PharmaNutra SpA (PHN) AI Stock Analysis

• Market Cap: €650.56M
• Dividend Yield: 1.86%
• Average Volume (3M): 25.97K
• Price to Earnings (P/E): 37.0
• Beta (1Y): 0.46
• Revenue Growth: 12.82%
• EPS Growth: 7.37%
• Country: IT
• Employees: 118
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.50
• Shares Outstanding: 9,680,977
• 10 Day Avg. Volume: 12,507
• 30 Day Avg. Volume: 25,966
• PEG Ratio: 1.05
• Price to Book (P/B): 8.41
• Price to Sales (P/S): 4.50
• P/FCF Ratio: 32.17
• 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: €81.00
• Price Target Upside: 23.85% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: €69.00 ▲(5.50% Upside)
• Action: Upgraded Date: 12/11/25
• Date: Action: Upgraded 12/11/25

PharmaNutra SpA's strong financial performance, characterized by robust revenue growth and stable profitability, is the most significant factor supporting the stock score. Positive technical indicators further bolster the score, indicating a favorable market trend. However, the relatively high P/E ratio suggests valuation concerns, slightly offsetting the overall score.

Positive Factors

High margins and profitability

Very high gross margin and healthy net margin indicate durable pricing power and efficient cost structure. These margins provide a long-term buffer for investment in R&D, marketing and international expansion, supporting sustainable earnings even amid moderate revenue volatility.

Strong ROE with manageable leverage

Moderate leverage combined with a high ROE signals effective capital allocation and a resilient balance sheet. This financial structure supports reinvestment and strategic initiatives without excessive refinancing risk, preserving long-term financial flexibility across cycles.

Proprietary product and distribution reach

Owning a patented product like Sideral plus established direct and distributor channels creates a durable competitive advantage. Intellectual property and partnerships underpin recurring revenue, support international market penetration, and raise barriers to entry for competitors over months to years.

Negative Factors

Suboptimal cash conversion

Although free cash flow is growing, the company converts a modest portion of accounting profits into cash. A FCF/net income of 0.67 and OCF/net income under 1 could constrain funding for capex or acquisitions, and increases reliance on external financing during stress periods.

Pressure on net margins

A recent decline in net margin, even from strong levels, suggests emerging cost pressures or pricing limits. If persistent, margin erosion could reduce free cash flow and returns, forcing tougher choices around pricing, cost cutting, or slower reinvestment in growth initiatives.

Revenue concentration risk

Dependence on a few core products and traditional channels concentrates commercial risk. Regulatory actions, competitive moves, or shifts in pharmacy/distributor relationships affecting flagship products could materially impact revenue and slow international expansion absent successful portfolio diversification.

PharmaNutra SpA Business Overview & Revenue Model

Company Description

Pharmanutra S.p.A., a pharmaceutical and nutraceutical company, researches, designs, develops, and markets nutritional supplements and medical devices in Italy, rest of Europe, the Middle East, Far East, and internationally. The company also produces and markets pharmaceuticals, medical devices, OTC products, and nutraceuticals for pediatric sector; and produces and distributes raw materials and active ingredients for the food, pharmaceutical, and food supplement industries. Its products primarily include SiderAL, SiderAL Forte, SiderAL Folic, Cardio SiderAL, SiderAL Med, Cetilar Crema, Cetilar Patch, Tape, ApportAL, UltraMag, Gestalys DHA, Novomega, Bonecal, and DiKappa 2. The company distributes and sells its products through sales representatives, wholesalers, pharmacies, and para-pharmacies. Pharmanutra S.p.A. was founded in 2003 and is based in Pisa, Italy.

How the Company Makes Money

PharmaNutra SpA generates revenue through the sale of its nutritional supplements and medical devices across various markets, with a strong emphasis on both domestic and international sales. The company's revenue model is primarily based on direct sales to pharmacies, hospitals, and healthcare providers, as well as partnerships with distributors and retailers. Key revenue streams include proprietary products such as Sideral, a patented iron supplement, which has gained significant market traction. Additionally, PharmaNutra benefits from collaborations with research institutions and strategic partnerships that enhance product development and market reach, further contributing to its earnings.

PharmaNutra SpA Financial Statement Overview

Summary

PharmaNutra SpA demonstrates strong financial health with consistent revenue growth and solid profitability margins. The balance sheet is stable with moderate leverage, and cash flow generation is improving. While there are some areas for improvement, particularly in cash conversion, the overall financial position is robust, supporting future growth prospects.

Income Statement

PharmaNutra SpA shows strong revenue growth with a 4.14% increase in the TTM period. The company maintains healthy margins, with a gross profit margin of 74.34% and a net profit margin of 13.76% in the TTM. EBIT and EBITDA margins are also robust, indicating efficient operations. However, the slight decline in net profit margin compared to the previous year suggests some pressure on profitability.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio of 0.36 in the TTM, indicating moderate leverage. The return on equity is strong at 27.39%, showcasing effective use of equity capital. However, the equity ratio is not explicitly provided, which limits a full assessment of asset financing.

Cash Flow

Cash flow analysis reveals a positive trajectory with a 27.22% growth in free cash flow in the TTM. The operating cash flow to net income ratio is below 1, suggesting some challenges in converting income into cash. The free cash flow to net income ratio of 0.67 indicates a moderate level of cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	127.88M	116.15M	101.03M	83.39M	68.14M	58.48M
Gross Profit	106.84M	82.79M	48.95M	30.17M	32.15M	21.30M
EBITDA	33.56M	32.01M	26.53M	24.61M	19.84M	14.28M
Net Income	17.45M	16.61M	12.83M	15.05M	13.77M	14.07M
Balance Sheet
Total Assets	119.77M	117.47M	112.44M	100.16M	71.36M	51.71M
Cash, Cash Equivalents and Short-Term Investments	21.96M	29.10M	25.12M	26.86M	33.94M	20.80M
Total Debt	20.98M	24.27M	28.02M	17.73M	6.35M	1.66M
Total Liabilities	53.70M	55.27M	58.04M	49.21M	26.27M	13.98M
Stockholders Equity	66.10M	62.16M	54.41M	50.95M	45.08M	37.73M
Cash Flow
Free Cash Flow	10.44M	16.25M	-1.16M	-8.69M	15.43M	10.46M
Operating Cash Flow	14.45M	20.50M	12.09M	14.47M	20.41M	11.79M
Investing Cash Flow	-3.07M	-2.21M	-14.70M	-23.71M	-5.54M	-598.00K
Financing Cash Flow	-14.43M	-21.59M	-516.00K	1.89M	-1.92M	-4.73M

PharmaNutra SpA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 65.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:PHN, the sentiment is Positive. The current price of 65.4 is above the 20-day moving average (MA) of 63.62, above the 50-day MA of 59.63, and above the 200-day MA of 50.80, indicating a bullish trend. The MACD of 1.47 indicates Negative momentum. The RSI at 60.48 is Neutral, neither overbought nor oversold. The STOCH value of 79.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:PHN.

PharmaNutra SpA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHN	74 Outperform	€650.56M	36.97	―	1.86%	12.82%	7.37%
PHIL	70 Outperform	€634.57M	18.99	45.54%	―	3346.54%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%