# Poste Italiane (PST.MI)

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

Analysis as of: 2026-10-16T07:34:01.201Z. 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 24.26 per share; close as of 2026-10-14.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 1.03×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.10×

- FY2017: 0.03×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.05×

- FY2021: 0.06×

- FY2022: 0.08×

- FY2023: 0.13×

- FY2024: 0.11×

- FY2025: 0.16×

### 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)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 26.3%

- Recent gross margin (lower of latest and 3-year median): 26.9%

- Years with nonpositive capital: 9

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: -49.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -11.8%

- FY2017: 63.6%

- FY2018: 8.6%

- FY2019: 5.8%

- FY2020: 3.9%

- FY2021: 4.7%

- FY2022: 7.3%

- FY2023: 8.5%

- FY2024: 9.1%

- FY2025: 10.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 8.0B

- Net income, five-year total: EUR 9.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -9.8 pp

- Working capital / revenue, final three-year average: 1.7%

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

- FY2021: 0.88×

- FY2022: 0.84×

- FY2023: 0.88×

- FY2024: 0.87×

- FY2025: 0.84×

### 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: 8.6% vs 9.1%

- Per-share earnings: 1.03 to 1.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.1%

- Market cap gain: EUR 20B

- Cumulative retained earnings: EUR 4.4B

- Diluted shares, 5-year annual growth: -0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.9%

- Per-share value change: EUR 0.51

- Per-share value, starting three-year median: EUR 1.03

- Per-share value, ending three-year median: EUR 1.54

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.2%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 1.1B

- Cumulative net income, 10 years: EUR 15B

- ROIC, first three-year median: 8.6%

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.53

- FY2018: EUR 1.07

- FY2019: EUR 1.03

- FY2020: EUR 0.93

- FY2021: EUR 1.21

- FY2022: EUR 1.21

- FY2023: EUR 1.48

- FY2024: EUR 1.54

- FY2025: EUR 1.71

### accounting: pass

- Sloan accruals: -0.2%

- Receivables to sales index (DSRI): 1.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.22×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.8%

- FY2017: 0.7%

- FY2018: -0.6%

- FY2019: 0.1%

- FY2020: -0.3%

- FY2021: -0.9%

- FY2022: 0.5%

- FY2023: 0.2%

- FY2024: -0.3%

- FY2025: -0.2%

## Holders

## Price story

Up 160% since Oct 2023 · sales +3.2%

Story as of 2026-10-16T09:59:58.793Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +3.2%; source https://filings.xbrl.org/815600354DEDBD0BA991/2024-12-31/ESEF/IT/0/815600354DEDBD0BA991-2024-12-31-0-en/reports/815600354DEDBD0BA991-2024-12-31-0-en.html; observed 2025-09-24.

- FY2016: EUR 29B 

- FY2017: EUR 33B 

- FY2018: EUR 29B 

- FY2019: EUR 33B 

- FY2020: EUR 30B 

- FY2021: EUR 32B 

- FY2022: EUR 32B 

- FY2023: EUR 21B 

- FY2024: EUR 23B 

- FY2025: EUR 23B 

### Gross margin · FY2025

gross margin 28%; source https://filings.xbrl.org/815600354DEDBD0BA991/2024-12-31/ESEF/IT/0/815600354DEDBD0BA991-2024-12-31-0-en/reports/815600354DEDBD0BA991-2024-12-31-0-en.html; observed 2025-09-24.

