# De'Longhi (DLG.MI)

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

Analysis as of: 2026-10-16T07:28:02.749Z. Financial observations: FY2015–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 41.08 per share; close as of 2026-10-14.

Estimated value: low EUR 30.56 per share, central EUR 33.91 per share, high EUR 38.37 per share. Buy at or below the central value EUR 33.91 per share. Valuation as of 2026-10-16T07:28:02.749Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IT 10-year bond 4.5% + 4 points).

## 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: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.12×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.12×

- FY2022: 0.08×

- FY2023: 0.11×

- FY2024: 0.13×

- FY2025: 0.12×

- LTM to Jun 2026: 0.13×

### moat: pass

- ROIC, median of available years: 31.3%

- ROIC, second-lowest year: 20.4%

- Typical minus recent gross margin: -26.5 pp

- Typical gross margin (annual median): 31.5%

- Recent gross margin (lower of latest and 3-year median): 58.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 17.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.4%

- FY2017: 31.7%

- FY2018: 28.6%

- FY2019: 20.4%

- FY2020: 31.3%

- FY2021: 36.3%

- FY2022: 18.6%

- FY2023: 24.7%

- FY2024: 32.3%

- FY2025: 38.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.3B

- Net income, five-year total: EUR 1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.5 pp

- Working capital / revenue, change between three-year averages: -18.1 pp

- Working capital / revenue, final three-year average: 2.4%

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

- FY2021: 0.97×

- FY2022: 0.63×

- FY2023: 0.97×

- FY2024: 0.97×

- FY2025: 1.07×

### 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: 31.4% vs 32.3%

- Per-share earnings: 1.19 to 2.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: EUR 1.7B

- Cumulative retained earnings: EUR 929M

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.5%

- Per-share value change: EUR 0.86

- Per-share value, starting three-year median: EUR 1.19

- Per-share value, ending three-year median: EUR 2.05

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 0.4%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 873M

- Cumulative net income, 10 years: EUR 2.3B

- ROIC, first three-year median: 31.4%

- ROIC, last three-year median: 32.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.19

- FY2018: EUR 1.24

- FY2019: EUR 1.08

- FY2020: EUR 1.34

- FY2021: EUR 2.07

- FY2022: EUR 1.16

- FY2023: EUR 1.67

- FY2024: EUR 2.05

- FY2025: EUR 2.12

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.72×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.60×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.4%

- FY2017: -1.2%

- FY2018: -0.2%

- FY2019: -4.0%

- FY2020: -9.3%

- FY2021: -4.9%

- FY2022: 0.7%

- FY2023: -8.8%

- FY2024: -4.1%

- FY2025: -5.5%

## Holders

## Price story

Price needs cash profits to grow 3.8% a year for ten years · sales +3.7%

Story as of 2026-10-16T09:58:38.675Z; price observation 2026-10-14.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2025–2026

sales +3.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 2.0B 

- FY2018: EUR 2.1B 

- FY2019: EUR 2.1B 

- FY2020: EUR 2.3B 

- FY2021: EUR 3.2B 

- FY2022: EUR 3.2B 

- FY2023: EUR 3.0B 

- FY2024: EUR 3.4B 

- FY2025: EUR 3.7B 

- FY2026: EUR 3.9B 

### Gross margin · FY2025

gross margin 58.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.0% 

- FY2017: 31.1% 

- FY2018: 30.8% 

- FY2019: 38.5% 

- FY2020: 30.9% 

- FY2021: 30.4% 

- FY2022: 25.5% 

- FY2023: 55.6% 

- FY2024: 58.1% 

- FY2025: 58.9% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are EUR 3.7 billion.

