Detailed financial statements for Ermenegildo Zegna N.V. (ZGN): 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.
Ermenegildo Zegna N.V., along with its affiliated entities, operates as a leading luxury fashion house. The company is engaged in the design, production, marketing, and global distribution of high-end menswear, footwear, leather goods, and assorted accessories, primarily under its distinguished Zegna and Thom Browne labels.
Analysis Summary
Ermenegildo Zegna N.V. reported revenue of 1.84B EUR in the most recent fiscal year, growing at a 5-year CAGR of 12.5%.
Trailing-twelve-month margins: gross margin 56.0%, operating margin 8.5%, net margin 4.0%. Free cash flow grew at 50.1% CAGR over 5 years.
At $13.28 (closing price, October 28, 2026), ZGN trades at a P/E of 43.06 and an ROE of 7.60%. Market capitalisation stands at $3.6B.
Balance sheet quality for ZGN: current ratio of 1.6, net debt of 681.7M 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 strong: free cash flow of 242.2M EUR represents 256% 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.18B EUR | 1.32B EUR | 1.02B EUR | 1.29B EUR | 1.49B EUR | 1.90B EUR | 1.95B EUR | 1.84B EUR |
| Cost of Revenue | 300.8M EUR | 389.5M EUR | 482.2M EUR | 491.6M EUR | 564.8M EUR | 680.2M EUR | 650.1M EUR | 817.1M EUR |
| Gross Profit | 726.6M EUR | 776.7M EUR | 537.9M EUR | 800.8M EUR | 928.0M EUR | 1.22B EUR | 1.30B EUR | 1.02B EUR |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 610.1M EUR | 641.8M EUR | 510.3M EUR | 890.7M EUR | 764.4M EUR | 1.02B EUR | 1.11B EUR | 1.15B EUR |
| Operating Expenses | 631.8M EUR | 688.1M EUR | 560.5M EUR | 890.7M EUR | 780.2M EUR | 1.02B EUR | 1.13B EUR | 867.7M EUR |
| Operating Income | 94.8M EUR | 88.6M EUR | -22.6M EUR | -94.0M EUR | 147.8M EUR | 208.1M EUR | 166.9M EUR | 156.5M EUR |
| EBITDA | 248.3M EUR | 265.1M EUR | 151.0M EUR | 71.1M EUR | 337.1M EUR | 393.0M EUR | 406.2M EUR | 391.7M EUR |
| Interest Expense | 17.8M EUR | 18.8M EUR | 16.4M EUR | 13.9M EUR | 16.0M EUR | 30.7M EUR | 39.7M EUR | 42.5M EUR |
| Pre-tax Income | 69.9M EUR | 69.2M EUR | -31.6M EUR | -97.0M EUR | 101.1M EUR | 169.1M EUR | 130.6M EUR | 134.5M EUR |
| Income Tax | 29.4M EUR | 43.8M EUR | 15.0M EUR | 30.7M EUR | 35.8M EUR | 33.4M EUR | 39.7M EUR | 29.3M EUR |
| Net Income | 37.7M EUR | 21.7M EUR | -50.6M EUR | -136.0M EUR | 51.5M EUR | 121.5M EUR | 77.1M EUR | 94.7M EUR |
| EPS | $0.16 | $0.09 | $-0.21 | $-0.67 | $0.21 | $0.48 | $0.31 | $0.37 |
| EPS (Diluted) | $0.16 | $0.09 | $-0.21 | $-0.67 | $0.21 | $0.48 | $0.30 | $0.37 |
| Shares Outstanding (Diluted) | 242.3 M | 242.3 M | 222.4 M | 203.5 M | 240.6 M | 252.4 M | 254.2 M | 261.5 M |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 986.5M EUR | 927.7M EUR | 981.9M EUR | 1.00B EUR |
| Gross Profit | 659.1M EUR | 626.0M EUR | 550.0M EUR | 560.5M EUR |
| Operating Income | 93.8M EUR | 61.3M EUR | 93.6M EUR | 75.5M EUR |
| EBITDA | 217.8M EUR | 190.3M EUR | 215.2M EUR | 200.4M EUR |
| Net Income | 52.0M EUR | 43.1M EUR | 55.1M EUR | 23.5M EUR |
| EPS | $0.20 | $0.17 | $0.20 | $0.09 |
| EPS (Diluted) | $0.20 | $0.17 | $0.20 | $0.09 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 218.3M EUR | 210.6M EUR | 317.3M EUR | 459.8M EUR | 254.3M EUR | 296.3M EUR | 219.1M EUR | 220.0M EUR |
