# Interpump Group (IP.MI)

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

Analysis as of: 2026-10-16T07:37:59.966Z. Financial observations: FY2017–FY2025.

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 35.88 per share; close as of 2026-10-14.

Estimated value: low EUR 27.55 per share, central EUR 30.86 per share, high EUR 35.26 per share. Buy at or below the central value EUR 30.86 per share. Valuation as of 2026-10-16T07:37:59.966Z; scenarios are not confidence intervals.

Expected annual return: 8.9% at the stated quote. About 8.9% 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

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

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.17×

- FY2019: 0.17×

- FY2020: 0.15×

- FY2021: 0.18×

- FY2022: 0.18×

- FY2023: 0.19×

- FY2024: 0.16×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 19.5%

- ROIC, second-lowest year: 18.0%

- Typical minus recent gross margin: 1.0 pp

- Typical gross margin (annual median): 35.8%

- Recent gross margin (lower of latest and 3-year median): 34.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 10.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 21.8%

- FY2018: 22.4%

- FY2019: 18.8%

- FY2020: 19.1%

- FY2021: 19.5%

- FY2022: 21.0%

- FY2023: 21.1%

- FY2024: 15.7%

- FY2025: 18.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.1B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 18.6%

- Working capital / revenue, annual change: 0.2 pp

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

- FY2021: 0.91×

- FY2022: 0.94×

- FY2023: 0.91×

- FY2024: 0.82×

- FY2025: 1.02×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 21.8% vs 18.0%

- Per-share earnings: 1.64 to 2.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

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

- Market cap gain: EUR 2.2B

- Cumulative retained earnings: EUR 603M

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

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.4%

- Per-share value change: EUR 0.49

- Per-share value, starting three-year median: EUR 1.64

- Per-share value, ending three-year median: EUR 2.13

- Buybacks concentrated in cheaper years (correlation): 0.61

- Average buyback yield: 1.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 21.8%

- ROIC, last three-year median: 18.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 1.25

- FY2018: EUR 1.64

- FY2019: EUR 1.68

- FY2020: EUR 1.60

- FY2021: EUR 1.84

- FY2022: EUR 2.52

- FY2023: EUR 2.57

- FY2024: EUR 2.13

- FY2025: EUR 1.95

### accounting: pass

- Sloan accruals: -3.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.45×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -0.5%

- FY2018: 1.5%

- FY2019: -1.6%

- FY2020: -5.1%

- FY2021: -2.2%

- FY2022: 2.0%

- FY2023: -1.8%

- FY2024: -3.8%

- FY2025: -3.7%

## Holders

## Price story

Down 44% since Dec 2021 · sales -0.4%

Story as of 2026-10-16T10:00:09.653Z; price observation 2026-10-14.

Price needs cash profits to grow 3% a year for ten years

### Sales · FY2024–2025

sales -0.4%; source https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it/reports/815600C79D0F31F4D395-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2017: EUR 1.1B 

- FY2018: EUR 1.3B 

- FY2019: EUR 1.4B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.6B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.2B 

- FY2024: EUR 2.1B 

- FY2025: EUR 2.1B 

### Gross margin · FY2025

gross margin 35.3%; source https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it/reports/815600C79D0F31F4D395-2025-12-31-1-it.xhtml; observed 2026-04-07.

