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FNM S.p.A.
(FNM)
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Rating:63Neutral
Price Target:
€0.49
▲(8.00% Upside)
Action:Reiterated
Date:08/21/26
The score is primarily held back by weakening cash generation (sharp TTM free-cash-flow decline and low cash conversion versus net income) and still-elevated leverage, despite solid profitability. Valuation is a key positive (very low P/E and high dividend yield), while technical indicators point to neutral-to-soft momentum rather than a clear uptrend.
Positive Factors
Solid Profitability
Healthy net profitability and double-digit returns on equity indicate that FNM retains meaningful earnings power. This provides an operating buffer for service investment and supports resilience despite revenue softness and margin volatility.
Negative Factors
Sharp Free Cash Flow Decline
The sharp cash-flow deterioration reduces internally generated funding for fleet, infrastructure and other commitments. If sustained, weak conversion of accounting earnings into cash could constrain investment capacity and increase reliance on financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid Profitability
Healthy net profitability and double-digit returns on equity indicate that FNM retains meaningful earnings power. This provides an operating buffer for service investment and supports resilience despite revenue softness and margin volatility.
Read all positive factors
FNM S.p.A. (FNM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€197.23M
Dividend Yield5.07%
Average Volume (3M)273.53K
Price to Earnings (P/E)2.6
Beta (1Y)0.50
Revenue Growth5.89%
EPS Growth30.28%
CountryIT
Employees2,828
SectorGeneral
Sector StrengthN/A
IndustryRailroads
Share Statistics
EPS (TTM)0.18
Shares Outstanding434,902,560
10 Day Avg. Volume229,859
30 Day Avg. Volume273,530
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.45
Price to Sales (P/S)0.23
P/FCF Ratio5.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.12
Revenue Forecast (FY)€704.30M
FNM S.p.A. Business Overview & Revenue Model
Company Description
Founded in 1877 and based in Milan, Italy, FNM S.p.A. is fundamentally responsible for managing and maintaining Italy's extensive railway network. The company's diverse portfolio extends significantly beyond its core rail operations, which notably...
How the Company Makes Money
FNM generates revenue mainly by operating public passenger transport services—especially regional rail—under service contracts/concessions with public authorities. Under these arrangements, earnings typically come from a combination of (i) contrac...
FNM S.p.A. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 872.63M | 884.30M | 910.38M | 737.05M | 661.02M | 569.08M |
| Gross Profit | 564.70M | 576.53M | 535.15M | 429.98M | 338.24M | 290.34M |
| EBITDA | 256.13M | 253.74M | 239.52M | 228.94M | 196.01M | 149.63M |
| Net Income | 75.41M | 73.61M | 59.33M | 80.86M | 68.48M | 40.88M |
Balance Sheet | ||||||
| Total Assets | 2.22B | 2.28B | 2.35B | 2.11B | 2.02B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 376.49M | 410.20M | 504.16M | 398.55M | 244.64M | 365.14M |
| Total Debt | 810.04M | 806.78M | 925.76M | 846.31M | 905.44M | 972.14M |
| Total Liabilities | 1.72B | 1.79B | 1.94B | 1.74B | 1.71B | 1.69B |
| Stockholders Equity | 467.06M | 451.56M | 374.31M | 355.33M | 283.93M | 206.82M |
Cash Flow | ||||||
| Free Cash Flow | 15.62M | 40.57M | 106.89M | 134.22M | 56.14M | 102.16M |
| Operating Cash Flow | 123.67M | 136.24M | 196.00M | 182.69M | 145.22M | 140.42M |
| Investing Cash Flow | -19.16M | -66.97M | -81.42M | 63.96M | -157.20M | -546.45M |
| Financing Cash Flow | -209.09M | -141.78M | -9.53M | -88.41M | -102.59M | 504.52M |
FNM S.p.A. Technical Analysis
Negative
0.45
Price Trends
0.46
Negative
0.48
Negative
0.47
Negative
Market Momentum
>-0.01
Positive
40.71
Neutral
14.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:FNM, the sentiment is Negative. The current price of 0.45 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.46, and below the 200-day MA of 0.47, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 14.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:FNM.
FNM S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | €3.96B | 14.57 | 40.46% | 4.20% | 8.66% | 17.22% | |
63 Neutral | €197.23M | 2.56 | 17.20% | 5.08% | 5.89% | 30.28% | |
61 Neutral | €718.66M | 21.16 | 7.61% | 4.42% | -4.62% | -23.89% | |
56 Neutral | €2.23B | 9.28 | 14.74% | 3.80% | 2.26% | -1.76% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | €4.48B | 18.93 | 17.64% | ― | -0.60% | 41.35% |
* General Sector Average
IT:FNM
FNM S.p.A.
0.45
-0.05
-9.58%
IT:ADB
Aeroporto Guglielmo Marconi di Bologna S.p.A.
9.88
1.78
21.92%
IT:FCT
Fincantieri S.p.A.
12.50
-5.45
-30.35%
IT:MAIRE
MaireTecnimont SpA
12.09
0.07
0.56%
IT:PIA
Piaggio & C. SPA
2.05
0.03
1.59%
IT:WBD
Webuild SpA
2.23
-1.66
-42.66%
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.