# Brunello Cucinelli (BC.MI)

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

Analysis as of: 2026-10-16T07:36:56.888Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 83.18 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 2.00×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.15×

- FY2018: 0.13×

- FY2019: 0.14×

- FY2020: -0.03×

- FY2021: 0.11×

- FY2022: 0.15×

- FY2023: 0.16×

- FY2024: 1,125.91×

- FY2025: 1,289.13×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: -627164.1 pp

- Typical gross margin (annual median): 47.1%

- Recent gross margin (lower of latest and 3-year median): 627211.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.4%

- FY2017: 23.5%

- FY2018: 18.2%

- FY2019: 8.7%

- FY2020: -1.4%

- FY2021: 7.7%

- FY2022: 9.9%

- FY2023: 13.4%

- FY2024: 15.3%

- FY2025: 11.3%

### economics: fail

- owner earnings cash conversion below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.33×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 165M

- Net income, five-year total: EUR 503M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 10953.3 pp

- Working capital / revenue, change between three-year averages: 74849.5 pp

- Working capital / revenue, final three-year average: 74879.8%

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

- FY2021: 0.12×

- FY2022: 0.46×

- FY2023: 0.60×

- FY2024: 0.31×

- FY2025: 0.12×

### 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: 18.2% vs 13.4%

- Per-share earnings: 0.75 to 1.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: EUR 4.9B

- Cumulative retained earnings: EUR -51M

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 15.2%

- Per-share value change: EUR 1.01

- Per-share value, starting three-year median: EUR 0.75

- Per-share value, ending three-year median: EUR 1.76

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 15M

- Cumulative net income, 10 years: EUR 661M

- ROIC, first three-year median: 18.2%

- ROIC, last three-year median: 13.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.75

- FY2018: EUR 0.75

- FY2019: EUR 0.77

- FY2020: EUR -0.49

- FY2021: EUR 0.78

- FY2022: EUR 1.19

- FY2023: EUR 1.69

- FY2024: EUR 1.76

- FY2025: EUR 1.99

### accounting: pass

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.80×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.9%

- FY2017: -7.7%

- FY2018: -3.9%

- FY2019: -6.3%

- FY2020: -6.5%

- FY2021: -13.3%

- FY2022: -10.2%

- FY2023: -6.8%

- FY2024: -4.0%

- FY2025: -5.3%

## Holders

## Price story

Down 33% since Feb 2025 · sales +0%

Story as of 2026-10-16T10:00:08.383Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +0%; source https://filings.xbrl.org/5493003CX2RZ0FOBH256/2025-12-31/ESEF/IT/0/5493003CX2RZ0FOBH256-2025-12-31-1-it/reports/5493003CX2RZ0FOBH256-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: EUR 457M 

- FY2017: EUR 506M 

- FY2018: EUR 554M 

- FY2019: EUR 609M 

- FY2020: EUR 544M 

- FY2021: EUR 712M 

- FY2022: EUR 920M 

- FY2023: EUR 1.1B 

- FY2024: EUR 188K 

- FY2025: EUR 188K 

### Gross margin · FY2023

gross margin 90.2%; source https://filings.xbrl.org/5493003CX2RZ0FOBH256/2025-12-31/ESEF/IT/0/5493003CX2RZ0FOBH256-2025-12-31-1-it/reports/5493003CX2RZ0FOBH256-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: 36.2% 

- FY2017: 37.2% 

- FY2018: 36.2% 

- FY2019: 47.8% 

- FY2020: 46.0% 

- FY2021: 46.5% 

- FY2022: 49.4% 

- FY2023: 90.2% 

## Owner memo

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

### How it makes money

Operates in luxury goods; annual sales are EUR 188000.

- Source: https://filings.xbrl.org/5493003CX2RZ0FOBH256/2025-12-31/ESEF/IT/0/5493003CX2RZ0FOBH256-2025-12-31-1-it.json (filed 2026-04-07); FY2025: revenue 188000; grossProfit 1288587000; margin = grossProfit / revenue.

