# Fincantieri (FCT.MI)

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

Analysis as of: 2026-10-16T07:37:30.604Z. Financial observations: FY2019–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 12.27 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 4

- Operating margin variation: 1.19×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.01×

- FY2020: -0.01×

- FY2021: 0.04×

- FY2022: -0.01×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 14.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.1%

- ROIC, second-lowest year: -1.1%

- Typical minus recent gross margin: 14.3 pp

- Typical gross margin (annual median): 20.7%

- Recent gross margin (lower of latest and 3-year median): 6.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: -1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 2.3%

- FY2020: -1.1%

- FY2021: 6.0%

- FY2022: -2.3%

- FY2023: 5.6%

- FY2024: 11.7%

- FY2025: 3.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -184M

- Net income, five-year total: EUR -184M

- Return on incremental invested capital: 15.6%

- Working capital / revenue, annual change: -2.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 22M

- FY2022: EUR -309M

- FY2023: EUR -55M

- FY2024: EUR 36M

- FY2025: EUR 123M

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.3% vs 5.6%

- Per-share earnings: -0.83 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 13.7%

- Diluted shares, 5-year annual growth: 13.7%

- Per-share value change: EUR 0.97

- Per-share value, starting three-year median: EUR -0.83

- Per-share value, ending three-year median: EUR 0.14

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

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 5.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR -0.83

- FY2020: EUR -1.41

- FY2021: EUR 0.13

- FY2022: EUR -1.80

- FY2023: EUR -0.31

- FY2024: EUR 0.14

- FY2025: EUR 0.38

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -4.6%

- Receivables to sales index (DSRI): 4.04×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.85×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.05×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -2.3%

- FY2020: 3.5%

- FY2021: -9.3%

- FY2022: -2.9%

- FY2023: -7.9%

- FY2024: -4.3%

- FY2025: -4.6%

## Holders

## Price story

Down 45% since Sep 2025 · sales +12.2%

Story as of 2026-10-16T10:00:09.157Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +12.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: EUR 5.8B 

- FY2020: EUR 5.8B 

- FY2021: EUR 6.8B 

- FY2022: EUR 7.3B 

- FY2023: EUR 7.4B 

- FY2024: EUR 8.0B 

- FY2025: EUR 8.9B 

### Gross margin · FY2025

gross margin 6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 21.7% 

- FY2020: 18.2% 

- FY2021: 21.9% 

- FY2022: 18.2% 

- FY2023: 20.7% 

- FY2024: 21.3% 

- FY2025: 6.5% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are EUR 8.9 billion.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2025-12-31 (filed 2026-10-16T07:37:30.604Z); FY2025: revenue 8919859000; grossProfit 577712542; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 6.5% to 21.3% during 2023–25; it earns 3.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2023-12-31 (filed 2026-10-16T07:37:30.604Z); FY2023: grossProfit / revenue = 20.7%.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2024-12-31 (filed 2026-10-16T07:37:30.604Z); FY2024: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2025-12-31 (filed 2026-10-16T07:37:30.604Z); FY2025: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.604Z); 7-year return on capital observations [[2019,0.022580869060252126],[2020,-0.010808553793646335],[2021,0.0595510174041405],[2022,-0.022807596952910812],[2023,0.05561870974473777],[2024,0.11679967946879155],[2025,0.03149336037018082]]; median 0.03149336037018082. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 15.6% on new investment; paid dividends in 3 of 7 years.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2021-12-31 (filed 2026-10-16T07:37:30.604Z); FY2021: growth capex 152490000; upkeep 205312000; owner earnings 21778000. Growth capex / owner earnings = 7.0020203875470655.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2024-12-31 (filed 2026-10-16T07:37:30.604Z); FY2024: growth capex 0; upkeep 263925000; cash acquisitions 48470000; owner earnings 35712000. Growth capex plus acquisitions / owner earnings = 1.3572468637992832.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2025-12-31 (filed 2026-10-16T07:37:30.604Z); FY2025: growth capex 85497000; upkeep 307160000; cash acquisitions 448079000; owner earnings 122999000. Growth capex plus acquisitions / owner earnings = 4.338051528874218.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.604Z); Incremental return on capital 0.15599959321761653, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.604Z); Dividend observations: [[2019,16874000],[2020,0],[2021,0],[2022,0],[2023,120000],[2024,200000],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/FNCNF.US.json#2025-12-31 (filed 2026-10-16T07:37:30.604Z); FY2025: cash repurchases 7040000 EUR.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.604Z); Closing price 12.270000457763672 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 27.506233883813522; price multiple 0.44608071426979856. FY2025 cash earnings/share 0.37929290827076745. Closing-price date 2026-10-14.

