TGYM Stock Analysis: Technogym | MI
Leisure | MI, Italy | Market Cap: 2.561m EUR | 12M Return: -6.1% | IT0005162406 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.02M
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.4 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 Italy-based company that designs, manufactures, and sells fitness and wellness equipment globally, operating across Europe, the Americas, Asia-Pacific, and the Middle East. Founded in 1983 and headquartered in Cesena, the company offers a broad product portfolio spanning cardio machines (treadmills, ellipticals, bikes, rowers, stair climbers), strength equipment (selectorized, plate-loaded, cable machines, dumbbells, barbells, racks), accessories, and apparel, alongside digital solutions such as the Technogym app. The business serves three primary customer segments - fitness and wellness clubs, hospitality and residential, and home/consumer - through field and inside sales, retail, and wholesale channels.
Sector context: Technogym sits within the Consumer Discretionary sector (GICS Sub-Industry: Leisure Products), competing in the global connected fitness and commercial gym equipment market, a category that has seen growing demand for premium, tech-integrated wellness solutions. Its diversified revenue mix across B2B (clubs, hotels, corporate wellness) and B2C (home users) channels provides exposure to both recurring commercial refresh cycles and the structurally expanding at-home fitness segment.
- Home fitness segment revenue normalizes after COVID surge
- Commercial club and hospitality capex recovery drives B2B growth
- Peloton and digital rivals pressure connected equipment pricing
| Net Income: 116.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -4.00 > 1.0 |
| NWC/Revenue: 5.99% < 20% (prev 4.99%; Δ 1.00% < -1%) |
| CFO/TA 0.18 > 3% & CFO 162.3m > Net Income 116.5m |
| Net Debt (-30.8m) to EBITDA (217.3m): -0.14 < 3 |
| Current Ratio: 1.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (201.2m) vs 12m ago 1.02% < -2% |
| Gross Margin: 22.09% > 18% (prev 42.13%; Δ -20.04% > 0.5%) |
| Asset Turnover: 125.0% > 50% (prev 124.5%; Δ 0.48% > 0%) |
| Interest Coverage Ratio: 8.78 > 6 (EBIT TTM 159.4m / Interest Expense TTM 18.2m) |
| A: 0.07 (Total Current Assets 558.7m - Total Current Liabilities 495.8m) / Total Assets 912.0m |
| B: 0.29 (Retained Earnings 266.7m / Total Assets 912.0m) |
| C: 0.19 (EBIT TTM 159.4m / Avg Total Assets 840.3m) |
| D: 0.50 (Book Value of Equity 303.0m / Total Liabilities 606.1m) |
| Altman-Z'' = 3.21 = A |
| DSRI: 1.28 (Receivables 139.1m/98.8m, Revenue 1.05b/956.7m) |
| GMI: 1.91 (GM 42.13% / 22.09%) |
| AQI: 0.87 (AQ_t 0.15 / AQ_t-1 0.18) |
| SGI: 1.10 (Revenue 1.05b / 956.7m) |
| TATA: -0.05 (NI 116.5m - CFO 162.3m) / TA 912.0m) |
| Beneish M = -1.98 (Cap -4..+1) = B |
As of October 17, 2026, the stock is trading at EUR 12.95 with a total of 235,919 shares traded. Over the past week, the price has changed by +0.70%, over one month by +1.97%, over three months by -12.62% and over the past year by -6.09%.
Current recommended Stop Loss: 12.50 (which is 3.5% or 1.5 ATR below the current price).
Technogym has no consensus analysts rating.
P/E Trailing = 22.1552
P/E Forward = 19.4932
P/S = 2.4318
P/B = 8.5513
Revenue TTM = 1.05b EUR
EBIT TTM = 159.4m EUR
EBITDA TTM = 217.3m EUR
Long Term Debt = 2.72m EUR (from longTermDebt, last quarter)
Short Term Debt = 80.1m EUR (from shortTermDebt, last quarter)
Debt = 180.1m EUR (from shortLongTermDebtTotal, last quarter) + Leases 55.4m
Net Debt = -30.8m EUR (calculated: Debt 180.1m - CCE 210.9m)
Enterprise Value = 2.53b EUR (2.56b + Debt 180.1m - CCE 210.9m)
Interest Coverage Ratio = 8.78 (Ebit TTM 159.4m / Interest Expense TTM 18.2m)
EV/FCF = 21.10x (Enterprise Value 2.53b / FCF TTM 119.9m)
FCF Yield = 4.74% (FCF TTM 119.9m / Enterprise Value 2.53b)
FCF Margin = 11.42% (FCF TTM 119.9m / Revenue TTM 1.05b)
Net Margin = 11.10% (Net Income TTM 116.5m / Revenue TTM 1.05b)
Gross Margin = 22.09% ((Revenue TTM 1.05b - Cost of Revenue TTM 818.1m) / Revenue TTM)
Gross Margin QoQ = 12.30% (prev 30.69%)
Tobins Q-Ratio = 2.77 (Enterprise Value 2.53b / Total Assets 912.0m)
Interest Expense / Debt = 10.09% (Interest Expense 18.2m / Debt 180.1m)
Taxrate = 28.06% (45.7m / 162.8m)
NOPAT = 114.7m (EBIT 159.4m * (1 - 28.06%))
Current Ratio = 1.13 (Total Current Assets 558.7m / Total Current Liabilities 495.8m)
Debt / Equity = 0.59 (Debt 180.1m / totalStockholderEquity, last quarter 303.0m)
Debt / EBITDA = -0.14 (Net Debt -30.8m / EBITDA 217.3m)
Debt / FCF = -0.26 (Net Debt -30.8m / FCF TTM 119.9m)
Total Stockholder Equity = 318.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.87% (Net Income 116.5m / Total Assets 912.0m)
RoE = 36.59% (Net Income TTM 116.5m / Total Stockholder Equity 318.5m)
RoCE = 49.62% (EBIT 159.4m / Capital Employed (Equity 318.5m + L.T.Debt 2.72m))
RoIC = 25.84% (NOPAT 114.7m / Invested Capital 443.8m)
WACC = 8.40% (E(2.56b)/V(2.74b) * Re(8.48%) + D(180.1m)/V(2.74b) * Rd(10.09%) * (1-Tc(0.28)))
Discount Rate = 8.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -54.22 | Cagr: -0.03%
[DCF] Terminal Value 73.93% ; FCFF base≈124.7m ; Y1≈115.7m ; Y5≈104.7m
[DCF] Fair Price = 8.40 (EV 1.64b - Net Debt -30.8m = Equity 1.67b / Shares 199.3m; r=8.40% [WACC]; 5y FCF grow -9.04% → 2.50% )
Revenue Correlation: 99.54 | Revenue CAGR: 11.84% | SUE: 2.33 | # QB: 1
EPS current Year (2026-12-31): EPS=0.61 | Chg30d=-0.41% | Revisions=-25% | GrowthEPS=+1.6% | GrowthRev=+7.4%
EPS next Year (2027-12-31): EPS=0.69 | Chg30d=-0.36% | Revisions=-50% | GrowthEPS=+12.7% | GrowthRev=+8.1%
[Analyst] Revisions Ratio: -57% (up=0, down=4)