Detailed financial statements for Stevanato Group S.p.A. (STVN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Stevanato Group S.p.A. is dedicated to engineering, manufacturing, and distributing integrated solutions for the pharmaceutical and healthcare sectors. Its core offerings span a wide array of products, including containment solutions, drug delivery systems, and medical devices, alongside diagnostic and analytical support. The company also produces specialized machinery for tasks such as visual inspection, assembly, packaging, and glass formation.
Analysis Summary
Stevanato Group S.p.A. reported revenue of 1.14B EUR in the most recent fiscal year, growing at a 5-year CAGR of 11.5%. Net income reached 134.3M EUR, with a 11.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 29.2%, operating margin 16.1%, net margin 11.0%. Free cash flow grew at -18.5% CAGR over 5 years.
At $20.24 (closing price, October 29, 2026), STVN trades at a P/E of 37.86 and an ROE of 8.94%. Market capitalisation stands at $5.5B.
Balance sheet quality for STVN: current ratio of 1.7, net debt of 338.0M EUR. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of 21.4M EUR represents 16% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 536.5M EUR | 662.0M EUR | 843.9M EUR | 983.7M EUR | 1.09B EUR | 1.10B EUR | 1.14B EUR |
| Cost of Revenue | 398.5M EUR | 467.9M EUR | 578.5M EUR | 663.9M EUR | 745.5M EUR | 801.7M EUR | 809.2M EUR |
| Gross Profit | 138.0M EUR | 194.2M EUR | 265.4M EUR | 319.8M EUR | 339.9M EUR | 302.3M EUR | 330.3M EUR |
| Research & Development | 7.8M EUR | 17.4M EUR | 29.6M EUR | 34.4M EUR | 35.7M EUR | 31.7M EUR | 24.4M EUR |
| Selling, General & Admin | 76.7M EUR | 78.9M EUR | 83.0M EUR | 111.8M EUR | 113.9M EUR | 118.6M EUR | 122.9M EUR |
| Operating Expenses | 75.8M EUR | 91.1M EUR | 103.2M EUR | 127.4M EUR | 139.2M EUR | 141.2M EUR | 147.2M EUR |
| Operating Income | 62.2M EUR | 103.1M EUR | 162.2M EUR | 192.4M EUR | 200.7M EUR | 161.1M EUR | 183.1M EUR |
| EBITDA | 106.5M EUR | 156.4M EUR | 226.9M EUR | 256.4M EUR | 272.3M EUR | 247.8M EUR | 292.0M EUR |
| Interest Expense | 5.3M EUR | 6.8M EUR | 4.9M EUR | 3.9M EUR | 4.3M EUR | 6.9M EUR | 21.8M EUR |
| Pre-tax Income | 54.7M EUR | 96.3M EUR | 165.7M EUR | 187.6M EUR | 189.6M EUR | 160.3M EUR | 181.6M EUR |
| Income Tax | 16.0M EUR | 17.7M EUR | 31.4M EUR | 44.6M EUR | 43.9M EUR | 42.5M EUR | 47.4M EUR |
| Net Income | 39.2M EUR | 78.5M EUR | 134.3M EUR | 142.8M EUR | 145.6M EUR | 117.8M EUR | 134.3M EUR |
| EPS | $0.15 | $0.28 | $0.53 | $0.53 | $0.55 | $0.43 | $0.49 |
| EPS (Diluted) | $0.15 | $0.28 | $0.53 | $0.53 | $0.55 | $0.43 | $0.49 |
| Shares Outstanding (Diluted) | 264.7 M | 264.7 M | 264.7 M | 264.7 M | 265.0 M | 272.9 M | 273.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 303.2M EUR | 343.3M EUR | 273.6M EUR | 302.0M EUR |
| Gross Profit | 88.5M EUR | 105.9M EUR | 75.2M EUR | 86.8M EUR |
| Operating Income | 52.7M EUR | 66.0M EUR | 38.7M EUR | 39.1M EUR |
| EBITDA | 72.7M EUR | 94.3M EUR | 65.1M EUR | 64.3M EUR |