- FY2016: 69.6% 

- FY2017: 6.3% 

- FY2018: 7.4% 

- FY2019: 8.5% 

- FY2020: 26.4% 

- FY2021: 26.3% 

- FY2022: 28.0% 

- FY2023: 26.3% 

- FY2024: 26.9% 

- FY2025: 28.0% 

## Owner memo

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

### How it makes money

Operates in integrated freight & logistics; annual sales are EUR 23.3 billion.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2025-12-31 (filed 2025-09-24); FY2025: revenue 23257000000; grossProfit 6506000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 26.3% to 28% during 2023–25; it earns 7.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2023-12-31 (filed 2025-09-24); FY2023: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2024-12-31 (filed 2025-09-24); FY2024: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2025-12-31 (filed 2025-09-24); FY2025: grossProfit / revenue = 28%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); 10-year return on capital observations [[2016,-0.11807885906040269],[2017,0.6362869198312237],[2018,0.0857742233196582],[2019,0.05754324240350716],[2020,0.039374978790850536],[2021,0.046631961986864236],[2022,0.07339578287560482],[2023,0.08505401337782811],[2024,0.09103300646270476],[2025,0.10277250169831029]]; median 0.07922489812671646. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 28% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/815600354DEDBD0BA991/2024-12-31/ESEF/IT/0/815600354DEDBD0BA991-2024-12-31-0-en/reports/815600354DEDBD0BA991-2024-12-31-0-en.html (filed 2025-09-24); Gross margin observations: [[2021,0.2625956128705986],[2022,0.27975853612525936],[2023,0.2628946090335114]]; range within 2 percentage points.

### Where the cash goes

Reinvests 4.5% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2016-12-31 (filed 2025-09-24); FY2016: growth capex 0; upkeep 451000000; owner earnings 752000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2018-12-31 (filed 2025-09-24); FY2018: growth capex 0; upkeep 260000000; owner earnings 1676000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2019-12-31 (filed 2025-09-24); FY2019: growth capex 0; upkeep 391000000; owner earnings 1469200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2020: growth capex 0; upkeep 679000000; owner earnings 981000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2021: growth capex 0; upkeep 754000000; owner earnings 1380800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2022-12-31 (filed 2025-09-24); FY2022: growth capex 0; upkeep 810000000; cash acquisitions 678000000; owner earnings 1322600000. Growth capex plus acquisitions / owner earnings = 0.5126266444881294.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2023-12-31 (filed 2025-09-24); FY2023: growth capex 0; upkeep 846000000; cash acquisitions 95000000; owner earnings 1685200000. Growth capex plus acquisitions / owner earnings = 0.056373130785663424.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2024-12-31 (filed 2025-09-24); FY2024: growth capex 41000000; upkeep 924000000; cash acquisitions 0; owner earnings 1741600000. Growth capex plus acquisitions / owner earnings = 0.023541570969223703.

- Source: https://eodhd.com/api/fundamentals/7PI.F.json#2025-12-31 (filed 2025-09-24); FY2025: growth capex 84107081.40162563; upkeep 1093892918.5983744; cash acquisitions 0; owner earnings 1850307081.4016256. Growth capex plus acquisitions / owner earnings = 0.04545574204791655.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Dividend observations: [[2016,444000000],[2017,509000000],[2018,549000000],[2019,774000000],[2020,613000000],[2021,662000000],[2022,801000000],[2023,883000000],[2024,1165000000],[2025,1502000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); FY2025: cash repurchases 1275808.7478247483 EUR.

### What the price says

The price is 1.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-09-24); Closing price 24.260000228881836 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 17.962723578696156; price multiple 1.3505747122699292. FY2025 cash earnings/share 1.4290989654263855. Closing-price date 2026-10-14.

