STVNStevanato Group S.p.A.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (1.9×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
A balanced mix of margins, efficiency, and leverage. ROE 9% = margin × turnover × leverage.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is STVN?
Stevanato Group S.p.A. earns 8.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 0.28 points below what the capital costs: growth destroys value
- Operating margin
- 17%
Operating margin · Medical Instruments & Supplies median 6.6% · fiscal year to FY2025
- Cash conversion
- 1.95×
Cash conversion · 1.32× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.67%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 19% |
| FY2022 | 20% |
| FY2023 | 18% |
| FY2024 | 15% |
| FY2025 | 17% |
Details›
- Gross marginfiscal year to FY2025
- 29%
- Operating marginfiscal year to FY2025
- 17%
- Net marginfiscal year to FY2025
- 12%
- Free cash flow margin
- 1.9%
- R&D as % of revenue
- 2.1%
- Revenue, trailing twelve months
- $1.19B
- Free cash flow, trailing twelve months
- $22M
- Net income, trailing twelve months
- $140M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Medical Instruments & Supplies
Ranks #4 of 21 by RyuScore