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Piaggio & C. SPA
(PIA)
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Rating:61Neutral
Price Target:
€2.00
▲(10.50% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by a mixed financial profile: strong recent revenue growth and improved TTM cash generation are offset by weaker net margins and elevated leverage. Technicals are supportive with price trading above key moving averages, while valuation looks reasonable but not compelling given profitability pressure.
Positive Factors
Strong, diversified brand portfolio
Piaggio's multi-brand, multi-product model (Vespa premium scooters, Aprilia/Moto Guzzi motorcycles, Ape commercial three-wheelers) provides durable market coverage across consumer and small-transport segments. This brand depth supports pricing power, geographic reach and recurring parts/after-sales revenue over time.
Negative Factors
Elevated leverage limits flexibility
A ~2.0x debt-to-equity ratio constrains financial flexibility, increasing sensitivity to interest rates and cyclical revenue swings. High leverage reduces room for strategic R&D, geographic expansion or prolonged discounting, and heightens refinancing and covenant risk during adverse market conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong, diversified brand portfolio
Piaggio's multi-brand, multi-product model (Vespa premium scooters, Aprilia/Moto Guzzi motorcycles, Ape commercial three-wheelers) provides durable market coverage across consumer and small-transport segments. This brand depth supports pricing power, geographic reach and recurring parts/after-sales revenue over time.
Read all positive factors
Piaggio & C. SPA (PIA) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€682.13M
Dividend Yield4.12%
Average Volume (3M)1.13M
Price to Earnings (P/E)20.1
Beta (1Y)0.74
Revenue Growth-4.62%
EPS Growth-24.28%
CountryIT
Employees6,167
SectorGeneral
Sector StrengthN/A
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)0.10
Shares Outstanding352,298,030
10 Day Avg. Volume822,297
30 Day Avg. Volume1,125,959
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)1.63
Price to Sales (P/S)0.43
P/FCF Ratio8.76
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)0.13
Revenue Forecast (FY)€1.57B
Piaggio & C. SPA Business Overview & Revenue Model
Company Description
Piaggio & C. S.p.A., alongside its various subsidiaries, is centrally involved in the design, production, and global distribution of both two-wheeled and light commercial vehicles. The company's extensive range of two-wheelers encompasses scooters...
How the Company Makes Money
Piaggio primarily makes money by selling vehicles (its core source of revenue) through a mix of wholesale sales to independent dealers/distributors and sales via controlled/importer networks in certain markets. Revenue is generated across (1) two-...
Piaggio & C. SPA Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
48
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.49B | 1.50B | 1.70B | 1.99B | 2.09B | 1.67B |
| Gross Profit | -31.80M | 190.79M | 384.60M | 519.17M | 499.23M | 352.93M |
| EBITDA | 253.09M | 250.77M | 285.12M | 321.67M | 289.79M | 242.91M |
| Net Income | 34.31M | 34.01M | 67.22M | 91.05M | 84.89M | 60.05M |
Balance Sheet | ||||||
| Total Assets | 1.91B | 1.73B | 1.89B | 1.87B | 1.96B | 1.84B |
| Cash, Cash Equivalents and Short-Term Investments | 191.44M | 121.13M | 149.69M | 187.90M | 242.62M | 260.87M |
| Total Debt | 673.12M | 698.78M | 683.67M | 621.93M | 610.84M | 641.19M |
| Total Liabilities | 1.48B | 1.34B | 1.47B | 1.45B | 1.54B | 1.43B |
| Stockholders Equity | 432.12M | 396.47M | 418.31M | 416.15M | 417.98M | 404.24M |
Cash Flow | ||||||
| Free Cash Flow | 145.82M | 73.61M | -38.64M | 23.92M | 87.82M | 72.35M |
| Operating Cash Flow | 192.70M | 133.73M | 144.06M | 185.22M | 239.50M | 226.50M |
| Investing Cash Flow | -104.67M | -129.07M | -165.99M | -155.49M | -148.53M | -146.77M |
| Financing Cash Flow | -74.46M | -17.51M | -11.75M | -87.58M | -107.68M | -58.37M |
Piaggio & C. SPA Technical Analysis
Positive
1.81
Price Trends
1.77
Positive
1.69
Positive
1.75
Positive
Market Momentum
0.07
Negative
68.65
Neutral
75.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:PIA, the sentiment is Positive. The current price of 1.81 is below the 20-day moving average (MA) of 1.89, above the 50-day MA of 1.77, and above the 200-day MA of 1.75, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 68.65 is Neutral, neither overbought nor oversold. The STOCH value of 75.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:PIA.
Piaggio & C. SPA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | €5.35B | 15.54 | 9.42% | 3.01% | ― | ― | |
66 Neutral | €7.16B | 13.20 | 8.67% | 5.00% | -0.77% | 0.10% | |
61 Neutral | €682.13M | 20.08 | 7.61% | 4.42% | -4.62% | -24.28% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €63.87M | -20.51 | -10.50% | ― | 36.39% | 54.29% | |
46 Neutral | €18.68B | -0.74 | -33.80% | ― | -2.15% | -525.09% |
* General Sector Average
IT:PIA
Piaggio & C. SPA
1.99
0.12
6.52%
IT:STLAM
Stellantis
4.79
-3.23
-40.29%
IT:BRE
Brembo SPA
10.45
1.87
21.78%
IT:PINF
Pininfarina SPA
0.83
<0.01
0.72%
IT:PIRC
Pirelli & C. SpA
6.55
1.06
19.22%
IT:ESTM
Estrima S.p.A.
0.10
-0.18
-63.80%
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.