# Diasorin (DIA.MI)

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

Analysis as of: 2026-10-16T07:37:55.628Z. 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 78.48 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.31×

- FY2017: 0.31×

- FY2018: 0.31×

- FY2019: 0.31×

- FY2020: 0.37×

- FY2021: 0.34×

- FY2022: 0.26×

- FY2023: 0.19×

- FY2024: 0.22×

- FY2025: 0.19×

### moat: pass

- ROIC, median of available years: 24.6%

- ROIC, second-lowest year: 11.1%

- Typical minus recent gross margin: 2.5 pp

- Typical gross margin (annual median): 67.2%

- Recent gross margin (lower of latest and 3-year median): 64.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 17.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.4%

- FY2017: 35.0%

- FY2018: 34.8%

- FY2019: 35.4%

- FY2020: 50.6%

- FY2021: 20.8%

- FY2022: 14.4%

- FY2023: 10.3%

- FY2024: 12.3%

- FY2025: 11.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.0B

- Net income, five-year total: EUR 1.1B

- Return on incremental invested capital: 35.9%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 1.4 pp

- Working capital / revenue, final three-year average: 36.2%

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

- FY2021: 0.95×

- FY2022: 1.11×

- FY2023: 1.06×

- FY2024: 0.97×

- FY2025: 0.87×

### management: fail

- 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: 34.8% vs 11.1%

- Per-share earnings: 2.89 to 2.94 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: EUR -463M

- Cumulative retained earnings: EUR -18M

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.2%

- Per-share value change: EUR 0.04

- Per-share value, starting three-year median: EUR 2.89

- Per-share value, ending three-year median: EUR 2.94

- Average buyback yield: 1.7%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.8B

- Cumulative net income, 10 years: EUR 1.9B

- ROIC, first three-year median: 34.8%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 2.52

- FY2018: EUR 2.89

- FY2019: EUR 3.21

- FY2020: EUR 4.53

- FY2021: EUR 5.68

- FY2022: EUR 4.15

- FY2023: EUR 2.87

- FY2024: EUR 3.49

- FY2025: EUR 2.94

### accounting: pass

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.20×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -2.9%

- FY2018: -5.7%

- FY2019: -5.4%

- FY2020: -4.5%

- FY2021: -2.8%

- FY2022: -4.4%

- FY2023: -4.7%

- FY2024: -5.2%

- FY2025: -6.5%

## Holders

## Price story

Down 60% since Oct 2021 · sales +0.8%

Story as of 2026-10-16T10:00:09.595Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +0.8%; source https://filings.xbrl.org/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it/reports/8156002878BDF0EE4348-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2016: EUR 569M 

- FY2017: EUR 637M 

- FY2018: EUR 669M 

- FY2019: EUR 706M 

- FY2020: EUR 881M 

- FY2021: EUR 1.2B 

- FY2022: EUR 1.4B 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.2B 

- FY2025: EUR 1.2B 

### Gross margin · FY2025

gross margin 64.7%; source https://filings.xbrl.org/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it/reports/8156002878BDF0EE4348-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2016: 68.4% 

- FY2017: 67.7% 

- FY2018: 68.1% 

- FY2019: 69.2% 

- FY2020: 68.4% 

- FY2021: 66.6% 

- FY2022: 66.2% 

- FY2023: 64.6% 

- FY2024: 65.9% 

- FY2025: 64.7% 

## Owner memo

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

### How it makes money

Operates in diagnostics & research; annual sales are EUR 1.2 billion.

- Source: https://filings.xbrl.org/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it.json (filed 2026-04-07); FY2025: revenue 1195055000; grossProfit 773474000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 64.6% to 65.9% during 2023–25; it earns 24.6% on its capital.

- Source: https://filings.xbrl.org/8156002878BDF0EE4348/2024-12-31/ESEF/IT/0/8156002878BDF0EE4348-2024-12-31-it.json (filed 2026-04-07); FY2023: grossProfit / revenue = 64.6%.

