GPI SpA (GPI) AI Stock Analysis

• Market Cap: €518.47M
• Dividend Yield: 5.24%
• Average Volume (3M): 88.12K
• Price to Earnings (P/E): 23.8
• Beta (1Y): 0.37
• Revenue Growth: 11.25%
• EPS Growth: -76.44%
• Country: IT
• Employees: 7,812
• Sector: Healthcare
• Sector Strength: 45
• Industry: Conglomerates
• EPS (TTM): 0.13
• Shares Outstanding: 28,906,881
• 10 Day Avg. Volume: 56,776
• 30 Day Avg. Volume: 88,124
• PEG Ratio: <0.01
• Price to Book (P/B): 1.02
• Price to Sales (P/S): 0.62
• P/FCF Ratio: -20.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: €19.00 ▲(19.35% Upside)

GPI SpA's overall stock score is driven by strong financial performance, characterized by robust revenue and profit growth, and a solid balance sheet. However, technical indicators suggest bearish momentum, with the stock trading below key moving averages and an oversold RSI. The valuation is reasonable, supported by a healthy dividend yield. The absence of significant earnings call insights or corporate events means these factors did not influence the score.

Positive Factors

Revenue Growth

Sustained 17.6% top-line growth demonstrates expanding adoption of GPI's healthcare and public-sector digital services. Durable revenue expansion across core markets supports scale advantages, recurring contract renewal potential, and a stronger base for long-term cash generation and reinvestment.

Margin Expansion

Material improvement in gross and net margins indicates better cost control, pricing power and operating leverage from software and outsourcing services. Higher sustainable margins enhance cash flow potential, resilience to pricing pressure, and capacity to fund strategic investments or dividends.

Balanced Leverage & Higher ROE

A moderate D/E near 1.0 and a rising ROE reflect efficient capital use and a stable equity base. This leverage profile provides financing flexibility while strong ROE signals management effectiveness in converting equity into profits, supporting long-term growth and shareholder returns.

Negative Factors

Negative Free Cash Flow

Persistent negative FCF from elevated capex can constrain the firm's ability to deleverage, sustain payouts or fund acquisitions without external financing. Unless capex efficiency improves or operating cash conversion strengthens, free cash flow weakness is a durable source of financial vulnerability.

Rising Total Liabilities

An increase in total liabilities raises refinancing and interest-rate exposure and can erode financial flexibility. If liabilities continue to grow faster than cash generation or equity, it may force tighter capital allocation, higher financing costs, or limit strategic investments over the medium term.

Sharp EPS Contraction

A steep EPS decline signals earnings volatility or one-off impacts that reduce per-share profitability despite revenue gains. Continued EPS weakness can impede investor confidence, reduce internally available capital per share, and suggest potential margin or dilution pressures needing management remediation.

GPI SpA Business Overview & Revenue Model

Company Description

GPI S.p.A. operates in the field of social-healthcare IT services and hi-tech services for healthcare markets. The company offers software solutions for health administration, clinical system, health social care, blood and tissue bank, personnel management, continuum care, public administration, safety and prevention, chronic illness management and patient care, business intelligence and data analytics, health cooperation, and people relationship management. It also provides healthcare administration services, including advanced single booking center system and contract center that reduces the waiting time; advanced healthcare technologies; and health care services. In addition, the company offers Phasys System, a hardware and software solution for medication management in healthcare structures; RIEDL Phasys System for the automation of medicine distribution in pharmacies; ICT services; public administration payment solutions; and retail payment solutions. Further, it provides desktop services, such as design, implementation, and maintenance of technological infrastructure; consultancy and IT assistance; supply of solutions for public administration; help desk services and facility management for local and central PA, healthcare providers, multi-utilities, and private companies; trouble ticketing system; and design of integrated systems. The company was founded in 1988 and is headquartered in Trento, Italy. GPI S.p.A. is a subsidiary of FM S.r.l.

