pp | +7.7% |
| 5 years | +216.0% | +42.8% | +173.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 1.5 bn | 1.5 bn | 1.6 bn |
| Revenue YoY | unavailable | +4.5% | +7.5% |
| Net income | 133.7 m | 145.7 m | 147.7 m |
| Net income YoY | unavailable | +9.0% | +1.3% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 9.1% | 9.5% | 9.0% |
| Free cash flow | 89.1 m | 105.7 m | 95.2 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 231.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.1 bn EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.4%
- ROA
- 7.2%
- FCF margin
- 5.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.5 bn | 1.5 bn | 1.6 bn | esef· 23 Apr 2025verified |
| Operating income | 192.5 m | 227.1 m | 237.2 m | esef· 23 Apr 2025verified |
| Depreciation & amortisation | 129.0 m | 144.8 m | 156.5 m | esef· 23 Apr 2025verified |
| EBITDA | 321.4 m ≈ | 371.9 m ≈ | 393.7 m ≈ | esef· 23 Apr 2025derived |
| Interest expense | 15.9 m | 22.3 m | 29.0 m | esef· 23 Apr 2025verified |
| Pre-tax income | 179.9 m | 210.6 m | 215.7 m | esef· 23 Apr 2025verified |
| Income tax | 42.3 m | 57.9 m | 60.8 m | esef· 23 Apr 2025verified |
| Net income | 133.7 m | 145.7 m | 147.7 m | esef· 23 Apr 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 | 134.6 m | 205.6 m | 231.6 m | esef· 23 Apr 2025verified |
| Inventories | 84.1 m | 100.8 m | 112.0 m | esef· 23 Apr 2025verified |
| Property, plant & equipment, net | 694.2 m | 754.6 m | 846.8 m | esef· 23 Apr 2025verified |
| Goodwill | 216.8 m | 245.6 m | 264.4 m | esef· 23 Apr 2025verified |
| Intangibles (excl. goodwill) | 26.6 m | 42.0 m | 50.2 m | esef· 23 Apr 2025verified |
| Total assets | 1.7 bn | 1.9 bn | 2.1 bn | esef· 23 Apr 2025verified |
| Equity | 862.6 m | 975.1 m | 1.1 bn | esef· 23 Apr 2025verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 210.4 m | 270.1 m | 297.5 m | esef· 23 Apr 2025verified |
| Capex | 121.3 m | 164.4 m | 202.3 m | esef· 23 Apr 2025verified |
| Free cash flow | 89.1 m ≈ | 105.7 m ≈ | 95.2 m ≈ | esef· 23 Apr 2025derived |
| Investing cash flow | -247.8 m | -246.7 m | -266.4 m | esef· 23 Apr 2025verified |
| Financing cash flow | 30.3 m | 52.4 m | -7.9 m | esef· 23 Apr 2025verified |
| Dividends paid | 24.3 m | 33.5 m | 37.8 m | esef· 23 Apr 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: 22.9% 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: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
23% · 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 · input data missing
- Dividend discount (DDM)unavailable · input data missing
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: 22.9% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 9.0% | 64 (vs peers) | 27% |
| FCF conversion · Quality | 64.4% | 49 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.2x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 39.7% | 100 (on a fixed band) | 18% |
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
- Quality57/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
SOL S.P.A. (SOL.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.6 bn EUR in 2024; YoY growth 7.5%; net margin 9.0%; ROE 15.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% 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
- Interest coverage: 8.2x
- Payout ratio (FCF): 39.7%
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 SOL.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
SOL S.p.A. is a European group producing industrial and medical gases, and also providing home healthcare to chronic patients. Its relevance is growing as industry, health systems and the shift to low-emission mobility seek cleaner solutions, while its exposure to industrial cyclicality and energy costs remains a point to monitor 1.
SWOT
Strengths
- Diversified international presence across technical gases and healthcare, with on-site plants that tie the group to industrial customers.
- Financing structure described by the company as solid, with centralised debt at the parent and hedging instruments for currency and interest rate risk.
- Portfolio of sustainable solutions, from hydrogen and BioLNG to preservative-free food freezing, supporting positioning in green markets.
Weaknesses
- Exposure to the cyclicality of steel, metallurgy and chemicals, where slower production could reduce volumes.
- Partial dependence on electricity costs, an important input in technical gas production.
- Currency fluctuations across several emerging markets, which can affect the conversion of results into euro.
Opportunities
- Growing demand for low-emission mobility based on hydrogen and LNG could open new contracts.
- Population ageing can expand the home care market for chronic patients.
- Industrial customers seeking emission cuts could adopt on-site plants and water treatment solutions.
Threats
- Cuts to public health budgets could compress margins in the home care division.
- A prolonged industrial slowdown, linked to the conflicts in Ukraine and the Middle East, could affect the group's customers.