### Why customers stay

It earns 12.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2023-12-31 (filed 2026-04-07); FY2023: grossProfit / revenue = 90.2%.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2024-12-31 (filed 2026-04-07); FY2024: grossProfit / revenue = 627211.2%.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2025-12-31 (filed 2026-04-07); FY2025: grossProfit / revenue = 685418.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.15384324610826194],[2017,0.23468399809744803],[2018,0.18196883443792825],[2019,0.08707417164000343],[2020,-0.01366594365151448],[2021,0.07708572565392457],[2022,0.09923830517491104],[2023,0.13360843416654017],[2024,0.15338027829694192],[2025,0.1131565935599212]]; median 0.12338251386323068. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back EUR 8 million of shares.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 29613000; owner earnings 14926000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 23743000; owner earnings 61998000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 27327000; owner earnings 42775000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 35997000; owner earnings 12461200. 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 53491000; owner earnings 6233400. Growth capex / owner earnings = 0.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/BC.MI (filed 2026-04-07); FY2022: growth capex 0; upkeep 62541000; cash acquisitions 0; owner earnings 37003600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 73533000; cash acquisitions 0; owner earnings 68350000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 99378000; cash acquisitions 3951000; owner earnings 37334200. Growth capex plus acquisitions / owner earnings = 0.10582790042374016.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 141686000; cash acquisitions 0; owner earnings 16523000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,8889000],[2017,10880000],[2018,18360000],[2019,20400000],[2020,1076000],[2021,0],[2022,32294000],[2023,53118000],[2024,66102000],[2025,68781000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/8BU.F.json#2025-12-31 (filed 2026-04-07); FY2025: cash repurchases 7973000 EUR.

### What the price says

The price is 10.4 times net assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 83.18000030517578 EUR; reporting-to-trading FX 1; FY2025 net assets per share 8.032560158104415; price multiple 10.355353544567194. FY2025 cash earnings/share 0.2430716667747688. Closing-price date 2026-10-14.