How the Company Makes Money

GPI generates revenue primarily through the sale of software licenses and IT services tailored for the healthcare sector. The company has a diversified revenue model that includes recurring income from maintenance contracts, subscription services, and consulting fees. Additionally, GPI benefits from partnerships with healthcare institutions and government entities, which provide stable contracts and projects. The company also engages in the development of specialized solutions that address specific needs in the healthcare market, further enhancing its revenue streams. By continuously innovating and expanding its service offerings, GPI positions itself for growth in a market that increasingly relies on digital transformation.

GPI SpA Financial Statement Overview

Summary

GPI SpA demonstrates strong financial health with significant revenue and profit growth, enhanced profitability margins, and a solid balance sheet. Despite negative free cash flow due to high capital expenditures, the company's operational cash generation is improving. Maintaining this trajectory while managing liabilities will be crucial for sustained financial performance.

Income Statement

GPI SpA has shown robust revenue growth, with a significant increase from €433.42 million in 2023 to €509.70 million in 2024, reflecting a 17.60% growth rate. The company maintains a strong gross profit margin at 56.60% in 2024, up from 20.93% in 2023, highlighting efficient cost management. The net profit margin improved significantly to 20.41% in 2024 from 1.66% in 2023, indicating enhanced profitability. EBIT and EBITDA margins have also strengthened, at 7.21% and 19.61%, respectively, showcasing improved operational performance.

Balance Sheet

The balance sheet is stable with a debt-to-equity ratio of 0.94, indicating a balanced leverage position. The equity ratio of 32.32% suggests a strong equity base relative to total assets. Return on equity increased to 33.75% in 2024 from 3.09% in 2023, demonstrating efficient use of equity to generate profits. However, the company's total liabilities have grown, which could pose a risk if leverage increases further.

Cash Flow

Operating cash flow has improved to €35.91 million in 2024 from €19.38 million in 2023, indicating stronger cash generation from operations. However, free cash flow remains negative at -€15.48 million due to high capital expenditures. The operating cash flow to net income ratio is 0.35, showing moderate cash generation relative to net income. Continued focus on managing capital expenditures could improve free cash flow position.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	523.89M	509.70M	433.42M	346.95M	323.89M	268.36M
Gross Profit	96.74M	288.52M	90.76M	246.23M	229.57M	185.51M
EBITDA	86.53M	99.93M	67.96M	48.60M	47.35M	38.65M
Net Income	21.86M	104.04M	7.19M	9.72M	11.05M	11.99M
Balance Sheet
Total Assets	1.06B	953.91M	855.13M	713.24M	428.51M	414.07M
Cash, Cash Equivalents and Short-Term Investments	109.31M	57.63M	41.53M	180.92M	44.87M	81.81M
Total Debt	412.05M	289.63M	427.50M	262.45M	208.98M	203.54M
Total Liabilities	772.11M	647.71M	623.78M	464.29M	322.28M	330.79M
Stockholders Equity	293.27M	308.33M	232.59M	248.90M	105.06M	81.47M
Cash Flow
Free Cash Flow	36.44M	-15.48M	20.99M	-19.68M	-7.89M	-3.03M
Operating Cash Flow	57.44M	35.91M	39.75M	5.58M	12.75M	10.35M
Investing Cash Flow	-89.30M	13.96M	-229.95M	-64.91M	-36.04M	-47.61M
Financing Cash Flow	63.23M	-44.77M	74.30M	195.01M	-15.94M	32.00M

GPI SpA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 15.92
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:GPI, the sentiment is Positive. The current price of 15.92 is below the 20-day moving average (MA) of 16.46, below the 50-day MA of 16.41, and above the 200-day MA of 14.68, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 68.39 is Neutral, neither overbought nor oversold. The STOCH value of 87.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:GPI.