| Short-term Investments | 544.9M EUR | 384.4M EUR | 350.2M EUR | 340.4M EUR | 318.7M EUR | 90.8M EUR | 77.0M EUR | 75.6M EUR |
| Receivables | 161.7M EUR | 178.2M EUR | 138.8M EUR | 160.4M EUR | 177.2M EUR | 240.5M EUR | 281.6M EUR | 260.4M EUR |
| Inventory | 314.4M EUR | 78.6M EUR | 321.5M EUR | 338.5M EUR | 410.9M EUR | 522.6M EUR | 521.0M EUR | 506.7M EUR |
| Total Current Assets | 1.37B EUR | 1.25B EUR | 1.24B EUR | 1.38B EUR | 1.29B EUR | 1.29B EUR | 1.21B EUR | 1.19B EUR |
| Property, Plant & Equipment | 771.9M EUR | 735.0M EUR | 595.8M EUR | 481.9M EUR | 501.6M EUR | 694.1M EUR | 786.2M EUR | 863.3M EUR |
| Goodwill | 213.7M EUR | 226.1M EUR | 208.9M EUR | 227.2M EUR | 239.7M EUR | 256.3M EUR | 275.6M EUR | 247.1M EUR |
| Intangible Assets | 190.1M EUR | 193.9M EUR | 179.0M EUR | 198.0M EUR | 216.2M EUR | 316.0M EUR | 338.7M EUR | 306.7M EUR |
| Total Assets | 2.79B EUR | 2.64B EUR | 2.42B EUR | 2.46B EUR | 2.43B EUR | 2.77B EUR | 2.83B EUR | 2.83B EUR |
| Accounts Payable | 229.0M EUR | 190.4M EUR | 150.3M EUR | 177.8M EUR | 220.8M EUR | 261.1M EUR | 248.6M EUR | 256.0M EUR |
| Short-term Debt | 142.9M EUR | 120.3M EUR | 106.0M EUR | 157.3M EUR | 286.2M EUR | 289.3M EUR | 177.2M EUR | 84.1M EUR |
| Total Current Liabilities | 648.5M EUR | 607.4M EUR | 535.5M EUR | 702.3M EUR | 867.0M EUR | 1.01B EUR | 852.9M EUR | 750.1M EUR |
| Long-term Debt | 620.0M EUR | 521.8M EUR | 563.0M EUR | 471.6M EUR | 184.9M EUR | 113.3M EUR | 196.4M EUR | 162.1M EUR |
| Total Liabilities | 2.07B EUR | 1.91B EUR | 1.77B EUR | 1.81B EUR | 1.69B EUR | 1.87B EUR | 1.85B EUR | 1.73B EUR |
| Retained Earnings | 936.6M EUR | 944.5M EUR | 893.2M EUR | 498.6M EUR | 528.3M EUR | 641.0M EUR | 668.7M EUR | 739.3M EUR |
| Total Equity | 691.3M EUR | 688.8M EUR | 601.8M EUR | 601.2M EUR | 678.9M EUR | 840.3M EUR | 916.1M EUR | 1.03B EUR |
| Total Debt | 1.31B EUR | 1.15B EUR | 1.08B EUR | 1.07B EUR | 914.6M EUR | 996.3M EUR | 1.04B EUR | 977.4M EUR |
| Net Debt | 547.9M EUR | 555.2M EUR | 409.3M EUR | 266.8M EUR | 341.6M EUR | 609.3M EUR | 739.1M EUR | 681.7M EUR |
| Working Capital | 726.3M EUR | 639.2M EUR | 703.7M EUR | 682.2M EUR | 418.7M EUR | 275.5M EUR | 353.3M EUR | 439.6M EUR |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | 219.1M EUR | 159.9M EUR | 220.0M EUR | 226.6M EUR |
| Total Assets | 2.83B EUR | 2.73B EUR | 2.83B EUR | 3.09B EUR |
| Total Liabilities | 1.85B EUR | 1.77B EUR | 1.73B EUR | 1.98B EUR |
| Total Equity | 916.1M EUR | 885.4M EUR | 1.03B EUR | 1.04B EUR |
| Total Debt | 1.04B EUR | 1.03B EUR | 977.4M EUR | 1.15B EUR |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | 37.7M EUR | 12.7M EUR | -46.5M EUR | -127.7M EUR | 65.3M EUR | 135.7M EUR | 90.9M EUR | 94.7M EUR |
| Depreciation & Amortization | 160.6M EUR | 177.1M EUR | 166.2M EUR | 154.2M EUR | 173.5M EUR | 193.2M EUR | 235.9M EUR | 235.2M EUR |
| Stock-based Compensation | 0 | 0 | 0 | 16.3M EUR | 13.6M EUR | 0 | 0 | 0 |
| Change in Working Capital | -16.6M EUR | -36.1M EUR | -52.3M EUR | 11.6M EUR | -151.2M EUR | -141.9M EUR | -117.9M EUR | -43.7M EUR |