| Net Income | 36.1M EUR | 47.2M EUR | 28.0M EUR | 23.0M EUR |
| EPS | $0.13 | $0.17 | $0.10 | $0.08 |
| EPS (Diluted) | $0.13 | $0.17 | $0.10 | $0.08 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 74.5M EUR | 85.4M EUR | 115.6M EUR | 411.0M EUR | 228.7M EUR | 69.6M EUR | 98.3M EUR | 130.5M EUR |
| Short-term Investments | 40.1M EUR | 40.9M EUR | 41.5M EUR | 27.2M EUR | 27.9M EUR | 749,000 EUR | 0 | 2.2M EUR |
| Receivables | 181.0M EUR | 160.6M EUR | 167.2M EUR | 278.4M EUR | 369.5M EUR | 522.5M EUR | 529.9M EUR | 542.2M EUR |
| Inventory | 98.6M EUR | 131.9M EUR | 139.4M EUR | 148.9M EUR | 213.3M EUR | 255.3M EUR | 245.2M EUR | 268.1M EUR |
| Total Current Assets | 394.9M EUR | 449.6M EUR | 492.8M EUR | 866.0M EUR | 845.8M EUR | 861.9M EUR | 880.1M EUR | 934.4M EUR |
| Property, Plant & Equipment | 266.4M EUR | 306.9M EUR | 339.0M EUR | 415.4M EUR | 660.7M EUR | 1.05B EUR | 1.26B EUR | 1.40B EUR |
| Goodwill | 47.2M EUR | 47.2M EUR | 47.2M EUR | 47.2M EUR | 47.2M EUR | 50.0M EUR | 50.0M EUR | 50.0M EUR |
| Intangible Assets | 34.5M EUR | 34.8M EUR | 33.9M EUR | 31.9M EUR | 32.2M EUR | 31.0M EUR | 33.6M EUR | 36.9M EUR |
| Total Assets | 781.6M EUR | 882.2M EUR | 968.0M EUR | 1.42B EUR | 1.66B EUR | 2.07B EUR | 2.33B EUR | 2.54B EUR |
| Accounts Payable | 91.8M EUR | 95.1M EUR | 118.7M EUR | 164.8M EUR | 239.2M EUR | 277.8M EUR | 231.0M EUR | 263.2M EUR |
| Short-term Debt | 51.3M EUR | 65.3M EUR | 63.5M EUR | 37.2M EUR | 64.6M EUR | 135.6M EUR | 106.8M EUR | 121.7M EUR |
| Total Current Liabilities | 243.9M EUR | 262.9M EUR | 316.2M EUR | 338.6M EUR | 462.5M EUR | 574.4M EUR | 477.5M EUR | 535.6M EUR |
| Long-term Debt | 245.2M EUR | 290.9M EUR | 273.9M EUR | 184.0M EUR | 133.8M EUR | 242.0M EUR | 305.2M EUR | 337.6M EUR |
| Total Liabilities | 550.2M EUR | 616.7M EUR | 657.8M EUR | 577.2M EUR | 663.8M EUR | 938.9M EUR | 924.4M EUR | 1.06B EUR |
| Retained Earnings | 0 | 0 | 0 | 0 | 623.4M EUR | 757.9M EUR | 863.4M EUR | 876.4M EUR |
| Total Equity | 231.6M EUR | 265.5M EUR | 310.5M EUR | 842.1M EUR | 996.1M EUR | 1.13B EUR | 1.40B EUR | 1.49B EUR |
| Total Debt | 317.1M EUR | 375.7M EUR | 363.0M EUR | 244.3M EUR | 218.4M EUR | 396.6M EUR | 429.0M EUR | 470.7M EUR |
| Net Debt | 202.4M EUR | 249.4M EUR | 205.9M EUR | -193.9M EUR | -38.3M EUR | 326.2M EUR | 330.7M EUR | 338.0M EUR |
| Working Capital | 151.0M EUR | 186.6M EUR | 176.6M EUR | 527.3M EUR | 383.3M EUR | 287.5M EUR | 402.6M EUR | 398.8M EUR |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 113.3M EUR | 130.5M EUR | 111.7M EUR | 78.6M EUR |
| Total Assets | 2.41B EUR | 2.54B EUR | 2.58B EUR | 2.62B EUR |
| Total Liabilities | 976.9M EUR | 1.06B EUR | 1.05B EUR | 1.07B EUR |
| Total Equity | 1.44B EUR | 1.49B EUR | 1.53B EUR | 1.55B EUR |
| Total Debt | 450.3M EUR | 470.7M EUR | 448.5M EUR | 443.0M EUR |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | 54.7M EUR | 96.3M EUR | 165.7M EUR | 187.6M EUR | 189.6M EUR | 160.3M EUR | 134.3M EUR |
