# Stevanato Group SpA (STVN.US)

Canonical: https://gigainvestors.com/s/STVN

Analysis as of: 2026-10-16T07:32:09.351Z. Financial observations: FY2019–FY2025.

Listing currency: USD. 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: $19.25 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

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

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.12×

- FY2020: 0.16×

- FY2021: 0.19×

- FY2022: 0.20×

- FY2023: 0.18×

- FY2024: 0.15×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: 7.6%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 29.3%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 22.2%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 9.4%

- FY2020: 17.9%

- FY2021: 21.9%

- FY2022: 16.1%

- FY2023: 11.0%

- FY2024: 7.0%

- FY2025: 7.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -75M

- Net income, five-year total: EUR 675M

- Return on incremental invested capital: 6.6%

- Working capital / revenue, annual change: 3.2 pp

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

- FY2021: 1.00×

- FY2022: 0.30×

- FY2023: -1.05×

- FY2024: -0.86×

- FY2025: 0.01×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.9% vs 7.6%

- Per-share earnings: 0.33 to 0.49 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 2.6%

- Per-share value growth: 10.8%

- Per-share value change: EUR 0.17

- Per-share value, starting three-year median: EUR 0.33

- Per-share value, ending three-year median: EUR 0.49

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 17.9%

- ROIC, last three-year median: 7.6%

Chart: Earnings per share; fiscal year observations.

- FY2019: EUR 0.16

- FY2020: EUR 0.33

- FY2021: EUR 0.53

- FY2022: EUR 0.54

- FY2023: EUR 0.55

- FY2024: EUR 0.43

- FY2025: EUR 0.49

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.05×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -0.4%

- FY2020: -8.0%

- FY2021: 0.1%

- FY2022: 2.4%

- FY2023: 2.0%

- FY2024: -1.6%

- FY2025: -5.5%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 42% since Feb 2024 · sales +3.2%

Story as of 2026-10-16T09:59:38.429Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +3.2%; source https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm; observed 2026-03-04.

- FY2019: EUR 537M 

- FY2020: EUR 662M 

- FY2021: EUR 844M 

- FY2022: EUR 984M 

- FY2023: EUR 1.1B 

- FY2024: EUR 1.1B 

- FY2025: EUR 1.1B 

### Gross margin · FY2025

gross margin 29%; source https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm; observed 2026-03-04.

- FY2019: 25.7% 

- FY2020: 29.3% 

- FY2021: 31.4% 

- FY2022: 32.5% 

- FY2023: 31.3% 

- FY2024: 27.4% 

- FY2025: 29.0% 

## Owner memo

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

### How it makes money

Operates in medical instruments & supplies; annual sales are EUR 1.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm (filed 2026-03-04); FY2025: revenue 1139479933; grossProfit 330327193; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STVN.US: Stevanato Group S.p.A. engages in the design, production, and distribution of products and processes to provide solutions for biopharma and healthcare industries in Europe, the Middle East, Africa, North America, South America, and the Asia Pacific. It operates through two segments, Biopharmaceutical and Diagnostic Solutions; and Engineering. The company offers drug containment solutions comprising pre-fillable syringes, cartridges, vials, and ampoules; in-vitro diagnostic solutions; drug delivery systems, including pen injectors, auto-injectors, and wearable injectors; diagnostic laboratory consumables; analytical and regulatory support services; medical devices; pharmaceutical visual inspection machines; assembling and packaging machines; glass converting machines; and after-sales services, such as line optimization and line conversions, training, logistics, spare parts and maintenance services. It also provides contract development and manufacturing services for customer-owned drug delivery devices. The company serves pharmaceutical, biotechnology, diagnostics, and life sciences companies; and drug products, glass packaging, and fill and finish contract manufacturers. The company was founded in 1949 and is headquartered in Piombino Dese, Italy. Stevanato Group S.p.A. is a subsidiary of Stevanato Holding S.R.L.

### Why customers stay

Margins ranged from 27.4% to 31.3% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 31.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 27.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm (filed 2026-03-04); FY2025: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 7-year return on capital observations [[2019,0.0941251511360573],[2020,0.17941750261043554],[2021,0.2187924691077365],[2022,0.16106526611520755],[2023,0.10950771126773479],[2024,0.07026083799059618],[2025,0.07630112363750202]]; median 0.10950771126773479. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 33% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm (filed 2026-03-04); Gross margin observations: [[2021,0.3144907100199071],[2022,0.32510674202992845],[2023,0.31316326286170226]]; range within 2 percentage points.