| Operating Cash Flow | 192.8M EUR | 174.1M EUR | 70.9M EUR | 281.2M EUR | 146.4M EUR | 275.4M EUR | 279.1M EUR | 322.3M EUR |
| Capital Expenditure | -60.1M EUR | -59.5M EUR | -39.2M EUR | -94.3M EUR | -73.3M EUR | -77.9M EUR | -125.5M EUR | -80.1M EUR |
| Acquisitions | -337.7M EUR | -9.3M EUR | -2.2M EUR | -4.5M EUR | -585,000 EUR | -115.3M EUR | -19.3M EUR | -4.4M EUR |
| Stock Repurchased | 0 | -94,000 EUR | -945,000 EUR | -455.0M EUR | 0 | 0 | 0 | 0 |
| Dividends Paid | -14.7M EUR | -12.7M EUR | -1.7M EUR | -102,000 EUR | -21.9M EUR | -25.0M EUR | -30.3M EUR | -29.3M EUR |
| Free Cash Flow | 132.7M EUR | 114.6M EUR | 31.8M EUR | 186.8M EUR | 73.1M EUR | 197.5M EUR | 153.6M EUR | 242.2M EUR |
Cash Flow (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | 158.7M EUR | 105.7M EUR | 234.8M EUR | 160.0M EUR |
| Capital Expenditure | -52.2M EUR | -42.1M EUR | -43.7M EUR | -49.5M EUR |
| Free Cash Flow | 106.5M EUR | 63.7M EUR | 191.1M EUR | 110.4M EUR |
| Dividends Paid | -30.3M EUR | 0 | -30.3M EUR | 0 |
| Stock-based Compensation | 4.3M EUR | 2.1M EUR | 0 | 0 |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.7% | -22.8% | +26.7% | +15.5% | +27.6% | +2.2% | -5.4% | |
| Net Income Growth (YoY) | -42.3% | -332.5% | -168.9% | +137.9% | +136.1% | -36.6% | +22.8% | |
| EPS Growth (YoY) | -43.9% | -334.1% | -219.0% | +131.3% | +128.6% | -35.4% | +19.4% | |
| Shares Change (YoY) | +0.0% | -8.2% | -8.5% | +18.3% | +4.9% | +0.7% | +2.8% | |
| FCF Growth (YoY) | -13.6% | -72.3% | +488.4% | -60.9% | +170.2% | -22.2% | +57.7% | |
| Gross Margin | 61.4% | 58.8% | 52.7% | 62.0% | 62.2% | 64.3% | 66.6% | 55.6% |
| Operating Margin | 8.0% | 6.7% | -2.2% | -7.3% | 9.9% | 10.9% | 8.6% | 8.5% |
| EBITDA Margin | 21.0% | 20.1% | 14.8% | 5.5% | 22.6% | 20.6% | 20.9% | 21.3% |
| Net Margin | 3.2% | 1.6% | -5.0% | -10.5% | 3.4% | 6.4% | 4.0% | 5.1% |
| FCF Margin | 11.2% | 8.7% | 3.1% | 14.5% | 4.9% | 10.4% | 7.9% | 13.2% |
| Effective Tax Rate | 42.0% | 63.3% | -47.5% | -31.7% | 35.4% | 19.8% | 30.4% | 21.8% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.55 | $0.47 | $0.14 | $0.92 | $0.30 | $0.78 | $0.60 | $0.93 |
| Dividends Per Share | $0.06 | $0.05 | $0.01 | $0.00 | $0.09 | $0.10 | $0.12 | $0.11 |
| Shares Outstanding (Basic) | 242.3 M | 242.3 M | 222.0 M | 203.5 M | 237.5 M | 252.4 M | 251.5 M | 259.6 M |
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 | 7.60% |
| Return on Invested Capital | 5.10% |
| Return on Assets | 2.54% |
| Gross Margin | 56.02% |
| Operating Margin | 8.53% |
| Net Margin | 3.96% |
Financial Health
| Debt / Equity | 1.11 |
| Current Ratio | 1.47 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.17 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | 58.53 | 106.77 | -41.85 | -13.76 | 46.56 | 21.81 | 25.73 | 23.58 |
| P/B | 3.28 | 3.37 | 3.24 | 3.12 | 3.42 | 3.14 | 2.19 | 2.20 |
| P/S | 1.92 | 1.76 | 1.91 | 1.45 | 1.56 | 1.39 | 1.03 | 1.23 |
| Gross Margin | 61.4% | 58.8% | 52.7% | 62.0% | 62.2% | 64.3% | 66.6% | 55.6% |
| Operating Margin | 8.0% | 6.7% | -2.2% | -7.3% | 9.9% | 10.9% | 8.6% | 8.5% |
| Net Margin | 3.2% | 1.6% | -5.0% | -10.5% | 3.4% | 6.4% | 4.0% | 5.1% |
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