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Technogym S.p.A.
(TGYM)
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Rating:72Outperform
Price Target:
€15.00
▲(17.55% Upside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by strong financial performance (growing revenue/earnings, healthy free cash flow, and a conservatively leveraged balance sheet with high ROE). This is tempered by a mixed technical picture (short-term strength but below longer-term moving averages and slightly negative MACD) and a mid-range valuation (P/E ~23.7 with a ~2.77% dividend yield).
Positive Factors
Revenue and earnings growth
Technogym has more than doubled revenue since 2020 while substantially increasing net income, showing durable expansion in its equipment, digital, and wellness ecosystem. Continued 2025 growth indicates the business is still gaining scale and converting market presence into stronger earnings.
Negative Factors
Gross margin variability
The lower 2025 gross margin signals that profitability may be sensitive to product mix or cost conditions. If this variability persists, revenue growth may translate less efficiently into operating earnings, making future margin expansion and earnings quality less predictable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and earnings growth
Technogym has more than doubled revenue since 2020 while substantially increasing net income, showing durable expansion in its equipment, digital, and wellness ecosystem. Continued 2025 growth indicates the business is still gaining scale and converting market presence into stronger earnings.
Read all positive factors
Technogym S.p.A. (TGYM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€2.80B
Dividend Yield2.73%
Average Volume (3M)346.58K
Price to Earnings (P/E)24.0
Beta (1Y)0.83
Revenue Growth9.86%
EPS Growth21.18%
CountryIT
Employees2,800
SectorGeneral
Sector StrengthN/A
IndustryLeisure
Share Statistics
EPS (TTM)0.58
Shares Outstanding201,327,500
10 Day Avg. Volume344,671
30 Day Avg. Volume346,585
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)9.61
Price to Sales (P/S)3.15
P/FCF Ratio22.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€18.15Price Target Upside42.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.62
Revenue Forecast (FY)€1.10B
Technogym S.p.A. Business Overview & Revenue Model
Company Description
Headquartered in Cesena, Italy, Technogym S.p.A. is a global wellness enterprise founded in 1983. The company is dedicated to the design, manufacturing, and worldwide distribution of sophisticated fitness equipment and solutions for physical exerc...
How the Company Makes Money
Technogym makes money primarily by selling fitness and wellness equipment and by monetizing associated digital platforms and services.
Key revenue streams include:
1) Equipment sales (core): Revenue is generated through the sale of cardio equipme...
Technogym S.p.A. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
85
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.05B | 1.02B | 901.29M | 808.09M | 719.02M | 609.74M |
| Gross Profit | 230.91M | 382.02M | 373.50M | 354.06M | 248.06M | 206.10M |
| EBITDA | 211.73M | 210.02M | 177.41M | 144.18M | 123.78M | 116.27M |
| Net Income | 116.55M | 115.12M | 87.04M | 73.64M | 63.59M | 63.06M |
Balance Sheet | ||||||
| Total Assets | 911.99M | 835.95M | 904.13M | 818.31M | 786.21M | 763.09M |
| Cash, Cash Equivalents and Short-Term Investments | 210.92M | 214.72M | 268.71M | 224.73M | 205.36M | 174.31M |
| Total Debt | 124.66M | 57.71M | 70.82M | 65.90M | 103.85M | 131.43M |
| Total Liabilities | 606.07M | 499.58M | 517.34M | 454.60M | 440.28M | 451.53M |
| Stockholders Equity | 302.97M | 333.35M | 379.00M | 354.54M | 343.92M | 309.84M |
Cash Flow | ||||||
| Free Cash Flow | 119.93M | 143.23M | 113.85M | 70.98M | 79.46M | 67.75M |
| Operating Cash Flow | 162.26M | 183.67M | 155.41M | 106.82M | 114.42M | 95.44M |
| Investing Cash Flow | -67.77M | -66.07M | -38.61M | -30.82M | -34.29M | 3.86M |
| Financing Cash Flow | -43.83M | -176.59M | -73.02M | -50.94M | -50.80M | -127.27M |
Technogym S.p.A. Technical Analysis
Positive
12.76
Price Trends
12.86
Positive
13.77
Positive
15.97
Negative
Market Momentum
0.06
Negative
67.97
Neutral
72.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TGYM, the sentiment is Positive. The current price of 12.76 is below the 20-day moving average (MA) of 12.84, below the 50-day MA of 12.86, and below the 200-day MA of 15.97, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 67.97 is Neutral, neither overbought nor oversold. The STOCH value of 72.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:TGYM.
Technogym S.p.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | €6.50B | 13.76 | 23.43% | 2.94% | 6.43% | 7.10% | |
72 Outperform | €2.80B | 24.02 | 36.63% | 2.73% | 9.86% | 21.18% | |
69 Neutral | €865.84M | 10.25 | 8.97% | 4.30% | 1.16% | -3.56% | |
68 Neutral | €1.28B | 11.50 | 21.17% | 2.93% | 1.88% | 2.86% | |
60 Neutral | €5.82B | 42.19 | 25.21% | 1.21% | 9.78% | 4.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €78.50M | -87.54 | -3.16% | ― | 77.50% | 89.32% |
* General Sector Average
IT:TGYM
Technogym S.p.A.
13.73
-1.69
-10.95%
IT:DLG
De'Longhi S.p.A.
43.38
12.49
40.44%
IT:PINF
Pininfarina SPA
1.00
0.12
13.41%
IT:BC
Brunello Cucinelli SpA
86.94
0.33
0.38%
IT:SL
Sanlorenzo S.p.A.
35.26
2.28
6.93%
IT:YACHT
Ferretti S.p.A.
2.58
-0.16
-5.90%
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.