# Buzzi (BZU.MI)

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

Analysis as of: 2026-10-16T07:36:32.351Z. Financial observations: FY2013–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 36.60 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: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.14×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.12×

- FY2023: 0.23×

- FY2024: 0.23×

- FY2025: 0.20×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.3%

- ROIC, second-lowest year: 7.9%

- Typical minus recent gross margin: -1.6 pp

- Typical gross margin (annual median): 62.9%

- Recent gross margin (lower of latest and 3-year median): 64.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 10.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.2%

- FY2017: 9.7%

- FY2018: 7.9%

- FY2019: 10.4%

- FY2020: 13.6%

- FY2021: 12.3%

- FY2022: 8.9%

- FY2023: 17.8%

- FY2024: 17.5%

- FY2025: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.94×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 3.6B

- Net income, five-year total: EUR 3.8B

- Return on incremental invested capital: 69.1%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.3 pp

- Working capital / revenue, final three-year average: 24.7%

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

- FY2021: 1.03×

- FY2022: 0.97×

- FY2023: 0.98×

- FY2024: 0.80×

- FY2025: 0.98×

### 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: 7.9% vs 17.5%

- Per-share earnings: 1.90 to 5.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: EUR 4.8B

- Cumulative retained earnings: EUR 4.5B

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.0%

- Per-share value change: EUR 3.24

- Per-share value, starting three-year median: EUR 1.90

- Per-share value, ending three-year median: EUR 5.14

- Buybacks concentrated in cheaper years (correlation): 0.10

- Average buyback yield: 2.0%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 299M

- Cumulative net income, 10 years: EUR 5.7B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 17.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.90

- FY2018: EUR 1.92

- FY2019: EUR 1.87

- FY2020: EUR 2.73

- FY2021: EUR 2.82

- FY2022: EUR 2.46

- FY2023: EUR 5.22

- FY2024: EUR 5.14

- FY2025: EUR 5.09

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 0.93×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: 0.4%

- FY2018: 0.9%

- FY2019: -3.0%

- FY2020: -0.4%

- FY2021: -0.7%

- FY2022: 0.9%

- FY2023: 1.9%

- FY2024: 0.1%

- FY2025: 0.1%

## Holders

## Price story

Down 31% since Nov 2025 · sales +4.8%

Story as of 2026-10-16T10:00:07.667Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +4.8%; source https://filings.xbrl.org/5299003DX5YLKSVJ6K59/2024-12-31/ESEF/IT/0/5299003DX5YLKSVJ6K59-2024-12-31-it/reports/5299003DX5YLKSVJ6K59-2024-12-31-it.xhtml; observed 2025-09-24.

- FY2016: EUR 2.7B 

- FY2017: EUR 2.8B 

- FY2018: EUR 2.9B 

- FY2019: EUR 3.2B 

- FY2020: EUR 3.2B 

- FY2021: EUR 3.4B 

- FY2022: EUR 4.0B 

- FY2023: EUR 4.3B 

- FY2024: EUR 4.3B 

- FY2025: EUR 4.5B 

### Gross margin · FY2025

gross margin 64.6%; source https://filings.xbrl.org/5299003DX5YLKSVJ6K59/2024-12-31/ESEF/IT/0/5299003DX5YLKSVJ6K59-2024-12-31-it/reports/5299003DX5YLKSVJ6K59-2024-12-31-it.xhtml; observed 2025-09-24.

