# Generali (G.MI)

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

Analysis as of: 2026-10-16T07:33:46.831Z. 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 42.20 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.30×

Chart: Net income; fiscal year observations.

- FY2016: EUR 2.1B

- FY2017: EUR 2.1B

- FY2018: EUR 2.3B

- FY2019: EUR 2.7B

- FY2020: EUR 1.7B

- FY2021: EUR 2.8B

- FY2022: EUR 2.9B

- FY2023: EUR 3.7B

- FY2024: EUR 3.7B

- FY2025: EUR 4.2B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 9.7%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 8.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 8.5%

- FY2017: 8.4%

- FY2018: 9.8%

- FY2019: 9.4%

- FY2020: 5.8%

- FY2021: 9.7%

- FY2022: 18.0%

- FY2023: 12.9%

- FY2024: 12.3%

- FY2025: 13.0%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 9.7%

- Book return interval: 10 years

- Starting book value per share: EUR 15.14

- Ending book value per share: EUR 21.33

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 21.9%

- FY2017: -6.5%

- FY2018: -0.4%

- FY2019: 25.8%

- FY2020: 8.8%

- FY2021: 5.0%

- FY2022: -38.7%

- FY2023: 95.3%

- FY2024: 13.3%

- FY2025: 14.0%

### management: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: -0.3%

- Diluted shares, 5-year annual growth: -1.1%

- Share growth excluding flagged crisis recapitalisations: -0.3%

- Five-year share growth excluding flagged crisis recapitalisations: -1.1%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.94×

- Book value created per share: EUR 6.19

- Earnings retained per share after dividends and buybacks: EUR 6.60

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 89

- FY2017: 103

- FY2018: 102

- FY2019: 102

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 99

- FY2024: 98

- FY2025: 97

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

Up 125% since Oct 2023 · net income +12%

Story as of 2026-10-16T09:59:57.716Z; price observation 2026-10-14.

### Net income · FY2025

net income +12%; source https://filings.xbrl.org/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it/reports/549300X5UKJVE386ZB61-2025-12-31-1-it.html; observed 2026-04-07.

- FY2016: EUR 2.1B 

- FY2017: EUR 2.1B 

- FY2018: EUR 2.3B 

- FY2019: EUR 2.7B 

- FY2020: EUR 1.7B 

- FY2021: EUR 2.8B 

- FY2022: EUR 2.9B 

- FY2023: EUR 3.7B 

- FY2024: EUR 3.7B 

- FY2025: EUR 4.2B 

## Owner memo

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

### How it makes money

Operates in insurance diversified; annual sales are EUR 74.1 billion.

- Source: https://eodhd.com/api/fundamentals/ASG.XETRA.json#2025-12-31 (filed 2026-04-07); FY2025: revenue 74133000000.

### Why customers stay

It earns 9.7% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 10-year return on tangible equity observations [[2016,0.08478305153799144],[2017,0.08413413612982974],[2018,0.0978348375068853],[2019,0.09414668547249648],[2020,0.058077192047687236],[2021,0.09714071243346527],[2022,0.17974199123510895],[2023,0.12934962717481358],[2024,0.12254434170258975],[2025,0.13011477045908185]]; median 0.09748777497017529. 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 833 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2016,1123000000],[2017,1249000000],[2018,1249000000],[2019,1413000000],[2020,783000000],[2021,2310000000],[2022,1690000000],[2023,1793000000],[2024,1986000000],[2025,2171000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it.json (filed 2026-04-07); FY2025: cash repurchases 833000000 EUR.

### What the price says

The price is 0.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Closing price 42.20000076293945 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 49.3175126299081; price multiple 0.855679828778463. FY2025 cash earnings/share 12.791565603009092. Closing-price date 2026-10-14.

