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

• Market Cap: €8.69B
• Dividend Yield: N/A
• Average Volume (3M): 656.32K
• Price to Earnings (P/E): 80.6
• Beta (1Y): 1.02
• Revenue Growth: 38.31%
• EPS Growth: -30.40%
• Country: IT
• 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: 1.61
• Price to Book (P/B): 6.44
• Price to Sales (P/S): 12.68
• P/FCF Ratio: 64.28
• 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: €19.00
• Price Target Upside: 46.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: €14.00 ▲(8.28% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is supported primarily by a very strong, conservatively levered balance sheet and improved 2025 profitability/cash flow, but is held back by a weak-to-neutral technical setup (below key short/mid-term moving averages) and an expensive valuation (P/E ~80.6).

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 primarily makes money by selling probe cards—high-precision hardware interfaces that connect automatic test equipment (ATE) to semiconductor wafers so manufacturers can validate device functionality and performance before packaging. Revenue is largely generated on a per-unit (or per-project) basis from custom or semi-custom probe card programs designed to match specific customer devices, process nodes, and test requirements, with pricing influenced by technical complexity (e.g., fine pitch, high pin-count, high-speed, or advanced packaging needs). In addition to initial probe card sales, the company typically earns recurring revenue from aftermarket activities tied to the probe card lifecycle, such as maintenance, repair, refurbishment/reconditioning, replacement of consumable elements, upgrades, and calibration/engineering support needed to keep probe cards within specification over production runs. Earnings are influenced by semiconductor production volumes and customers’ capital and operating spend on test, as well as by technology transitions that increase testing complexity (which can raise content and value per probe card). Significant partnerships or customer-specific details beyond its role supplying probe cards and related services are null.

Technoprobe S.p.A. Financial Statement Overview

Summary

Strong balance sheet with extremely low leverage supports resilience (Balance Sheet Score 88). Profitability and cash flow improved notably in 2025, but results show clear cyclicality and uneven cash conversion year to year (Income Statement Score 72; Cash Flow Score 70).

Income Statement

Revenue has been volatile (strong growth in 2024–2025 after a sharp 2023 decline), but profitability remains solid. Gross margin rebounded to ~44% in 2025 from ~41% in 2024, though still well below the peak levels seen in 2020–2022. Net margin improved to ~15.7% in 2025 (vs ~11.8% in 2024), but remains meaningfully below earlier-cycle performance (~24–30% in 2020–2023). Overall: improving earnings profile recently, with clear cyclicality risk.

Balance Sheet

The balance sheet is very conservatively levered, with extremely low debt relative to equity (debt-to-equity ~0.01–0.02 in 2022–2025) and a large equity base supporting assets. Returns on equity are positive and improved to ~8.0% in 2025 from ~5.2% in 2024, though still below the stronger levels achieved in 2020–2022. Key weakness is the step-down in profitability versus the prior peak cycle, not leverage.

Cash Flow

Cash generation strengthened materially in 2025: operating cash flow rose to ~€217M and free cash flow to ~€124M (up sharply from ~€30M in 2024). Cash conversion is mixed—free cash flow was only ~57% of net income in 2025 (better than 2024’s ~24% but not consistently strong), and 2023 showed negative free cash flow despite positive earnings. Overall: strong recent rebound, but with uneven conversion and prior-year volatility.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	627.96M	628.38M	543.15M	409.27M	548.93M	391.74M
Gross Profit	271.34M	279.09M	223.44M	199.33M	332.78M	234.72M
EBITDA	165.34M	201.44M	167.94M	128.48M	244.18M	177.66M
Net Income	70.10M	98.84M	63.83M	97.00M	147.90M	118.32M
Balance Sheet
Total Assets	1.39B	1.42B	1.41B	928.39M	866.82M	537.35M
Cash, Cash Equivalents and Short-Term Investments	659.15M	688.20M	666.38M	361.80M	411.03M	146.75M
Total Debt	17.13M	14.60M	18.80M	13.53M	8.20M	11.95M
Total Liabilities	157.04M	177.61M	171.13M	111.09M	129.84M	91.06M
Stockholders Equity	1.23B	1.24B	1.24B	815.77M	735.94M	443.75M
Cash Flow
Free Cash Flow	83.73M	124.00M	29.96M	-2.18M	127.52M	21.57M
Operating Cash Flow	154.26M	216.62M	124.41M	61.75M	207.24M	81.26M
Investing Cash Flow	-73.12M	-102.39M	-168.76M	-93.42M	-78.32M	-58.92M
Financing Cash Flow	-62.27M	-65.68M	343.97M	-15.04M	130.29M	-37.64M

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 16.54, below the 50-day MA of 16.13, and above the 200-day MA of 10.69, indicating a neutral trend. The MACD of -0.16 indicates Positive momentum. The RSI at 51.82 is Neutral, neither overbought nor oversold. The STOCH value of 71.13 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	€3.03B	17.10	18.54%	1.00%	9.04%	13.17%
TPRO	62 Neutral	€8.69B	80.63	―	―	38.31%	-30.40%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TXT	61 Neutral	€358.77M	17.01	11.82%	0.80%	28.77%	-3.40%
IOT	58 Neutral	€325.79M	67.17	-3.24%	―	1.84%	-15.49%
TNXT	51 Neutral	€687.00M	-15.45	-1.19%	2.02%	14.90%	-123.79%