# Campari (CPR.MI)

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

Analysis as of: 2026-10-16T07:35:21.195Z. Financial observations: FY2016–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 6.42 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.21×

- FY2018: 0.22×

- FY2019: 0.22×

- FY2020: 0.13×

- FY2021: 0.18×

- FY2022: 0.19×

- FY2023: 0.21×

- FY2024: 0.15×

- FY2025: 0.20×

### moat: pass

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 12.5%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 59.0%

- Recent gross margin (lower of latest and 3-year median): 58.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.0%

- FY2017: 26.3%

- FY2018: 21.5%

- FY2019: 21.6%

- FY2020: 12.7%

- FY2021: 17.3%

- FY2022: 16.9%

- FY2023: 16.0%

- FY2024: 9.3%

- FY2025: 12.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 764M

- Net income, five-year total: EUR 1.5B

- Return on incremental invested capital: 10.6%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 6.4 pp

- Working capital / revenue, final three-year average: 43.0%

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

- FY2021: 0.94×

- FY2022: 0.69×

- FY2023: 0.54×

- FY2024: -0.46×

- FY2025: 0.52×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.5% vs 12.5%

- Per-share earnings: 0.27 to 0.28 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.4%

- Market cap gain: EUR -455M

- Cumulative retained earnings: EUR 2.1B

- Diluted shares, 5-year annual growth: 2.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.4%

- Per-share value change: EUR 0.01

- Per-share value, starting three-year median: EUR 0.27

- Per-share value, ending three-year median: EUR 0.28

- Buybacks concentrated in cheaper years (correlation): -0.31

- Average buyback yield: 0.9%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: EUR 2.8B

- ROIC, first three-year median: 21.5%

- ROIC, last three-year median: 12.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.31

- FY2018: EUR 0.26

- FY2019: EUR 0.27

- FY2020: EUR 0.17

- FY2021: EUR 0.25

- FY2022: EUR 0.29

- FY2023: EUR 0.29

- FY2024: EUR 0.16

- FY2025: EUR 0.28

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.90×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: 1.0%

- FY2018: -0.7%

- FY2019: -1.1%

- FY2020: -2.0%

- FY2021: -3.9%

- FY2022: -0.8%

- FY2023: 2.6%

- FY2024: -5.5%

- FY2025: -4.2%

## Holders

## Price story

Down 50% since Nov 2021 · sales -0.6%

Story as of 2026-10-16T10:00:04.586Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales -0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.7B 

