Detailed financial statements for Natuzzi S.p.A. (NTZ): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Natuzzi S.p.A. is a company that specializes in the global design, production, and sale of upholstered furniture, featuring both leather and fabric options. Its products reach consumers worldwide through both company-owned and franchised retail establishments. The company's operations are categorized into two primary divisions: the Natuzzi Brand and its Private Label segment.
Analysis Summary
Natuzzi S.p.A. reported revenue of $296.1M in the most recent fiscal year, growing at a 5-year CAGR of -2.0%.
Trailing-twelve-month margins: gross margin 33.3%, operating margin -9.5%, net margin -10.4%.
At the current price of $1.00, NTZ has negative trailing earnings (P/E not meaningful) and an ROE of -86.96%. Market capitalisation stands at $11M.
Balance sheet quality for NTZ: current ratio of 0.8, net debt of $81.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $457.2M | $448.9M | $428.5M | $387.0M | $328.3M | $427.4M | $468.5M | $328.6M | $318.8M | $296.1M |
| Cost of Revenue | $300.3M | $318.4M | $309.3M | $273.4M | $226.3M | $273.6M | $304.2M | $215.8M | $203.1M | $210.5M |
| Gross Profit | $156.9M | $130.5M | $119.2M | $113.6M | $102.0M | $153.8M | $164.3M | $112.9M | $115.7M | $85.6M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $153.0M | $150.4M | $145.7M | $134.2M | $90.6M | $125.9M | $134.7M | $105.4M | $103.5M | $100.8M |
| Operating Expenses | $157.3M | $154.4M | $144.7M | $136.1M | $112.6M | $148.9M | $155.9M | $122.4M | $122.0M | $107.6M |
| Operating Income | -$408000 | -$24.0M | -$25.5M | -$22.5M | -$10.6M | $4.9M | $8.4M | -$9.5M | -$6.3M | -$22.0M |
| EBITDA | $15.5M | -$10.9M | $55.4M | -$302000 | $9.6M | $34.9M | $31.7M | $14.4M | $14.3M | -$1.2M |
| Interest Expense | $4.8M | $4.6M | $5.8M | $7.8M | $7.3M | $4.7M | $6.5M | $7.1M | $7.8M | $8.3M |
| Pre-tax Income | -$2.2M | -$28.0M | $40.5M | -$31.3M | -$20.6M | $8.8M | $3.6M | -$15.1M | -$14.7M | -$28.4M |
| Income Tax | $4.2M | $2.9M | $7.4M | $2.3M | $4.3M | $4.4M | $2.3M | $1.1M | $684000 | $995111 |
| Net Income | -$6.1M | -$30.4M | $33.3M | -$33.4M | -$24.7M | $3.6M | -$540000 | -$16.1M | -$15.2M | -$28.8M |
| EPS | $-0.55 | $-2.85 | $3.05 | $-3.05 | $-2.25 | $0.33 | $-0.05 | $-1.45 | $-1.40 | $-2.60 |
| EPS (Diluted) | $-0.55 | $-2.85 | $3.05 | $-3.05 | $-2.25 | $0.33 | $-0.05 | $-1.45 | $-1.40 | $-2.60 |
| Shares Outstanding (Diluted) | $11.1M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $65.0M | $55.0M | $62.1M | $39.8M | $48.2M | $53.5M | $54.5M | $33.6M | $20.3M | $20.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $59.6M | $45.5M | $41.0M | $29.2M | $33.9M | $54.3M | $57.5M | $48.5M | $46.4M | $45.9M |
| Inventory | $78.4M | $80.3M | $84.2M | $69.7M | $63.9M | $80.2M | $70.1M | $62.1M | $62.8M | $49.5M |
| Total Current Assets | $224.8M | $202.9M | $207.1M | $156.9M | $172.1M | $200.4M | $191.0M | $149.7M | $143.4M | $121.9M |
| Property, Plant & Equipment | $115.9M | $107.9M | $111.1M | $157.2M | $134.3M | $133.8M | $127.3M | $135.0M | $118.6M | $97.7M |
| Goodwill | $1.9M | $3.5M | $3.9M | $4.1M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.1M |
| Intangible Assets | $2.3M | $2.0M | $1.9M | $2.0M | $1.8M | $2.2M | $2.3M | $2.2M | $4.7M | $1.9M |
| Total Assets | $347.2M | $317.8M | $372.7M | $369.4M | $356.0M | $390.0M | $368.6M | $338.3M | $319.0M | $268.7M |
| Accounts Payable | $61.3M | $76.0M | $77.9M | $68.5M | $74.3M | $89.2M | $78.4M | $48.6M | $52.1M | $57.4M |
| Short-term Debt | $36.1M | $30.8M | $45.7M | $28.5M | $37.9M | $40.0M | $35.1M | $28.0M | $27.9M | $29.4M |
| Total Current Liabilities | $150.2M | $147.7M | $66.1M | $152.0M | $176.7M | $198.7M | $180.8M | $154.7M | $158.3M | $144.2M |
| Long-term Debt | $6.3M | $20.9M | $10.4M | $14.1M | $9.3M | $13.6M | $11.5M | $12.2M | $14.2M | $23.1M |
