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Ariston Holding NV
(ARIS)
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Rating:68Neutral
Price Target:
€4.00
▲(10.50% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by mixed financial performance—solid long-term growth and improved leverage, but notable earnings and free-cash-flow volatility. Technicals are moderately supportive with positive momentum and price above key short/intermediate moving averages, though still below the 200-day average. Valuation is a clear positive with a low P/E and a ~2.75% dividend yield.
Positive Factors
Diversified product & channels
Ariston's broad portfolio across water and space heating, plus services and connected offerings, creates multiple durable revenue streams. Multi-channel sales (wholesalers, installers, retail, OEM) reduces single-channel risk, supports aftermarket recurring income, and aids resilience through cycles.
Negative Factors
Earnings volatility
Large swings in revenue and profits impair forecasting and strategic planning. Volatile earnings make capital allocation harder, raise execution risk for investments, and can stress covenant or dividend policies during weak periods, meaningful for multi-month planning horizons.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified product & channels
Ariston's broad portfolio across water and space heating, plus services and connected offerings, creates multiple durable revenue streams. Multi-channel sales (wholesalers, installers, retail, OEM) reduces single-channel risk, supports aftermarket recurring income, and aids resilience through cycles.
Read all positive factors
Ariston Holding NV (ARIS) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.27B
Dividend Yield2.75%
Average Volume (3M)231.76K
Price to Earnings (P/E)11.5
Beta (1Y)1.10
Revenue Growth4.96%
EPS Growth17.64%
CountryIT
Employees10,206
SectorIndustrials
Sector Strength72
IndustryFurnishings, Fixtures & Appliances
Share Statistics
EPS (TTM)0.32
Shares Outstanding125,505,005
10 Day Avg. Volume210,029
30 Day Avg. Volume231,756
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.03
Price to Sales (P/S)0.58
P/FCF Ratio9.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€4.23Price Target Upside16.71% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)0.35
Revenue Forecast (FY)€2.95B
Ariston Holding NV Business Overview & Revenue Model
Company Description
Ariston Holding N.V. is a global enterprise specializing in the manufacturing and distribution of advanced hot water and space heating systems, catering to both commercial and residential clients. Its operations are structured across three primary...
How the Company Makes Money
Ariston primarily makes money by selling thermal comfort products and systems through multiple go-to-market channels. Key revenue streams include: (1) Product sales of water heating solutions (e.g., electric and heat pump water heaters and related...
Ariston Holding NV Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.78B | 2.71B | 2.68B | 3.15B | 2.42B | 1.99B |
| Gross Profit | 1.01B | 1.24B | 993.50M | 1.28B | 765.10M | 674.00M |
| EBITDA | 355.50M | 307.40M | 202.30M | 420.80M | 286.70M | 250.30M |
| Net Income | 109.20M | 132.40M | 2.50M | 191.20M | 140.30M | 136.50M |
Balance Sheet | ||||||
| Total Assets | 4.02B | 3.58B | 3.57B | 3.87B | 2.88B | 2.32B |
| Cash, Cash Equivalents and Short-Term Investments | 569.80M | 248.50M | 369.20M | 456.40M | 1.01B | 689.70M |
| Total Debt | 1.26B | 781.80M | 901.40M | 1.02B | 932.70M | 492.30M |
| Total Liabilities | 2.48B | 2.06B | 2.14B | 2.37B | 1.87B | 1.44B |
| Stockholders Equity | 1.54B | 1.52B | 1.43B | 1.50B | 1.01B | 878.30M |
Cash Flow | ||||||
| Free Cash Flow | 98.90M | 157.70M | 190.70M | 144.90M | 52.30M | 112.60M |
| Operating Cash Flow | 216.40M | 303.30M | 306.50M | 303.50M | 130.90M | 190.70M |
| Investing Cash Flow | -183.50M | -166.50M | -134.60M | -709.90M | -133.80M | -84.70M |
| Financing Cash Flow | 259.50M | -234.10M | -264.30M | -123.40M | 322.10M | 101.90M |
Ariston Holding NV Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | €6.09B | 12.89 | 19.95% | 3.29% | 6.44% | 6.55% | |
68 Neutral | €1.27B | 11.50 | ― | 2.76% | 4.96% | 17.64% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | €61.49M | 13.04 | ― | ― | 6.94% | ― | |
59 Neutral | €1.26B | 30.11 | ― | 0.82% | 7.15% | 33.25% |
* Industrials Sector Average
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Ariston Holding NV Corporate Events
Ariston Holding Lifts Margins on Q2 Growth, Confirms 2026 Outlook
Jul 29, 2026
Ariston Holding reported strong second‑quarter and half‑year 2026 results, with Q2 net revenues rising 7.4% year on year to €691m and adjusted EBIT jumping 28.3%, lifting the margin to 5.7%. First‑half net revenues reached ...
Ariston Group Closes Riello Deal to Bolster Climate and Combustion Portfolio
Jul 1, 2026
Ariston Group has completed the €370 million acquisition of Italy-based Riello Group, a long-standing international operator in climate comfort and combustion technologies previously owned by Carrier. The deal, based on a €289 million ...
Ariston Takes Full Control of Chromagen Australia to Bolster Renewable Water Heating Push
May 27, 2026
Ariston Group has moved to full ownership of Chromagen Australia, exercising a call option to acquire the remaining 49% stake in the renewable-focused water heating specialist, for 33.6 million AUD in cash. The deal, which has no impact on Ariston...
Ariston Completes Sell-to-Cover Share Sales for 2023 Incentive Plan
May 13, 2026
Ariston Holding N.V. has completed a sell-to-cover process linked to its 2023 Long Term Incentive Plan, with JP Morgan Workplace Solutions selling 107,964 ordinary shares on behalf of plan beneficiaries to cover tax obligations at an average price...
Ariston Posts Solid Q1 as European Renewables Offset Market Headwinds
May 6, 2026
Ariston Holding N.V. reported first-quarter 2026 net revenues of €656.1 million, up 1.2% year on year, with organic sales broadly flat as growth in Europe offset weaker demand in the Americas and Middle East. The group’s performance wa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.