- FY2017: 38.1% 

- FY2018: 37.0% 

- FY2019: 36.7% 

- FY2020: 35.8% 

- FY2021: 35.8% 

- FY2022: 34.9% 

- FY2023: 34.8% 

- FY2024: 34.3% 

- FY2025: 35.3% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are EUR 2.1 billion.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it.json (filed 2026-04-07); FY2025: revenue 2070684000; grossProfit 730775000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 34.3% to 35.3% during 2023–25; it earns 19.5% on its capital.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2024-12-31/ESEF/IT/0/815600C79D0F31F4D395-2024-12-31-0-it.json (filed 2026-04-07); FY2023: grossProfit / revenue = 34.8%.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it.json (filed 2026-04-07); FY2024: grossProfit / revenue = 34.3%.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it.json (filed 2026-04-07); FY2025: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); 9-year return on capital observations [[2017,0.2176851018222832],[2018,0.22397724131977445],[2019,0.18750271496128262],[2020,0.1913958209991257],[2021,0.19545126690007925],[2022,0.20974228382051097],[2023,0.21070197957995765],[2024,0.15713149494384848],[2025,0.1801317539243918]]; median 0.19545126690007925. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it/reports/815600C79D0F31F4D395-2025-12-31-1-it.xhtml (filed 2026-04-07); Gross margin observations: [[2021,0.3582292091967923],[2022,0.34866484693671307],[2023,0.34819527695723157]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years; bought back EUR 16.6 million of shares.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2017-12-31 (filed 2026-04-07); FY2017: growth capex 0; upkeep 44533000; owner earnings 137701000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2018-12-31 (filed 2026-04-07); FY2018: growth capex 0; upkeep 63683000; owner earnings 85156000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2019-12-31 (filed 2026-04-07); FY2019: growth capex 3233000; upkeep 69284000; owner earnings 175521200. Growth capex / owner earnings = 0.018419427396804487.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2020-12-31 (filed 2026-04-07); FY2020: growth capex 0; upkeep 58571000; owner earnings 173326600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); FY2021: growth capex 26884000; upkeep 82126000; cash acquisitions 306815000; owner earnings 178699400. Growth capex plus acquisitions / owner earnings = 1.8673761635461563.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/IP.MI (filed 2026-04-07); FY2022: growth capex 34145000; upkeep 98420000; cash acquisitions 39400000; owner earnings 250941400. Growth capex plus acquisitions / owner earnings = 0.2930763915400169.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/IP.MI (filed 2026-04-07); FY2023: growth capex 57802239.301530614; upkeep 110517760.69846939; owner earnings 250234039.3015306. Growth capex / owner earnings = 0.23099271171448918.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2024-12-31 (filed 2026-04-07); FY2024: growth capex 0; upkeep 138230000; owner earnings 187206000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/8IG.F.json#2025-12-31 (filed 2026-04-07); FY2025: growth capex 0; upkeep 101438000; owner earnings 212518600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Dividend observations: [[2017,22310000],[2018,22531000],[2019,23876000],[2020,28322000],[2021,29536000],[2022,31239000],[2023,34761000],[2024,34986000],[2025,36198000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it.json (filed 2026-04-07); FY2025: cash repurchases 16594000 EUR.

### What the price says

The price assumes cash profits grow 3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-07); Ten-year compound average after fade. Initial solved rate 0.030135047927437708. Price 35.880001068115234; 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 15.19 per share

