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Stevanato Group (STVN)
NYSE:STVN
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Stevanato Group
(NYSE:STVN)
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Rating:63Neutral
Price Target:
$16.50
▲(8.77% Upside)
Action:ReiteratedDate:03/07/26
The score is anchored by solid financial stability but tempered by weaker cash flow consistency. A positive earnings-call outlook and guidance support the outlook, while bearish technicals and a relatively high P/E weigh on near-term attractiveness.
Positive Factors
High‑value solutions mix
A rising mix of high‑value products increases average selling prices and gross margins persistently. As these solutions demand specialized production and longer qualification cycles, Stevanato benefits from stickier, higher‑margin revenue that supports sustainable operating profitability and margin expansion.
GLP‑1 demand tailwind
Rapid GLP‑1 adoption creates durable, volume‑backed demand for specialized containment and delivery components. Given long qualification timelines and regulatory switching costs, strong GLP‑1 exposure supports multi‑year revenue visibility and justifies continued capacity investment into core product lines.
Improving cash generation
A shift to positive free cash flow and strong operating cash generation signals improving cash conversion. Over 2–6 months this underpins the firm's ability to fund capex, service debt, and invest in capacity, reducing reliance on external financing for growth initiatives.
Negative Factors
Engineering segment weakness
A persistent downturn in Engineering reduces diversification and compresses consolidated revenue and profits. Slower order conversion and weaker backlog realization imply structural demand or execution gaps that may limit near‑to‑mid‑term revenue resilience until pipeline conversion improves.
High CapEx and elevated net debt
Sustained high investment elevates leverage and requires consistent cash generation to avoid financing stress. Large ongoing capex programs lengthen payback periods and increase sensitivity to execution or demand delays, constraining financial flexibility and raising refinancing or liquidity risk.
Depreciation weighing on margins
Recent heavy capital deployments increase depreciation expense, which mechanically reduces reported operating margins even if underlying operations improve. This structural drag can mute margin gains from mix and efficiency until new assets reach scale and unit economics improve.
Stevanato Group (STVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.14B
Dividend Yield0.29%
Average Volume (3M)332.37K
Price to Earnings (P/E)24.8
Beta (1Y)0.69
Revenue Growth9.19%
EPS Growth23.06%
CountryUS
Employees5,521
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.21
Shares Outstanding49,709,717
10 Day Avg. Volume278,451
30 Day Avg. Volume332,366
Financial Highlights & Ratios
PEG Ratio2.49
Price to Book (P/B)3.15
Price to Sales (P/S)4.10
P/FCF Ratio218.04
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue3.31
Enterprise Value/Gross Profit11.42
Enterprise Value/Ebitda13.86
Forecast
1Y Price Target
$23.33Price Target Upside53.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.61
Revenue Forecast (FY)$1.28B
Stevanato Group Business Overview & Revenue Model
Company DescriptionStevanato Group S.p.A. engages in the design, production, and distribution of products and processes to provide integrated solutions for pharma and healthcare. Its principal products include containment solutions, drug delivery systems, medical devices, diagnostic, analytical services, visual inspection machines, assembling and packaging machines, and glass forming machines. The company was founded in 1949 and is headquartered in Piombino Dese, Italy. Stevanato Group S.p.A. operates as a subsidiary of Stevanato Holding S.R.L.
How the Company Makes MoneyStevanato Group generates revenue primarily through the sale of its glass packaging products and drug delivery systems to pharmaceutical and biotech companies. Key revenue streams include the manufacturing and sale of vials, syringes, and cartridges, which are critical for the storage and delivery of injectable drugs. Additionally, the company offers engineering services, including the design and implementation of automated systems for drug packaging and delivery, which further contributes to its earnings. Significant partnerships with major pharmaceutical companies enhance its revenue potential, as these collaborations often lead to long-term contracts and increased demand for its products. The company also benefits from a growing global demand for biologics and personalized medicine, which drives the need for innovative packaging solutions.
