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FNM S.p.A.
(FNM)
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Rating:59Neutral
Price Target:
€0.46
▲(0.22% Upside)
Action:Reiterated
Date:09/17/26
The score is supported primarily by very attractive valuation (low P/E and high dividend yield). Offsetting this, financial performance is pressured by near-breakeven free cash flow and elevated leverage, and technical indicators show a bearish trend with the stock trading below key moving averages.
Positive Factors
Solid Operating Profitability
Strong gross and EBITDA margins indicate that FNM retains meaningful operating profitability despite recent moderation. Positive net income provides an earnings base for continued service delivery, reinvestment, and resilience across the next several quarters.
Negative Factors
Revenue and Margin Pressure
Lower revenue combined with margin compression signals weakening operating momentum and less favorable economics than in the prior period. If sustained, this trend could reduce earnings power and limit the internal resources available for investment, debt reduction, or distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Solid Operating Profitability
Strong gross and EBITDA margins indicate that FNM retains meaningful operating profitability despite recent moderation. Positive net income provides an earnings base for continued service delivery, reinvestment, and resilience across the next several quarters.
Read all positive factors
FNM S.p.A. (FNM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€198.75M
Dividend Yield5.03%
Average Volume (3M)127.64K
Price to Earnings (P/E)3.1
Beta (1Y)0.47
Revenue Growth8.42%
EPS Growth-8.96%
CountryIT
Employees2,828
SectorGeneral
Sector StrengthN/A
IndustryRailroads
Share Statistics
EPS (TTM)0.15
Shares Outstanding434,902,560
10 Day Avg. Volume123,245
30 Day Avg. Volume127,639
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.45
Price to Sales (P/S)0.23
P/FCF Ratio5.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€0.67Price Target Upside45.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.12
Revenue Forecast (FY)€708.45M
FNM S.p.A. Business Overview & Revenue Model
Company Description
Founded in 1877 and based in Milan, Italy, FNM S.p.A. is fundamentally responsible for managing and maintaining Italy's extensive railway network. The company's diverse portfolio extends significantly beyond its core rail operations, which notably...
How the Company Makes Money
FNM generates revenue mainly by operating public passenger transport services—especially regional rail—under service contracts/concessions with public authorities. Under these arrangements, earnings typically come from a combination of (i) contrac...
FNM S.p.A. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
55
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 828.72M | 884.30M | 910.38M | 737.05M | 661.02M | 569.08M |
| Gross Profit | 440.69M | 576.53M | 535.15M | 429.98M | 338.24M | 290.34M |
| EBITDA | 220.21M | 253.74M | 239.52M | 228.94M | 196.01M | 149.63M |
| Net Income | 64.60M | 73.61M | 59.33M | 80.86M | 68.48M | 40.88M |
Balance Sheet | ||||||
| Total Assets | 2.26B | 2.28B | 2.35B | 2.11B | 2.02B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 396.30M | 410.20M | 504.16M | 398.55M | 244.64M | 365.14M |
| Total Debt | 1.07B | 806.78M | 925.76M | 846.31M | 905.44M | 972.14M |
| Total Liabilities | 1.75B | 1.79B | 1.94B | 1.74B | 1.71B | 1.69B |
| Stockholders Equity | 474.26M | 451.56M | 374.31M | 355.33M | 283.93M | 206.82M |
Cash Flow | ||||||
| Free Cash Flow | 3.65M | 40.57M | 106.89M | 134.22M | 56.14M | 102.16M |
| Operating Cash Flow | 150.31M | 136.24M | 196.00M | 182.69M | 145.22M | 140.42M |
| Investing Cash Flow | 14.78M | -66.97M | -81.42M | 63.96M | -157.20M | -546.45M |
| Financing Cash Flow | -189.86M | -141.78M | -9.53M | -88.41M | -102.59M | 504.52M |
FNM S.p.A. Technical Analysis
Positive
0.46
Price Trends
0.46
Positive
0.47
Negative
0.47
Negative
Market Momentum
>-0.01
Negative
54.20
Neutral
80.69
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:FNM, the sentiment is Positive. The current price of 0.46 is above the 20-day moving average (MA) of 0.45, above the 50-day MA of 0.46, and below the 200-day MA of 0.47, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.20 is Neutral, neither overbought nor oversold. The STOCH value of 80.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:FNM.
FNM S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | €3.96B | 14.57 | 41.19% | 4.84% | 8.66% | 17.22% | |
61 Neutral | €674.40M | 19.80 | 8.43% | 2.97% | -4.62% | -23.89% | |
59 Neutral | €198.75M | 3.12 | 14.19% | 5.03% | 8.42% | -8.96% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €1.92B | 7.98 | 14.11% | 4.23% | 2.26% | -1.76% | |
52 Neutral | €4.22B | 17.85 | 21.95% | 0.93% | -0.60% | 41.35% |
* General Sector Average
IT:FNM
FNM S.p.A.
0.46
<0.01
1.56%
IT:ADB
Aeroporto Guglielmo Marconi di Bologna S.p.A.
9.32
0.68
7.83%
IT:FCT
Fincantieri S.p.A.
11.78
-10.64
-47.46%
IT:MAIRE
MaireTecnimont SpA
12.09
<0.01
0.07%
IT:PIA
Piaggio & C. SPA
1.92
-0.02
-1.08%
IT:WBD
Webuild SpA
1.92
-1.50
-43.96%
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.