- 2016-12: EUR 15.55 per share

- 2017-01: EUR 17.39 per share

- 2017-02: EUR 19.22 per share

- 2017-03: EUR 21.80 per share

- 2017-04: EUR 24.35 per share

- 2017-05: EUR 26.09 per share

- 2017-06: EUR 23.94 per share

- 2017-07: EUR 25.73 per share

- 2017-08: EUR 24.44 per share

- 2017-09: EUR 26.32 per share

- 2017-10: EUR 28.91 per share

- 2017-11: EUR 27.70 per share

- 2017-12: EUR 26.22 per share

- 2018-01: EUR 29.04 per share

- 2018-02: EUR 27.32 per share

- 2018-03: EUR 27.46 per share

- 2018-04: EUR 26.38 per share

- 2018-05: EUR 26.82 per share

- 2018-06: EUR 26.64 per share

- 2018-07: EUR 26.94 per share

- 2018-08: EUR 27.12 per share

- 2018-09: EUR 28.20 per share

- 2018-10: EUR 25.50 per share

- 2018-11: EUR 26.22 per share

- 2018-12: EUR 26.00 per share

- 2019-01: EUR 28.12 per share

- 2019-02: EUR 28.50 per share

- 2019-03: EUR 29.08 per share

- 2019-04: EUR 33.48 per share

- 2019-05: EUR 26.16 per share

- 2019-06: EUR 27.06 per share

- 2019-07: EUR 25.48 per share

- 2019-08: EUR 25.94 per share

- 2019-09: EUR 29.00 per share

- 2019-10: EUR 24.56 per share

- 2019-11: EUR 28.36 per share

- 2019-12: EUR 28.24 per share

- 2020-01: EUR 25.46 per share

- 2020-02: EUR 27.34 per share

- 2020-03: EUR 21.98 per share

- 2020-04: EUR 26.58 per share

- 2020-05: EUR 26.88 per share

- 2020-06: EUR 26.44 per share

- 2020-07: EUR 27.68 per share

- 2020-08: EUR 29.30 per share

- 2020-09: EUR 31.72 per share

- 2020-10: EUR 32.40 per share

- 2020-11: EUR 36.38 per share

- 2020-12: EUR 40.34 per share

- 2021-01: EUR 37.04 per share

- 2021-02: EUR 38.04 per share

- 2021-03: EUR 42.98 per share

- 2021-04: EUR 44.30 per share

- 2021-05: EUR 46.76 per share

- 2021-06: EUR 49.94 per share

- 2021-07: EUR 52.65 per share

- 2021-08: EUR 60.20 per share

- 2021-09: EUR 56.00 per share

- 2021-10: EUR 63.75 per share

- 2021-11: EUR 59.60 per share

- 2021-12: EUR 64.45 per share

- 2022-01: EUR 54.35 per share

- 2022-02: EUR 48.46 per share

- 2022-03: EUR 45.70 per share

- 2022-04: EUR 38.78 per share

- 2022-05: EUR 42.50 per share

- 2022-06: EUR 36.38 per share

- 2022-07: EUR 41.56 per share

- 2022-08: EUR 35.34 per share

- 2022-09: EUR 33.42 per share

- 2022-10: EUR 39.18 per share

- 2022-11: EUR 42.50 per share

- 2022-12: EUR 42.16 per share

- 2023-01: EUR 47.78 per share

- 2023-02: EUR 51.95 per share

- 2023-03: EUR 51.65 per share

- 2023-04: EUR 50.48 per share

- 2023-05: EUR 50.18 per share

- 2023-06: EUR 50.88 per share

- 2023-07: EUR 49.48 per share

- 2023-08: EUR 46.75 per share

- 2023-09: EUR 43.49 per share

- 2023-10: EUR 39.40 per share

- 2023-11: EUR 42.70 per share

- 2023-12: EUR 46.87 per share

- 2024-01: EUR 46.04 per share

- 2024-02: EUR 43.86 per share

- 2024-03: EUR 45.19 per share

- 2024-04: EUR 41.08 per share

- 2024-05: EUR 43.06 per share

- 2024-06: EUR 41.48 per share

- 2024-07: EUR 40.10 per share

- 2024-08: EUR 39.74 per share

- 2024-09: EUR 41.88 per share

- 2024-10: EUR 40.84 per share

- 2024-11: EUR 44.06 per share

- 2024-12: EUR 42.66 per share

- 2025-01: EUR 45.72 per share

- 2025-02: EUR 36.46 per share

- 2025-03: EUR 32.82 per share

- 2025-04: EUR 30.08 per share

- 2025-05: EUR 34.34 per share

- 2025-06: EUR 35.34 per share

- 2025-07: EUR 35.96 per share

- 2025-08: EUR 40.60 per share

- 2025-09: EUR 38.98 per share

- 2025-10: EUR 44.70 per share

- 2025-11: EUR 43.80 per share

- 2025-12: EUR 46.78 per share

- 2026-01: EUR 48.88 per share

- 2026-02: EUR 39.10 per share

- 2026-03: EUR 32.40 per share

- 2026-04: EUR 35.78 per share

- 2026-05: EUR 35.88 per share

- 2026-06: EUR 33.82 per share

- 2026-07: EUR 34.74 per share

- 2026-08: EUR 37.52 per share

- 2026-09: EUR 36.48 per share

- 2026-10: EUR 36.06 per share

## Annual estimated value (EUR per share)

- FY2021: low EUR 23.86 per share, central EUR 26.74 per share, high EUR 30.58 per share

- FY2022: low EUR 28.92 per share, central EUR 32.50 per share, high EUR 37.26 per share

- FY2023: low EUR 30.36 per share, central EUR 34.17 per share, high EUR 39.25 per share

- FY2024: low EUR 27.06 per share, central EUR 30.34 per share, high EUR 34.71 per share

- FY2025: low EUR 27.13 per share, central EUR 30.39 per share, high EUR 34.73 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/815600C79D0F31F4D395/2025-12-31/ESEF/IT/0/815600C79D0F31F4D395-2025-12-31-1-it/reports/815600C79D0F31F4D395-2025-12-31-1-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.

## Reported holder observations