# Iveco Group N.V. Eo 1 (IVG.MI)

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

Analysis as of: 2026-10-16T07:37:59.663Z. Financial observations: FY2018–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 14.35 per share; close as of 2026-10-14.

Estimated value: low EUR 15.36 per share, central EUR 16.10 per share, high EUR 17.08 per share. Buy at or below the central value EUR 16.10 per share. Valuation as of 2026-10-16T07:37:59.663Z; scenarios are not confidence intervals.

Expected annual return: 13.0% at the stated quote. About 13.0% 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

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

- Financial history: 8 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2021: 0.02×

- FY2022: 0.03×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.6%

- ROIC, second-lowest year: 6.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 2.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: 2.7%

- FY2022: 6.6%

- FY2023: 9.6%

- FY2024: 11.8%

- FY2025: 6.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

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

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

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

- FY2021: 10.37×

- FY2022: 0.75×

- FY2023: 0.72×

- FY2024: 0.05×

- FY2025: 0.73×

### management: pass

- buybacks unrelated to price (informational)

- Per-share earnings: 0.31 to 1.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.2%

- Per-share value growth: 28.3%

- Per-share value change: EUR 0.77

- Per-share value, starting three-year median: EUR 0.31

- Per-share value, ending three-year median: EUR 1.08

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 2.4%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, last three-year median: 9.6%

Chart: Earnings per share; fiscal year observations.

- FY2018: EUR 0.61

- FY2019: EUR 0.31

- FY2020: EUR -1.50

- FY2021: EUR 0.19

- FY2022: EUR 0.54

- FY2023: EUR 0.80

- FY2024: EUR 1.29

- FY2025: EUR 1.08

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 0.89×

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.76×

Chart: Sloan accruals; fiscal year observations.

- FY2021: -2.9%

- FY2022: -7.9%

- FY2023: -6.1%

- FY2024: -7.1%

- FY2025: -4.4%

## Holders

## Price story

Down 25% since Feb 2026 · sales -6.9%

Story as of 2026-10-16T10:00:09.640Z; price observation 2026-10-14.

Price needs cash profits to shrink 3.4% a year for ten years

### Sales · FY2024–2025

sales -6.9%; source https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en/reports/ivecogroupnv-2025-12-31-1-en.xhtml; observed 2026-03-10.

- FY2018: EUR 12B 

- FY2019: EUR 12B 

- FY2020: EUR 10B 

- FY2021: EUR 13B 

- FY2022: EUR 14B 

- FY2023: EUR 16B 

- FY2024: EUR 14B 

- FY2025: EUR 13B 

### Gross margin · FY2025

gross margin 15.6%; source https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en/reports/ivecogroupnv-2025-12-31-1-en.xhtml; observed 2026-03-10.

- FY2021: 14.0% 

- FY2022: 13.7% 

- FY2023: 16.8% 

- FY2024: 17.0% 

- FY2025: 15.6% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are EUR 13.4 billion.

- Source: https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en.json (filed 2026-03-10); FY2025: revenue 13428000000; grossProfit 2100000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01); R3D.F: Iveco Group N.V. engages in the design, production, marketing, sale, servicing, and financing of trucks, commercial vehicles, buses, specialty vehicles, combustion engines, alternative propulsion systems, transmissions, axles, and engines in Europe, South America, North America, and internationally. It operates in four segments: Truck, Bus, Powertrain, and Financial Services. The company offers light, medium, and heavy vehicles for the transportation and distribution of goods under the IVECO brand; and minibuses, city buses, intercity buses, and coaches for tour and intercity bus service operators, and transport authorities under the IVECO BUS and HEULIEZ brands. It also designs, manufactures, and distributes combustion engines, alternative propulsion systems, transmission systems, and axles for on- and off-road applications, agricultural and construction equipment, and marine and power generation applications under the FPT Industrial brand. In addition, the company offers financial products and services to dealers and customers; retail financing services to customers for the purchase or lease of new and used vehicles sold by brand dealers and distributors; wholesale financing consisting primarily of floor plan financing, which allows dealers to purchase and maintain a representative inventory of products; and discounts on non-dealer trade receivables. Further, it provides ePropulsion products, including eAxles, central drives, and electric drive units; energy storage systems, battery packs, and battery management systems; fuel-cell electric solutions and hybrid vehicle solutions, such as electric assist systems; and fuel cell electric vehicles. Iveco Group N.V. was founded in 1864 and is headquartered in Turin, Italy.

### Why customers stay

Margins ranged from 15.6% to 17% during 2023–25; it earns 6.6% on its capital.

- Source: https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2024-12-31/ESEF/NL/0/ivg-2024-12-31-en.json (filed 2026-03-10); FY2023: grossProfit / revenue = 16.8%.

- Source: https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en.json (filed 2026-03-10); FY2024: grossProfit / revenue = 17%.