Stevanato Group Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasized strong execution in high-value biopharmaceutical products, with meaningful revenue and margin expansion driven by BDS, high-value solutions and GLP-1 demand; operational investments (Latina, Fishers) and positive free cash flow support the growth strategy. Key challenges include a materially weaker Engineering segment (notably lower Q4 revenue and slower order conversion), FX/tariff headwinds, heavy near-term CapEx and some capacity ramp timing risk. On balance, the positive drivers (robust top-line growth, high-value mix, margin expansion, positive FCF, and constructive 2026 guidance) significantly outweigh the identified negatives.Q4-2025 Updates
Positive Updates
Full-Year Revenue Growth
Total company revenue for fiscal 2025 increased 9% at constant currency and 7% on a reported basis versus 2024, delivering the company guidance-backed growth and positive momentum heading into 2026.
Biopharmaceutical & Diagnostic Solutions (BDS) Outperformance
BDS delivered double-digit full-year growth and finished the fourth quarter with revenue up 13% at constant currency (10% reported) to EUR 307.1 million, offsetting Engineering weakness and driving consolidated results.
High-Value Solutions — Strong Growth and Mix Impact
Revenue from high-value solutions rose 29% for fiscal 2025 and grew 31% in Q4 to EUR 171 million, representing ~46% of full-year company revenue and ~49% of Q4 company revenue—materially contributing to margin expansion.
GLP-1 Tailwind
Revenue from GLP-1 related products accounted for ~19%–20% of total company revenue in 2025 and grew more than 50% year-over-year; management expects GLP-1s to remain a meaningful tailwind, projecting mid-teens GLP-1 growth in 2026.
Margin Expansion
Full-year gross profit margin expanded ~160 basis points versus 2024; Q4 gross profit margin increased 120 basis points to 30.9%, supported by favorable mix toward high-value products and improved utilization at new facilities.
Profitability and Adjusted Metrics (Q4)
Q4 net profit was EUR 47.6 million (diluted EPS EUR 0.17), adjusted net profit EUR 49.8 million (adjusted diluted EPS EUR 0.18). Adjusted EBITDA increased 7% to EUR 97.7 million with adjusted EBITDA margin up 70 basis points to 28.2%.
Positive Free Cash Flow and Strong Operational Cash Generation
For fiscal 2025, cash from operations was EUR 286.1 million and the company generated positive free cash flow of EUR 18.4 million after capital expenditures of EUR 294.9 million (≈89% deployed to growth projects).
2026 Financial Guidance Reflects Continued Growth
Management provided 2026 guidance: revenue EUR 1.260–1.290 billion (constant currency EUR 1.278–1.308 billion), adjusted EBITDA EUR 331.8–346.9 million, adjusted diluted EPS EUR 0.59–0.63, and expected high-value solutions of 47%–48% of revenue.
Strategic Capacity Investments and Global Footprint
Significant investments and ramp activities in Latina (syringe capacity, upcoming EZ-fill cartridge capacity) and Fishers (line installations, customer validations, contract manufacturing build-out) position the company to scale high-value production and serve U.S. onshoring demand.
Negative Updates
Engineering Segment Underperformance
Engineering revenue declined 23% in Q4 to EUR 39.4 million and the segment gross profit margin fell to 15.8% (operating profit margin 9.1%). Management expects Engineering revenue to decline mid-single digit to low double digits in 2026 due to lower prior order intake and slower-than-expected conversion of pipeline opportunities.
Order Intake and Sales Conversion Delays in Engineering
Despite operational improvements (e.g., site acceptance rates doubled in 2025), converting the stronger opportunity pipeline into firm orders has been slower than anticipated, leading to a more cautious near-term outlook for Engineering revenue.
Foreign Exchange and Tariff Headwinds
FX translation was a headwind in 2025 and management models an FX headwind of approximately EUR 18 million for fiscal 2026 (≈EUR 10 million impact in Q1). Tariffs also produced a limited headwind (~EUR 4 million in 2025) and represent an ongoing risk to margins.
Capacity Constraints and Ramp Timelines
Demand for cartridges and high-value products has outpaced prior expectations, requiring additional capacity build-outs; Fishers is still ramping and commercial activity for a large device program is expected end-2026/early-2027, meaning some near-term demand could be supply-constrained.