- Source: https://filings.xbrl.org/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it.json (filed 2026-04-07); FY2024: grossProfit / revenue = 65.9%.

- Source: https://filings.xbrl.org/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it.json (filed 2026-04-07); FY2025: grossProfit / revenue = 64.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on capital observations [[2016,0.283979626489503],[2017,0.34996187156890496],[2018,0.3481794126166016],[2019,0.35367039262676425],[2020,0.5063854152809731],[2021,0.20806005089357987],[2022,0.1435299894307526],[2023,0.10314915840165635],[2024,0.12272750998849313],[2025,0.11132774422656891]]; median 0.24601983869154143. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.6% of cash earnings on expansion; earns 35.9% on new investment.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2016-12-31 (filed 2026-04-07); FY2016: growth capex 0; upkeep 37426000; owner earnings 128171000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 33271000; owner earnings 134169000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 33245000; owner earnings 176634000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 0; upkeep 37429000; owner earnings 191424000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2020: growth capex 13791000; upkeep 61034000; owner earnings 240939000. Growth capex / owner earnings = 0.05723855415686128.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 21380000; upkeep 95993000; cash acquisitions 1500757000; owner earnings 295743600. Growth capex plus acquisitions / owner earnings = 5.146812982597088.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/DIA.MI (filed 2026-04-07); FY2022: growth capex 0; upkeep 113686000; cash acquisitions 0; owner earnings 266587600. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2023-12-31 (filed 2026-04-07); FY2023: growth capex 0; upkeep 113240000; cash acquisitions 0; owner earnings 169292000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 119716000; cash acquisitions 0; owner earnings 182086200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/34D.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 2092347.8523162603; upkeep 135588652.14768374; owner earnings 134834547.85231626. Growth capex / owner earnings = 0.015517891264841118.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Incremental return on capital 0.3590895511861031, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,35719000],[2017,43807000],[2018,46885000],[2019,49231000],[2020,52053000],[2021,54709000],[2022,57052000],[2023,58967000],[2024,61277000],[2025,63539000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 78.4800033569336 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 22.547923783676158; price multiple 3.480586687708699. FY2025 cash earnings/share 2.544016056483143. Closing-price date 2026-10-14.

