# Nexi (NEXI.MI)

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

Analysis as of: 2026-10-16T07:37:16.464Z. Financial observations: FY2016–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 4.26 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 1.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.14×

- FY2020: 0.13×

- FY2021: 0.01×

- FY2022: 0.04×

- FY2023: -0.15×

- FY2024: 0.07×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- Recent gross margin fell 10.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: 0.5%

- Typical minus recent gross margin: 10.4 pp

- Typical gross margin (annual median): 58.5%

- Recent gross margin (lower of latest and 3-year median): 48.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.2%

- FY2017: 2.6%

- FY2018: 6.1%

- FY2019: 9.7%

- FY2020: 5.7%

- FY2021: 0.5%

- FY2022: 1.7%

- FY2023: -7.2%

- FY2024: 2.7%

- FY2025: 4.7%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: EUR -4.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -22.3 pp

- Working capital / revenue, change between three-year averages: -147.1 pp

- Working capital / revenue, final three-year average: 31.9%

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

- FY2021: EUR 77M

- FY2022: EUR 513M

- FY2023: EUR 649M

- FY2024: EUR 600M

- FY2025: EUR -2.9B

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.6% vs 2.7%

- Per-share earnings: 0.12 to -0.77 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 15.4%

- Diluted shares, 5-year annual growth: 15.4%

- Per-share value change: EUR -0.88

- Per-share value, starting three-year median: EUR 0.12

- Per-share value, ending three-year median: EUR -0.77

- Buyback history: 0 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR -3.6B

- ROIC, first three-year median: 2.6%

- ROIC, last three-year median: 2.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.12

- FY2018: EUR 0.03

- FY2019: EUR 0.22

- FY2020: EUR 0.20

- FY2021: EUR 0.03

- FY2022: EUR 0.10

- FY2023: EUR -0.77

- FY2024: EUR 0.14

- FY2025: EUR -2.63

### accounting: pass

- Sloan accruals: -22.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.5%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.73×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.2%

- FY2017: -9.5%

- FY2018: -1.2%

- FY2019: -0.9%

- FY2020: -0.8%

- FY2021: -1.1%

- FY2022: -1.9%

- FY2023: -7.2%

- FY2024: -3.3%

- FY2025: -22.7%

## Holders

## Price story

Down 72% since Oct 2021 · sales +2.7%

Story as of 2026-10-16T10:00:08.914Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +2.7%; source https://filings.xbrl.org/5493000P70CQRQG8SN85/2024-12-31/ESEF/IT/0/5493000P70CQRQG8SN85-2024-12-31-0-en/reports/5493000P70CQRQG8SN85-2024-12-31-0-en.xhtml; observed 2025-04-15.

- FY2016: EUR 1.1B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.6B 

- FY2021: EUR 3.1B 

- FY2022: EUR 5.4B 

- FY2023: EUR 5.8B 

- FY2024: EUR 6.1B 

- FY2025: EUR 6.3B 

### Gross margin · FY2025

gross margin 48.1%; source https://filings.xbrl.org/5493000P70CQRQG8SN85/2024-12-31/ESEF/IT/0/5493000P70CQRQG8SN85-2024-12-31-0-en/reports/5493000P70CQRQG8SN85-2024-12-31-0-en.xhtml; observed 2025-04-15.

- FY2016: 48.2% 

- FY2017: 58.9% 

- FY2018: 60.3% 

- FY2019: 60.6% 

- FY2020: 61.2% 

- FY2021: 58.1% 

- FY2022: 61.0% 

- FY2023: 49.1% 

- FY2024: 46.0% 

- FY2025: 48.1% 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are EUR 6.3 billion.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2025-12-31 (filed 2025-04-15); FY2025: revenue 6274000000; grossProfit 3017000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46% to 49.1% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2023-12-31 (filed 2025-04-15); FY2023: grossProfit / revenue = 49.1%.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2024-12-31 (filed 2025-04-15); FY2024: grossProfit / revenue = 46%.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2025-12-31 (filed 2025-04-15); FY2025: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); 10-year return on capital observations [[2016,0.021973446589489992],[2017,0.026281135045346155],[2018,0.060889810105591205],[2019,0.0965688465694652],[2020,0.05697494181617041],[2021,0.004806239499602937],[2022,0.01685776679434078],[2023,-0.07224207515137938],[2024,0.02748735707776013],[2025,0.04712481857764877]]; median 0.02688424606155314. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2016-12-31 (filed 2025-04-15); FY2016: growth capex 0; upkeep 51931000; owner earnings 34342000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2017-12-31 (filed 2025-04-15); FY2017: growth capex 0; upkeep 41665000; owner earnings 654631000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2018-12-31 (filed 2025-04-15); FY2018: growth capex 0; upkeep 31569000; owner earnings 49356000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2019-12-31 (filed 2025-04-15); FY2019: growth capex 0; upkeep 60201000; owner earnings 225156600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2020: growth capex 0; upkeep 135198000; owner earnings 161906200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); FY2021: growth capex 0; upkeep 281661000; owner earnings 77132200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2022-12-31 (filed 2025-04-15); FY2022: growth capex 0; upkeep 526799000; cash acquisitions 498874000; owner earnings 512729000. Growth capex plus acquisitions / owner earnings = 0.9729779279112357.