High Capital Expenditure Run-Rate and Net Debt
Full-year CapEx was substantial at EUR 294.9 million (2025) with guidance for 2026 CapEx of EUR 270–290 million (net EUR 240–260 million), and the company finished 2025 with cash and equivalents EUR 130.6 million and net debt EUR 337.7 million — heavy investment requires disciplined FCF generation.
Profitability Headwinds from Depreciation
Management indicated higher depreciation as a headwind in 2026 (reflecting recent large growth investments), which will partially offset margin gains from mix and operational improvements.
Company Guidance
For 2026 the company guided revenue of EUR 1.260–1.290 billion (EUR 1.278–1.308 billion at constant currency), implying ~7.5% reported growth (~8.3% cc), with Q1 expected to show mid‑single‑digit reported growth at the midpoint; adjusted EBITDA of EUR 331.8–346.9 million and adjusted diluted EPS of EUR 0.59–0.63; consolidated margin expansion of ~0–30 bps (operating margin ~+50 bps at the midpoint and adjusted EBITDA margin ~+150 bps); BDS is expected to grow high single to low double digits (double digits cc) while Engineering is expected to decline mid‑single to low double digits; high‑value solutions are forecast to represent ~47–48% of total revenue; the company assumed an FX headwind of ~EUR 18 million for 2026 (≈EUR 10 million in Q1), a tax rate of ~26.8%, CapEx of EUR 270–290 million (net of customer contributions EUR 240–260 million), and free cash flow roughly breakeven to +EUR 20 million.Stevanato Group Financial Statement Overview
Summary
Overall fundamentals are solid but mixed. Profitability is healthy (income statement score 72) and leverage looks conservative (balance sheet score 78), but cash flow quality is weaker (cash flow score 54) with historically volatile free cash flow and modest cash conversion despite a 2025 improvement.Income Statement
Profitability remains solid, with 2025 gross margin at ~29.0% and net margin at ~11.8%, and operating profitability (EBIT margin ~16.1%) holding up well. However, the growth trajectory has softened: revenue declined about 2.6% in 2025 after modest growth in 2024, and margins are below the stronger 2021–2023 levels—suggesting some mix/price or cost pressure versus prior years.72
Positive
Balance Sheet
The balance sheet looks conservatively levered, with debt-to-equity around 0.32 in 2025 (generally stable across recent years and far improved versus 2020). Equity has grown meaningfully over time, supporting a stronger capital base. The main watch-out is that returns on equity have trended down from earlier peaks (to ~9.0% in 2025), indicating profitability is not translating into shareholder returns as efficiently as before.78
Positive
Cash Flow
Cash generation improved in 2025 with operating cash flow up sharply and free cash flow turning positive (~$21M), a meaningful step up from the large negative free cash flow seen in 2022–2024. Still, free cash flow is low relative to earnings (free cash flow is ~7.8% of net income in 2025), and recent history shows volatility with multiple years of negative free cash flow—pointing to ongoing reinvestment demands and less consistent cash conversion.54
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.14B | 1.10B | 1.09B | 983.68M | 843.92M |
| Gross Profit | 330.33M | 302.32M | 339.89M | 319.80M | 265.40M |
| EBITDA | 268.18M | 247.80M | 272.35M | 256.40M | 226.93M |
| Net Income | 134.28M | 117.78M | 145.63M | 142.85M | 134.32M |
Balance Sheet | |||||
| Total Assets | 2.54B | 2.33B | 2.07B | 1.66B | 1.42B |
| Cash, Cash Equivalents and Short-Term Investments | 132.74M | 98.27M | 70.35M | 256.65M | 438.21M |
| Total Debt | 470.70M | 428.97M | 396.59M | 218.37M | 244.29M |
| Total Liabilities | 1.06B | 924.43M | 938.93M | 663.79M | 577.18M |
| Stockholders Equity | 1.49B | 1.40B | 1.13B | 996.13M | 842.07M |
Cash Flow | |||||
| Free Cash Flow | 21.44M | -157.79M | -336.72M | -139.81M | 20.16M |
| Operating Cash Flow | 274.79M | 155.78M | 105.21M | 103.31M | 133.34M |
| Investing Cash Flow | -262.15M | -310.21M | -421.22M | -242.95M | -96.43M |
| Financing Cash Flow | 21.19M | 183.22M | 158.03M | -44.54M | 254.85M |
Stevanato Group Technical Analysis
Negative
15.17
Price Trends
16.71
Negative
19.60
Negative
22.10
Negative
Market Momentum
-0.39
Negative
44.86
Neutral
39.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For STVN, the sentiment is Negative. The current price of 15.17 is below the 20-day moving average (MA) of 15.45, below the 50-day MA of 16.71, and below the 200-day MA of 22.10, indicating a bearish trend. The MACD of -0.39 indicates Negative momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 39.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for STVN.
