Zignago Vetro SpA (ZV) AI Stock Analysis

• Market Cap: €591.92M
• Dividend Yield: 5.87%
• Average Volume (3M): 123.06K
• Price to Earnings (P/E): 25.1
• Beta (1Y): 0.59
• Revenue Growth: -5.62%
• EPS Growth: -44.29%
• Country: IT
• Employees: 2,807
• Sector: General
• Sector Strength: N/A
• Industry: Packaging & Containers
• EPS (TTM): 0.16
• Shares Outstanding: 89,320,000
• 10 Day Avg. Volume: 133,529
• 30 Day Avg. Volume: 123,055
• PEG Ratio: -0.53
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 1.54
• P/FCF Ratio: 7.99
• 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: €8.75
• Price Target Upside: 11.32% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.42
• Revenue Forecast (FY): €612.45M

• Rating: 55 Neutral
• Price Target: €7.00 ▼(-10.94% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is primarily supported by improving leverage and solid free cash flow, but it is materially weighed down by sharp margin/ROE compression and weak technicals (below major moving averages with negative MACD). Valuation adds pressure due to a high P/E, partly balanced by a strong dividend yield.

Positive Factors

Leverage Reduction / Balance Sheet Strength

Material debt reduction meaningfully lowers financial risk and increases strategic optionality. With debt now moderate vs equity (0.75x TTM) and sizeable equity, the company has greater flexibility to fund capex, withstand cyclical demand, or prioritize shareholder returns without immediate refinancing pressure.

Strong Cash Generation

Robust operating and free cash flow provide durable internal funding for investment, maintenance of production assets, and debt paydown. Consistent FCF near 71% of net income supports capital allocation choices and cushions the business versus short-term revenue volatility.

Stable, Diversified End Markets & Customization

A business model serving multiple consumer staples end-markets with both standard and customized containers supports recurring demand and pricing differentiation. Custom design capabilities create higher switching costs and can sustain margin premiums versus commodity glass over the medium term.

Negative Factors

Sharply Lower Margins

A steep, persistent margin decline signals structural cost, pricing, or mix deterioration that erodes earnings quality. If higher energy/input costs, unfavorable product mix, or pricing pressure persist, margins and future profitability could remain depressed, limiting reinvestment and ROE recovery.

Declining Revenue and Earnings Growth

Negative top-line and severe EPS contraction point to demand weakness, pricing pressure, or cost shocks undermining earnings power. Continued revenue and EPS decline reduces retained earnings and capacity to invest in modernization or premium offerings, risking longer-term competitiveness.

Falling Return on Equity

Rapid ROE deterioration reflects worsening capital efficiency and shrinking profitability. Lower returns reduce shareholder value creation prospects and may signal that assets or pricing strategies are underperforming, making it harder to justify reinvestment or sustain dividends long-term.

Zignago Vetro SpA Business Overview & Revenue Model

Company Description

Zignago Vetro S.p.A., together with its subsidiaries, engages in the production, marketing, and sale of hollow glass containers in Italy, rest of Europe, and internationally. The company offers glass containers for perfumes, food and beverage, and cosmetics markets; and specialty containers for wine, spirits, vinegar, olive oils. It is also involved in the treatment and sale of recycled glass; production and regeneration of glass container molds; and glass bottles sales promotion activities. The company was founded in 1950 and is headquartered in Fossalta di Portogruaro, Italy. Zignago Vetro S.p.A. is a subsidiary of Zignago Holding S.p.A.

How the Company Makes Money

Zignago Vetro SpA generates revenue primarily through the sale of its glass products to various sectors, including food and beverage, pharmaceuticals, and cosmetics. The company capitalizes on its strong manufacturing capabilities and technological advancements to produce high-quality glass containers that meet the specific needs of its clients. Key revenue streams include direct sales to large brands and manufacturers, as well as partnerships with distributors and retailers who facilitate the distribution of its products. Additionally, ZV focuses on sustainability initiatives, which can enhance its market appeal and potentially lead to increased sales as consumers and businesses seek environmentally friendly packaging solutions.

Zignago Vetro SpA Financial Statement Overview

Summary

Balance sheet strength and cash generation support the profile (debt reduced sharply TTM; solid operating cash flow and strong free cash flow), but overall performance is held back by a pronounced profitability deterioration (gross and net margin compression and lower ROE versus prior years).

Income Statement

TTM (Trailing-Twelve-Months) shows modest revenue growth (+1.3%), but profitability has weakened versus prior annual periods: gross margin is materially lower (16.0% TTM vs 38.9% in 2024 and 46.6% in 2023) and net margin has compressed to 7.5% TTM (vs 11.4% in 2024 and 23.5% in 2023). While the company remains profitable, the sharp step-down in margins suggests higher costs, weaker pricing, or an unfavorable mix, raising near-term earnings quality risk.

Balance Sheet

Leverage has improved meaningfully over time, with total debt down sharply in TTM (about 94.3m) versus 2024–2023 levels (~254–269m), supporting a stronger risk profile. Debt relative to equity is moderate (0.75x TTM), and equity remains sizeable (359.1m) against total assets (734.8m). Returns on equity are positive but have cooled to 9.2% TTM from 14.0% in 2024 and 31.5% in 2023, consistent with the margin compression seen in the income statement.

