Technogym TGYM.MI
ItalyConsumer Cyclical · LeisureBorsa Italiana · EUR
17.99 EUR (+41.1%)
10 analysts
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Technogym is an Italian manufacturer of fitness equipment and wellness solutions for gyms, hotels and homes, with a business model based on selling exercise machines, digital services and personalized health programs.
Listed on Borsa Italiana · Symbol TGYM.MI · BIT: TGYM · Currency EUR
Key points
from its scores- ✓High-quality business7.9
- ✕Unfavourable risk and backdrop4.2
- ✕Poor share-price trend4.6
- !Moderate growth5.4
AI analysis
bottom line, main risk, context and newsExcellent quality and balance sheet, but stagnant growth and negative momentum suggest waiting for a better entry point.
Technogym shows solid financial health with net cash (DN/EBITDA of -0.46), exceptional return on capital (ROE 41.12%, ROIC 29.21%) and a gross margin of 46.80%, although its earnings growth is flat (1.00%) and momentum is weak (8th percentile in 52 weeks), limiting short-term appeal.
The main risk is concentration in the Italian and European market with weak institutional governance, which may affect minority shareholder protection and regulatory stability.
Context and risks
Technogym operates from Italy, a country with weak institutional governance and limited protection for minority shareholders, adding relevant jurisdictional risk. Although the company has a sound financial position (negative net debt), exposure to a domestic market with legal uncertainty and regulatory volatility justifies a negative adjustment to the base risk.
Is Technogym stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 17% above the Consumer Cyclical median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 22.0 | 17.8 | +23% |
| EV / EBITDA | 12.5 | 11.2 | +12% |
| Price / book | 8.4 | 2.9 | +192% |
| Price / sales | 2.4 | 1.3 | +92% |
Sector: median of the 228 Consumer Cyclical companies analysed. In bold, the multiples used for the comparison.
Valuation score: 5.5 out of 10 (median for Consumer Cyclical: 6.6).
Average analyst target: 17.99 EUR, +41.1% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 7.9 (sector 5.7), Growth 5.4 (sector 5.9).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Consumer Cyclical medianValuation
- P/E
- 22.0
- Forward P/E
- 18.4
- EV / EBITDA
- 12.5
- Price / book
- 8.4
- Price / sales
- 2.4
- PEG
- 18.43
- Market cap
- 2.5B EUR
- Enterprise value
- 2.5B EUR
Profitability
- ROE
- 41.1%
- ROA
- 12.5%
- ROIC (approx.)
- 29.2%
- Gross margin
- 46.8%
- Operating margin
- 11.9%
- Net margin
- 11.1%
- Free cash flow
- 80.5M EUR
- FCF yield
- 3.2%
- Cash conversion
- 41%
Solvency
- Total debt
- 124.7M EUR
- Net debt
- −89.6M EUR
- Cash
- 214.4M EUR
- EBITDA
- 195.8M EUR
- Net debt / EBITDA
- −0.46
- Debt / equity
- 40.78
- Current ratio
- 1.13
- Quick ratio
- 0.71
Growth
- Revenue growth
- +7.4%
- Earnings growth
- +1.0%
- EPS (TTM)
- 0.58 EUR
- EPS (forward)
- 0.69 EUR
Dividend
- Dividend yield
- 3.0%
- Payout
- 65.5%
Risk and market
- Beta
- 0.85
- Analyst consensus
- Buy (10)
- Target price
- 17.99 EUR
- 52-week range
- 11.92 – 21.82
Recent news
All TGYM.MI news →Compare it with its sector
All 228 in Consumer Cyclical →Frequently asked questions about Technogym
Is Technogym stock cheap or expensive?
On P/E and EV / EBITDA, it trades 17% above the Consumer Cyclical median on average. Valuation score: 5.5 out of 10 (median for Consumer Cyclical: 6.6). Average analyst target: 17.99 EUR, +41.1% versus the price. This is not investment advice.
What score does Technogym get on MeridIAn Screener?
It scores 6.0 out of 10, rank 1,025 of 2,130 (better than 51% of the companies analysed). Its strongest category is Quality / Moat (7.9) and its weakest, Risk & Context (4.2). Analysis of 08/10/2026.
What is Technogym's P/E ratio?
Its P/E is 22.0: the share price equals 22.0 times earnings per share over the last 12 months. The Consumer Cyclical median is 17.8. Based on the earnings analysts expect, the forward P/E is 18.4.
How much is Technogym worth on the stock market?
Its market capitalisation is 2.5B EUR and its enterprise value, debt included, is 2.5B EUR.
How much debt does Technogym have?
It has more cash than debt: net cash of 89.6M EUR.
Does Technogym pay a dividend?
Yes: its dividend yield is 2.98% and it pays out 66% of its earnings.
How has Technogym stock performed over the last year?
It has fallen 7.1% over the last year, excluding dividends. Over the last 52 weeks it has traded between 11.92 and 21.82 EUR. Past performance does not guarantee future results.
What do analysts think of Technogym?
10 analysts cover it; their average recommendation is “Buy” and their average target is 17.99 EUR (+41.1% versus the price). It is an estimate, not market data.