TGYM Stock Analysis: Technogym | MI
Leisure | MI, Italy | Market Cap: 2.995m EUR | 12M Return: 22.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.85M
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.1 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.
Technogym S.p.A. (MI: TGYM) is an Italian-founded, globally operating designer, manufacturer, and seller of fitness and rehabilitation equipment, headquartered in Cesena and established in 1983. Its product portfolio spans cardio machines (treadmills, ellipticals, bikes, rowers, stair climbers), strength equipment (selectorized, plate loaded, cable machines, racks, benches), a broad line of fitness accessories and apparel, and the Technogym connected fitness app. The company distributes through field and inside sales, retail, and wholesale channels, serving commercial fitness and wellness clubs, the hospitality and residential sectors, and the home/consumer market across Europe, the Americas, Asia-Pacific, and the Middle East.
Within the GICS Consumer Discretionary sector (Leisure Products), Technogym competes alongside other recreational and sporting-goods manufacturers. Its three-segment customer model (commercial, hospitality/residential, home) is typical of full-line connected fitness vendors, where software offerings such as the Technogym app provide a digital layer that can extend customer relationships beyond the initial equipment sale.
- Home fitness segment revenue declines as consumers return to gyms
- Commercial club equipment orders recover with hospitality reopening
- Connected fitness app growth drives recurring digital revenue
| Net Income: 115.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 1.28 > 1.0 |
| NWC/Revenue: 10.45% < 20% (prev 19.33%; Δ -8.87% < -1%) |
| CFO/TA 0.29 > 3% & CFO 244.3m > Net Income 115.1m |
| Net Debt (-154.1m) to EBITDA (210.5m): -0.73 < 3 |
| Current Ratio: 1.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (199.3m) vs 12m ago -0.18% < -2% |
| Gross Margin: 45.17% > 18% (prev 44.74%; Δ 0.43% > 0.5%) |
| Asset Turnover: 116.9% > 50% (prev 99.44%; Δ 17.50% > 0%) |
| Interest Coverage Ratio: 155.2 > 6 (EBIT TTM 159.2m / Interest Expense TTM 1.03m) |
| 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: 0.18 (EBIT TTM 159.2m / Avg Total Assets 870.0m) |
| D: 0.66 (Book Value of Equity 333.3m / Total Liabilities 502.6m) |
| Altman-Z'' = 4.06 = AA |
| DSRI: 0.88 (Receivables 131.8m/132.8m, Revenue 1.02b/899.0m) |
| GMI: 0.99 (GM 44.74% / 45.17%) |
| AQI: 0.82 (AQ_t 0.16 / AQ_t-1 0.19) |
| SGI: 1.13 (Revenue 1.02b / 899.0m) |
| TATA: -0.15 (NI 115.1m - CFO 244.3m) / TA 836.0m) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of July 16, 2026, the stock is trading at EUR 14.75 with a total of 212,344 shares traded. Over the past week, the price has changed by -2.90%, over one month by -14.89%, over three months by -21.58% and over the past year by +22.10%.
Current recommended Stop Loss: 14.10 (which is 4.4% or 1.3 ATR below the current price).
Technogym has no consensus analysts rating.
P/E Trailing = 25.9138
P/E Forward = 19.4932
P/S = 2.9387
P/B = 9.0813
Revenue TTM = 1.02b EUR
EBIT TTM = 159.2m EUR
EBITDA TTM = 210.5m EUR
Long Term Debt = 43.9m EUR (from longTermDebt, last quarter)
Short Term Debt = 1.28m EUR (from shortLongTermDebt, last quarter)
Debt = 53.7m EUR (Leases only: 53.7m)
Net Debt = -154.1m EUR (calculated: Debt 53.7m - CCE 207.8m)
Enterprise Value = 2.84b EUR (3.00b + Debt 53.7m - CCE 207.8m)
Interest Coverage Ratio = 155.2 (Ebit TTM 159.2m / Interest Expense TTM 1.03m)
EV/FCF = 24.50x (Enterprise Value 2.84b / FCF TTM 116.0m)
FCF Yield = 4.08% (FCF TTM 116.0m / Enterprise Value 2.84b)
FCF Margin = 11.40% (FCF TTM 116.0m / Revenue TTM 1.02b)
Net Margin = 11.32% (Net Income TTM 115.1m / Revenue TTM 1.02b)
Gross Margin = 45.17% ((Revenue TTM 1.02b - Cost of Revenue TTM 557.9m) / Revenue TTM)
Gross Margin QoQ = 44.39% (prev 46.11%)
Tobins Q-Ratio = 3.40 (Enterprise Value 2.84b / Total Assets 836.0m)
Interest Expense / Debt = 1.91% (Interest Expense 1.03m / Debt 53.7m)
Taxrate = 27.37% (43.7m / 159.7m)
NOPAT = 115.7m (EBIT 159.2m * (1 - 27.37%))
Current Ratio = 1.27 (Total Current Assets 497.8m / Total Current Liabilities 391.4m)
Debt / Equity = 0.16 (Debt 53.7m / totalStockholderEquity, last quarter 333.3m)
Debt / EBITDA = -0.73 (Net Debt -154.1m / EBITDA 210.5m)
Debt / FCF = -1.33 (Net Debt -154.1m / FCF TTM 116.0m)
Total Stockholder Equity = 323.7m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.23% (Net Income 115.1m / Total Assets 836.0m)
RoE = 35.56% (Net Income TTM 115.1m / Total Stockholder Equity 323.7m)
RoCE = 43.32% (EBIT 159.2m / Capital Employed (Equity 323.7m + L.T.Debt 43.9m))
RoIC = 29.38% (NOPAT 115.7m / Invested Capital 393.7m)
WACC = 8.07% (E(3.00b)/V(3.05b) * Re(8.19%) + D(53.7m)/V(3.05b) * Rd(1.91%) * (1-Tc(0.27)))
Discount Rate = 8.19% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -34.66 | Cagr: -0.30%
[DCF] Terminal Value 75.68% ; FCFF base≈115.1m ; Y1≈117.4m ; Y5≈128.2m
[DCF] Fair Price = 10.75 (EV 1.99b - Net Debt -154.1m = Equity 2.14b / Shares 199.3m; r=8.35% [WACC [floored]]; 5y FCF grow 1.85% → 2.50% )
Revenue Correlation: 99.72 | Revenue CAGR: 12.21% | SUE: 0.05 | # QB: 0
EPS current Year (2026-12-31): EPS=0.64 | Chg30d=-3.28% | Revisions=-40% | GrowthEPS=+5.8% | GrowthRev=+8.0%
EPS next Year (2027-12-31): EPS=0.72 | Chg30d=-2.52% | Revisions=-40% | GrowthEPS=+12.0% | GrowthRev=+7.9%
[Analyst] Revisions Ratio: -57% (up=0, down=4)