- FY2017: EUR 1.8B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.8B 

- FY2020: EUR 1.8B 

- FY2021: EUR 2.2B 

- FY2022: EUR 2.7B 

- FY2023: EUR 2.9B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.1B 

### Gross margin · FY2025

gross margin 60.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 57.0% 

- FY2017: 59.2% 

- FY2018: 60.1% 

- FY2019: 60.9% 

- FY2020: 57.9% 

- FY2021: 59.7% 

- FY2022: 58.9% 

- FY2023: 58.3% 

- FY2024: 58.4% 

- FY2025: 60.3% 

## Owner memo

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

### How it makes money

Operates in beverages wineries & distilleries; annual sales are EUR 3.1 billion.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2025-12-31 (filed 2026-10-16T07:35:21.195Z); FY2025: revenue 3051100000; grossProfit 1840100000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 58.3% to 60.3% during 2023–25; it earns 16.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2023-12-31 (filed 2026-10-16T07:35:21.195Z); FY2023: grossProfit / revenue = 58.3%.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2024-12-31 (filed 2026-10-16T07:35:21.195Z); FY2024: grossProfit / revenue = 58.4%.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2025-12-31 (filed 2026-10-16T07:35:21.195Z); FY2025: grossProfit / revenue = 60.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:21.195Z); 10-year return on capital observations [[2016,0.1703605605062214],[2017,0.26307382457115075],[2018,0.21476785424026604],[2019,0.21614797773525934],[2020,0.12666791930046947],[2021,0.17340029368457097],[2022,0.16863701021595762],[2023,0.16025853944355023],[2024,0.09340775730354198],[2025,0.12544645922517306]]; median 0.1694987853610895. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 59% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:21.195Z); Gross margin observations: [[2021,0.5968610484650435],[2022,0.5888567615658363],[2023,0.5825053107654354]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 33.7 million of shares.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2016-12-31 (filed 2026-10-16T07:35:21.195Z); FY2016: growth capex 0; upkeep 63900000; owner earnings 155100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2017-12-31 (filed 2026-10-16T07:35:21.195Z); FY2017: growth capex 0; upkeep 85800000; owner earnings 225400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2018-12-31 (filed 2026-10-16T07:35:21.195Z); FY2018: growth capex 0; upkeep 82800000; owner earnings 267300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2019-12-31 (filed 2026-10-16T07:35:21.195Z); FY2019: growth capex 20200000; upkeep 71800000; owner earnings 288900000. Growth capex / owner earnings = 0.06992038767739703.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2020-12-31 (filed 2026-10-16T07:35:21.195Z); FY2020: growth capex 0; upkeep 69900000; owner earnings 179320000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2021-12-31 (filed 2026-10-16T07:35:21.195Z); FY2021: growth capex 41300000; upkeep 79700000; owner earnings 268020000. Growth capex / owner earnings = 0.15409297813596.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2022-12-31 (filed 2026-10-16T07:35:21.195Z); FY2022: growth capex 160203514.16396138; upkeep 178396485.83603862; cash acquisitions 431300000; owner earnings 229203514.16396138. Growth capex plus acquisitions / owner earnings = 2.580691296647519.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2023-12-31 (filed 2026-10-16T07:35:21.195Z); FY2023: growth capex 69553235.77174738; upkeep 245746764.22825262; cash acquisitions 3000000; owner earnings 179753235.77174738. Growth capex plus acquisitions / owner earnings = 0.40362686913673296.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2025-12-31 (filed 2026-10-16T07:35:21.195Z); FY2025: growth capex 0; upkeep 299300000; cash acquisitions 0; owner earnings 180980000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:21.195Z); Dividend observations: [[2016,52100000],[2017,52100000],[2018,57500000],[2019,57300000],[2020,62900000],[2021,61600000],[2022,67600000],[2023,67500000],[2024,78100000],[2025,78000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/58H.F.json#2025-12-31 (filed 2026-10-16T07:35:21.195Z); FY2025: cash repurchases 33700000 EUR.

### Are managers owners

Insiders own 50.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-09-29); 0ROY.LSE SharesStats.PercentInsiders = 50.663000000000004 percentage points; cache date 2026-09-29.

### What the price says

The price is 2.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:21.195Z); Closing price 6.420000076293945 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 2.4230472849867146; price multiple 2.6495562493033007. FY2025 cash earnings/share 0.14372622910979505. Closing-price date 2026-10-14.