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

- 2016-11: EUR 11.92 per share

- 2016-12: EUR 14.12 per share

- 2017-01: EUR 14.74 per share

- 2017-02: EUR 13.52 per share

- 2017-03: EUR 14.90 per share

- 2017-04: EUR 14.53 per share

- 2017-05: EUR 14.05 per share

- 2017-06: EUR 14.41 per share

- 2017-07: EUR 15.33 per share

- 2017-08: EUR 15.04 per share

- 2017-09: EUR 15.76 per share

- 2017-10: EUR 15.64 per share

- 2017-11: EUR 15.38 per share

- 2017-12: EUR 15.20 per share

- 2018-01: EUR 15.97 per share

- 2018-02: EUR 15.44 per share

- 2018-03: EUR 15.63 per share

- 2018-04: EUR 16.74 per share

- 2018-05: EUR 14.55 per share

- 2018-06: EUR 14.37 per share

- 2018-07: EUR 15.20 per share

- 2018-08: EUR 14.35 per share

- 2018-09: EUR 14.88 per share

- 2018-10: EUR 14.28 per share

- 2018-11: EUR 14.89 per share

- 2018-12: EUR 14.60 per share

- 2019-01: EUR 15.30 per share

- 2019-02: EUR 15.69 per share

- 2019-03: EUR 16.50 per share

- 2019-04: EUR 17.30 per share

- 2019-05: EUR 15.72 per share

- 2019-06: EUR 16.56 per share

- 2019-07: EUR 16.84 per share

- 2019-08: EUR 16.47 per share

- 2019-09: EUR 17.78 per share

- 2019-10: EUR 18.17 per share

- 2019-11: EUR 18.53 per share

- 2019-12: EUR 18.40 per share

- 2020-01: EUR 17.59 per share

- 2020-02: EUR 16.26 per share

- 2020-03: EUR 12.41 per share

- 2020-04: EUR 13.02 per share

- 2020-05: EUR 12.48 per share

- 2020-06: EUR 13.47 per share

- 2020-07: EUR 12.66 per share

- 2020-08: EUR 13.01 per share

- 2020-09: EUR 12.02 per share

- 2020-10: EUR 11.51 per share

- 2020-11: EUR 14.32 per share

- 2020-12: EUR 14.26 per share

- 2021-01: EUR 14.09 per share

- 2021-02: EUR 15.55 per share

- 2021-03: EUR 17.06 per share

- 2021-04: EUR 16.68 per share

- 2021-05: EUR 16.82 per share

- 2021-06: EUR 16.91 per share

- 2021-07: EUR 16.85 per share

- 2021-08: EUR 17.27 per share

- 2021-09: EUR 18.39 per share

- 2021-10: EUR 18.85 per share

- 2021-11: EUR 17.73 per share

- 2021-12: EUR 18.63 per share

- 2022-01: EUR 18.58 per share

- 2022-02: EUR 17.73 per share

- 2022-03: EUR 20.77 per share

- 2022-04: EUR 18.10 per share

- 2022-05: EUR 16.95 per share

- 2022-06: EUR 15.23 per share

- 2022-07: EUR 14.59 per share

- 2022-08: EUR 14.64 per share

- 2022-09: EUR 14.02 per share

- 2022-10: EUR 15.19 per share

- 2022-11: EUR 16.94 per share

- 2022-12: EUR 16.61 per share

- 2023-01: EUR 17.90 per share

- 2023-02: EUR 18.71 per share

- 2023-03: EUR 18.38 per share

- 2023-04: EUR 18.88 per share

- 2023-05: EUR 17.72 per share

- 2023-06: EUR 18.62 per share

- 2023-07: EUR 19.38 per share

- 2023-08: EUR 19.13 per share

- 2023-09: EUR 19.36 per share

- 2023-10: EUR 18.75 per share

- 2023-11: EUR 19.00 per share

- 2023-12: EUR 19.10 per share

- 2024-01: EUR 20.69 per share

- 2024-02: EUR 21.92 per share

- 2024-03: EUR 23.46 per share

- 2024-04: EUR 22.90 per share

- 2024-05: EUR 23.60 per share

- 2024-06: EUR 23.29 per share

- 2024-07: EUR 23.93 per share

- 2024-08: EUR 24.88 per share

- 2024-09: EUR 25.95 per share

- 2024-10: EUR 25.55 per share

- 2024-11: EUR 27.08 per share

- 2024-12: EUR 27.27 per share

- 2025-01: EUR 30.63 per share

- 2025-02: EUR 31.74 per share

- 2025-03: EUR 32.38 per share

- 2025-04: EUR 32.14 per share

- 2025-05: EUR 32.05 per share

- 2025-06: EUR 30.21 per share

- 2025-07: EUR 32.72 per share

- 2025-08: EUR 33.36 per share

- 2025-09: EUR 33.41 per share

