GVS SpA

GVS SpA maintains a capital structure characterized by significant leverage, with long-term debt of EUR 311.3 million against total equity of EUR 437.2 million, resulting in a debt-to-equity ratio of 0.71. The company holds minimal cash and equivalents of EUR 11,000, leading to a negative net cash position after subtracting total debt. Liquidity is assessed as medium, supported by a current ratio of 1.2, which indicates adequate short-term asset coverage for liabilities but limited buffer. The market capitalization stands at EUR 823.9 million, reflecting a price-to-book ratio of 1.88 and an enterprise value-to-EBITDA multiple of 19.96.

Profitability metrics indicate modest returns, with a return on equity of 6.4% and a return on assets of 3.2%. The company generated operating income of EUR 57.0 million on revenue of EUR 424.7 million, yielding an operating margin of approximately 13.4%. Net income was EUR 18.4 million, resulting in a net margin of roughly 4.3%. The price-to-earnings ratio of 29.45 suggests the market is pricing in future growth or stability despite current moderate profitability levels. Free cash flow is negligible at EUR 99,000, driven by high capital expenditures of EUR 63.6 million against operating cash flow of EUR 74.9 million.

Revenue grew at a 5.9% CAGR over four years, demonstrating consistent top-line expansion despite recent volatility.

Operating income increased 1.4% year-over-year in FY2026, indicating resilience in core operational profitability.

Long-term debt decreased to EUR 311.3 million in FY2026, reflecting a deliberate deleveraging strategy.

The company maintains a moderate debt-to-equity ratio of 0.71, suggesting manageable leverage levels.

Dilution risk is assessed as low, protecting existing shareholders from significant equity erosion.

The company faces high credit risk, indicating potential challenges in debt servicing or default.

Medium liquidity risk flags suggest potential difficulties in meeting short-term financial obligations.

Revenue €105.0M, −2,1% YoY; Operating income −1,0% YoY.

• ▍Revenue €105.0M, −2,1% YoY
• ▍Operating income −1,0% YoY
• ▍Net income +507,6% YoY
• ▍Free cash flow +231,4% YoY
• ▍Net margin 10.9%

Revenue €109.1M, +2,1% YoY; Operating income +21,9% YoY.

• ▍Revenue €109.1M, +2,1% YoY
• ▍Operating income +21,9% YoY
• ▍Net income −32,1% YoY
• ▍Free cash flow −26,4% YoY
• ▍Net margin 8.6%

Revenue €100.0M, −6,5% YoY; Operating income −16,9% YoY.

• ▍Revenue €100.0M, −6,5% YoY
• ▍Operating income −16,9% YoY
• ▍Net income +1 442,6% YoY
• ▍Free cash flow +226,1% YoY
• ▍Net margin 8.0%

Revenue €108.4M, −2,3% YoY; Operating income −3,2% YoY.

• ▍Revenue €108.4M, −2,3% YoY
• ▍Operating income −3,2% YoY
• ▍Net income −108,9% YoY
• ▍Free cash flow −342,5% YoY
• ▍Net margin -0.8%

Revenue €107.2M; Operating income €13.9M.

• ▍Revenue €107.2M
• ▍Operating income €13.9M
• ▍Net margin 1.8%

Revenue €106.9M; Operating income €13.3M.

• ▍Revenue €106.9M
• ▍Operating income €13.3M
• ▍Net margin 12.9%

Revenue €106.9M; Operating income €14.2M.

• ▍Revenue €106.9M
• ▍Operating income €14.2M
• ▍Net margin 0.5%

Revenue €110.9M; Operating income €15.5M.

• ▍Revenue €110.9M
• ▍Operating income €15.5M
• ▍Net margin 8.6%

Revenue €424.7M, −0,9% YoY; Operating income +1,4% YoY.

• ▍Revenue €424.7M, −0,9% YoY
• ▍Operating income +1,4% YoY
• ▍Net income −44,8% YoY
• ▍Free cash flow −99,8% YoY
• ▍Net margin 4.3%

Revenue €428.5M, +0,9% YoY; Operating income +17,0% YoY.

• ▍Revenue €428.5M, +0,9% YoY
• ▍Operating income +17,0% YoY
• ▍Net income +144,5% YoY
• ▍Free cash flow +40,8% YoY
• ▍Net margin 7.8%

Revenue €424.7M, +9,6% YoY; Operating income +65,9% YoY.

• ▍Revenue €424.7M, +9,6% YoY
• ▍Operating income +65,9% YoY
• ▍Net income −43,4% YoY
• ▍Free cash flow −27,0% YoY
• ▍Net margin 3.2%

Revenue €387.6M, +14,6% YoY; Operating income −64,8% YoY.

• ▍Revenue €387.6M, +14,6% YoY
• ▍Operating income −64,8% YoY
• ▍Net income −64,3% YoY
• ▍Free cash flow −13,2% YoY
• ▍Net margin 6.2%