| Depreciation & Amortization | 46.2M EUR | 54.1M EUR | 56.4M EUR | 64.8M EUR | 78.5M EUR | 80.7M EUR | 88.6M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -25.0M EUR | 33.2M EUR | -41.6M EUR | -117.7M EUR | -102.5M EUR | -17.4M EUR | 48.6M EUR |
| Operating Cash Flow | 42.6M EUR | 155.7M EUR | 133.3M EUR | 103.3M EUR | 105.2M EUR | 155.8M EUR | 274.8M EUR |
| Capital Expenditure | -73.9M EUR | -96.0M EUR | -113.2M EUR | -243.1M EUR | -441.9M EUR | -313.6M EUR | -253.3M EUR |
| Acquisitions | 0 | 0 | 14.8M EUR | 0 | -3.6M EUR | -175,000 EUR | 1.8M EUR |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -6.2M EUR | -8.9M EUR | -11.2M EUR | -13.5M EUR | -14.3M EUR | -14.5M EUR | -14.2M EUR |
| Free Cash Flow | -31.3M EUR | 59.7M EUR | 20.2M EUR | -139.8M EUR | -336.7M EUR | -157.8M EUR | 21.4M EUR |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 47.2M EUR | 92.5M EUR | 75.5M EUR | 31.9M EUR |
| Capital Expenditure | -48.4M EUR | -87.8M EUR | -70.7M EUR | -65.7M EUR |
| Free Cash Flow | -1.2M EUR | 4.6M EUR | 4.8M EUR | -33.9M EUR |
| Dividends Paid | 0 | 58,881 EUR | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +23.4% | +27.5% | +16.6% | +10.3% | +1.7% | +3.2% | |
| Net Income Growth (YoY) | +100.3% | +71.1% | +6.3% | +1.9% | -19.1% | +14.0% | |
| EPS Growth (YoY) | +86.7% | +89.3% | +0.0% | +3.8% | -21.8% | +14.0% | |
| Shares Change (YoY) | +0.0% | +0.0% | +0.0% | +0.1% | +3.0% | +0.0% | |
| FCF Growth (YoY) | +290.4% | -66.2% | -793.7% | -140.8% | +53.1% | +113.6% | |
| Gross Margin | 25.7% | 29.3% | 31.4% | 32.5% | 31.3% | 27.4% | 29.0% |
| Operating Margin | 11.6% | 15.6% | 19.2% | 19.6% | 18.5% | 14.6% | 16.1% |
| EBITDA Margin | 19.9% | 23.6% | 26.9% | 26.1% | 25.1% | 22.4% | 25.6% |
| Net Margin | 7.3% | 11.9% | 15.9% | 14.5% | 13.4% | 10.7% | 11.8% |
| FCF Margin | -5.8% | 9.0% | 2.4% | -14.2% | -31.0% | -14.3% | 1.9% |
| Effective Tax Rate | 29.3% | 18.4% | 19.0% | 23.8% | 23.1% | 26.5% | 26.1% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.12 | $0.23 | $0.08 | $-0.53 | $-1.27 | $-0.58 | $0.08 |
| Dividends Per Share | $0.02 | $0.03 | $0.04 | $0.05 | $0.05 | $0.05 | $0.05 |
| Shares Outstanding (Basic) | 264.7 M | 264.7 M | 264.7 M | 264.7 M | 265.0 M | 272.9 M | 273.0 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 8.94% |
| Return on Invested Capital | 6.36% |
| Return on Assets | 5.13% |
| Gross Margin | 29.16% |
| Operating Margin | 16.08% |
| Net Margin | 10.99% |
Financial Health
| Debt / Equity | 0.29 |
| Current Ratio | 1.61 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 4.01 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | 116.93 | 57.48 | 37.25 | 31.66 | 44.89 | 48.94 | 34.95 |
| P/B | 0.00 | 17.49 | 13.72 | 6.21 | 4.46 | 5.78 | 4.09 | 3.15 |
| P/S | 0.00 | 8.65 | 6.43 | 6.19 | 4.52 | 6.03 | 5.20 | 4.10 |
| Gross Margin | 0.0% | 25.7% | 29.3% | 31.4% | 32.5% | 31.3% | 27.4% | 29.0% |
| Operating Margin | 0.0% | 11.6% | 15.6% | 19.2% | 19.6% | 18.5% | 14.6% | 16.1% |
| Net Margin | 0.0% | 7.3% | 11.9% | 15.9% | 14.5% | 13.4% | 10.7% | 11.8% |
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