- 2025-10: EUR 33.35 per share

- 2025-11: EUR 34.18 per share

- 2025-12: EUR 35.75 per share

- 2026-01: EUR 34.39 per share

- 2026-02: EUR 36.16 per share

- 2026-03: EUR 34.51 per share

- 2026-04: EUR 38.10 per share

- 2026-05: EUR 38.71 per share

- 2026-06: EUR 42.61 per share

- 2026-07: EUR 43.99 per share

- 2026-08: EUR 44.57 per share

- 2026-09: EUR 42.75 per share

- 2026-10: EUR 42.44 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/549300X5UKJVE386ZB61/2025-12-31/ESEF/IT/0/549300X5UKJVE386ZB61-2025-12-31-1-it/reports/549300X5UKJVE386ZB61-2025-12-31-1-it.html); 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.
← Companies

Generali

G · MI

STOXX Europe 600 · FTSE MIB

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price
EUR 42.20
Quality tests
Fail
Annual history
11 years
Market value
$74B

The business

How it makes money
Why customers stay
Where the cash goes
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 8 needed).

10y median
EUR 2.8B
Worst year
EUR 1.7B
Latest · 2025
EUR 4.2B

Earned a median 9.7% on equity (minimum 10%).

10y median
9.7%
Worst year
5.8%
Latest · 2025
13.0%

Book value plus dividends grew 9.7% a year (minimum 7%).

10y median
11.1%
Worst year
-38.7%
Latest · 2025
14.0%

Book value gained 6.19 per share against 6.6 kept (must cover the amount kept).

11y median
102
Worst year
103
Latest · 2025
97

0 accounting warnings were found (none allowed).

accounting warnings
0
Passing bar
≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 2.55 EUR.

Net incomeEUR 4.2B
4.2B020162025
FY2016 · Net income: EUR 2.1B; FY2017 · Net income: EUR 2.1B; FY2018 · Net income: EUR 2.3B; FY2019 · Net income: EUR 2.7B; FY2020 · Net income: EUR 1.7B; FY2021 · Net income: EUR 2.8B; FY2022 · Net income: EUR 2.9B; FY2023 · Net income: EUR 3.7B; FY2024 · Net income: EUR 3.7B; FY2025 · Net income: EUR 4.2B
Net income
Book / shareEUR 21.33
21.33020162025
FY2016 · Book / share: EUR 17.65; FY2017 · Book / share: EUR 15.72; FY2018 · Book / share: EUR 14.87; FY2019 · Book / share: EUR 17.81; FY2020 · Book / share: EUR 18.90; FY2021 · Book / share: EUR 18.39; FY2022 · Book / share: EUR 10.21; FY2023 · Book / share: EUR 18.78; FY2024 · Book / share: EUR 19.97; FY2025 · Book / share: EUR 21.33
Book / share
Dividend / shareEUR 1.44
1.45020162025
FY2016 · Dividend / share: EUR 0.81; FY2017 · Dividend / share: EUR 0.78; FY2018 · Dividend / share: EUR 0.79; FY2019 · Dividend / share: EUR 0.89; FY2020 · Dividend / share: EUR 0.49; FY2021 · Dividend / share: EUR 1.45; FY2022 · Dividend / share: EUR 1.07; FY2023 · Dividend / share: EUR 1.16; FY2024 · Dividend / share: EUR 1.31; FY2025 · Dividend / share: EUR 1.44
Dividend / share
Return on equity13.0%
18.0%0.0%20162025
FY2016 · Return on equity: 8.5%; FY2017 · Return on equity: 8.4%; FY2018 · Return on equity: 9.8%; FY2019 · Return on equity: 9.4%; FY2020 · Return on equity: 5.8%; FY2021 · Return on equity: 9.7%; FY2022 · Return on equity: 18.0%; FY2023 · Return on equity: 12.9%; FY2024 · Return on equity: 12.3%; FY2025 · Return on equity: 13.0%
Return on equity
Diluted shares1.5B
1.6B020162025
FY2016 · Diluted shares: 1.4B; FY2017 · Diluted shares: 1.6B; FY2018 · Diluted shares: 1.6B; FY2019 · Diluted shares: 1.6B; FY2020 · Diluted shares: 1.6B; FY2021 · Diluted shares: 1.6B; FY2022 · Diluted shares: 1.6B; FY2023 · Diluted shares: 1.5B; FY2024 · Diluted shares: 1.5B; FY2025 · Diluted shares: 1.5B
Diluted shares
Prices 14 Oct 2026 · FY2025Original filing ↗ ·