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

- 2016-11: EUR 3.23 per share

- 2016-12: EUR 3.67 per share

- 2017-01: EUR 4.26 per share

- 2017-02: EUR 4.64 per share

- 2017-03: EUR 5.49 per share

- 2017-04: EUR 6.97 per share

- 2017-05: EUR 7.01 per share

- 2017-06: EUR 7.57 per share

- 2017-07: EUR 7.74 per share

- 2017-08: EUR 7.44 per share

- 2017-09: EUR 7.89 per share

- 2017-10: EUR 8.28 per share

- 2017-11: EUR 9.30 per share

- 2017-12: EUR 9.71 per share

- 2018-01: EUR 11.16 per share

- 2018-02: EUR 10.17 per share

- 2018-03: EUR 9.23 per share

- 2018-04: EUR 10.13 per share

- 2018-05: EUR 10.49 per share

- 2018-06: EUR 9.06 per share

- 2018-07: EUR 10.01 per share

- 2018-08: EUR 9.89 per share

- 2018-09: EUR 10.84 per share

- 2018-10: EUR 9.99 per share

- 2018-11: EUR 8.06 per share

- 2018-12: EUR 7.15 per share

- 2019-01: EUR 7.83 per share

- 2019-02: EUR 9.75 per share

- 2019-03: EUR 8.50 per share

- 2019-04: EUR 8.45 per share

- 2019-05: EUR 7.14 per share

- 2019-06: EUR 7.64 per share

- 2019-07: EUR 7.26 per share

- 2019-08: EUR 7.11 per share

- 2019-09: EUR 7.55 per share

- 2019-10: EUR 7.33 per share

- 2019-11: EUR 7.02 per share

- 2019-12: EUR 7.14 per share

- 2020-01: EUR 6.36 per share

- 2020-02: EUR 5.56 per share

- 2020-03: EUR 4.34 per share

- 2020-04: EUR 5.47 per share

- 2020-05: EUR 4.70 per share

- 2020-06: EUR 4.74 per share

- 2020-07: EUR 4.46 per share

- 2020-08: EUR 4.59 per share

- 2020-09: EUR 4.26 per share

- 2020-10: EUR 3.73 per share

- 2020-11: EUR 5.04 per share

- 2020-12: EUR 4.25 per share

- 2021-01: EUR 4.01 per share

- 2021-02: EUR 5.32 per share

- 2021-03: EUR 5.42 per share

- 2021-04: EUR 4.98 per share

- 2021-05: EUR 5.86 per share

- 2021-06: EUR 5.89 per share

- 2021-07: EUR 5.59 per share

- 2021-08: EUR 5.73 per share

- 2021-09: EUR 5.55 per share

- 2021-10: EUR 5.29 per share

- 2021-11: EUR 4.57 per share

- 2021-12: EUR 4.68 per share

- 2022-01: EUR 4.38 per share

- 2022-02: EUR 4.90 per share

- 2022-03: EUR 4.83 per share

- 2022-04: EUR 4.52 per share

- 2022-05: EUR 4.50 per share

- 2022-06: EUR 4.11 per share

- 2022-07: EUR 3.97 per share

- 2022-08: EUR 3.88 per share

- 2022-09: EUR 3.61 per share

- 2022-10: EUR 3.99 per share

- 2022-11: EUR 4.29 per share

- 2022-12: EUR 4.11 per share

- 2023-01: EUR 4.69 per share

- 2023-02: EUR 4.65 per share

- 2023-03: EUR 4.59 per share

- 2023-04: EUR 4.29 per share

- 2023-05: EUR 4.03 per share

- 2023-06: EUR 3.95 per share

- 2023-07: EUR 4.05 per share

- 2023-08: EUR 3.97 per share

- 2023-09: EUR 3.65 per share

- 2023-10: EUR 3.91 per share

- 2023-11: EUR 4.13 per share

- 2023-12: EUR 4.33 per share

- 2024-01: EUR 3.80 per share

- 2024-02: EUR 3.77 per share

- 2024-03: EUR 5.27 per share

- 2024-04: EUR 5.51 per share

- 2024-05: EUR 4.57 per share

- 2024-06: EUR 4.53 per share

- 2024-07: EUR 5.15 per share

- 2024-08: EUR 5.07 per share

- 2024-09: EUR 4.65 per share

- 2024-10: EUR 5.12 per share

- 2024-11: EUR 5.94 per share

- 2024-12: EUR 6.93 per share

- 2025-01: EUR 7.51 per share

- 2025-02: EUR 9.45 per share

- 2025-03: EUR 10.27 per share

- 2025-04: EUR 11.45 per share

- 2025-05: EUR 15.71 per share

- 2025-06: EUR 16.35 per share

- 2025-07: EUR 17.01 per share

- 2025-08: EUR 20.36 per share

- 2025-09: EUR 22.34 per share

- 2025-10: EUR 22.24 per share

- 2025-11: EUR 17.01 per share

- 2025-12: EUR 16.70 per share

- 2026-01: EUR 16.00 per share

- 2026-02: EUR 14.43 per share

- 2026-03: EUR 13.08 per share

- 2026-04: EUR 11.92 per share

- 2026-05: EUR 11.84 per share

- 2026-06: EUR 9.95 per share

- 2026-07: EUR 13.56 per share

- 2026-08: EUR 12.49 per share

- 2026-09: EUR 12.04 per share

- 2026-10: EUR 12.11 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.