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

- 2016-11: EUR 50.90 per share

- 2016-12: EUR 56.25 per share

- 2017-01: EUR 55.25 per share

- 2017-02: EUR 59.75 per share

- 2017-03: EUR 63.30 per share

- 2017-04: EUR 68.80 per share

- 2017-05: EUR 68.95 per share

- 2017-06: EUR 67.25 per share

- 2017-07: EUR 73.60 per share

- 2017-08: EUR 72.40 per share

- 2017-09: EUR 75.45 per share

- 2017-10: EUR 78.10 per share

- 2017-11: EUR 77.40 per share

- 2017-12: EUR 74.00 per share

- 2018-01: EUR 77.95 per share

- 2018-02: EUR 67.45 per share

- 2018-03: EUR 73.10 per share

- 2018-04: EUR 78.35 per share

- 2018-05: EUR 82.60 per share

- 2018-06: EUR 97.70 per share

- 2018-07: EUR 91.80 per share

- 2018-08: EUR 93.80 per share

- 2018-09: EUR 90.60 per share

- 2018-10: EUR 83.80 per share

- 2018-11: EUR 75.10 per share

- 2018-12: EUR 70.70 per share

- 2019-01: EUR 79.95 per share

- 2019-02: EUR 86.25 per share

- 2019-03: EUR 89.70 per share

- 2019-04: EUR 87.10 per share

- 2019-05: EUR 91.55 per share

- 2019-06: EUR 102.10 per share

- 2019-07: EUR 105.00 per share

- 2019-08: EUR 107.70 per share

- 2019-09: EUR 106.70 per share

- 2019-10: EUR 101.00 per share

- 2019-11: EUR 121.30 per share

- 2019-12: EUR 115.40 per share

- 2020-01: EUR 111.00 per share

- 2020-02: EUR 102.50 per share

- 2020-03: EUR 120.70 per share

- 2020-04: EUR 155.30 per share

- 2020-05: EUR 188.50 per share

- 2020-06: EUR 170.40 per share

- 2020-07: EUR 166.00 per share

- 2020-08: EUR 151.50 per share

- 2020-09: EUR 171.90 per share

- 2020-10: EUR 188.50 per share

- 2020-11: EUR 176.60 per share

- 2020-12: EUR 170.10 per share

- 2021-01: EUR 180.60 per share

- 2021-02: EUR 162.40 per share

- 2021-03: EUR 136.80 per share

- 2021-04: EUR 141.25 per share

- 2021-05: EUR 144.65 per share

- 2021-06: EUR 159.50 per share

- 2021-07: EUR 171.15 per share

- 2021-08: EUR 193.25 per share

- 2021-09: EUR 181.35 per share

- 2021-10: EUR 195.35 per share

- 2021-11: EUR 188.75 per share

- 2021-12: EUR 167.45 per share

- 2022-01: EUR 136.90 per share

- 2022-02: EUR 133.65 per share

- 2022-03: EUR 141.90 per share

- 2022-04: EUR 125.05 per share

- 2022-05: EUR 122.50 per share

- 2022-06: EUR 125.20 per share

- 2022-07: EUR 135.60 per share

- 2022-08: EUR 130.95 per share

- 2022-09: EUR 114.80 per share

- 2022-10: EUR 132.30 per share

- 2022-11: EUR 126.95 per share

- 2022-12: EUR 130.40 per share

- 2023-01: EUR 119.25 per share

- 2023-02: EUR 114.15 per share

- 2023-03: EUR 97.06 per share

- 2023-04: EUR 98.48 per share

- 2023-05: EUR 96.20 per share

- 2023-06: EUR 95.40 per share

- 2023-07: EUR 102.05 per share

- 2023-08: EUR 97.56 per share

- 2023-09: EUR 86.42 per share

- 2023-10: EUR 84.50 per share

- 2023-11: EUR 86.94 per share

- 2023-12: EUR 93.24 per share

- 2024-01: EUR 85.54 per share

- 2024-02: EUR 93.38 per share

- 2024-03: EUR 89.50 per share

- 2024-04: EUR 94.94 per share

- 2024-05: EUR 98.94 per share

- 2024-06: EUR 93.06 per share

- 2024-07: EUR 101.00 per share

- 2024-08: EUR 104.00 per share

- 2024-09: EUR 104.90 per share

- 2024-10: EUR 100.00 per share

- 2024-11: EUR 105.80 per share

- 2024-12: EUR 99.56 per share

- 2025-01: EUR 103.70 per share

- 2025-02: EUR 101.45 per share

- 2025-03: EUR 91.50 per share

- 2025-04: EUR 100.50 per share

- 2025-05: EUR 91.36 per share

- 2025-06: EUR 90.86 per share

- 2025-07: EUR 85.70 per share

- 2025-08: EUR 86.18 per share

- 2025-09: EUR 75.52 per share

- 2025-10: EUR 76.70 per share

- 2025-11: EUR 61.78 per share

- 2025-12: EUR 68.62 per share

- 2026-01: EUR 72.18 per share

- 2026-02: EUR 71.20 per share

- 2026-03: EUR 59.98 per share

- 2026-04: EUR 58.02 per share

- 2026-05: EUR 66.52 per share

- 2026-06: EUR 67.76 per share

- 2026-07: EUR 71.86 per share

- 2026-08: EUR 75.88 per share

- 2026-09: EUR 76.80 per share

- 2026-10: EUR 77.50 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/8156002878BDF0EE4348/2025-12-31/ESEF/IT/0/8156002878BDF0EE4348-2025-12-31-1-it/reports/8156002878BDF0EE4348-2025-12-31-1-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.