Cash Flow

Cash generation is a relative bright spot: operating cash flow is solid in TTM (122.2m) and free cash flow is strong (89.3m), with free cash flow growth up materially versus the prior period. However, cash conversion is not especially strong: free cash flow is about 71% of net income in TTM (down from ~75% in 2023), and operating cash flow covers only about half of total debt (0.50x), implying debt could not be fully repaid quickly from one year’s operating cash flow alone.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	444.84M	454.52M	519.97M	468.85M	362.44M
Gross Profit	26.50M	176.62M	242.09M	176.43M	165.90M
EBITDA	78.71M	116.61M	205.56M	107.81M	94.95M
Net Income	27.32M	51.87M	122.39M	86.60M	60.02M
Balance Sheet
Total Assets	734.85M	755.49M	809.20M	801.48M	689.45M
Cash, Cash Equivalents and Short-Term Investments	82.91M	48.61M	74.78M	102.83M	117.54M
Total Debt	246.75M	254.41M	268.81M	336.79M	310.46M
Total Liabilities	375.37M	384.81M	419.78M	483.00M	427.93M
Stockholders Equity	359.15M	370.29M	388.71M	317.95M	261.30M
Cash Flow
Free Cash Flow	85.72M	64.90M	112.50M	-3.70M	28.78M
Operating Cash Flow	118.36M	109.28M	150.15M	64.09M	103.23M
Investing Cash Flow	-31.91M	-47.42M	-46.02M	-70.67M	-64.11M
Financing Cash Flow	-50.34M	-83.44M	-130.06M	-19.07M	28.19M

Zignago Vetro SpA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.86
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:ZV, the sentiment is Negative. The current price of 7.86 is above the 20-day moving average (MA) of 7.16, above the 50-day MA of 7.57, and above the 200-day MA of 7.83, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 29.51 is Positive, neither overbought nor oversold. The STOCH value of 6.13 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:ZV.

Zignago Vetro SpA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FILA	72 Outperform	€433.56M	10.16	11.68%	8.29%	-11.91%	-61.21%
CMB	69 Neutral	€1.04B	24.86	21.53%	2.75%	6.00%	20.37%
COM	68 Neutral	€1.18B	21.21	―	1.80%	-20.36%	-23.31%
LUVE	66 Neutral	€813.86M	17.62	―	1.08%	―	―
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ZV	55 Neutral	€591.92M	25.06	7.72%	5.87%	-5.62%	-44.29%
GVS	53 Neutral	€667.80M	27.43	5.87%	―	-2.51%	26.79%

Zignago Vetro SpA Corporate Events

Zignago Vetro CEO Biagio Costantini Buys Company Shares

Zignago Vetro has disclosed a transaction by Chief Executive Officer Biagio Costantini, who purchased 1,290 ordinary shares of the company on the MTAA market. The shares were bought on March 13, 2026 at a weighted average price of €6.9191 per share, signaling continued managerial exposure to and alignment with the company’s equity performance.

The CEO’s purchase, though modest in size, provides investors with an additional data point on insider sentiment at Zignago Vetro. Such transactions are closely watched by the market as indicators of management’s confidence in the company’s prospects and can influence perceptions of the firm’s valuation and governance alignment with shareholders.

The most recent analyst rating on (IT:ZV) stock is a Hold with a EUR8.50 price target. To see the full list of analyst forecasts on Zignago Vetro SpA stock, see the IT:ZV Stock Forecast page.

Zignago Vetro Holds Cash Generation as 2025 Profits Slide on Destocking Pressures

Zignago Vetro reported 2025 revenues of €596 million, down 3.2% year on year, with exports accounting for 30.5% and performance shaped by diverging demand trends across its end markets. Beverage and food glass container volumes recovered versus 2024 as destocking eased in early-year trading, while cosmetics and perfumery remained under pressure amid ongoing destocking, structurally lower customer restocking volumes, and weak sell-out.

Profitability weakened despite margin recovery in the second half, with EBITDA falling 16.7% to €113.5 million and net profit nearly halving to €27.3 million, but cash generation before investments rose to €123.9 million, helping cut net financial debt to €269.8 million. The board proposed a dividend of €0.22 per share, implying a high pay-out ratio of 71.1%, and reported that key sustainability KPIs remain aligned with medium- to long-term targets, signaling continued focus on financial discipline and ESG commitments despite a challenging market backdrop.

The most recent analyst rating on (IT:ZV) stock is a Hold with a EUR8.50 price target. To see the full list of analyst forecasts on Zignago Vetro SpA stock, see the IT:ZV Stock Forecast page.

Zignago Vetro Announces Leadership Change at Polish and French Subsidiaries

Zignago Vetro S.p.A. has announced the departure of senior executive Michele Pezza, Chairman of Zignago Vetro Polska and Zignago Vetro France, effective January 31, 2026, as he leaves to pursue new professional opportunities. From February 1, 2026, Chief Executive Officer Biagio Costantini will temporarily assume the chairmanship of the Polish and French subsidiaries, ensuring leadership continuity, while Pezza will retain his status as a good leaver under the company’s 2025–2027 long-term incentive plan and receive compensation within the limits of the applicable national collective bargaining agreement, limiting financial and governance disruption for stakeholders.

The most recent analyst rating on (IT:ZV) stock is a Hold with a EUR8.50 price target. To see the full list of analyst forecasts on Zignago Vetro SpA stock, see the IT:ZV Stock Forecast page.