- FY2016: 62.5% 

- FY2017: 62.5% 

- FY2018: 62.5% 

- FY2019: 63.3% 

- FY2020: 63.6% 

- FY2021: 60.7% 

- FY2022: 59.2% 

- FY2023: 63.6% 

- FY2024: 65.4% 

- FY2025: 64.6% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are EUR 4.5 billion.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2025-12-31 (filed 2025-09-24); FY2025: revenue 4518779000; grossProfit 2917192000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 63.6% to 65.4% during 2023–25; it earns 11.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2023-12-31 (filed 2025-09-24); FY2023: grossProfit / revenue = 63.6%.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2024-12-31 (filed 2025-09-24); FY2024: grossProfit / revenue = 65.4%.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2025-12-31 (filed 2025-09-24); FY2025: grossProfit / revenue = 64.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); 10-year return on capital observations [[2016,0.07164383246709527],[2017,0.09746037119350043],[2018,0.07944551337399323],[2019,0.10351978628482007],[2020,0.13553278382519696],[2021,0.12346743211387444],[2022,0.08859053596314932],[2023,0.17824857430269972],[2024,0.17531256527416064],[2025,0.1377097849778906]]; median 0.11349360919934726. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 19% of cash earnings; earns 69.1% on new investment.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2016-12-31 (filed 2025-09-24); FY2016: growth capex 0; upkeep 235971000; owner earnings 68168000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2017-12-31 (filed 2025-09-24); FY2017: growth capex 0; upkeep 178989000; owner earnings 191857000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2018-12-31 (filed 2025-09-24); FY2018: growth capex 0; upkeep 211747000; owner earnings 119871000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2019-12-31 (filed 2025-09-24); FY2019: growth capex 0; upkeep 250017000; owner earnings 376081600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2020: growth capex 0; upkeep 228139000; owner earnings 571818600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2021: growth capex 0; upkeep 214447000; owner earnings 560851000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2022-12-31 (filed 2025-09-24); FY2022: growth capex 7486000; upkeep 259252000; cash acquisitions 0; owner earnings 443107600. Growth capex plus acquisitions / owner earnings = 0.016894316414342702.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2023-12-31 (filed 2025-09-24); FY2023: growth capex 55467000; upkeep 248237000; cash acquisitions 0; owner earnings 951299400. Growth capex plus acquisitions / owner earnings = 0.05830656468405215.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2024-12-31 (filed 2025-09-24); FY2024: growth capex 0; upkeep 448413000; cash acquisitions 97512000; owner earnings 750881600. Growth capex plus acquisitions / owner earnings = 0.1298633499608993.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2025-12-31 (filed 2025-09-24); FY2025: growth capex 94511000; upkeep 330444000; cash acquisitions 77102000; owner earnings 903119000. Growth capex plus acquisitions / owner earnings = 0.19002257731262437.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Incremental return on capital 0.6907980328044573, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Dividend observations: [[2016,15415000],[2017,20553000],[2018,28135000],[2019,26559000],[2020,31802000],[2021,191880000],[2022,73351000],[2023,83309000],[2024,110961000],[2025,126717000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/UCM.F.json#2025-12-31 (filed 2025-09-24); FY2025: cash repurchases 2723000 EUR.

### What could break it

Sanctions restrict its business in Russia.

- Source: https://filings.xbrl.org/5299003DX5YLKSVJ6K59/2024-12-31/ESEF/IT/0/5299003DX5YLKSVJ6K59-2024-12-31-it/reports/5299003DX5YLKSVJ6K59-2024-12-31-it.xhtml (filed 2025-09-24); 
In ottemperanza alle sanz

econdaria per la determinazione dei fondi, permettendo una conoscenza delle operazioni gestionali

più diretta e completa e valutazioni più accurate in fase di accantonamento.

Dal 2024 il sistema di risk management ha recepito la EU Corporate Sustainability Reporting Directive

(CSRD) ed i correlati principi di rendicontazione (European Sustainability Reporting Standards - ESRS).

In generale i rischi riflettono l'instabilità dell’attuale quadro politico, economico e finanziario.

In ottemperanza alle sanzioni adottate dalle istituzioni europee nei confronti della Russia, già dal mese

di maggio 2022 Buzzi ha interrotto ogni coinvolgimento nelle attività operative delle società ivi

controllate. In questo contesto il gruppo, e in particolare la controllata Dyckerhoff, monitorano

l’evoluzione, al fine di agire tempestivamente per mitigare i rischi di procedure sanzionatorie e i possibili

impatti diretti e indiretti. Il rischio paese Russia permane elevato, e con esso quello relativo alle nostre

partecipazioni che operano direttamente in quel territorio.