- Source: https://filings.xbrl.org/8156000E09A52C4F8A38/2025-12-31/ESEF/IT/1/8156000E09A52C4F8A38-2025-12-31-1-it.json (filed 2026-10-16T07:28:02.749Z); FY2025: revenue 3744642000; grossProfit 2206504000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 55.6% to 58.9% during 2023–25; it earns 31.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2023-12-31 (filed 2026-10-16T07:28:02.749Z); FY2023: grossProfit / revenue = 55.6%.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2024-12-31 (filed 2026-10-16T07:28:02.749Z); FY2024: grossProfit / revenue = 58.1%.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2025-12-31 (filed 2026-10-16T07:28:02.749Z); FY2025: grossProfit / revenue = 58.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:02.749Z); 10-year return on capital observations [[2016,0.3136197088043514],[2017,0.3165712158297381],[2018,0.2863672548253567],[2019,0.20404121920173618],[2020,0.3127447557768369],[2021,0.36290297389059023],[2022,0.18586545699986068],[2023,0.24707017417886942],[2024,0.32278052128397294],[2025,0.3836712956585822]]; median 0.31318223229059416. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 60.6 million of shares.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2016-12-31 (filed 2026-10-16T07:28:02.749Z); FY2016: growth capex 0; upkeep 55369000; owner earnings 164995000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2017-12-31 (filed 2026-10-16T07:28:02.749Z); FY2017: growth capex 0; upkeep 85065000; owner earnings 118907000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2018-12-31 (filed 2026-10-16T07:28:02.749Z); FY2018: growth capex 0; upkeep 50312000; owner earnings 138309000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2019-12-31 (filed 2026-10-16T07:28:02.749Z); FY2019: growth capex 0; upkeep 50552000; owner earnings 173850800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2020-12-31 (filed 2026-10-16T07:28:02.749Z); FY2020: growth capex 0; upkeep 66609000; owner earnings 201281800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2021-12-31 (filed 2026-10-16T07:28:02.749Z); FY2021: growth capex 0; upkeep 88373000; owner earnings 301150800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2022-12-31 (filed 2026-10-16T07:28:02.749Z); FY2022: growth capex 0; upkeep 156200000; cash acquisitions 0; owner earnings 110901200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2023-12-31 (filed 2026-10-16T07:28:02.749Z); FY2023: growth capex 0; upkeep 95302000; cash acquisitions 0; owner earnings 243541400. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2024-12-31 (filed 2026-10-16T07:28:02.749Z); FY2024: growth capex 0; upkeep 103478000; cash acquisitions 302250000; owner earnings 302798800. Growth capex plus acquisitions / owner earnings = 0.9981875753800874.

- Source: https://eodhd.com/api/fundamentals/DLN.F.json#2025-12-31 (filed 2026-10-16T07:28:02.749Z); FY2025: growth capex 0; upkeep 89155000; cash acquisitions 0; owner earnings 339341000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:02.749Z); Dividend observations: [[2016,65780000],[2017,119600000],[2018,149500000],[2019,55315000],[2020,80477000],[2021,80671000],[2022,124500000],[2023,72429000],[2024,101017000],[2025,186482000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/8156000E09A52C4F8A38/2025-12-31/ESEF/IT/1/8156000E09A52C4F8A38-2025-12-31-1-it.json (filed 2026-10-16T07:28:02.749Z); FY2025: cash repurchases 60586000 EUR.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:28:02.749Z); Ten-year compound average after fade. Initial solved rate 0.04118338319919779. Price 41.08000183105469; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