Stevanato Group Risk Analysis
Stevanato Group disclosed 64 risk factors in its most recent earnings report. Stevanato Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Stevanato Group Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.48B | 31.80 | 15.58% | 0.95% | 13.07% | 27.98% | |
68 Neutral | $4.06B | 40.58 | 8.52% | ― | 11.49% | -2.89% | |
65 Neutral | $7.98B | 20.41 | 14.67% | 1.50% | 2.50% | 25.05% | |
63 Neutral | $4.14B | 24.79 | 9.72% | 0.29% | 9.19% | 23.06% | |
60 Neutral | $6.63B | 188.46 | 2.37% | ― | 11.74% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $4.73B | -6.01 | -23.70% | 1.11% | 5.43% | -245.18% |
* Healthcare Sector Average
STVN
Stevanato Group
15.17
-6.44
-29.80%
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Stevanato Group Corporate Events
Stevanato Group Posts Record High‑Value Revenue and Strong 2025 Results, Sets Upbeat 2026 Outlook
Mar 4, 2026
On March 4, 2026, Stevanato Group reported that fourth‑quarter 2025 revenue rose 5% year‑on‑year to €346.5 million, with high‑value solutions reaching a record 49% of sales and lifting gross and adjusted EBITDA margins. For full‑year 2025, revenue grew 7% to €1.186 billion, high‑value solutions accounted for 46% of revenue, and diluted EPS advanced 19% to €0.51 as strong Biopharmaceutical and Diagnostic Solutions performance offset a planned decline in the lower‑margin Engineering segment.
The company generated €18.4 million of positive free cash flow in 2025 while maintaining significant capex to ramp new plants in Indiana and Italy, ending the year with €130.6 million in cash and €337.7 million in net debt. Management highlighted biologics and GLP‑1 products as key growth drivers and issued fiscal 2026 guidance calling for revenue of €1.26–€1.29 billion and higher adjusted profitability, underscoring confidence in further margin expansion as utilization and efficiency improve at new facilities.
The most recent analyst rating on (STVN) stock is a Buy with a $14.73 price target. To see the full list of analyst forecasts on Stevanato Group stock, see the STVN Stock Forecast page.
Stevanato Group Files Form 6-K With Q4 and FY 2025 Results Presentation
Mar 4, 2026
On March 4, 2026, Stevanato Group filed a Form 6-K with the U.S. Securities and Exchange Commission, furnishing the investor presentation used for its Q4 and full-year 2025 financial results conference call. The filing, signed by CEO Franco Stevanato, formally places the March 4, 2026 results materials into the U.S. public record, underscoring the company’s ongoing engagement with global investors and compliance with foreign private issuer reporting standards.
The accompanying materials emphasize extensive forward-looking statements on revenue, capacity expansion, supply chain, and strategic initiatives, highlighting both growth ambitions and a wide set of operational and macroeconomic risks. Stevanato also discloses that its internal controls over financial reporting were not effective for the year ended December 31, 2025, a point that could weigh on investor confidence even as management promotes long-term growth plans and expanded industrial footprint.
The most recent analyst rating on (STVN) stock is a Buy with a $14.73 price target. To see the full list of analyst forecasts on Stevanato Group stock, see the STVN Stock Forecast page.
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.