- Source: https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en.json (filed 2026-03-10); FY2025: grossProfit / revenue = 15.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); 8-year return on capital observations [[2021,0.026980441817925988],[2022,0.06563380281690141],[2023,0.09595976815547222],[2024,0.11837339315742075],[2025,0.06647628984870535]]; median 0.06647628984870535. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 3 of 5 years.

- Source: https://filings.xbrl.org/549300ZWF2ZJDD9EOR96/2022-12-31/ESEF/NL/0/ivg-2022-12-31-en.json (filed 2026-03-10); FY2021: growth capex 0; upkeep 0; owner earnings 539000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/R3D.F.json#2022-12-31 (filed 2026-03-10); FY2022: growth capex 217000000; upkeep 560000000; cash acquisitions 30000000; owner earnings 110000000. Growth capex plus acquisitions / owner earnings = 2.2454545454545456.

- Source: https://eodhd.com/api/fundamentals/R3D.F.json#2023-12-31 (filed 2026-03-10); FY2023: growth capex 344205075.1868342; upkeep 616794924.8131658; cash acquisitions 21000000; owner earnings 156005075.18683422. Growth capex plus acquisitions / owner earnings = 2.340982014523942.

- Source: https://eodhd.com/api/fundamentals/R3D.F.json#2024-12-31 (filed 2026-03-10); FY2024: growth capex 0; upkeep 950000000; cash acquisitions 0; owner earnings 16200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/R3D.F.json#2025-12-31 (filed 2026-03-10); FY2025: growth capex 0; upkeep 775000000; cash acquisitions 0; owner earnings 212200000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Dividend observations: [[2021,0],[2022,1000000],[2023,0],[2024,91000000],[2025,88000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 28.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01); R3D.F SharesStats.PercentInsiders = 28.932000000000002 percentage points; cache date 2026-10-01.

### What the price says

The price assumes cash profits shrink 3.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-10); Ten-year compound average after fade. Initial solved rate -0.06034701868617648. Price 14.345000267028809; 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)

- 2022-02: EUR 7.45 per share

- 2022-03: EUR 5.95 per share

- 2022-04: EUR 5.65 per share

- 2022-05: EUR 5.93 per share

- 2022-06: EUR 5.04 per share

- 2022-07: EUR 5.95 per share

- 2022-08: EUR 5.06 per share

- 2022-09: EUR 4.87 per share

- 2022-10: EUR 5.47 per share

- 2022-11: EUR 6.42 per share

- 2022-12: EUR 5.56 per share

- 2023-01: EUR 7.51 per share

- 2023-02: EUR 8.94 per share

- 2023-03: EUR 8.73 per share

- 2023-04: EUR 8.15 per share

- 2023-05: EUR 6.99 per share

- 2023-06: EUR 8.25 per share

- 2023-07: EUR 8.63 per share

- 2023-08: EUR 9.18 per share

- 2023-09: EUR 8.86 per share

- 2023-10: EUR 7.95 per share

- 2023-11: EUR 7.46 per share

- 2023-12: EUR 8.15 per share

- 2024-01: EUR 9.91 per share

- 2024-02: EUR 11.38 per share

- 2024-03: EUR 13.80 per share

- 2024-04: EUR 11.81 per share

- 2024-05: EUR 10.98 per share

- 2024-06: EUR 10.47 per share

- 2024-07: EUR 9.50 per share

- 2024-08: EUR 9.52 per share

- 2024-09: EUR 9.02 per share

- 2024-10: EUR 9.57 per share

- 2024-11: EUR 9.47 per share

- 2024-12: EUR 9.34 per share

- 2025-01: EUR 11.82 per share

- 2025-02: EUR 15.11 per share

- 2025-03: EUR 15.07 per share

- 2025-04: EUR 14.01 per share

- 2025-05: EUR 17.55 per share

- 2025-06: EUR 16.70 per share

- 2025-07: EUR 18.16 per share

- 2025-08: EUR 18.38 per share

- 2025-09: EUR 18.35 per share

- 2025-10: EUR 18.44 per share

- 2025-11: EUR 18.52 per share

- 2025-12: EUR 18.77 per share

- 2026-01: EUR 18.87 per share

- 2026-02: EUR 19.15 per share

- 2026-03: EUR 19.14 per share

- 2026-04: EUR 13.97 per share

- 2026-05: EUR 13.92 per share

- 2026-06: EUR 13.91 per share

- 2026-07: EUR 13.90 per share

- 2026-08: EUR 13.94 per share

- 2026-09: EUR 14.29 per share

- 2026-10: EUR 14.35 per share

## Annual estimated value (EUR per share)

- FY2025: low EUR 15.36 per share, central EUR 16.10 per share, high EUR 17.08 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/549300ZWF2ZJDD9EOR96/2025-12-31/ESEF/NL/0/ivecogroupnv-2025-12-31-1-en/reports/ivecogroupnv-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-10.

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.