Technogym S.p.A. (IT:TGYM)
:TGYM
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Technogym S.p.A.
(TGYM)
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Rating:81Outperform
Price Target:
€24.50
▲(22.56% Upside)
Action:Reiterated
Date:05/07/26
Overall score is driven primarily by strong financial performance (growth, robust cash generation, and conservative leverage with high ROE). Technicals add support with price above key moving averages and neutral-to-positive momentum. Valuation is also favorable with a low P/E and a modest dividend, while the main watch-outs are the cited margin variability and 2025 equity decline.
Positive Factors
Sustained Revenue Growth
Multi-year revenue expansion to roughly €1.02bn reflects durable market demand and successful commercial and consumer distribution. Persistent top-line growth supports scale economics, product adoption, and continued investment in digital and service offerings over the next 2–6 months.
Negative Factors
Margin Variability
Observed gross margin deterioration suggests exposure to product mix shifts, competitive pricing, or cost pressures. Persistent margin variability could compress operating leverage and limit EBITDA resilience, making earnings more sensitive to input cost or sales-mix changes over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Multi-year revenue expansion to roughly €1.02bn reflects durable market demand and successful commercial and consumer distribution. Persistent top-line growth supports scale economics, product adoption, and continued investment in digital and service offerings over the next 2–6 months.
Read all positive factors
Technogym S.p.A. (TGYM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€4.18B
Dividend Yield1.86%
Average Volume (3M)212.94K
Price to Earnings (P/E)10.8
Beta (1Y)0.78
Revenue Growth13.06%
EPS Growth33.13%
CountryIT
Employees2,337
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)0.59
Shares Outstanding201,327,500
10 Day Avg. Volume204,897
30 Day Avg. Volume212,935
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)9.61
Price to Sales (P/S)3.15
P/FCF Ratio22.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€19.90Price Target Upside-0.45% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.67
Revenue Forecast (FY)€1.10B
Technogym S.p.A. Business Overview & Revenue Model
Company Description
Technogym S.p.A., a wellness company, designs, manufactures, and sells fitness equipment worldwide. The company offers a range of wellness, physical exercise, and rehabilitation solutions. Its products include treadmills, exercise bikes, elliptica...
How the Company Makes Money
Technogym makes money primarily by selling fitness and wellness equipment and by monetizing associated digital and service offerings. Key revenue streams include: (1) Equipment sales to commercial/B2B customers (e.g., gyms/health clubs, hospitalit...
Technogym S.p.A. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
85
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.02B | 901.29M | 808.09M | 719.02M | 609.74M |
| Gross Profit | 169.67M | 373.50M | 354.06M | 248.06M | 206.10M |
| EBITDA | 212.54M | 177.41M | 144.18M | 123.78M | 116.27M |
| Net Income | 115.12M | 87.04M | 73.64M | 63.59M | 63.06M |
Balance Sheet | |||||
| Total Assets | 835.95M | 904.13M | 818.31M | 786.21M | 763.09M |
| Cash, Cash Equivalents and Short-Term Investments | 214.72M | 268.71M | 224.73M | 205.36M | 174.31M |
| Total Debt | 57.71M | 70.82M | 65.90M | 103.85M | 131.43M |
| Total Liabilities | 499.58M | 517.34M | 454.60M | 440.28M | 451.53M |
| Stockholders Equity | 333.35M | 379.00M | 354.54M | 343.92M | 309.84M |
Cash Flow | |||||
| Free Cash Flow | 143.23M | 113.85M | 70.98M | 79.46M | 67.75M |
| Operating Cash Flow | 183.67M | 155.41M | 106.82M | 114.42M | 95.44M |
| Investing Cash Flow | -66.07M | -38.61M | -30.82M | -34.29M | 3.86M |
| Financing Cash Flow | -176.59M | -73.02M | -50.94M | -50.80M | -127.27M |
Technogym S.p.A. Technical Analysis
Positive
19.99
Price Trends
18.58
Positive
17.88
Positive
16.29
Positive
Market Momentum
0.62
Positive
59.17
Neutral
41.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TGYM, the sentiment is Positive. The current price of 19.99 is below the 20-day moving average (MA) of 20.20, above the 50-day MA of 18.58, and above the 200-day MA of 16.29, indicating a bullish trend. The MACD of 0.62 indicates Positive momentum. The RSI at 59.17 is Neutral, neither overbought nor oversold. The STOCH value of 41.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:TGYM.
Technogym S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | €4.18B | 10.76 | 30.33% | 1.86% | 13.06% | 33.13% | |
74 Outperform | €1.33B | 12.29 | 23.62% | 3.34% | 2.69% | 3.17% | |
71 Outperform | €5.28B | 6.91 | 16.56% | 2.24% | 8.71% | 1.84% | |
56 Neutral | €5.68B | 27.09 | 26.02% | 0.95% | 10.12% | 13.11% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €61.20M | 19.05 | -26.84% | ― | 36.39% | 54.29% |
* General Sector Average
IT:TGYM
Technogym S.p.A.
20.74
8.85
74.39%
IT:DLG
De'Longhi S.p.A.
35.08
7.04
25.11%
IT:PINF
Pininfarina SPA
0.78
-0.01
-1.52%
IT:BC
Brunello Cucinelli SpA
83.46
-24.73
-22.86%
IT:SL
Sanlorenzo S.p.A.
37.30
6.80
22.32%
IT:YACHT
Ferretti S.p.A.
3.11
0.49
18.54%
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.