| Total Liabilities | $194.8M | $209.4M | $234.6M | $264.6M | $280.7M | $306.2M | $276.0M | $265.1M | $260.8M | $232.9M |
| Retained Earnings | $82.7M | $40.1M | $64.5M | $31.1M | $6.4M | $10.0M | $9.5M | -$6.6M | -$21.7M | -$51.6M |
| Total Equity | $149.0M | $106.4M | $136.5M | $103.1M | $74.3M | $82.3M | $87.9M | $68.9M | $54.0M | $23.0M |
| Total Debt | $36.1M | $45.4M | $56.1M | $99.9M | $100.8M | $110.7M | $98.4M | $102.5M | $99.8M | $101.9M |
| Net Debt | -$28.9M | -$9.6M | -$6.0M | $60.1M | $52.6M | $57.3M | $43.9M | $68.9M | $79.5M | $81.6M |
| Working Capital | $74.6M | $55.2M | $141.0M | $4.9M | -$4.6M | $1.7M | $10.2M | -$4.9M | -$14.9M | -$22.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$6.4M | -$29.3M | $34.4M | -$32.9M | -$23.0M | $3.7M | -$527384 | -$15.8M | -$15.8M | -$28.8M |
| Depreciation & Amortization | $13.6M | $10.9M | $10.3M | $23.2M | $21.3M | $20.9M | $19.7M | $20.4M | $20.6M | $18.8M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | $15.7M | $15.2M | $15.8M | $13.0M | $11.8M | -$13.9M | -$11719 | $723052 | -$3.7M | $2.4M |
| Operating Cash Flow | $27.3M | -$4.7M | -$11.7M | $4.6M | $13.6M | $2.4M | $21.9M | $6.1M | $1.9M | -$2.2M |
| Capital Expenditure | -$6.4M | -$6.5M | -$7.5M | -$3.8M | -$1.9M | -$3.7M | -$8.2M | -$10.1M | -$5.4M | -$6.0M |
| Acquisitions | -$3.9M | -$2.7M | $23.5M | $1.7M | $2.7M | $12.1M | $6.0M | $901850 | $4.3M | $10.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$386003 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $20.9M | -$11.2M | -$19.2M | $834968 | $11.7M | -$1.3M | $13.6M | -$4.0M | -$3.6M | -$8.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -1.8% | -4.5% | -9.7% | -15.1% | +30.2% | +9.6% | -29.9% | -3.0% | -7.1% | |
| Net Income Growth (YoY) | -399.1% | +209.5% | -200.2% | +26.0% | +114.5% | -115.1% | -2875.7% | +5.7% | -89.8% | |
| EPS Growth (YoY) | -418.2% | +207.0% | -200.0% | +26.2% | +114.7% | -114.8% | -2859.2% | +3.4% | -85.7% | |
| Shares Change (YoY) | -1.1% | +0.0% | +0.0% | +0.0% | +0.0% | +0.1% | +0.3% | +0.0% | -0.0% | |
| FCF Growth (YoY) | -153.4% | -72.0% | +104.3% | +1295.3% | -111.0% | +1160.8% | -129.3% | +10.8% | -128.6% | |
| Gross Margin | 34.3% | 29.1% | 27.8% | 29.3% | 31.1% | 36.0% | 35.1% | 34.3% | 36.3% | 28.9% |
| Operating Margin | -0.1% | -5.3% | -5.9% | -5.8% | -3.2% | 1.1% | 1.8% | -2.9% | -2.0% | -7.4% |
| EBITDA Margin | 3.4% | -2.4% | 12.9% | -0.1% | 2.9% | 8.2% | 6.8% | 4.4% | 4.5% | -0.4% |
| Net Margin | -1.3% | -6.8% | 7.8% | -8.6% | -7.5% | 0.8% | -0.1% | -4.9% | -4.8% | -9.7% |
| FCF Margin | 4.6% | -2.5% | -4.5% | 0.2% | 3.5% | -0.3% | 2.9% | -1.2% | -1.1% | -2.8% |
| Effective Tax Rate | -190.3% | -10.3% | 18.3% | -7.4% | -21.1% | 50.0% | 63.8% | -7.2% | -4.7% | -3.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.89 | $-1.02 | $-1.75 | $0.08 | $1.06 | $-0.12 | $1.24 | $-0.36 | $-0.32 | $-0.74 |
| Dividends Per Share | $0.03 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M | $11.0M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | -86.96% |
| Return on Invested Capital | -21.27% |
| Return on Assets | -11.57% |
| Gross Margin | 33.28% |
| Operating Margin | -9.53% |
| Net Margin | -10.40% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.86 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -19.51 | -2.32 | 1.13 | -0.50 | -4.56 | 42.45 | -146.57 | -4.22 | -3.31 | -0.77 |
| P/B | 0.79 | 0.68 | 0.28 | 0.16 | 1.52 | 1.87 | 0.90 | 0.98 | 0.95 | 0.96 |
| P/S | 0.26 | 0.16 | 0.09 | 0.04 | 0.34 | 0.36 | 0.17 | 0.21 | 0.16 | 0.07 |
| Gross Margin | 34.3% | 29.1% | 27.8% | 29.3% | 31.1% | 36.0% | 35.1% | 34.3% | 36.3% | 28.9% |
| Operating Margin | -0.1% | -5.3% | -5.9% | -5.8% | -3.2% | 1.1% | 1.8% | -2.9% | -2.0% | -7.4% |
| Net Margin | -1.3% | -6.8% | 7.8% | -8.6% | -7.5% | 0.8% | -0.1% | -4.9% | -4.8% | -9.7% |
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Explore sector: Consumer Cyclical · Furnishings, Fixtures & Appliances
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