ARIS Stock Analysis: Ariston Holding | MI
Building Products & Equipment | MI, Italy | Market Cap: 1.413m EUR | 12M Return: -9.9% | NL0015000N33 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.70M
Warnings
Tailwinds
No distinct edge detected
Seasonality 4.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Ariston Holding N.V. (ARIS) is a Milan-based manufacturer and distributor of hot water and space heating solutions, founded in 1930 and operating as a subsidiary of Merloni Holding S.p.A. The company runs three segments - Thermal Comfort, Burners, and Components - offering heat pumps, electric and gas water heaters, solar water heaters and cylinders, air handling systems, and combustion technologies for residential, commercial, and industrial use. Its products are sold across Western Europe (Netherlands, Germany, Italy, Switzerland) and other international markets under a portfolio of brands including Ariston, Elco, Wolf, ATAG, Calorex, Brink, NTI, Racold, Chromagen, Thermowatt, and Ecoflam, with distribution also via online channels. The business spans the full product lifecycle, providing prototyping, homologation, and certification support alongside its hardware offerings.
Ariston sits within the European heating, ventilation, and air-conditioning (HVAC) and domestic hot water equipment industry, a sector closely linked to building decarbonization efforts and the replacement of fossil-fuel boilers with heat pumps and other low-carbon technologies. The companys portfolio of legacy gas and combustion brands alongside its newer heat pump offering reflects the industrys ongoing transition from conventional combustion heating toward electrified, renewable-ready solutions driven by EU energy-efficiency regulations.
- Heat pump adoption accelerates under EU building decarbonization mandates
- Thermal Comfort margins face input cost and competitive pressure
- European residential construction weakness pressures heating product volumes
| Net Income: 109.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -4.17 > 1.0 |
| NWC/Revenue: 21.71% < 20% (prev 10.07%; Δ 11.64% < -1%) |
| CFO/TA 0.05 > 3% & CFO 216.4m > Net Income 109.2m |
| Net Debt (685.4m) to EBITDA (355.5m): 1.93 < 3 |
| Current Ratio: 1.56 > 1.5 & < 3 |
| Outstanding Shares: last quarter (369.4m) vs 12m ago -0.25% < -2% |
| Gross Margin: 36.45% > 18% (prev 39.82%; Δ -3.37% > 0.5%) |
| Asset Turnover: 74.05% > 50% (prev 77.21%; Δ -3.15% > 0%) |
| Interest Coverage Ratio: 4.72 > 6 (EBIT TTM 185.8m / Interest Expense TTM 39.4m) |
| A: 0.15 (Total Current Assets 1.67b - Total Current Liabilities 1.07b) / Total Assets 4.02b |
| B: 0.19 (Retained Earnings 768.8m / Total Assets 4.02b) |
| C: 0.05 (EBIT TTM 185.8m / Avg Total Assets 3.75b) |
| D: 0.62 (Book Value of Equity 1.54b / Total Liabilities 2.48b) |
| Altman-Z'' = 2.59 = A |
| DSRI: 1.04 (Receivables 383.8m/357.1m, Revenue 2.78b/2.68b) |
| GMI: 1.09 (GM 39.82% / 36.45%) |
| AQI: 0.87 (AQ_t 0.41 / AQ_t-1 0.47) |
| SGI: 1.03 (Revenue 2.78b / 2.68b) |
| TATA: -0.03 (NI 109.2m - CFO 216.4m) / TA 4.02b) |
| Beneish M = -2.96 (Cap -4..+1) = A |
As of October 19, 2026, the stock is trading at EUR 3.35 with a total of 763,260 shares traded. Over the past week, the price has changed by -12.79%, over one month by -9.15%, over three months by -8.01% and over the past year by -9.89%.
Current recommended Stop Loss: 2.90 (which is 13.4% or 2.4 ATR below the current price).
Ariston Holding has no consensus analysts rating.
P/E Trailing = 12.82
P/S = 0.502
P/B = 0.9498
Revenue TTM = 2.78b EUR
EBIT TTM = 185.8m EUR
EBITDA TTM = 355.5m EUR
Long Term Debt = 1.04b EUR (from longTermDebt, last quarter)
Short Term Debt = 212.8m EUR (from shortTermDebt, last quarter)
Debt = 1.26b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 685.4m EUR (calculated: Debt 1.26b - CCE 569.8m)
Enterprise Value = 2.10b EUR (1.41b + Debt 1.26b - CCE 569.8m)
Interest Coverage Ratio = 4.72 (Ebit TTM 185.8m / Interest Expense TTM 39.4m)
EV/FCF = 21.22x (Enterprise Value 2.10b / FCF TTM 98.9m)
FCF Yield = 4.71% (FCF TTM 98.9m / Enterprise Value 2.10b)
FCF Margin = 3.56% (FCF TTM 98.9m / Revenue TTM 2.78b)
Net Margin = 3.93% (Net Income TTM 109.2m / Revenue TTM 2.78b)
Gross Margin = 36.45% ((Revenue TTM 2.78b - Cost of Revenue TTM 1.76b) / Revenue TTM)
Gross Margin QoQ = 21.60% (prev 50.99%)
Tobins Q-Ratio = 0.52 (Enterprise Value 2.10b / Total Assets 4.02b)
Interest Expense / Debt = 3.14% (Interest Expense 39.4m / Debt 1.26b)
Taxrate = 4.14% (4.70m / 113.5m)
NOPAT = 178.1m (EBIT 185.8m * (1 - 4.14%))
Current Ratio = 1.56 (Total Current Assets 1.67b / Total Current Liabilities 1.07b)
Debt / Equity = 0.81 (Debt 1.26b / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = 1.93 (Net Debt 685.4m / EBITDA 355.5m)
Debt / FCF = 6.93 (Net Debt 685.4m / FCF TTM 98.9m)
Total Stockholder Equity = 1.48b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.91% (Net Income 109.2m / Total Assets 4.02b)
RoE = 7.39% (Net Income TTM 109.2m / Total Stockholder Equity 1.48b)
RoCE = 7.37% (EBIT 185.8m / Capital Employed (Equity 1.48b + L.T.Debt 1.04b))
RoIC = 5.88% (NOPAT 178.1m / Invested Capital 3.03b)
WACC = 5.75% (E(1.41b)/V(2.67b) * Re(8.18%) + D(1.26b)/V(2.67b) * Rd(3.14%) * (1-Tc(0.04)))
Discount Rate = 8.18% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 52.68 | Cagr: 5.25%
[DCF] Terminal Value 73.10% ; FCFF base≈151.5m ; Y1≈132.9m ; Y5≈107.4m
[DCF] Fair Price = 8.62 (EV 1.72b - Net Debt 685.4m = Equity 1.04b / Shares 120.4m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.67 | # QB: 0
Revenue Correlation: -70.90 | Revenue CAGR: -4.68% | SUE: 0.77 | # QB: 0
EPS current Year (2026-12-31): EPS=0.34 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=+11.5% | GrowthRev=+10.5%
EPS next Year (2027-12-31): EPS=0.41 | Chg30d=+0.00% | Revisions=+22% | GrowthEPS=+19.1% | GrowthRev=+9.4%
[Analyst] Revisions Ratio: +13% (up=7, down=5)