- Unintended supply interruptions from single suppliers could hit production, although the group diversifies its sources.
Risks
- Industrial cyclicalityhigh
A prolonged fall in industrial production could reduce growth and profitability in the technical gases segment 1.
- Health spending cutsmedium
Government measures to reduce health spending could shrink margins in home care 1.
- Supply chain interruptionmedium
If a supplier can no longer deliver, there is no certainty that remaining producers will absorb the volume, which could affect operations 1.
- Currency and interest rate riskmedium
Exposure to currencies such as the Turkish lira, and to interest rate movements, can influence consolidated results and financing costs 1.
- Transfer pricing tax disputelow
An open dispute in Italy on transfer pricing has an uncertain outcome at the date of the report 1.
Investment thesis
What would need to be true (bull case)
- If demand for low-emission solutions consolidates, the hydrogen, LNG and BioLNG portfolio could become a growth driver.
- Population ageing supports long-term demand for home care, where the group has an international presence.
- The financing structure the company describes as solid could support investment in plants and expansion into new markets.
What would break the thesis
- If industrial production slows for an extended period, technical gas volumes could decline, affecting margins.
- Pressure on public health budgets could limit growth and profitability in the home healthcare division.
- Currency exposure and energy costs could erode results, especially in emerging markets.
What to watch
- Trend in technical gas volumes and energy margins2025
- Health financing policies in countries where the home care division operates2025
- Progress of the Sustainability Plan and hydrogen and LNG projects2030
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 SOL Group produces and distributes technical gases such as oxygen, nitrogen, hydrogen and syngas mixtures, used in metals, ceramics and cement production. Through on-site plants built at the customer's site and managed remotely, the group reduces road transport and energy consumption 1. Its activities also include wastewater treatment solutions, food freezing without preservatives and hydrogen and LNG mobility, including BioLNG 1.
In healthcare, the group provides technological and health services internationally for complex, often life-support therapies for chronic patients at home. Population ageing and rising chronic disease give this division a growing role, and the company describes home care models as beneficial for patients and for the sustainability of national health systems 1.
The group operates as an integrated structure across several European and non-European markets, with the parent company centralising most medium and long-term debt. Its operations are supported by a Sustainability Plan running to 2030 covering productive processes, stakeholder dialogue and sustainable innovation 1.
Segments
Technical gases and industrial services
This segment supplies oxygen, nitrogen, hydrogen and mixtures for steel, metallurgy, chemicals and glass, as well as for wastewater treatment. On-site plants reduce transport distance and energy use, while electricity, a major cost, is partly hedged through fixed-price contracts or customer contracts indexed to price 1.
Home healthcare
The division delivers complex therapies and life-support services at home for chronic patients, internationally. Government policies to cut health spending are noted by the company as a factor that could compress margins in this segment 1.
Market context
The technical gases market is tied to the cycle of industrial production and to energy costs, which represent a significant share of production costs. The group flags that a prolonged decline in industrial activity could affect its growth and profitability, especially in steel, metallurgy and chemicals 1.
The home healthcare market benefits from population ageing and rising chronic disease in Europe, but depends on national health budgets. The company notes that more patients with multimorbidity need home care models, which supports long-term demand 1.
Trends
- Shift to lower-emission energy and mobilitytailwind
Demand for green, low-carbon products is rising, and the group has developed hydrogen, LNG and BioLNG for sustainable mobility. If this demand consolidates, it could support new product lines 1.
- Population ageing and chronic diseasetailwind
A growing number of chronic patients favours home care models, a segment where specialised providers play an increasing role 1.
- Industrial slowdown and energy cost pressureheadwind
A fall in industrial production or higher energy costs could reduce volumes and margins in technical gases, particularly in highly cyclical sectors 1.
- Health spending cuts and currency volatilitymixed
Budget cuts in health could compress home care margins, and exposure to currencies such as the Turkish lira and emerging-market rates may affect consolidated results; the net effect depends on these factors 1.
Competitive position
The analysed source does not name the group's competitors. From the description of its activities, SOL competes in technical and medical gases with other European and international producers, as well as with specialised home healthcare providers, although these players are not named in the annual report 1.
The group's differentiation rests on remotely managed on-site plants, sustainability solutions and complex home health services. The company stresses that it diversifies its supply sources and periodically assesses supplier solidity, which helps maintain its competitive position 1.
- European and international technical gas producers
Competitors not named in the source, present in the same industrial segments.
- Specialised home healthcare providers
Local and international players offering complex therapies to chronic patients, not named in the report.
- Hydrogen and LNG mobility solution providers
Competition in sustainable mobility, not identified by name in the source.
- Wastewater treatment technology providers
Competition in oxygen-based treatment, with no names given in the analysed report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202423 Apr 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / SOL 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.