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

- 2016-11: EUR 17.95 per share

- 2016-12: EUR 20.34 per share

- 2017-01: EUR 20.92 per share

- 2017-02: EUR 19.43 per share

- 2017-03: EUR 22.34 per share

- 2017-04: EUR 24.04 per share

- 2017-05: EUR 22.96 per share

- 2017-06: EUR 23.02 per share

- 2017-07: EUR 24.80 per share

- 2017-08: EUR 25.20 per share

- 2017-09: EUR 26.24 per share

- 2017-10: EUR 28.82 per share

- 2017-11: EUR 26.60 per share

- 2017-12: EUR 27.01 per share

- 2018-01: EUR 27.00 per share

- 2018-02: EUR 25.80 per share

- 2018-03: EUR 25.50 per share

- 2018-04: EUR 27.60 per share

- 2018-05: EUR 34.25 per share

- 2018-06: EUR 38.25 per share

- 2018-07: EUR 35.50 per share

- 2018-08: EUR 37.95 per share

- 2018-09: EUR 33.55 per share

- 2018-10: EUR 30.25 per share

- 2018-11: EUR 29.85 per share

- 2018-12: EUR 30.05 per share

- 2019-01: EUR 31.55 per share

- 2019-02: EUR 34.25 per share

- 2019-03: EUR 30.65 per share

- 2019-04: EUR 32.36 per share

- 2019-05: EUR 28.16 per share

- 2019-06: EUR 29.66 per share

- 2019-07: EUR 28.64 per share

- 2019-08: EUR 28.24 per share

- 2019-09: EUR 28.58 per share

- 2019-10: EUR 28.08 per share

- 2019-11: EUR 33.62 per share

- 2019-12: EUR 31.56 per share

- 2020-01: EUR 32.82 per share

- 2020-02: EUR 30.00 per share

- 2020-03: EUR 27.68 per share

- 2020-04: EUR 29.38 per share

- 2020-05: EUR 29.26 per share

- 2020-06: EUR 26.44 per share

- 2020-07: EUR 24.64 per share

- 2020-08: EUR 26.44 per share

- 2020-09: EUR 26.04 per share

- 2020-10: EUR 25.76 per share

- 2020-11: EUR 32.88 per share

- 2020-12: EUR 35.70 per share

- 2021-01: EUR 33.04 per share

- 2021-02: EUR 34.12 per share

- 2021-03: EUR 36.66 per share

- 2021-04: EUR 42.36 per share

- 2021-05: EUR 51.55 per share

- 2021-06: EUR 49.32 per share

- 2021-07: EUR 52.30 per share

- 2021-08: EUR 49.90 per share

- 2021-09: EUR 47.54 per share

- 2021-10: EUR 52.40 per share

- 2021-11: EUR 55.90 per share

- 2021-12: EUR 60.70 per share

- 2022-01: EUR 51.15 per share

- 2022-02: EUR 50.30 per share

- 2022-03: EUR 53.10 per share

- 2022-04: EUR 49.26 per share

- 2022-05: EUR 46.62 per share

- 2022-06: EUR 42.98 per share

- 2022-07: EUR 56.45 per share

- 2022-08: EUR 51.80 per share

- 2022-09: EUR 50.05 per share

- 2022-10: EUR 58.65 per share

- 2022-11: EUR 62.90 per share

- 2022-12: EUR 69.10 per share

- 2023-01: EUR 76.25 per share

- 2023-02: EUR 79.70 per share

- 2023-03: EUR 91.45 per share

- 2023-04: EUR 86.70 per share

- 2023-05: EUR 80.70 per share

- 2023-06: EUR 80.60 per share

- 2023-07: EUR 76.95 per share

- 2023-08: EUR 76.40 per share

- 2023-09: EUR 72.05 per share

- 2023-10: EUR 75.85 per share

- 2023-11: EUR 76.00 per share

- 2023-12: EUR 88.60 per share

- 2024-01: EUR 92.30 per share

- 2024-02: EUR 111.00 per share

- 2024-03: EUR 106.00 per share

- 2024-04: EUR 96.10 per share

- 2024-05: EUR 92.45 per share

- 2024-06: EUR 93.50 per share

- 2024-07: EUR 86.35 per share

- 2024-08: EUR 88.75 per share

- 2024-09: EUR 96.75 per share

- 2024-10: EUR 90.80 per share

- 2024-11: EUR 93.75 per share

- 2024-12: EUR 105.40 per share

- 2025-01: EUR 124.60 per share

- 2025-02: EUR 125.00 per share

- 2025-03: EUR 105.60 per share

- 2025-04: EUR 99.12 per share

- 2025-05: EUR 108.45 per share

- 2025-06: EUR 103.20 per share

- 2025-07: EUR 98.52 per share

- 2025-08: EUR 98.82 per share

- 2025-09: EUR 93.00 per share

- 2025-10: EUR 87.74 per share

- 2025-11: EUR 91.66 per share

- 2025-12: EUR 98.42 per share

- 2026-01: EUR 80.60 per share

- 2026-02: EUR 82.34 per share

- 2026-03: EUR 74.58 per share

- 2026-04: EUR 82.76 per share

- 2026-05: EUR 82.48 per share

- 2026-06: EUR 82.60 per share

- 2026-07: EUR 87.92 per share

- 2026-08: EUR 87.82 per share

- 2026-09: EUR 81.22 per share

- 2026-10: EUR 83.70 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/5493003CX2RZ0FOBH256/2025-12-31/ESEF/IT/0/5493003CX2RZ0FOBH256-2025-12-31-1-it/reports/5493003CX2RZ0FOBH256-2025-12-31-1-it.html); 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.