# Moncler (MONC.MI)

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

Analysis as of: 2026-10-16T07:35:20.035Z. Financial observations: FY2016–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business

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

Share price: EUR 44.63 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.30×

- FY2017: 0.29×

- FY2018: 0.29×

- FY2019: 0.30×

- FY2020: 0.26×

- FY2021: 0.28×

- FY2022: 0.30×

- FY2023: 0.30×

- FY2024: 0.29×

- FY2025: 0.29×

### moat: pass

- ROIC, median of available years: 26.7%

- ROIC, second-lowest year: 21.8%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 77.0%

- Recent gross margin (lower of latest and 3-year median): 78.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.4%

- ROIC including acquisitions, ten-year median: 19.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 47.5%

- FY2017: 54.8%

- FY2018: 72.1%

- FY2019: 33.2%

- FY2020: 26.4%

- FY2021: 21.8%

- FY2022: 27.0%

- FY2023: 25.5%

- FY2024: 23.4%

- FY2025: 20.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.6B

- Net income, five-year total: EUR 2.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 8.7%

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

- FY2021: 0.93×

- FY2022: 0.88×

- FY2023: 0.93×

- FY2024: 0.89×

- FY2025: 0.83×

### 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: 54.8% vs 23.4%

- Per-share earnings: 1.33 to 2.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: EUR 8.3B

- Cumulative retained earnings: EUR -53M

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.6%

- Per-share value change: EUR 0.98

- Per-share value, starting three-year median: EUR 1.33

- Per-share value, ending three-year median: EUR 2.31

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR 4.3B

- ROIC, first three-year median: 54.8%

- ROIC, last three-year median: 23.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.99

- FY2018: EUR 1.33

- FY2019: EUR 1.42

- FY2020: EUR 1.19

- FY2021: EUR 1.46

- FY2022: EUR 2.24

- FY2023: EUR 2.27

- FY2024: EUR 2.36

- FY2025: EUR 2.31

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.44×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -4.7%

- FY2018: -8.2%

- FY2019: -9.0%

- FY2020: -3.8%

- FY2021: -11.1%

- FY2022: -1.2%

- FY2023: -6.1%

- FY2024: -6.4%

- FY2025: -5.6%

## Holders

## Price story

Down 35% since Mar 2024 · sales +0.7%

Story as of 2026-10-16T10:00:04.534Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +0.7%; source https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT/reports/moncler-2025-12-31-0-IT.xhtml; observed 2026-03-24.

- FY2016: EUR 1.0B 

- FY2017: EUR 1.2B 

- FY2018: EUR 1.4B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.4B 

- FY2021: EUR 2.0B 

- FY2022: EUR 2.6B 

- FY2023: EUR 3.0B 

- FY2024: EUR 3.1B 

- FY2025: EUR 3.1B 

### Gross margin · FY2025

gross margin 78.1%; source https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT/reports/moncler-2025-12-31-0-IT.xhtml; observed 2026-03-24.

- FY2016: 75.7% 

- FY2017: 76.9% 

- FY2018: 77.4% 

- FY2019: 77.7% 

- FY2020: 75.6% 

- FY2021: 76.6% 

- FY2022: 76.4% 

- FY2023: 77.1% 

- FY2024: 78.1% 

- FY2025: 78.1% 

## Owner memo

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

### How it makes money

Operates in apparel manufacturing; annual sales are EUR 3.1 billion.

- Source: https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT.json (filed 2026-03-24); FY2025: revenue 3132128000; grossProfit 2446197000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 77.1% to 78.1% during 2023–25; it earns 26.7% on its capital.

- Source: https://filings.xbrl.org/815600EBD7FB00525B20/2024-12-31/ESEF/IT/1/moncler-2024-12-31-0-IT.json (filed 2026-03-24); FY2023: grossProfit / revenue = 77.1%.

- Source: https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT.json (filed 2026-03-24); FY2024: grossProfit / revenue = 78.1%.