I rischi sono rilevati con riferimento a un orizzonte temporale di breve - medio e di lungo termine. Le

principali categorie di rischi a breve - medio termine a cui il gruppo è esposto sono: rischi geopolitici e

socio-economici, rischi valutari e rischi operativi.

Rischi geopolitici e socio-economici: per le nostre societ

evanti, in relazione a

temi di sostenibilità, per l’azienda e la sua catena del valore. Il processo è stato sviluppato come segue:

1. Raccolta di rischi e opportunità con il sistema ERM (Enterprise Risk Management)

Il sistema di gestione dei rischi ERM è stato implementato per rendere tale strumento adatto

alla raccolta e all’identificazione di rischi e opportunità a breve, medio e lungo termine

relativamente a questioni di sostenibilità. Nel processo sono stati coinvolti i manager di varie

direzioni, molti dei quali già coinvolti nel processo di identificazione degli impatti dell’azienda.

2. Individuazione di rischi e opportunità relativi a temi di sostenibilità

A partire dall’intera lista di rischi e opportunità identificati, la Direzione Sostenibilità ha

individuato quali fossero relativi a temi di sostenibilità, associandoli a temi e sottotemi ESRS.

3. Raggruppamento di rischi e opportunità in cluster

Rischi e opportunità identificati in diverse aree del gruppo sono stati raggruppati in cluster sulla

base della tipologia, attraverso un’attività congiunta della Direzione Sostenibilità e della

funzione Internal Audit.

4. Valutazione della rilevanza

I rischi a breve-medio termine sono stati valutati in modo quantitativo, perciò l’effetto finanziario

identificato, moltiplicato per la probabilità di accadimento, è stato confrontato con la soglia

individuata risp

 e gli organi di amministrazione, direzione e

controllo, tramite il

### What the price says

The price is 1.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Closing price 36.599998474121094 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 24.960101930132755; price multiple 1.4663401045624829. FY2025 cash earnings/share 4.988502932991316. Closing-price date 2026-10-14.

