Revenue continues to face downward pressure with a 7.6% year-over-year decline in 2025Q1, while gross margins remain volatile, fluctuating between 30.1% and 38.1% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 312.4M | 296.05M | 318.8M | 328.62M | 468.49M | 427.38M | 328.34M | 386.96M | 428.54M | 448.88M | 457.22M | 488.48M | 461.4M | 449.11M | 468.84M | 486.36M | 518.63M | 515.35M | 666.03M | 635.4M | 735.44M | 669.42M | 752.88M | 768.24M | 805.87M | 779.99M | 689.95M | 563.48M | 590.89M | 547M | 452.51M |
| Revenue Growth % | -4.47% | -7.13% | -2.99% | -29.86% | 9.62% | 30.16% | -15.15% | -9.7% | -4.53% | -1.82% | -6.4% | 5.87% | 2.74% | -4.21% | -3.6% | -6.22% | 0.64% | -22.62% | 4.82% | -13.6% | 9.86% | -11.09% | -2% | -4.67% | 3.32% | 13.05% | 22.45% | -4.64% | 8.02% | 20.88% | 9.91% |
| Cost of Goods Sold | 201.09M | 210.47M | 203.09M | 215.76M | 304.15M | 273.57M | 226.34M | 273.39M | 309.31M | 318.4M | 300.31M | 333.97M | 334.43M | 317.3M | 313.85M | 326.07M | 321.5M | 329.74M | 478.77M | 461.31M | 490.56M | 459.14M | 484.24M | 507.88M | 517.89M | 515.87M | 426.96M | 325.96M | 370.22M | 357.27M | 295.44M |
| COGS % of Revenue | - | 71.09% | 63.71% | 65.66% | 64.92% | 64.01% | 68.93% | 70.65% | 72.18% | 70.93% | 65.68% | 68.37% | 72.48% | 70.65% | 66.94% | 67.04% | 61.99% | 63.98% | 71.88% | 72.6% | 66.7% | 68.59% | 64.32% | 66.11% | 64.26% | 66.14% | 61.88% | 57.85% | 62.66% | 65.31% | 65.29% |
| Gross Profit | 111.1M | 85.58M | 115.7M | 112.86M | 164.33M | 153.8M | 102M | 113.57M | 119.23M | 130.48M | 156.91M | 154.5M | 126.97M | 131.81M | 155M | 160.3M | 197.13M | 185.61M | 187.26M | 174.09M | 244.88M | 210.27M | 268.63M | 260.36M | 287.98M | 264.12M | 262.99M | 237.52M | 220.67M | 189.73M | 157.08M |
| Gross Margin % | 35.56% | 28.91% | 36.29% | 34.34% | 35.08% | 35.99% | 31.07% | 29.35% | 27.82% | 29.07% | 34.32% | 31.63% | 27.52% | 29.35% | 33.06% | 32.96% | 38.01% | 36.02% | 28.12% | 27.4% | 33.3% | 31.41% | 35.68% | 33.89% | 35.74% | 33.86% | 38.12% | 42.15% | 37.34% | 34.69% | 34.71% |
| Gross Profit Growth % | - | -26.03% | 2.52% | -31.33% | 6.85% | 50.78% | -10.19% | -4.75% | -8.62% | -16.85% | 1.56% | 21.68% | -3.67% | -14.96% | -3.31% | -18.69% | 6.21% | -0.88% | 7.56% | -28.91% | 16.46% | -21.72% | 3.18% | -9.59% | 9.03% | 0.43% | 10.73% | 7.63% | 16.31% | 20.79% | 6.73% |