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

- 2016-11: EUR 5.86 per share

- 2016-12: EUR 6.30 per share

- 2017-01: EUR 5.82 per share

- 2017-02: EUR 6.06 per share

- 2017-03: EUR 6.25 per share

- 2017-04: EUR 6.29 per share

- 2017-05: EUR 6.26 per share

- 2017-06: EUR 5.99 per share

- 2017-07: EUR 6.22 per share

- 2017-08: EUR 6.11 per share

- 2017-09: EUR 6.23 per share

- 2017-10: EUR 6.28 per share

- 2017-11: EUR 6.14 per share

- 2017-12: EUR 6.28 per share

- 2018-01: EUR 6.66 per share

- 2018-02: EUR 7.06 per share

- 2018-03: EUR 7.42 per share

- 2018-04: EUR 8.11 per share

- 2018-05: EUR 7.32 per share

- 2018-06: EUR 7.17 per share

- 2018-07: EUR 7.97 per share

- 2018-08: EUR 6.63 per share

- 2018-09: EUR 6.88 per share

- 2018-10: EUR 6.35 per share

- 2018-11: EUR 6.70 per share

- 2018-12: EUR 6.98 per share

- 2019-01: EUR 7.51 per share

- 2019-02: EUR 7.93 per share

- 2019-03: EUR 8.67 per share

- 2019-04: EUR 9.51 per share

- 2019-05: EUR 8.70 per share

- 2019-06: EUR 9.26 per share

- 2019-07: EUR 9.66 per share

- 2019-08: EUR 9.77 per share

- 2019-09: EUR 10.43 per share

- 2019-10: EUR 10.88 per share

- 2019-11: EUR 10.59 per share

- 2019-12: EUR 10.12 per share

- 2020-01: EUR 10.35 per share

- 2020-02: EUR 9.61 per share

- 2020-03: EUR 7.72 per share

- 2020-04: EUR 7.75 per share

- 2020-05: EUR 7.89 per share

- 2020-06: EUR 7.74 per share

- 2020-07: EUR 7.75 per share

- 2020-08: EUR 7.69 per share

- 2020-09: EUR 7.57 per share

- 2020-10: EUR 7.00 per share

- 2020-11: EUR 8.54 per share

- 2020-12: EUR 8.32 per share

- 2021-01: EUR 8.08 per share

- 2021-02: EUR 9.40 per share

- 2021-03: EUR 10.84 per share

- 2021-04: EUR 10.90 per share

- 2021-05: EUR 11.56 per share

- 2021-06: EUR 11.15 per share

- 2021-07: EUR 11.17 per share

- 2021-08: EUR 11.48 per share

- 2021-09: EUR 11.93 per share

- 2021-10: EUR 12.34 per share

- 2021-11: EUR 11.14 per share

- 2021-12: EUR 11.54 per share

- 2022-01: EUR 11.85 per share

- 2022-02: EUR 10.27 per share

- 2022-03: EUR 10.32 per share

- 2022-04: EUR 9.38 per share

- 2022-05: EUR 10.07 per share

- 2022-06: EUR 8.91 per share

- 2022-07: EUR 8.17 per share

- 2022-08: EUR 7.99 per share

- 2022-09: EUR 7.79 per share

- 2022-10: EUR 8.82 per share

- 2022-11: EUR 9.39 per share

- 2022-12: EUR 9.13 per share

- 2023-01: EUR 9.79 per share

- 2023-02: EUR 10.20 per share

- 2023-03: EUR 9.41 per share

- 2023-04: EUR 9.43 per share

- 2023-05: EUR 9.70 per share

- 2023-06: EUR 9.92 per share

- 2023-07: EUR 10.40 per share

- 2023-08: EUR 10.26 per share

- 2023-09: EUR 9.97 per share

- 2023-10: EUR 9.34 per share

- 2023-11: EUR 9.88 per share

- 2023-12: EUR 10.27 per share

- 2024-01: EUR 10.06 per share

- 2024-02: EUR 10.84 per share

- 2024-03: EUR 11.60 per share

- 2024-04: EUR 11.92 per share

- 2024-05: EUR 12.60 per share

- 2024-06: EUR 11.90 per share

- 2024-07: EUR 12.52 per share

- 2024-08: EUR 12.55 per share

- 2024-09: EUR 12.59 per share

- 2024-10: EUR 12.94 per share

- 2024-11: EUR 13.28 per share

- 2024-12: EUR 13.62 per share

- 2025-01: EUR 14.69 per share

- 2025-02: EUR 15.52 per share

- 2025-03: EUR 16.43 per share

- 2025-04: EUR 17.84 per share

- 2025-05: EUR 19.11 per share

- 2025-06: EUR 18.24 per share

- 2025-07: EUR 18.97 per share

- 2025-08: EUR 20.01 per share

- 2025-09: EUR 20.19 per share

- 2025-10: EUR 20.89 per share

- 2025-11: EUR 20.61 per share

- 2025-12: EUR 21.48 per share

- 2026-01: EUR 22.20 per share

- 2026-02: EUR 22.75 per share

- 2026-03: EUR 20.14 per share

- 2026-04: EUR 22.59 per share

- 2026-05: EUR 25.36 per share

- 2026-06: EUR 28.62 per share

- 2026-07: EUR 26.21 per share

- 2026-08: EUR 27.79 per share

- 2026-09: EUR 25.34 per share

- 2026-10: EUR 24.28 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/815600354DEDBD0BA991/2024-12-31/ESEF/IT/0/815600354DEDBD0BA991-2024-12-31-0-en/reports/815600354DEDBD0BA991-2024-12-31-0-en.html); period 2024-12-31, filed 2025-09-24.

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.