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

- 2016-11: EUR 20.05 per share

- 2016-12: EUR 22.51 per share

- 2017-01: EUR 22.80 per share

- 2017-02: EUR 23.38 per share

- 2017-03: EUR 24.00 per share

- 2017-04: EUR 23.60 per share

- 2017-05: EUR 23.11 per share

- 2017-06: EUR 21.79 per share

- 2017-07: EUR 21.40 per share

- 2017-08: EUR 20.56 per share

- 2017-09: EUR 22.84 per share

- 2017-10: EUR 23.93 per share

- 2017-11: EUR 22.35 per share

- 2017-12: EUR 22.50 per share

- 2018-01: EUR 23.65 per share

- 2018-02: EUR 20.30 per share

- 2018-03: EUR 19.01 per share

- 2018-04: EUR 20.96 per share

- 2018-05: EUR 20.66 per share

- 2018-06: EUR 20.99 per share

- 2018-07: EUR 18.85 per share

- 2018-08: EUR 17.32 per share

- 2018-09: EUR 17.88 per share

- 2018-10: EUR 16.98 per share

- 2018-11: EUR 16.67 per share

- 2018-12: EUR 15.02 per share

- 2019-01: EUR 16.67 per share

- 2019-02: EUR 17.20 per share

- 2019-03: EUR 18.24 per share

- 2019-04: EUR 19.83 per share

- 2019-05: EUR 17.53 per share

- 2019-06: EUR 17.84 per share

- 2019-07: EUR 18.40 per share

- 2019-08: EUR 19.08 per share

- 2019-09: EUR 21.04 per share

- 2019-10: EUR 21.64 per share

- 2019-11: EUR 22.48 per share

- 2019-12: EUR 22.45 per share

- 2020-01: EUR 21.10 per share

- 2020-02: EUR 19.76 per share

- 2020-03: EUR 16.67 per share

- 2020-04: EUR 17.89 per share

- 2020-05: EUR 17.89 per share

- 2020-06: EUR 19.17 per share

- 2020-07: EUR 19.22 per share

- 2020-08: EUR 20.52 per share

- 2020-09: EUR 19.89 per share

- 2020-10: EUR 18.58 per share

- 2020-11: EUR 20.41 per share

- 2020-12: EUR 19.50 per share

- 2021-01: EUR 20.33 per share

- 2021-02: EUR 20.95 per share

- 2021-03: EUR 22.17 per share

- 2021-04: EUR 22.21 per share

- 2021-05: EUR 23.49 per share

- 2021-06: EUR 22.37 per share

- 2021-07: EUR 22.30 per share

- 2021-08: EUR 22.48 per share

- 2021-09: EUR 19.75 per share

- 2021-10: EUR 20.17 per share

- 2021-11: EUR 18.52 per share

- 2021-12: EUR 18.98 per share

- 2022-01: EUR 18.41 per share

- 2022-02: EUR 17.10 per share

- 2022-03: EUR 16.85 per share

- 2022-04: EUR 17.75 per share

- 2022-05: EUR 18.15 per share

- 2022-06: EUR 15.61 per share

- 2022-07: EUR 17.80 per share

- 2022-08: EUR 16.73 per share

- 2022-09: EUR 14.59 per share

- 2022-10: EUR 16.80 per share

- 2022-11: EUR 18.39 per share

- 2022-12: EUR 18.00 per share

- 2023-01: EUR 20.64 per share

- 2023-02: EUR 21.75 per share

- 2023-03: EUR 22.36 per share

- 2023-04: EUR 22.52 per share

- 2023-05: EUR 21.36 per share

- 2023-06: EUR 22.94 per share

- 2023-07: EUR 25.84 per share

- 2023-08: EUR 27.62 per share

- 2023-09: EUR 25.92 per share

- 2023-10: EUR 25.00 per share

- 2023-11: EUR 26.80 per share

- 2023-12: EUR 27.54 per share

- 2024-01: EUR 31.52 per share

- 2024-02: EUR 31.24 per share

- 2024-03: EUR 36.40 per share

- 2024-04: EUR 33.86 per share

- 2024-05: EUR 38.78 per share

- 2024-06: EUR 37.58 per share

- 2024-07: EUR 36.26 per share

- 2024-08: EUR 35.44 per share

- 2024-09: EUR 35.80 per share

- 2024-10: EUR 35.98 per share

- 2024-11: EUR 40.10 per share

- 2024-12: EUR 35.58 per share

- 2025-01: EUR 39.62 per share

- 2025-02: EUR 43.56 per share

- 2025-03: EUR 44.22 per share

- 2025-04: EUR 46.12 per share

- 2025-05: EUR 45.22 per share

- 2025-06: EUR 47.06 per share

- 2025-07: EUR 45.72 per share

- 2025-08: EUR 43.38 per share

- 2025-09: EUR 46.76 per share

- 2025-10: EUR 52.15 per share

- 2025-11: EUR 53.10 per share

- 2025-12: EUR 52.00 per share

- 2026-01: EUR 47.92 per share

- 2026-02: EUR 48.98 per share

- 2026-03: EUR 43.08 per share

- 2026-04: EUR 46.52 per share

- 2026-05: EUR 46.50 per share

- 2026-06: EUR 44.79 per share

- 2026-07: EUR 41.11 per share

- 2026-08: EUR 41.06 per share

- 2026-09: EUR 37.53 per share

- 2026-10: EUR 36.63 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/5299003DX5YLKSVJ6K59/2024-12-31/ESEF/IT/0/5299003DX5YLKSVJ6K59-2024-12-31-it/reports/5299003DX5YLKSVJ6K59-2024-12-31-it.xhtml); period 2024-12-31, filed 2025-09-24.

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.