FNM S.p.A. (FNM) AI Stock Analysis

2 Followers

FNM S.p.A.

(Milan:FNM)

Select Model

Rating:59Neutral

Price Target:EUR 0.42▼(-2.09% Downside)

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 ProfitabilityFNM continues to generate meaningful operating profitability despite recent pressure, with gross and EBITDA margins that support ongoing earnings power. This provides a durable base for maintaining services, funding operations, and absorbing moderate cost or demand volatility over the coming quarters.

Negative Factors

Revenue and Margin PressureRecent deterioration in revenue and margins signals weaker operating momentum and reduces the amount of earnings available to support investment or financial obligations. If this pressure persists, it could weaken profitability and limit FNM’s ability to improve returns without stronger growth or cost control.

FNM S.p.A. (FNM) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 187.66M
Dividend Yield: 5.33%
Average Volume (3M): 192.25K
Price to Earnings (P/E): 2.9
Beta (1Y): 0.53
Revenue Growth: 8.42%
EPS Growth: -8.96%
Country: Italy
Employees: 2,830
Sector: General
Sector Strength: 55
Industry: Railroads

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 in...

FNM S.p.A. Financial Statement Overview

Summary

Profitability is still solid for the sector (TTM gross margin ~53%, EBITDA margin ~26.6%, positive net margin ~7.6%), but revenue is down ~5% TTM and margins have compressed versus 2025. Leverage is elevated (debt-to-equity ~2.1x) and free cash flow has deteriorated sharply to near breakeven (~€3.6M), reducing financial flexibility.

Income Statement

64Positive

Balance Sheet

55Neutral

Cash Flow

40Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	877.28M	884.30M	910.38M	737.05M	661.02M	569.08M
Gross Profit	564.21M	576.53M	535.15M	429.98M	338.24M	290.34M
EBITDA	219.98M	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	400.08M	410.20M	504.16M	398.55M	244.64M	365.14M
Total Debt	1.11B	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

Technical Analysis SentimentNeutral

Last Price0.43

Price Trends

50DMA0.43Negative

100DMA0.44Negative

200DMA0.46Negative

Market Momentum

MACD0.00Negative

RSI59.34Neutral

STOCH87.98Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:FNM, the sentiment is Neutral. The current price of 0.43 is above the 20-day moving average (MA) of 0.41, below the 50-day MA of 0.43, and below the 200-day MA of 0.46, indicating a neutral trend. The MACD of 0.00 indicates Negative momentum. The RSI at 59.34 is Neutral, neither overbought nor oversold. The STOCH value of 87.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:FNM.

FNM S.p.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IT:FNM against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:MAIRE	66Neutral	EUR 4.44B	16.18	41.77%	4.30%	6.83%	10.14%
IT:PIA	64Neutral	EUR 790.97M	19.91	9.59%	2.55%	-0.94%	8.57%
IT:WBD	59Neutral	EUR 2.24B	9.22	14.11%	3.66%	2.26%	-1.76%
IT:FNM	59Neutral	EUR 187.66M	2.88	14.19%	5.33%	8.42%	-8.96%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IT:FCT	52Neutral	EUR 4.76B	18.33	21.95%	―	-0.60%	41.35%

* General Sector Average

Performance Comparison

IT:FNM and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:FNM	FNM S.p.A.	0.43	-0.02	-4.22%
IT:ADB	Aeroporto Guglielmo Marconi di Bologna S.p.A.	9.04	0.24	2.76%
IT:FCT	Fincantieri S.p.A.	12.10	-6.79	-35.94%
IT:MAIRE	MaireTecnimont SpA	13.59	0.99	7.85%
IT:PIA	Piaggio & C. SPA	2.23	0.49	28.45%
IT:WBD	Webuild S.P.A.	2.21	-0.98	-30.64%

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 17, 2026

FNM S.p.A. AI Stock Analysis