GPI SpA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GPI	63 Neutral	€518.47M	23.79	―	5.24%	11.25%	-76.44%
EUK	54 Neutral	€15.58M	-13.51	―	―	4.81%	-260.95%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

GPI SpA Corporate Events

Gpi Reconvenes Bondholders’ Meeting After Second Call Fails for 2031 Notes

Gpi S.p.A., a leading provider of healthcare software and digital services, reported that the bondholders’ meeting for its “Up to Euro 41,500,000 Senior Unsecured Fixed Rate Notes due 2031” was not held on the scheduled second call due to lack of attendance. The company has now reconvened the meeting on a third call for 13 January 2026 at the same location and time, following the procedures already outlined in its public notice, a step that maintains the process for bondholder deliberations on the outstanding 2031 notes and keeps its financing structure under review.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

FM and CDP Equity Sign Three-Year Shareholders’ Pact on GPI S.p.A.

FM S.p.A. and CDP Equity S.p.A. have entered into a three-year shareholders’ agreement covering all of their ordinary shares in GPI S.p.A., setting out restrictions on share transfers and governance provisions for the company, with no automatic renewal at expiry. Under the agreement, FM holds 47.94% of GPI’s share capital (57.30% of voting rights) and CDP Equity holds 18.42% (22.32% of voting rights), confirming FM’s exclusive legal control and formalising the coordination of the two major shareholders in a structure that reinforces GPI’s current governance and ownership stability; key information on the pact has been made available on the company’s website.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

GPI Noteholders Approve New Collateral Package as Second Bond Meeting Is Reconvened

GPI S.p.A. announced that holders of its €50 million Senior Unsecured Floating Rate Sustainability-Linked Notes due 2031 unanimously approved the creation of several security interests over shares and receivables related to Evolucare Technologies and its subsidiaries, also benefiting the banks providing hedging. The move facilitates the structuring of collateral in favour of lending institutions and supports the group’s broader financing and external growth arrangements, while a separate meeting of noteholders for up to €41.5 million of Senior Unsecured Fixed Rate Notes due 2031 was not validly held due to lack of attendance and has been reconvened on second call for 29 December 2025.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

Cerved Confirms Investment-Grade A3.1 Rating for Healthcare IT Group GPI

GPI S.p.A. announced that Cerved Rating Agency has confirmed its public credit rating at “A3.1,” an investment-grade level equivalent to A- from major international agencies, indicating solid fundamentals, low credit risk and good capacity to meet financial commitments. The reaffirmation is attributed to the group’s organic business expansion in 2025, positive economic performance and a balanced financial structure supported by longer debt maturities, and it underpins GPI’s plans to continue investing in growth while gradually strengthening its financial profile, a combination likely to support its standing with lenders and investors in the healthcare technology sector.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

Gpi S.p.A. Releases Pre-Meeting Answers for Bondholders

Gpi S.p.A. announced the availability of answers to pre-meeting questions regarding its ‘Euro 50,000,000 Senior Unsecured Floating Rate Sustainability Linked Notes due 2031’ bond loan. This development is part of Gpi’s ongoing efforts to engage stakeholders and maintain transparency in its financial operations, reflecting its commitment to sustainability and social impact in the healthcare sector.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

GPI S.p.A. Announces Dissolution of Shareholders’ Agreements

GPI S.p.A. announced the dissolution of its shareholders’ agreements, effective December 14, 2025, due to non-renewal. These agreements, initially signed in June 2022, involved FM S.p.A., CDP Equity S.p.A., and Fausto Manzana, and included provisions related to voting commitments, corporate governance, and share transfer limitations. The dissolution may impact GPI’s corporate governance and shareholder dynamics.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.

GPI S.p.A. Announces Bondholders’ Meeting for Key Decisions

GPI S.p.A. has announced a Bondholders’ Meeting for its ‘Up to Euro 41,500,000 Senior Unsecured Fixed Rate Notes due 2031’ to discuss matters related to the bond loan’s regulation and associated guarantees. The meeting will be held in multiple calls starting December 22, 2025, and will involve decisions on pledges and assignments in favor of several banks. The meeting will be conducted exclusively through a designated representative, and bondholders must grant proxy to participate and vote.

The most recent analyst rating on (IT:GPI) stock is a Hold with a EUR16.00 price target. To see the full list of analyst forecasts on GPI SpA stock, see the IT:GPI Stock Forecast page.