### Where the cash goes

Earns 6.6% on new investment; paid dividends in 7 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 73906000; owner earnings 11512000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 41901000; upkeep 54103000; owner earnings 78513000. Growth capex / owner earnings = 0.5336823201253296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 56798000; upkeep 56382000; owner earnings 134321000. Growth capex / owner earnings = 0.4228527184878016.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 78546702.58292496; upkeep 164580297.41707504; cash acquisitions 0; owner earnings 43091702.58292496. Growth capex plus acquisitions / owner earnings = 1.822780207669237.

- Source: https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm (filed 2026-03-04); FY2025: growth capex 31933937.029135853; upkeep 221412321.97086415; cash acquisitions 0; owner earnings 1436148.029135853. Growth capex plus acquisitions / owner earnings = 22.23582554254583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Incremental return on capital 0.0658091700889711, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2019,6170000],[2020,8900000],[2021,11200000],[2022,13500000],[2023,14294000],[2024,14457000],[2025,14155370]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); STVN.US SharesStats.PercentInsiders = 1.8110000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Closing price 19.25 USD; reporting-to-trading FX 1.12128; FY2025 annual sales per share 4.174539294016592; price multiple 4.11252077344605. FY2025 cash earnings/share 0.005261397068983841. Closing-price date 2026-10-15.

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

- 2021-07: $20.19 per share

- 2021-08: $24.76 per share

- 2021-09: $25.31 per share

- 2021-10: $25.67 per share

- 2021-11: $23.86 per share

- 2021-12: $22.45 per share

- 2022-01: $17.37 per share

- 2022-02: $16.05 per share

- 2022-03: $20.12 per share

- 2022-04: $16.00 per share

- 2022-05: $16.15 per share

- 2022-06: $15.81 per share

- 2022-07: $17.11 per share

- 2022-08: $16.60 per share

- 2022-09: $16.94 per share

- 2022-10: $16.84 per share

- 2022-11: $15.31 per share

- 2022-12: $17.97 per share

- 2023-01: $19.68 per share

- 2023-02: $21.75 per share

- 2023-03: $25.90 per share

- 2023-04: $26.51 per share

- 2023-05: $26.91 per share

- 2023-06: $32.38 per share

- 2023-07: $31.23 per share

- 2023-08: $32.04 per share

- 2023-09: $29.72 per share

- 2023-10: $27.95 per share

- 2023-11: $26.39 per share

- 2023-12: $27.29 per share

- 2024-01: $31.74 per share

- 2024-02: $33.15 per share

- 2024-03: $32.10 per share

- 2024-04: $28.04 per share

- 2024-05: $20.32 per share

- 2024-06: $18.34 per share

- 2024-07: $20.68 per share

- 2024-08: $21.88 per share

- 2024-09: $20.00 per share

- 2024-10: $19.01 per share

- 2024-11: $20.03 per share

- 2024-12: $21.79 per share

- 2025-01: $22.41 per share

- 2025-02: $18.64 per share

- 2025-03: $20.42 per share

- 2025-04: $20.86 per share

- 2025-05: $22.21 per share

- 2025-06: $24.43 per share

- 2025-07: $24.71 per share

- 2025-08: $23.01 per share

- 2025-09: $25.75 per share

- 2025-10: $25.22 per share

- 2025-11: $23.36 per share

- 2025-12: $20.12 per share

- 2026-01: $15.58 per share

- 2026-02: $15.52 per share

- 2026-03: $13.75 per share

- 2026-04: $17.00 per share

- 2026-05: $18.66 per share

- 2026-06: $18.07 per share

- 2026-07: $19.85 per share

- 2026-08: $21.43 per share

- 2026-09: $20.98 per share

- 2026-10: $19.25 per share

## Annual estimated value (USD 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 20-F filing](https://www.sec.gov/Archives/edgar/data/1849853/000119312526091540/stvn-20251231.htm); period 2025-12-31, filed 2026-03-04.

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.