# Amplifon (AMP.MI)

Canonical: https://gigainvestors.com/s/AMP.MI

Analysis as of: 2026-10-16T07:38:37.463Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 12.30 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.13×

- FY2022: 0.13×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.08×

### moat: pass

- ROIC, median of available years: 30.8%

- ROIC, second-lowest year: 23.4%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 54.5%

- Recent gross margin (lower of latest and 3-year median): 53.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.2%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 61.1%

- FY2017: 62.1%

- FY2018: 72.4%

- FY2019: 19.1%

- FY2020: 23.9%

- FY2021: 30.9%

- FY2022: 33.6%

- FY2023: 30.6%

- FY2024: 29.8%

- FY2025: 23.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.32×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 962M

- Net income, five-year total: EUR 728M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -8.2 pp

- Working capital / revenue, final three-year average: -2.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.17×

- FY2023: 1.17×

- FY2024: 1.37×

- FY2025: 2.09×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 62.1% vs 29.8%

- Per-share earnings: 0.46 to 0.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: EUR 210M

- Cumulative retained earnings: EUR 628M

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.8%

- Per-share value change: EUR 0.19

- Per-share value, starting three-year median: EUR 0.46

- Per-share value, ending three-year median: EUR 0.65

- Buybacks concentrated in cheaper years (correlation): 0.71

- Average buyback yield: 1.0%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.9B

- Cumulative net income, 10 years: EUR 1.2B

- ROIC, first three-year median: 62.1%

- ROIC, last three-year median: 29.8%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.46

- FY2018: EUR 0.46

- FY2019: EUR 0.49

- FY2020: EUR 0.45

- FY2021: EUR 0.70

- FY2022: EUR 0.79

- FY2023: EUR 0.69

- FY2024: EUR 0.65

- FY2025: EUR 0.42

### accounting: pass

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.54×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 2.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -4.7%

- FY2018: -3.6%

- FY2019: -7.4%

- FY2020: -9.0%

- FY2021: -8.7%

- FY2022: -7.8%

- FY2023: -7.0%

- FY2024: -7.7%

- FY2025: -8.3%

## Holders

## Price story

Down 74% since Dec 2021 · sales -0.6%

Story as of 2026-10-16T10:00:10.083Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales -0.6%; source https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it/reports/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.3B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.7B 

- FY2020: EUR 1.6B 

- FY2021: EUR 1.9B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.3B 

- FY2024: EUR 2.4B 

- FY2025: EUR 2.4B 

### Gross margin · FY2025

gross margin 53.5%; source https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it/reports/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2016: 34.5% 

- FY2017: 34.8% 

- FY2018: 34.8% 

- FY2019: 40.3% 

- FY2020: 55.5% 

- FY2021: 56.9% 

- FY2022: 55.5% 

- FY2023: 56.2% 

- FY2024: 56.6% 

- FY2025: 53.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical distribution; annual sales are EUR 2.4 billion.

- Source: https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.json (filed 2026-04-07); FY2025: revenue 2395705000; grossProfit 1281084000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 53.5% to 56.6% during 2023–25; it earns 30.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 56.2%.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 56.6%.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 53.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.6106747660023627],[2017,0.6208397731918398],[2018,0.7237767614141416],[2019,0.19055364447224046],[2020,0.23924975670029705],[2021,0.3092058999766336],[2022,0.3355665293837185],[2023,0.3059976385776622],[2024,0.298153552291582],[2025,0.23425831437596265]]; median 0.3076017692771479. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 56% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it/reports/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.5690458529574066],[2022,0.555000033032486],[2023,0.5618676120002619]]; range within 2 percentage points.

### Where the cash goes

Reinvests 36.8% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 62514000; owner earnings 81175000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 50867000; owner earnings 118081000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 48128000; owner earnings 132619000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 50513000; owner earnings 166727000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 30108000; owner earnings 188808000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 0; upkeep 113402000; owner earnings 181406600. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/AMP.MI (filed 2026-04-07); FY2022: growth capex 0; upkeep 115634000; cash acquisitions 87489000; owner earnings 209211000. Growth capex plus acquisitions / owner earnings = 0.41818546825931713.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 141653000; cash acquisitions 121623000; owner earnings 181636800. Growth capex plus acquisitions / owner earnings = 0.6695944874606908.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 146421000; cash acquisitions 190065000; owner earnings 198803600. Growth capex plus acquisitions / owner earnings = 0.9560440555402417.

- Source: https://eodhd.com/api/fundamentals/AXNA.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 118409000; cash acquisitions 70260000; owner earnings 190738800. Growth capex plus acquisitions / owner earnings = 0.36835714600280595.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,9427000],[2017,15292000],[2018,24079000],[2019,30939000],[2020,49356000],[2021,49356000],[2022,58237000],[2023,65361000],[2024,65593000],[2025,65302000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.json (filed 2026-04-07); FY2025: cash repurchases 108207000 EUR.

