Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Piaggio & C. S.p.A. is an Italian motor vehicle manufacturer founded in 1884, renowned as Europe's largest producer of scooters and motorcycles and a global leader in two-wheeled vehicles. The company develops, manufactures, and distributes a diverse portfolio including iconic scooters and motorcycles under brands like Piaggio (Liberty, Beverly, Medley), Vespa, Aprilia (MotoGP competitor), Moto Guzzi, Gilera, Derbi, and Scarabeo, alongside light commercial vehicles such as the Ape and Porter for professional mobility needs. It also advances innovation through Piaggio Fast Forward, a robotics division in Boston, and electric vehicle offerings aligned with urban mobility and sustainability goals like the EU Green Deal. With headquarters in Pontedera, Italy, and production sites across Italy, plus operations in India and Vietnam, Piaggio employs around 6,000 people and serves over 50 countries, primarily in Europe, the Americas, Asia-Pacific, the Middle East, Africa, and India. As a subsidiary of IMMSI S.p.A., it plays a pivotal role in the consumer cyclical sector, emphasizing compact, premium mobility solutions amid urbanization and electrification trends.
Operating margin is thin at 6.49%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 11.7% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from 8.97% to 5.85%, capital efficiency is deteriorating. Negative free cash flow of -€8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€1.47B
▼ -11.7% YoY
Net Income (TTM)
€31M
▼ -49.4% YoY
Op. Margin
6.26%
▼ -1.7pp YoY
ROIC
5.85%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€33M
▲ +79.0% YoY
Op. Cash Flow (TTM)
€272M
▲ +128.3% YoY
Net Debt
€578M
Cash & Equiv.
€121M
3Y CAGR: -10.4%
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