# Azimut (AZM.MI)

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

Analysis as of: 2026-10-16T07:36:57.070Z. 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 35.65 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.13×

- FY2018: 0.05×

- FY2019: 0.20×

- FY2020: 0.18×

- FY2021: 0.26×

- FY2022: 0.20×

- FY2023: 0.49×

- FY2024: 0.48×

- FY2025: 0.44×

### moat: pass

- ROIC, median of available years: 23.6%

- ROIC, second-lowest year: 14.5%

- Typical minus recent gross margin: -21.2 pp

- Typical gross margin (annual median): 41.6%

- Recent gross margin (lower of latest and 3-year median): 62.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 28.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 24.6%

- FY2017: 30.5%

- FY2018: 7.3%

- FY2019: 17.7%

- FY2020: 14.5%

- FY2021: 22.7%

- FY2022: 19.5%

- FY2023: 96.5%

- FY2024: 67.7%

- FY2025: 73.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.5B

- Net income, five-year total: EUR 2.5B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -4.1 pp

- Working capital / revenue, change between three-year averages: -27.8 pp

- Working capital / revenue, final three-year average: 10.5%

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

- FY2021: 1.02×

- FY2022: 0.95×

- FY2023: 0.96×

- FY2024: 0.96×

- FY2025: 0.93×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 24.6% vs 73.0%

- Per-share earnings: 1.54 to 3.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: EUR 3.0B

- Cumulative retained earnings: EUR 304M

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.8%

- Per-share value change: EUR 2.17

- Per-share value, starting three-year median: EUR 1.54

- Per-share value, ending three-year median: EUR 3.71

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.8%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 495M

- Cumulative net income, 10 years: EUR 3.8B

- ROIC, first three-year median: 24.6%

- ROIC, last three-year median: 73.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.54

- FY2018: EUR 0.87

- FY2019: EUR 2.63

- FY2020: EUR 2.76

- FY2021: EUR 4.34

- FY2022: EUR 2.89

- FY2023: EUR 3.14

- FY2024: EUR 4.10

- FY2025: EUR 3.71

### accounting: pass

- Sloan accruals: -0.8%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -1.9%

- FY2018: 1.8%

- FY2019: -7.4%

- FY2020: 1.1%

- FY2021: -3.2%

- FY2022: 5.3%

- FY2023: -0.3%

- FY2024: 7.6%

- FY2025: -0.8%

## Holders

## Price story

Up 79% since Oct 2023 · sales +5.6%

Story as of 2026-10-16T10:00:08.397Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +5.6%; source https://filings.xbrl.org/81560025690EF8540635/2025-12-31/ESEF/IT/0/81560025690EF8540635-2025-12-31-it/reports/81560025690EF8540635-2025-12-31-it.xhtml; observed 2026-04-07.

- FY2016: EUR 678M 

- FY2017: EUR 778M 

- FY2018: EUR 701M 

- FY2019: EUR 949M 

- FY2020: EUR 924M 

- FY2021: EUR 1.3B 

- FY2022: EUR 1.2B 

- FY2023: EUR 1.2B 

- FY2024: EUR 1.3B 

- FY2025: EUR 1.4B 

### Gross margin · FY2025

gross margin 62.8%; source https://filings.xbrl.org/81560025690EF8540635/2025-12-31/ESEF/IT/0/81560025690EF8540635-2025-12-31-it/reports/81560025690EF8540635-2025-12-31-it.xhtml; observed 2026-04-07.