### What the price says

The price is 1.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 12.300000190734863 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 10.892663579734899; price multiple 1.129200410964516. FY2025 cash earnings/share 0.8672409916923574. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 9.05 per share

- 2016-12: EUR 9.05 per share

- 2017-01: EUR 9.36 per share

- 2017-02: EUR 10.11 per share

- 2017-03: EUR 11.30 per share

- 2017-04: EUR 11.71 per share

- 2017-05: EUR 12.68 per share

- 2017-06: EUR 11.56 per share

- 2017-07: EUR 12.14 per share

- 2017-08: EUR 12.15 per share

- 2017-09: EUR 12.86 per share

- 2017-10: EUR 13.04 per share

- 2017-11: EUR 13.13 per share

- 2017-12: EUR 12.84 per share

- 2018-01: EUR 14.31 per share

- 2018-02: EUR 13.05 per share

- 2018-03: EUR 14.45 per share

- 2018-04: EUR 15.50 per share

- 2018-05: EUR 15.42 per share

- 2018-06: EUR 17.76 per share

- 2018-07: EUR 19.16 per share

- 2018-08: EUR 18.54 per share

- 2018-09: EUR 19.14 per share

- 2018-10: EUR 15.66 per share

- 2018-11: EUR 14.78 per share

- 2018-12: EUR 14.05 per share

- 2019-01: EUR 15.64 per share

- 2019-02: EUR 16.36 per share

- 2019-03: EUR 17.35 per share

- 2019-04: EUR 17.13 per share

- 2019-05: EUR 19.86 per share

- 2019-06: EUR 20.56 per share

- 2019-07: EUR 22.28 per share

- 2019-08: EUR 23.36 per share

- 2019-09: EUR 22.50 per share

- 2019-10: EUR 22.52 per share

- 2019-11: EUR 26.56 per share

- 2019-12: EUR 25.64 per share

- 2020-01: EUR 25.68 per share

- 2020-02: EUR 25.76 per share

- 2020-03: EUR 18.72 per share

- 2020-04: EUR 20.91 per share

- 2020-05: EUR 24.95 per share

- 2020-06: EUR 23.71 per share

- 2020-07: EUR 28.95 per share

- 2020-08: EUR 27.92 per share

- 2020-09: EUR 30.55 per share

- 2020-10: EUR 31.21 per share

- 2020-11: EUR 33.57 per share

- 2020-12: EUR 34.04 per share

- 2021-01: EUR 32.73 per share

- 2021-02: EUR 33.00 per share

- 2021-03: EUR 31.74 per share

- 2021-04: EUR 35.13 per share

- 2021-05: EUR 38.95 per share

- 2021-06: EUR 41.64 per share

- 2021-07: EUR 41.68 per share

- 2021-08: EUR 44.28 per share

- 2021-09: EUR 41.20 per share

- 2021-10: EUR 43.95 per share

- 2021-11: EUR 43.12 per share

- 2021-12: EUR 47.45 per share

- 2022-01: EUR 37.53 per share

- 2022-02: EUR 38.45 per share

- 2022-03: EUR 40.54 per share

- 2022-04: EUR 38.22 per share

- 2022-05: EUR 32.06 per share

- 2022-06: EUR 29.25 per share

- 2022-07: EUR 32.21 per share

- 2022-08: EUR 26.05 per share

- 2022-09: EUR 26.90 per share

- 2022-10: EUR 25.14 per share

- 2022-11: EUR 26.85 per share

- 2022-12: EUR 27.82 per share

- 2023-01: EUR 25.27 per share

- 2023-02: EUR 27.38 per share

- 2023-03: EUR 31.94 per share

- 2023-04: EUR 33.28 per share

- 2023-05: EUR 32.28 per share

- 2023-06: EUR 33.59 per share

- 2023-07: EUR 30.79 per share

- 2023-08: EUR 30.04 per share

- 2023-09: EUR 28.12 per share

- 2023-10: EUR 26.64 per share

- 2023-11: EUR 28.53 per share

- 2023-12: EUR 31.34 per share

- 2024-01: EUR 30.37 per share

- 2024-02: EUR 30.89 per share

- 2024-03: EUR 33.80 per share

- 2024-04: EUR 31.43 per share

- 2024-05: EUR 33.85 per share

- 2024-06: EUR 33.24 per share

- 2024-07: EUR 29.40 per share

- 2024-08: EUR 29.13 per share

- 2024-09: EUR 25.81 per share

- 2024-10: EUR 25.70 per share

- 2024-11: EUR 24.03 per share

- 2024-12: EUR 24.85 per share

- 2025-01: EUR 25.89 per share

- 2025-02: EUR 24.39 per share

- 2025-03: EUR 18.67 per share

- 2025-04: EUR 16.81 per share

- 2025-05: EUR 20.23 per share

- 2025-06: EUR 19.93 per share

- 2025-07: EUR 14.77 per share

- 2025-08: EUR 15.56 per share

- 2025-09: EUR 13.85 per share

- 2025-10: EUR 14.80 per share

- 2025-11: EUR 13.24 per share

- 2025-12: EUR 13.75 per share

- 2026-01: EUR 13.59 per share

- 2026-02: EUR 13.18 per share

- 2026-03: EUR 9.40 per share

- 2026-04: EUR 9.40 per share

- 2026-05: EUR 10.78 per share

- 2026-06: EUR 9.48 per share

- 2026-07: EUR 12.15 per share

- 2026-08: EUR 12.11 per share

- 2026-09: EUR 12.10 per share

- 2026-10: EUR 12.20 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/ZYXJDNVM2JI3VBM8G556/2025-12-31/ESEF/IT/0/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it/reports/ZYXJDNVM2JI3VBM8G556-2025-12-31-1-it.xhtml); period 2025-12-31, filed 2026-04-07.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.