(TGYM) Technogym SpA - Overview
Sector: Consumer Cyclical | Industry: Leisure | Exchange: MI (Italy) | Market Cap: 4.277m EUR | Total Return: 71.2% in 12m
Industry Rotation: -2.7
Avg Turnover: 3.24M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Technogym S.p.A. (TGYM) is an Italian manufacturer of high-end fitness equipment and digital wellness solutions, operating across Europe, the Americas, Asia-Pacific, and the Middle East. The company designs and distributes a comprehensive range of products, including cardiovascular machines, strength training equipment, and functional accessories. Its business model targets diverse market segments such as commercial fitness clubs, hospitality venues, residential developments, and individual consumers through a multi-channel sales strategy.
The company operates within the Leisure Products industry, a sector characterized by high cyclicality and a growing emphasis on integrated software ecosystems. Technogym differentiates itself by combining hardware with the Technogym App, reflecting a broader industry shift toward connected fitness where digital tracking and personalized content are essential for customer retention. Its premium positioning allows it to maintain a strong presence in the luxury hospitality and professional sports performance markets.
To gain deeper insights into the companys financial health, consider exploring the valuation metrics available on ValueRay. Technogym continues to leverage its headquarters in Cesena, Italy, as a hub for industrial design and innovation to support its global wholesale and retail operations.
- Premium hospitality and residential sector expansion drives high-margin revenue growth
- Luxury wellness brand positioning maintains pricing power amid inflationary pressures
- Digital ecosystem and Technogym App adoption increase recurring service revenue
- Global health and fitness club capital expenditure cycles dictate equipment demand
- Geographic expansion in Asia-Pacific and Middle East markets fuels sales growth
| Net Income: 202.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA -5.86 > 1.0 |
| NWC/Revenue: 5.55% < 20% (prev 13.17%; Δ -7.62% < -1%) |
| CFO/TA 0.55 > 3% & CFO 457.1m > Net Income 202.2m |
| Net Debt (-162.6m) to EBITDA (329.4m): -0.49 < 3 |
| Current Ratio: 1.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (199.3m) vs 12m ago -0.18% < -2% |
| Gross Margin: 44.96% > 18% (prev 0.21%; Δ 4.48k% > 0.5%) |
| Asset Turnover: 231.7% > 50% (prev 146.8%; Δ 84.90% > 0%) |
| Interest Coverage Ratio: 253.9 > 6 (EBITDA TTM 329.4m / Interest Expense TTM 1.10m) |
| A: 0.13 (Total Current Assets 497.8m - Total Current Liabilities 391.4m) / Total Assets 836.0m |
| B: 0.40 (Retained Earnings 334.0m / Total Assets 836.0m) |
| C: 0.34 (EBIT TTM 278.2m / Avg Total Assets 827.1m) |
| D: 0.68 (Book Value of Equity 344.0m / Total Liabilities 502.6m) |
| Altman-Z'' Score: 5.12 = AAA |
| DSRI: 0.69 (Receivables 131.8m/119.8m, Revenue 1.92b/1.20b) |
| GMI: 0.46 (GM 44.96% / 20.85%) |
| AQI: 0.78 (AQ_t 0.16 / AQ_t-1 0.20) |
| SGI: 1.60 (Revenue 1.92b / 1.20b) |
| TATA: -0.31 (NI 202.2m - CFO 457.1m) / TA 836.0m) |
| Beneish M-Score: -3.78 (Cap -4..+1) = AAA |
Over the past week, the price has changed by -0.75%, over one month by +11.23%, over three months by +16.58% and over the past year by +71.20%.
| Analysts Target Price | - | - |
P/E Trailing = 37.0
P/E Forward = 19.4932
P/S = 4.1959
P/B = 12.8298
Revenue TTM = 1.92b EUR
EBIT TTM = 278.2m EUR
EBITDA TTM = 329.4m EUR
Long Term Debt = 43.9m EUR (from longTermDebt, last quarter)
Short Term Debt = 1.28m EUR (from shortLongTermDebt, last quarter)
Debt = 45.2m EUR (Calculated: Short Term 1.28m + Long Term 43.9m)
Net Debt = -162.6m EUR (calculated as Total Debt 45.2m - CCE 207.8m)
Enterprise Value = 4.11b EUR (4.28b + Debt 45.2m - CCE 207.8m)
Interest Coverage Ratio = 253.9 (Ebit TTM 278.2m / Interest Expense TTM 1.10m)
EV/FCF = 35.48x (Enterprise Value 4.11b / FCF TTM 116.0m)
FCF Yield = 2.82% (FCF TTM 116.0m / Enterprise Value 4.11b)
FCF Margin = 6.05% (FCF TTM 116.0m / Revenue TTM 1.92b)
Net Margin = 10.55% (Net Income TTM 202.2m / Revenue TTM 1.92b)
Gross Margin = 44.96% ((Revenue TTM 1.92b - Cost of Revenue TTM 1.05b) / Revenue TTM)
Gross Margin QoQ = 44.39% (prev 46.11%)
Tobins Q-Ratio = 4.92 (Enterprise Value 4.11b / Total Assets 836.0m)
Interest Expense / Debt = 2.20% (Interest Expense 995k / Debt 45.2m)
Taxrate = 28.52% (29.8m / 104.5m)
NOPAT = 198.9m (EBIT 278.2m * (1 - 28.52%))
Current Ratio = 1.27 (Total Current Assets 497.8m / Total Current Liabilities 391.4m)
Debt / Equity = 0.14 (Debt 45.2m / totalStockholderEquity, last quarter 333.3m)
Debt / EBITDA = -0.49 (Net Debt -162.6m / EBITDA 329.4m)
Debt / FCF = -1.40 (Net Debt -162.6m / FCF TTM 116.0m)
Total Stockholder Equity = 323.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 24.44% (Net Income 202.2m / Total Assets 836.0m)
RoE = 62.45% (Net Income TTM 202.2m / Total Stockholder Equity 323.7m)
RoCE = 75.68% (EBIT 278.2m / Capital Employed (Equity 323.7m + L.T.Debt 43.9m))
RoIC = 57.46% (NOPAT 198.9m / Invested Capital 346.1m)
WACC = 7.93% (E(4.28b)/V(4.32b) * Re(8.0%) + D(45.2m)/V(4.32b) * Rd(2.20%) * (1-Tc(0.29)))
Discount Rate = 8.0% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -81.65 | Cagr: -0.42%
[DCF] Terminal Value 74.16% ; FCFF base≈134.2m ; Y1≈102.3m ; Y5≈63.2m
[DCF] Fair Price = 6.91 (EV 1.21b - Net Debt -162.6m = Equity 1.38b / Shares 199.3m; r=7.93% [WACC]; 5y FCF grow -28.18% → 3.0% )
Revenue Correlation: 93.91 | Revenue CAGR: 36.83% | SUE: 0.05 | # QB: 0
EPS current Year (2026-12-31): EPS=0.66 | Chg30d=+2.11% | Revisions=+45% | GrowthEPS=+9.4% | GrowthRev=+8.3%
EPS next Year (2027-12-31): EPS=0.74 | Chg30d=+2.37% | Revisions=+45% | GrowthEPS=+11.2% | GrowthRev=+7.8%
[Analyst] Revisions Ratio: +45%