Toscana Aeroporti S.p.A. (TYA) AI Stock Analysis

Toscana Aeroporti S.p.A.

(Milan:TYA)

Select Model

Rating:57Neutral

Price Target:EUR 19.00▲(5.85% Upside)

Action:reiterated

Date:08/20/26

The score is driven primarily by solid but plateauing financial performance: Toscana Aeroporti has restored profitability, healthy EBITDA margins and a materially stronger balance sheet since 2021, but the most recent trailing-twelve-month figures show slightly negative revenue growth, softer net income and a notable drop in free cash flow conversion. Technicals are the weakest element, with the price below its short- and medium-term moving averages, a negative MACD and subdued RSI/stochastic readings indicating a lack of buying momentum. Valuation at 22x earnings with a 2.1% yield looks fair-to-full for a business whose recovery is largely reflected in the price. The result is a moderate score reflecting a stable, low-volatility infrastructure asset with limited near-term catalysts.

Positive Factors

Sustained ProfitabilityRecent profitability provides a durable earnings base: TTM operating margin is about 20% and net margin about 9.6%, while operating profit has remained positive since 2021. This supports resilience and internal funding across the airport cycle.

Negative Factors

Recent Revenue SlowdownThe recent TTM revenue decline indicates that the post-recovery growth phase has moderated. Lower traffic, pricing or commercial momentum could constrain operating leverage and make it harder to sustain the company’s recent earnings trajectory.

Toscana Aeroporti S.p.A. (TYA) vs. iShares MSCI Italy ETF (EWI)

Market Cap: EUR 334.08M
Dividend Yield: 2.09%
Average Volume (3M): 25.86K
Price to Earnings (P/E): 21.8
Beta (1Y): 0.15
Revenue Growth: 12.72%
EPS Growth: -9.12%
Country: Italy
Employees: 406
Sector: Industrials
Sector Strength: 63
Industry: Airlines, Airports & Air Services

Toscana Aeroporti S.p.A. Business Overview & Revenue Model

Company Description

Toscana Aeroporti S.p.A. is responsible for the operation and management of the Florence and Pisa airports in Italy. The company's operations are divided into two main divisions: Aviation Services and Non-Aviation Activities. Within its Aviation Serv...

How the Company Makes Money

Toscana Aeroporti generates revenue primarily through two broad categories: (1) aviation (regulated and airport-operations related) revenues and (2) non-aviation (commercial) revenues. On the aviation side, it earns fees and charges linked to airport...

Toscana Aeroporti S.p.A. Financial Statement Overview

Summary

Toscana Aeroporti has completed a strong post-pandemic recovery, with revenue tripling since 2021 to €142.4M, EBITDA margins near 30%, and net margins of 11.3%. Leverage has been reduced meaningfully (debt-to-equity down from 1.47x to 0.82x) while equity and ROE (13.1%) have improved. Offsetting this, the latest trailing-twelve-month data shows revenue growth turning slightly negative (-1.3%), net income easing to €15.4M, and free cash flow falling to €14.5M (a cash conversion ratio of just 51.5% versus 88% previously). Gross margin volatility adds uncertainty. Overall, a financially sound but no longer accelerating business.

Income Statement

62Positive

Balance Sheet

58Neutral

Cash Flow

60Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	159.77M	142.40M	124.14M	123.26M	90.41M	46.89M
Gross Profit	62.36M	74.23M	63.70M	38.91M	19.22M	-1.28M
EBITDA	42.35M	43.05M	42.03M	36.27M	17.34M	667.00K
Net Income	15.36M	16.10M	17.10M	12.63M	4.67M	-5.26M
Balance Sheet
Total Assets	319.25M	325.01M	296.15M	303.86M	322.94M	332.04M
Cash, Cash Equivalents and Short-Term Investments	17.43M	29.61M	22.80M	26.54M	56.07M	54.15M
Total Debt	102.63M	101.09M	91.04M	104.69M	139.04M	149.47M
Total Liabilities	195.97M	201.09M	182.32M	197.36M	222.19M	229.41M
Stockholders Equity	122.37M	123.19M	112.89M	105.17M	99.59M	101.47M
Cash Flow
Free Cash Flow	10.13M	26.93M	23.45M	12.56M	21.33M	-16.01M
Operating Cash Flow	28.25M	30.61M	25.05M	26.38M	30.43M	-938.00K
Investing Cash Flow	-28.55M	-25.25M	-6.75M	-13.92M	-10.42M	-15.67M
Financing Cash Flow	1.68M	1.70M	-21.89M	-42.10M	-18.39M	-5.59M

Toscana Aeroporti S.p.A. Technical Analysis

Technical Analysis SentimentNegative

Last Price17.95

Price Trends

50DMA18.11Negative

100DMA18.41Negative

200DMA18.32Negative

Market Momentum

MACD-0.04Positive

RSI46.71Neutral

STOCH65.18Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:TYA, the sentiment is Negative. The current price of 17.95 is below the 20-day moving average (MA) of 18.13, below the 50-day MA of 18.11, and below the 200-day MA of 18.32, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 46.71 is Neutral, neither overbought nor oversold. The STOCH value of 65.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:TYA.

Toscana Aeroporti S.p.A. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

IT:TYA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IT:ENAV	71Outperform	EUR 2.81B	16.87	14.73%	11.18%	3.15%	-3.25%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
IT:TYA	57Neutral	EUR 334.08M	21.76	12.86%	2.09%	12.72%	-9.12%

* Industrials Sector Average

Performance Comparison

IT:TYA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IT:TYA	Toscana Aeroporti S.p.A.	17.95	-0.39	-2.13%
IT:ADB	Aeroporto Guglielmo Marconi di Bologna S.p.A.	8.62	-0.24	-2.65%
IT:ENAV	Enav SpA	5.19	0.86	19.75%

Toscana Aeroporti S.p.A. Corporate Events

Toscana Aeroporti Posts Record June as Tuscan Passenger Traffic Surges

Jul 6, 2026

Toscana Aeroporti reported its best June on record, with the Tuscan airport system surpassing one million passengers for the month, up 3.9% year on year, driven by growth in both international and domestic segments. This performance lifted first-half...

Toscana Aeroporti Hits Record Passenger Volumes in Florence and Pisa

Jun 5, 2026

Toscana Aeroporti reported a new traffic milestone in May 2026, as the Tuscan airport system crossed the one‑million‑passenger mark in a single month for the first time, up 5.6% year on year, driven by both international and domestic segm...

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: Aug 20, 2026

Toscana Aeroporti S.p.A. AI Stock Analysis