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

- 2016-11: EUR 20.98 per share

- 2016-12: EUR 22.58 per share

- 2017-01: EUR 23.07 per share

- 2017-02: EUR 24.50 per share

- 2017-03: EUR 27.26 per share

- 2017-04: EUR 28.00 per share

- 2017-05: EUR 29.62 per share

- 2017-06: EUR 27.44 per share

- 2017-07: EUR 27.78 per share

- 2017-08: EUR 25.28 per share

- 2017-09: EUR 27.24 per share

- 2017-10: EUR 28.15 per share

- 2017-11: EUR 24.68 per share

- 2017-12: EUR 25.23 per share

- 2018-01: EUR 27.10 per share

- 2018-02: EUR 23.18 per share

- 2018-03: EUR 24.12 per share

- 2018-04: EUR 24.80 per share

- 2018-05: EUR 24.22 per share

- 2018-06: EUR 24.28 per share

- 2018-07: EUR 25.16 per share

- 2018-08: EUR 28.16 per share

- 2018-09: EUR 27.06 per share

- 2018-10: EUR 23.40 per share

- 2018-11: EUR 24.00 per share

- 2018-12: EUR 22.10 per share

- 2019-01: EUR 21.80 per share

- 2019-02: EUR 23.10 per share

- 2019-03: EUR 24.06 per share

- 2019-04: EUR 22.84 per share

- 2019-05: EUR 17.66 per share

- 2019-06: EUR 17.78 per share

- 2019-07: EUR 18.18 per share

- 2019-08: EUR 17.66 per share

- 2019-09: EUR 17.30 per share

- 2019-10: EUR 16.50 per share

- 2019-11: EUR 19.35 per share

- 2019-12: EUR 18.85 per share

- 2020-01: EUR 17.02 per share

- 2020-02: EUR 15.60 per share

- 2020-03: EUR 15.24 per share

- 2020-04: EUR 16.49 per share

- 2020-05: EUR 19.26 per share

- 2020-06: EUR 23.32 per share

- 2020-07: EUR 26.56 per share

- 2020-08: EUR 27.80 per share

- 2020-09: EUR 29.20 per share

- 2020-10: EUR 27.46 per share

- 2020-11: EUR 29.26 per share

- 2020-12: EUR 25.78 per share

- 2021-01: EUR 29.62 per share

- 2021-02: EUR 30.62 per share

- 2021-03: EUR 34.44 per share

- 2021-04: EUR 36.38 per share

- 2021-05: EUR 36.54 per share

- 2021-06: EUR 36.74 per share

- 2021-07: EUR 37.30 per share

- 2021-08: EUR 38.30 per share

- 2021-09: EUR 31.08 per share

- 2021-10: EUR 33.80 per share

- 2021-11: EUR 29.58 per share

- 2021-12: EUR 31.52 per share

- 2022-01: EUR 30.40 per share

- 2022-02: EUR 28.46 per share

- 2022-03: EUR 24.74 per share

- 2022-04: EUR 23.24 per share

- 2022-05: EUR 22.58 per share

- 2022-06: EUR 17.74 per share

- 2022-07: EUR 18.50 per share

- 2022-08: EUR 17.47 per share

- 2022-09: EUR 15.07 per share

- 2022-10: EUR 17.47 per share

- 2022-11: EUR 21.34 per share

- 2022-12: EUR 20.98 per share

- 2023-01: EUR 21.16 per share

- 2023-02: EUR 23.60 per share

- 2023-03: EUR 21.06 per share

- 2023-04: EUR 21.06 per share

- 2023-05: EUR 18.27 per share

- 2023-06: EUR 20.02 per share

- 2023-07: EUR 23.10 per share

- 2023-08: EUR 24.42 per share

- 2023-09: EUR 20.62 per share

- 2023-10: EUR 21.12 per share

- 2023-11: EUR 28.32 per share

- 2023-12: EUR 30.52 per share

- 2024-01: EUR 30.10 per share

- 2024-02: EUR 28.46 per share

- 2024-03: EUR 32.06 per share

- 2024-04: EUR 30.86 per share

- 2024-05: EUR 32.22 per share

- 2024-06: EUR 29.20 per share

- 2024-07: EUR 29.14 per share

- 2024-08: EUR 28.88 per share

- 2024-09: EUR 27.62 per share

- 2024-10: EUR 28.76 per share

- 2024-11: EUR 28.38 per share

- 2024-12: EUR 30.12 per share

- 2025-01: EUR 34.08 per share

- 2025-02: EUR 33.68 per share

- 2025-03: EUR 30.46 per share

- 2025-04: EUR 27.20 per share

- 2025-05: EUR 28.82 per share

- 2025-06: EUR 28.50 per share

- 2025-07: EUR 28.86 per share

- 2025-08: EUR 29.94 per share

- 2025-09: EUR 30.78 per share

- 2025-10: EUR 31.62 per share

- 2025-11: EUR 36.62 per share

- 2025-12: EUR 36.50 per share

- 2026-01: EUR 37.20 per share

- 2026-02: EUR 38.98 per share

- 2026-03: EUR 29.98 per share

- 2026-04: EUR 33.04 per share

- 2026-05: EUR 35.68 per share

- 2026-06: EUR 37.14 per share

- 2026-07: EUR 40.48 per share

- 2026-08: EUR 42.32 per share

- 2026-09: EUR 40.32 per share

- 2026-10: EUR 41.84 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 17.98 per share, central EUR 19.73 per share, high EUR 22.07 per share

- FY2020: low EUR 19.88 per share, central EUR 21.84 per share, high EUR 24.44 per share

- FY2021: low EUR 27.78 per share, central EUR 30.46 per share, high EUR 34.03 per share

- FY2022: low EUR 25.63 per share, central EUR 28.21 per share, high EUR 31.64 per share

- FY2023: low EUR 26.27 per share, central EUR 28.80 per share, high EUR 32.16 per share

- FY2024: low EUR 27.63 per share, central EUR 30.57 per share, high EUR 34.48 per share

- FY2025: low EUR 30.23 per share, central EUR 33.55 per share, high EUR 37.96 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

Prior published observations retained from 2026-10-15T06:33:43.894Z where newer inputs omit a numeric field or fiscal period.

## 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.