- Source: https://eodhd.com/api/fundamentals/N0XA.F.json#2023-12-31 (filed 2025-04-15); FY2023: growth capex 0; upkeep 464542000; cash acquisitions 175916000; owner earnings 648517400. Growth capex plus acquisitions / owner earnings = 0.2712587202748916.

- Source: https://filings.xbrl.org/5493000P70CQRQG8SN85/2024-12-31/ESEF/IT/0/5493000P70CQRQG8SN85-2024-12-31-0-en/reports/5493000P70CQRQG8SN85-2024-12-31-0-en.xhtml (filed 2025-04-15); FY2024: growth capex 0; upkeep 446973000; cash acquisitions 0; owner earnings 600346200. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Dividend observations: [[2016,69330000],[2017,89805000],[2018,56000000],[2019,841000],[2020,0],[2021,1891000],[2022,1503000],[2023,3127000],[2024,2936000],[2025,311000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-04-15); Closing price 4.261000156402588 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 4.889613506992288; price multiple 0.8714390514320274. FY2025 cash earnings/share -2.2736624872966686. Closing-price date 2026-10-14.

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

- 2019-05: EUR 8.70 per share

- 2019-06: EUR 9.06 per share

- 2019-07: EUR 9.67 per share

- 2019-08: EUR 9.91 per share

- 2019-09: EUR 9.36 per share

- 2019-10: EUR 9.27 per share

- 2019-11: EUR 10.70 per share

- 2019-12: EUR 12.38 per share

- 2020-01: EUR 12.80 per share

- 2020-02: EUR 14.55 per share

- 2020-03: EUR 11.86 per share

- 2020-04: EUR 13.82 per share

- 2020-05: EUR 14.77 per share

- 2020-06: EUR 15.40 per share

- 2020-07: EUR 15.16 per share

- 2020-08: EUR 14.91 per share

- 2020-09: EUR 17.12 per share

- 2020-10: EUR 13.19 per share

- 2020-11: EUR 15.80 per share

- 2020-12: EUR 16.34 per share

- 2021-01: EUR 14.65 per share

- 2021-02: EUR 14.89 per share

- 2021-03: EUR 14.88 per share

- 2021-04: EUR 15.94 per share

- 2021-05: EUR 16.54 per share

- 2021-06: EUR 18.51 per share

- 2021-07: EUR 18.08 per share

- 2021-08: EUR 17.65 per share

- 2021-09: EUR 16.16 per share

- 2021-10: EUR 15.02 per share

- 2021-11: EUR 13.56 per share

- 2021-12: EUR 13.99 per share

- 2022-01: EUR 12.91 per share

- 2022-02: EUR 12.27 per share

- 2022-03: EUR 10.50 per share

- 2022-04: EUR 9.42 per share

- 2022-05: EUR 9.48 per share

- 2022-06: EUR 7.90 per share

- 2022-07: EUR 8.85 per share

- 2022-08: EUR 8.20 per share

- 2022-09: EUR 8.34 per share

- 2022-10: EUR 8.77 per share

- 2022-11: EUR 8.40 per share

- 2022-12: EUR 7.37 per share

- 2023-01: EUR 8.06 per share

- 2023-02: EUR 7.65 per share

- 2023-03: EUR 7.49 per share

- 2023-04: EUR 7.51 per share

- 2023-05: EUR 7.33 per share

- 2023-06: EUR 7.18 per share

- 2023-07: EUR 7.87 per share

- 2023-08: EUR 6.63 per share

- 2023-09: EUR 5.79 per share

- 2023-10: EUR 5.48 per share

- 2023-11: EUR 7.15 per share

- 2023-12: EUR 7.41 per share

- 2024-01: EUR 7.14 per share

- 2024-02: EUR 6.77 per share

- 2024-03: EUR 5.87 per share

- 2024-04: EUR 5.48 per share

- 2024-05: EUR 6.09 per share

- 2024-06: EUR 5.69 per share

- 2024-07: EUR 5.68 per share

- 2024-08: EUR 6.31 per share

- 2024-09: EUR 6.09 per share

- 2024-10: EUR 5.80 per share

- 2024-11: EUR 5.60 per share

- 2024-12: EUR 5.36 per share

- 2025-01: EUR 4.92 per share

- 2025-02: EUR 5.06 per share

- 2025-03: EUR 4.91 per share

- 2025-04: EUR 5.14 per share

- 2025-05: EUR 5.30 per share

- 2025-06: EUR 5.07 per share

- 2025-07: EUR 5.01 per share

- 2025-08: EUR 5.42 per share

- 2025-09: EUR 4.82 per share

- 2025-10: EUR 4.57 per share

- 2025-11: EUR 4.02 per share

- 2025-12: EUR 4.22 per share

- 2026-01: EUR 3.61 per share

- 2026-02: EUR 3.48 per share

- 2026-03: EUR 3.18 per share

- 2026-04: EUR 4.05 per share

- 2026-05: EUR 3.51 per share

- 2026-06: EUR 3.54 per share

- 2026-07: EUR 4.24 per share

- 2026-08: EUR 4.40 per share

- 2026-09: EUR 4.17 per share

- 2026-10: EUR 4.30 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/5493000P70CQRQG8SN85/2024-12-31/ESEF/IT/0/5493000P70CQRQG8SN85-2024-12-31-0-en/reports/5493000P70CQRQG8SN85-2024-12-31-0-en.xhtml); period 2024-12-31, filed 2025-04-15.

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.