Technoprobe S.p.A. (TPRO) AI Stock Analysis

• Market Cap: €10.39B
• Dividend Yield: N/A
• Average Volume (3M): 656.32K
• Price to Earnings (P/E): 143.6
• Beta (1Y): 0.96
• Revenue Growth: 38.31%
• EPS Growth: -30.40%
• Country: US
• Employees: 2,876
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): N/A
• Shares Outstanding: 653,260,860
• 10 Day Avg. Volume: 460,758
• 30 Day Avg. Volume: 656,318
• PEG Ratio: -1.55
• Price to Book (P/B): 3.00
• Price to Sales (P/S): 6.83
• P/FCF Ratio: 123.89
• 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: 67 Neutral
• Price Target: €17.00 ▲(31.48% Upside)

The score is driven primarily by strong financial health (low leverage, solid growth) but held back by weak cash-flow conversion. Technicals show a strong uptrend, yet overbought signals increase near-term risk. Valuation is the largest negative factor due to the very high P/E and no stated dividend support.

Positive Factors

Low leverage / strong capital structure

Extremely low leverage and a high equity ratio provide durable financial flexibility. This conservatism supports long-term R&D and capex needs in semiconductor testing, reduces bankruptcy risk in downturns, and enables strategic investments or opportunistic M&A without forcing external financing.

Consistent revenue growth and solid margins

Sustained top-line growth alongside healthy gross and net margins indicates durable demand for probe cards and test equipment. Steady profitability underpins reinvestment into product development and capacity, helping preserve competitive positioning in specialized semiconductor test segments.

Improving free cash flow growth

Strong FCF growth demonstrates improving cash generation capacity, which supports self-funded capex, maintenance of advanced manufacturing, and potential shareholder returns. Over time, rising FCF strengthens balance sheet resilience and funds long-term product development.

Negative Factors

Weak cash conversion

Low conversion of accounting profits into operating cash means earnings are less able to fund operations and investments without working-capital swings or external financing. Over months, poor cash conversion raises sensitivity to cyclical demand and constrains durable funding for growth initiatives.

Margin compression vs prior years

Erosion of gross and net margins versus historical levels suggests rising input costs or pricing pressure from large semiconductor customers. Persistent margin compression would reduce internal cash generation and weaken returns on invested capital, challenging long-term profitability.

Earnings volatility / negative EPS growth

Significant negative EPS growth indicates earnings volatility that undermines predictability of profits. In a capital-intensive niche, unstable earnings complicate planning for R&D, capacity expansion, and shareholder distributions, and increases execution risk across technology cycles.

Technoprobe S.p.A. Business Overview & Revenue Model

Company Description

Technoprobe S.p.A. produces and sells electronic circuits in Italy and internationally. The company also offers mechanical interfaces for electrical contacting of hybrid circuits and semiconductor devices; and designs, develops, and produces probe cards for testing the operation of chips. Its products are used in digital data and 5G, IoT, data center, automotive and self-driving car, telecommunications and media, industry and aerospace, and consumer electronics applications. The company was founded in 1993 and is based in Cernusco Lombardone, Italy. Technoprobe S.p.A. operates as a subsidiary of T- Plus S.P.A.

How the Company Makes Money

Technoprobe generates revenue primarily through the sale of its probe cards and testing equipment to semiconductor manufacturers and testing service providers. The company’s revenue model is based on both direct sales and long-term contracts with key clients, which often include major semiconductor companies. Key revenue streams include the initial sales of probe cards, ongoing maintenance and support services, and potential upgrades or replacements of testing equipment. Additionally, partnerships with semiconductor firms for collaborative development projects contribute to its earnings, as does the growing demand for advanced semiconductor testing solutions in emerging technologies such as IoT, automotive electronics, and high-performance computing.

Technoprobe S.p.A. Financial Statement Overview

Summary

Solid revenue growth (7.24% TTM) and stable profitability (41.52% gross margin, 11.17% net margin) support a strong operating backdrop, reinforced by a very low debt-to-equity ratio (0.015) and high equity ratio (88.42%). The main offset is weaker cash conversion (operating cash flow to net income of 0.29 and negative free cash flow to net income ratio) and some margin compression versus prior years.

Income Statement

Technoprobe S.p.A. shows a solid revenue growth rate of 7.24% in the TTM, indicating a positive trend in sales. The gross profit margin of 41.52% and net profit margin of 11.17% reflect stable profitability, although both have decreased compared to previous years. The EBIT margin of 14.15% and EBITDA margin of 24.75% suggest effective cost management, but there is room for improvement in operational efficiency.

Balance Sheet

The company maintains a strong balance sheet with a low debt-to-equity ratio of 0.015, indicating minimal leverage and financial risk. The return on equity of 5.67% in the TTM is modest, reflecting a decrease from previous years, but the equity ratio of 88.42% highlights a robust capital structure.

Cash Flow

Technoprobe S.p.A. demonstrates a healthy free cash flow growth rate of 36.02% in the TTM, showcasing improved cash generation capabilities. However, the negative free cash flow to net income ratio suggests challenges in converting profits into free cash flow. The operating cash flow to net income ratio of 0.29 indicates a need for better cash flow management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	627.96M	543.15M	409.27M	548.93M	391.74M	329.55M
Gross Profit	271.34M	223.44M	199.33M	332.78M	234.72M	203.43M
EBITDA	165.34M	167.94M	128.48M	244.18M	177.66M	153.54M
Net Income	70.10M	63.83M	97.00M	147.90M	118.32M	101.58M
Balance Sheet
Total Assets	1.39B	1.41B	928.39M	866.82M	537.35M	435.91M
Cash, Cash Equivalents and Short-Term Investments	659.15M	666.38M	361.80M	411.03M	146.75M	158.30M
Total Debt	17.13M	18.80M	13.53M	8.20M	11.95M	37.19M
Total Liabilities	157.04M	171.13M	111.09M	129.84M	91.06M	111.69M
Stockholders Equity	1.23B	1.24B	815.77M	735.94M	443.75M	324.22M
Cash Flow
Free Cash Flow	83.73M	29.96M	-2.18M	127.52M	21.57M	46.25M
Operating Cash Flow	154.26M	124.41M	61.75M	207.24M	81.26M	97.97M
Investing Cash Flow	-73.12M	-168.76M	-93.42M	-78.32M	-58.92M	-3.91M
Financing Cash Flow	-62.27M	343.97M	-15.04M	130.29M	-37.64M	22.82M

Technoprobe S.p.A. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.93
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TPRO, the sentiment is Positive. The current price of 12.93 is below the 20-day moving average (MA) of 14.79, below the 50-day MA of 13.44, and above the 200-day MA of 8.96, indicating a bullish trend. The MACD of 0.84 indicates Positive momentum. The RSI at 64.13 is Neutral, neither overbought nor oversold. The STOCH value of 55.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:TPRO.

Technoprobe S.p.A. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
REY	74 Outperform	€4.15B	17.59	18.54%	1.00%	9.04%	13.17%
TPRO	67 Neutral	€10.39B	143.58	―	―	38.31%	-30.40%
TXT	67 Neutral	€342.30M	20.11	12.61%	0.80%	28.77%	-3.40%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TNXT	61 Neutral	€692.05M	-154.51	-1.19%	2.02%	14.90%	-123.79%
IOT	58 Neutral	€409.57M	-45.34	-3.24%	―	1.84%	-15.49%