- FY2016: 30.9% 

- FY2017: 31.2% 

- FY2018: 23.8% 

- FY2019: 41.5% 

- FY2020: 41.6% 

- FY2021: 45.0% 

- FY2022: 38.7% 

- FY2023: 64.7% 

- FY2024: 64.2% 

- FY2025: 62.8% 

## Owner memo

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

### How it makes money

Operates in asset management; annual sales are EUR 1.4 billion.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 1407370000; grossProfit 883915000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 62.8% to 64.7% during 2023–25; it earns 23.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 64.7%.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 64.2%.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 62.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.2456241965875685],[2017,0.3049447924792102],[2018,0.07306069579664311],[2019,0.17713501058354356],[2020,0.1454233402690164],[2021,0.22735641465199313],[2022,0.19501011890742134],[2023,0.9648003491718292],[2024,0.6772237024760942],[2025,0.7304978216169995]]; median 0.23649030561978082. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 16% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 19597000; owner earnings 169251000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 3298000; owner earnings 361476000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 2662000; owner earnings 134301000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 12717237.253326759; upkeep 38327762.74667324; owner earnings 346996637.2533268. Growth capex / owner earnings = 0.03664945387941172.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 10685000; owner earnings 390654000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2021-12-31 (filed 2026-04-07); FY2021: growth capex 0; upkeep 16376000; owner earnings 615047800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2022-12-31 (filed 2026-04-07); FY2022: growth capex 0; upkeep 48253000; cash acquisitions 95426000; owner earnings 381772400. Growth capex plus acquisitions / owner earnings = 0.2499552089150499.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 1920000.4675577134; upkeep 47612999.53244229; cash acquisitions 6165000; owner earnings 415963600.4675577. Growth capex plus acquisitions / owner earnings = 0.01943679797576011.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 4877598.1230844855; upkeep 43641401.876915514; cash acquisitions 0; owner earnings 555814398.1230845. Growth capex plus acquisitions / owner earnings = 0.008775587929271933.

- Source: https://eodhd.com/api/fundamentals/HDB.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 2453562.619266093; upkeep 57920437.38073391; cash acquisitions 75990000; owner earnings 490544162.6192661. Growth capex plus acquisitions / owner earnings = 0.15991131603812347.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,238599000],[2017,158383000],[2018,229311000],[2019,206511000],[2020,191656000],[2021,193993000],[2022,272901000],[2023,239228000],[2024,209490000],[2025,331161000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 35.650001525878906 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 9.932814167461995; price multiple 3.589113913221241. FY2025 cash earnings/share 3.4621201306198275. Closing-price date 2026-10-14.