- Source: https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT.json (filed 2026-03-24); FY2025: grossProfit / revenue = 78.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.47489740668825814],[2017,0.5479144602010755],[2018,0.7212073434154286],[2019,0.3315182795714875],[2020,0.2641876238827976],[2021,0.21782247427971488],[2022,0.2699552287310723],[2023,0.2552963562658861],[2024,0.23403367309377732],[2025,0.20491411456084146]]; median 0.2670714263069349. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 76% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT/reports/moncler-2025-12-31-0-IT.xhtml (filed 2026-03-24); Gross margin observations: [[2021,0.7658001576655721],[2022,0.7637061112839959],[2023,0.7709995620291688]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2016-12-31 (filed 2026-03-24); FY2016: growth capex 0; upkeep 63301000; owner earnings 174935000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2017-12-31 (filed 2026-03-24); FY2017: growth capex 0; upkeep 73479000; owner earnings 240633000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2018-12-31 (filed 2026-03-24); FY2018: growth capex 0; upkeep 91887000; owner earnings 373944000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2019-12-31 (filed 2026-03-24); FY2019: growth capex 0; upkeep 123660000; owner earnings 278284600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2020-12-31 (filed 2026-03-24); FY2020: growth capex 0; upkeep 92561000; owner earnings 280706600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2021-12-31 (filed 2026-03-24); FY2021: growth capex 0; upkeep 131828000; cash acquisitions 496728000; owner earnings 366168800. Growth capex plus acquisitions / owner earnings = 1.3565546818844205.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2022-12-31 (filed 2026-03-24); FY2022: growth capex 0; upkeep 169853000; cash acquisitions 0; owner earnings 534265200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2023-12-31 (filed 2026-03-24); FY2023: growth capex 0; upkeep 176423000; owner earnings 566141800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2024-12-31 (filed 2026-03-24); FY2024: growth capex 0; upkeep 195195000; cash acquisitions 0; owner earnings 566404000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MOV.F.json#2025-12-31 (filed 2026-03-24); FY2025: growth capex 0; upkeep 220114000; cash acquisitions 0; owner earnings 521365800. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,34883000],[2017,45491000],[2018,70464000],[2019,100850000],[2020,0],[2021,120679000],[2022,160960000],[2023,303443000],[2024,311014000],[2025,353231000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 44.630001068115234 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 11.53220767582124; price multiple 3.8700309882285406. FY2025 cash earnings/share 1.9196209991005098. Closing-price date 2026-10-14.

