Fine Foods & Pharmaceuticals N.T.M. SpA (FF) AI Stock Analysis

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Fine Foods & Pharmaceuticals N.T.M. SpA

(Milan:FF)

Select Model

Rating:49Neutral

Price Target:EUR 6.00▼(-2.60% Downside)

Action:reiterated

Date:09/11/26

The score is held back primarily by weakening financial quality (TTM net loss, sharp margin compression, higher leverage, and thin/volatile free cash flow) and very bearish technical conditions (below all major moving averages with negative momentum). Valuation provides only partial support, with a moderate dividend yield but a mid-to-high P/E given current profitability pressures.

Positive Factors

Revenue GrowthStrong TTM revenue growth indicates that Fine Foods is expanding its volume of contracted pharmaceutical and nutraceutical work. If sustained, a larger revenue base can improve capacity utilization, support operating leverage, and strengthen the company’s ability to absorb fixed manufacturing and compliance costs.

Negative Factors

Margin Compression and Net LossThe sharp gross-margin decline and return to a net loss indicate that revenue growth is not currently translating into stronger earnings. Persistent cost, pricing, mix, or financing pressure would reduce internal funding capacity and make future profitability more dependent on operational improvement.

Fine Foods & Pharmaceuticals N.T.M. SpA (FF) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 141.14M
Dividend Yield: 2.60%
Average Volume (3M): 29.12K
Price to Earnings (P/E): -91.6
Beta (1Y): 0.52
Revenue Growth: -0.61%
EPS Growth: -110.39%
Country: Italy
Employees: 1,123
Sector: Consumer Defensive
Sector Strength: 62
Industry: Packaged Foods

Fine Foods & Pharmaceuticals N.T.M. SpA Business Overview & Revenue Model

Company Description

Fine Foods & Pharmaceuticals N.T.M. S.p.A. functions as a contract development and manufacturing organization (CDMO), specializing in the creation of various oral solid forms for the pharmaceutical and nutraceutical sectors. Its pharmaceutical offeri...

How the Company Makes Money

FF primarily makes money by providing contract manufacturing and related CDMO services to third-party customers. Its core revenue stream is service revenue from producing finished products for clients (charging on a per-batch/per-unit basis or via ag...

Fine Foods & Pharmaceuticals N.T.M. SpA Financial Statement Overview

Summary

Top-line momentum is strong (TTM revenue +24.6%), but overall quality has weakened: TTM net income turned negative (-€1.0M) after a profitable 2025, and gross margin fell sharply (TTM ~24% vs 2024 ~33%). Leverage increased materially (debt ~€133.8M vs ~€86.8M in 2025) while equity declined, reducing flexibility. Operating cash flow is resilient (~€32.4M), but free cash flow is thin (~€2.7M) and volatile, limiting financial cushion.

Income Statement

58Neutral

Balance Sheet

52Neutral

Cash Flow

47Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	249.02M	252.06M	243.75M	251.81M	206.85M	194.42M
Gross Profit	29.10M	35.42M	80.13M	68.56M	53.63M	55.89M
EBITDA	28.74M	33.31M	30.90M	16.21M	3.66M	9.86M
Net Income	-1.04M	10.10M	8.16M	-3.52M	-9.50M	-1.43M
Balance Sheet
Total Assets	316.90M	280.02M	242.59M	241.56M	299.82M	302.81M
Cash, Cash Equivalents and Short-Term Investments	36.34M	38.88M	19.21M	19.15M	76.74M	95.09M
Total Debt	133.82M	86.78M	54.53M	66.39M	120.36M	110.76M
Total Liabilities	200.87M	145.82M	110.53M	114.61M	166.53M	155.59M
Stockholders Equity	116.03M	134.21M	132.06M	126.95M	133.29M	147.22M
Cash Flow
Free Cash Flow	2.75M	-2.87M	11.12M	-329.75K	-12.30M	-21.75M
Operating Cash Flow	32.42M	31.76M	45.85M	18.54M	3.69M	-5.83M
Investing Cash Flow	-72.02M	-35.85M	-31.56M	45.89M	-15.31M	-36.35M
Financing Cash Flow	39.04M	23.76M	-14.08M	-55.66M	4.74M	55.95M

Fine Foods & Pharmaceuticals N.T.M. SpA Technical Analysis

Technical Analysis SentimentNegative

Last Price6.16

Price Trends

50DMA6.95Negative

100DMA7.81Negative

200DMA8.56Negative

Market Momentum

MACD-0.21Negative

RSI32.56Neutral

STOCH15.92Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:FF, the sentiment is Negative. The current price of 6.16 is below the 20-day moving average (MA) of 6.40, below the 50-day MA of 6.95, and below the 200-day MA of 8.56, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 32.56 is Neutral, neither overbought nor oversold. The STOCH value of 15.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:FF.

Fine Foods & Pharmaceuticals N.T.M. SpA Peers Comparison

Overall Rating

UnderperformOutperform

Sector (62)

Financial Indicators

IT:FF against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:NWL	78Outperform	EUR 1.03B	3.33	―	―	81.20%	104.98%
IT:VLS	66Neutral	EUR 117.67M	17.58	7.29%	3.50%	1.44%	-20.62%
Sector *	62Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
IT:FF	49Neutral	EUR 150.57M	-91.60	―	2.60%	-0.61%	-110.39%

* Consumer Defensive Sector Average

Performance Comparison

IT:FF and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:FF	Fine Foods & Pharmaceuticals N.T.M. SpA	6.16	-3.04	-33.04%
IT:VLS	Valsoia SpA	10.85	0.64	6.29%
IT:ENV	Enervit S.p.A.	4.48	-0.10	-2.23%
IT:IWB	Italian Wine Brands S.p.A.	14.70	-6.55	-30.83%
IT:ERFO	Laboratorio Farmaceutico Erfo SpA	1.08	-0.50	-31.65%
IT:NWL	NewPrinces S.p.A.	24.16	4.62	23.64%

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.

Date of analysis: Sep 11, 2026

Fine Foods & Pharmaceuticals N.T.M. SpA AI Stock Analysis