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

- 2016-11: EUR 13.10 per share

- 2016-12: EUR 14.76 per share

- 2017-01: EUR 15.45 per share

- 2017-02: EUR 14.75 per share

- 2017-03: EUR 15.20 per share

- 2017-04: EUR 16.68 per share

- 2017-05: EUR 16.80 per share

- 2017-06: EUR 16.33 per share

- 2017-07: EUR 17.63 per share

- 2017-08: EUR 16.47 per share

- 2017-09: EUR 17.03 per share

- 2017-10: EUR 15.79 per share

- 2017-11: EUR 14.85 per share

- 2017-12: EUR 14.86 per share

- 2018-01: EUR 17.07 per share

- 2018-02: EUR 16.69 per share

- 2018-03: EUR 16.24 per share

- 2018-04: EUR 16.22 per share

- 2018-05: EUR 13.65 per share

- 2018-06: EUR 13.02 per share

- 2018-07: EUR 14.11 per share

- 2018-08: EUR 13.45 per share

- 2018-09: EUR 12.77 per share

- 2018-10: EUR 10.69 per share

- 2018-11: EUR 10.66 per share

- 2018-12: EUR 9.37 per share

- 2019-01: EUR 10.88 per share

- 2019-02: EUR 12.63 per share

- 2019-03: EUR 14.88 per share

- 2019-04: EUR 17.68 per share

- 2019-05: EUR 14.88 per share

- 2019-06: EUR 16.93 per share

- 2019-07: EUR 16.95 per share

- 2019-08: EUR 16.02 per share

- 2019-09: EUR 17.22 per share

- 2019-10: EUR 18.42 per share

- 2019-11: EUR 22.90 per share

- 2019-12: EUR 21.28 per share

- 2020-01: EUR 22.19 per share

- 2020-02: EUR 19.20 per share

- 2020-03: EUR 13.18 per share

- 2020-04: EUR 15.52 per share

- 2020-05: EUR 14.90 per share

- 2020-06: EUR 15.21 per share

- 2020-07: EUR 16.05 per share

- 2020-08: EUR 16.20 per share

- 2020-09: EUR 15.42 per share

- 2020-10: EUR 14.49 per share

- 2020-11: EUR 17.67 per share

- 2020-12: EUR 17.77 per share

- 2021-01: EUR 17.36 per share

- 2021-02: EUR 19.01 per share

- 2021-03: EUR 19.43 per share

- 2021-04: EUR 19.92 per share

- 2021-05: EUR 20.33 per share

- 2021-06: EUR 20.48 per share

- 2021-07: EUR 21.72 per share

- 2021-08: EUR 23.78 per share

- 2021-09: EUR 23.76 per share

- 2021-10: EUR 24.89 per share

- 2021-11: EUR 24.50 per share

- 2021-12: EUR 24.68 per share

- 2022-01: EUR 23.72 per share

- 2022-02: EUR 21.40 per share

- 2022-03: EUR 21.13 per share

- 2022-04: EUR 20.39 per share

- 2022-05: EUR 19.95 per share

- 2022-06: EUR 16.58 per share

- 2022-07: EUR 17.03 per share

- 2022-08: EUR 15.94 per share

- 2022-09: EUR 14.70 per share

- 2022-10: EUR 16.30 per share

- 2022-11: EUR 19.45 per share

- 2022-12: EUR 20.93 per share

- 2023-01: EUR 22.88 per share

- 2023-02: EUR 22.47 per share

- 2023-03: EUR 19.70 per share

- 2023-04: EUR 20.24 per share

- 2023-05: EUR 18.58 per share

- 2023-06: EUR 19.75 per share

- 2023-07: EUR 21.48 per share

- 2023-08: EUR 21.38 per share

- 2023-09: EUR 20.68 per share

- 2023-10: EUR 19.88 per share

- 2023-11: EUR 22.32 per share

- 2023-12: EUR 23.64 per share

- 2024-01: EUR 25.90 per share

- 2024-02: EUR 26.52 per share

- 2024-03: EUR 25.18 per share

- 2024-04: EUR 24.77 per share

- 2024-05: EUR 24.44 per share

- 2024-06: EUR 22.02 per share

- 2024-07: EUR 23.16 per share

- 2024-08: EUR 22.80 per share

- 2024-09: EUR 23.18 per share

- 2024-10: EUR 22.76 per share

- 2024-11: EUR 23.89 per share

- 2024-12: EUR 23.99 per share

- 2025-01: EUR 25.31 per share

- 2025-02: EUR 26.04 per share

- 2025-03: EUR 25.76 per share

- 2025-04: EUR 24.39 per share

- 2025-05: EUR 25.70 per share

- 2025-06: EUR 27.18 per share

- 2025-07: EUR 29.87 per share

- 2025-08: EUR 30.66 per share

- 2025-09: EUR 32.93 per share

- 2025-10: EUR 33.90 per share

- 2025-11: EUR 35.66 per share

- 2025-12: EUR 35.74 per share

- 2026-01: EUR 35.52 per share

- 2026-02: EUR 35.09 per share

- 2026-03: EUR 32.35 per share

- 2026-04: EUR 36.10 per share

- 2026-05: EUR 34.85 per share

- 2026-06: EUR 35.48 per share

- 2026-07: EUR 36.71 per share

- 2026-08: EUR 38.73 per share

- 2026-09: EUR 38.90 per share

- 2026-10: EUR 34.68 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/81560025690EF8540635/2025-12-31/ESEF/IT/0/81560025690EF8540635-2025-12-31-it/reports/81560025690EF8540635-2025-12-31-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.

## Reported holder observations