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

- 2016-11: EUR 15.34 per share

- 2016-12: EUR 16.53 per share

- 2017-01: EUR 17.80 per share

- 2017-02: EUR 18.02 per share

- 2017-03: EUR 20.53 per share

- 2017-04: EUR 22.66 per share

- 2017-05: EUR 21.68 per share

- 2017-06: EUR 20.50 per share

- 2017-07: EUR 22.70 per share

- 2017-08: EUR 23.87 per share

- 2017-09: EUR 24.42 per share

- 2017-10: EUR 24.38 per share

- 2017-11: EUR 23.03 per share

- 2017-12: EUR 26.08 per share

- 2018-01: EUR 26.54 per share

- 2018-02: EUR 28.70 per share

- 2018-03: EUR 30.90 per share

- 2018-04: EUR 37.44 per share

- 2018-05: EUR 39.27 per share

- 2018-06: EUR 39.00 per share

- 2018-07: EUR 37.72 per share

- 2018-08: EUR 38.96 per share

- 2018-09: EUR 37.10 per share

- 2018-10: EUR 30.70 per share

- 2018-11: EUR 28.78 per share

- 2018-12: EUR 28.93 per share

- 2019-01: EUR 32.90 per share

- 2019-02: EUR 33.72 per share

- 2019-03: EUR 35.92 per share

- 2019-04: EUR 36.57 per share

- 2019-05: EUR 33.00 per share

- 2019-06: EUR 37.60 per share

- 2019-07: EUR 37.17 per share

- 2019-08: EUR 34.09 per share

- 2019-09: EUR 32.70 per share

- 2019-10: EUR 34.54 per share

- 2019-11: EUR 39.77 per share

- 2019-12: EUR 40.07 per share

- 2020-01: EUR 39.00 per share

- 2020-02: EUR 35.22 per share

- 2020-03: EUR 33.29 per share

- 2020-04: EUR 34.30 per share

- 2020-05: EUR 33.45 per share

- 2020-06: EUR 34.04 per share

- 2020-07: EUR 32.60 per share

- 2020-08: EUR 32.45 per share

- 2020-09: EUR 34.98 per share

- 2020-10: EUR 34.36 per share

- 2020-11: EUR 41.16 per share

- 2020-12: EUR 50.14 per share

- 2021-01: EUR 46.61 per share

- 2021-02: EUR 51.30 per share

- 2021-03: EUR 48.87 per share

- 2021-04: EUR 51.02 per share

- 2021-05: EUR 58.12 per share

- 2021-06: EUR 57.06 per share

- 2021-07: EUR 58.00 per share

- 2021-08: EUR 54.20 per share

- 2021-09: EUR 53.02 per share

- 2021-10: EUR 62.12 per share

- 2021-11: EUR 64.08 per share

- 2021-12: EUR 64.02 per share

- 2022-01: EUR 56.34 per share

- 2022-02: EUR 54.18 per share

- 2022-03: EUR 50.74 per share

- 2022-04: EUR 50.28 per share

- 2022-05: EUR 44.70 per share

- 2022-06: EUR 40.93 per share

- 2022-07: EUR 48.67 per share

- 2022-08: EUR 44.64 per share

- 2022-09: EUR 42.39 per share

- 2022-10: EUR 43.69 per share

- 2022-11: EUR 49.05 per share

- 2022-12: EUR 49.50 per share

- 2023-01: EUR 57.20 per share

- 2023-02: EUR 57.80 per share

- 2023-03: EUR 63.54 per share

- 2023-04: EUR 67.16 per share

- 2023-05: EUR 63.32 per share

- 2023-06: EUR 63.34 per share

- 2023-07: EUR 65.72 per share

- 2023-08: EUR 62.64 per share

- 2023-09: EUR 55.08 per share

- 2023-10: EUR 48.94 per share

- 2023-11: EUR 50.88 per share

- 2023-12: EUR 55.70 per share

- 2024-01: EUR 57.30 per share

- 2024-02: EUR 66.66 per share

- 2024-03: EUR 69.18 per share

- 2024-04: EUR 64.12 per share

- 2024-05: EUR 61.24 per share

- 2024-06: EUR 57.06 per share

- 2024-07: EUR 55.08 per share

- 2024-08: EUR 55.42 per share

- 2024-09: EUR 57.02 per share

- 2024-10: EUR 50.94 per share

- 2024-11: EUR 46.35 per share

- 2024-12: EUR 50.98 per share

- 2025-01: EUR 61.28 per share

- 2025-02: EUR 66.12 per share

- 2025-03: EUR 56.60 per share

- 2025-04: EUR 54.04 per share

- 2025-05: EUR 55.06 per share

- 2025-06: EUR 48.39 per share

- 2025-07: EUR 46.94 per share

- 2025-08: EUR 49.67 per share

- 2025-09: EUR 49.87 per share

- 2025-10: EUR 52.00 per share

- 2025-11: EUR 58.12 per share

- 2025-12: EUR 54.92 per share

- 2026-01: EUR 49.01 per share

- 2026-02: EUR 58.44 per share

- 2026-03: EUR 51.40 per share

- 2026-04: EUR 51.24 per share

- 2026-05: EUR 55.86 per share

- 2026-06: EUR 50.78 per share

- 2026-07: EUR 49.10 per share

- 2026-08: EUR 47.11 per share

- 2026-09: EUR 44.64 per share

- 2026-10: EUR 44.39 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/815600EBD7FB00525B20/2025-12-31/ESEF/IT/0/moncler-2025-12-31-0-IT/reports/moncler-2025-12-31-0-IT.xhtml); period 2025-12-31, filed 2026-03-24.

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.