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

- 2016-11: EUR 4.55 per share

- 2016-12: EUR 4.64 per share

- 2017-01: EUR 4.64 per share

- 2017-02: EUR 4.78 per share

- 2017-03: EUR 5.43 per share

- 2017-04: EUR 5.43 per share

- 2017-05: EUR 6.22 per share

- 2017-06: EUR 6.17 per share

- 2017-07: EUR 6.26 per share

- 2017-08: EUR 6.08 per share

- 2017-09: EUR 6.14 per share

- 2017-10: EUR 6.88 per share

- 2017-11: EUR 6.54 per share

- 2017-12: EUR 6.45 per share

- 2018-01: EUR 6.41 per share

- 2018-02: EUR 5.90 per share

- 2018-03: EUR 6.15 per share

- 2018-04: EUR 6.22 per share

- 2018-05: EUR 6.39 per share

- 2018-06: EUR 7.05 per share

- 2018-07: EUR 7.21 per share

- 2018-08: EUR 7.63 per share

- 2018-09: EUR 7.34 per share

- 2018-10: EUR 6.80 per share

- 2018-11: EUR 7.38 per share

- 2018-12: EUR 7.39 per share

- 2019-01: EUR 7.84 per share

- 2019-02: EUR 8.39 per share

- 2019-03: EUR 8.75 per share

- 2019-04: EUR 8.98 per share

- 2019-05: EUR 8.74 per share

- 2019-06: EUR 8.61 per share

- 2019-07: EUR 8.42 per share

- 2019-08: EUR 8.52 per share

- 2019-09: EUR 8.29 per share

- 2019-10: EUR 8.22 per share

- 2019-11: EUR 8.28 per share

- 2019-12: EUR 8.14 per share

- 2020-01: EUR 8.73 per share

- 2020-02: EUR 7.54 per share

- 2020-03: EUR 6.55 per share

- 2020-04: EUR 7.07 per share

- 2020-05: EUR 7.30 per share

- 2020-06: EUR 7.50 per share

- 2020-07: EUR 8.51 per share

- 2020-08: EUR 8.59 per share

- 2020-09: EUR 9.32 per share

- 2020-10: EUR 8.96 per share

- 2020-11: EUR 9.69 per share

- 2020-12: EUR 9.34 per share

- 2021-01: EUR 8.88 per share

- 2021-02: EUR 9.38 per share

- 2021-03: EUR 9.55 per share

- 2021-04: EUR 9.81 per share

- 2021-05: EUR 10.59 per share

- 2021-06: EUR 11.30 per share

- 2021-07: EUR 11.86 per share

- 2021-08: EUR 11.71 per share

- 2021-09: EUR 12.18 per share

- 2021-10: EUR 12.28 per share

- 2021-11: EUR 12.87 per share

- 2021-12: EUR 12.85 per share

- 2022-01: EUR 11.09 per share

- 2022-02: EUR 9.75 per share

- 2022-03: EUR 10.56 per share

- 2022-04: EUR 10.78 per share

- 2022-05: EUR 9.94 per share

- 2022-06: EUR 10.03 per share

- 2022-07: EUR 10.82 per share

- 2022-08: EUR 9.81 per share

- 2022-09: EUR 9.11 per share

- 2022-10: EUR 9.09 per share

- 2022-11: EUR 10.02 per share

- 2022-12: EUR 9.48 per share

- 2023-01: EUR 9.83 per share

- 2023-02: EUR 10.60 per share

- 2023-03: EUR 11.25 per share

- 2023-04: EUR 11.68 per share

- 2023-05: EUR 12.21 per share

- 2023-06: EUR 12.69 per share

- 2023-07: EUR 12.23 per share

- 2023-08: EUR 12.07 per share

- 2023-09: EUR 11.16 per share

- 2023-10: EUR 10.43 per share

- 2023-11: EUR 10.02 per share

- 2023-12: EUR 10.22 per share

- 2024-01: EUR 9.41 per share

- 2024-02: EUR 9.37 per share

- 2024-03: EUR 9.31 per share

- 2024-04: EUR 9.42 per share

- 2024-05: EUR 9.17 per share

- 2024-06: EUR 8.82 per share

- 2024-07: EUR 8.34 per share

- 2024-08: EUR 8.34 per share

- 2024-09: EUR 7.60 per share

- 2024-10: EUR 6.18 per share

- 2024-11: EUR 5.68 per share

- 2024-12: EUR 6.02 per share

- 2025-01: EUR 5.59 per share

- 2025-02: EUR 5.73 per share

- 2025-03: EUR 5.41 per share

- 2025-04: EUR 5.88 per share

- 2025-05: EUR 5.74 per share

- 2025-06: EUR 5.71 per share

- 2025-07: EUR 6.06 per share

- 2025-08: EUR 6.43 per share

- 2025-09: EUR 5.37 per share

- 2025-10: EUR 6.03 per share

- 2025-11: EUR 5.87 per share

- 2025-12: EUR 5.54 per share

- 2026-01: EUR 5.98 per share

- 2026-02: EUR 6.38 per share

- 2026-03: EUR 6.13 per share

- 2026-04: EUR 6.30 per share

- 2026-05: EUR 5.60 per share

- 2026-06: EUR 5.45 per share

- 2026-07: EUR 5.90 per share

- 2026-08: EUR 5.82 per share

- 2026-09: EUR 6.13 per share

- 2026-10: EUR 6.49 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

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.