| Operating Expenses | 118.97M | 107.62M | 121.97M | 122.35M | 155.88M | 148.92M | 112.61M | 136.06M | 144.69M | 154.43M | 157.32M | 165.56M | 167.36M | 164.14M | 172.28M | 187.59M | 196.74M | 196.18M | 222.25M | 223.27M | 228.4M | 224.95M | 228.69M | 218.11M | 186.08M | 167.46M | 136.29M | 117.27M | 129.26M | 119.73M | 103.89M |
| OpEx % of Revenue | - | 36.35% | 38.26% | 37.23% | 33.27% | 34.84% | 34.29% | 35.16% | 33.76% | 34.4% | 34.41% | 33.89% | 36.27% | 36.55% | 36.75% | 38.57% | 37.93% | 38.07% | 33.37% | 35.14% | 31.06% | 33.6% | 30.37% | 28.39% | 23.09% | 21.47% | 19.75% | 20.81% | 21.88% | 21.89% | 22.96% |
| Selling, General & Admin | 101.52M | 100.78M | 103.52M | 105.38M | 134.66M | 125.92M | 90.64M | 134.21M | 145.71M | 150.36M | 152.96M | 160.88M | 156.83M | 151.4M | 160.84M | 172.22M | 180.68M | 196.18M | 222.25M | 223.27M | 228.4M | 224.95M | 228.69M | 218.11M | 186.08M | 167.46M | 136.29M | 107.33M | 116.05M | 108.45M | 93.93M |
| SG&A % of Revenue | - | 34.04% | 32.47% | 32.07% | 28.74% | 29.46% | 27.6% | 34.68% | 34% | 33.5% | 33.45% | 32.94% | 33.99% | 33.71% | 34.31% | 35.41% | 34.84% | 38.07% | 33.37% | 35.14% | 31.06% | 33.6% | 30.37% | 28.39% | 23.09% | 21.47% | 19.75% | 19.05% | 19.64% | 19.83% | 20.76% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 6.84M | 18.45M | 16.98M | 21.22M | 23M | 21.97M | 1.85M | -1.02M | 4.07M | 4.36M | 4.67M | 10.54M | 12.74M | 11.44M | 15.37M | 16.06M | 0 | 0 | 0 | 0 | 0 | -737 | 0 | 953 | 0 | 0 | 9.94M | 13.22M | 11.27M | 9.96M |
| Operating Income | -7.67M | -22.03M | -6.27M | -9.5M | 8.45M | 4.88M | -10.61M | -22.49M | -25.46M | -23.95M | -408K | -11.05M | -40.39M | -32.33M | -17.28M | -27.29M | 398K | -10.57M | -35M | -49.19M | 16.47M | -14.68M | 39.95M | 42.25M | 101.9M | 96.66M | 126.7M | 120.25M | 91.41M | 70M | 53.19M |
| Operating Margin % | -2.45% | -7.44% | -1.97% | -2.89% | 1.8% | 1.14% | -3.23% | -5.81% | -5.94% | -5.34% | -0.09% | -2.26% | -8.75% | -7.2% | -3.69% | -5.61% | 0.08% | -2.05% | -5.25% | -7.74% | 2.24% | -2.19% | 5.31% | 5.5% | 12.64% | 12.39% | 18.36% | 21.34% | 15.47% | 12.8% | 11.75% |
| Operating Income Growth % | - | -251.49% | 34% | -212.41% | 73.08% | 146.03% | 52.84% | 11.67% | -6.27% | -5771.32% | 96.31% | 72.63% | -24.94% | -87.07% | 36.68% | -6957.29% | 103.77% | 69.79% | 28.85% | -398.58% | 212.23% | -136.75% | -5.46% | -58.53% | 5.43% | -23.71% | 5.37% | 31.56% | 30.58% | 31.6% | -0% |
| EBITDA | 7.53M | -3.22M | 14.92M | 12.87M | 30.1M | 26.25M | 13.56M | 2.63M | -14.39M | -11.53M | 12.56M | 2.67M | -26.15M | -15.77M | -249K | -8.29M | 23.36M | 15.99M | -3.91M | -18.81M | 46.75M | 18.34M | 73.99M | 69.43M | 118.78M | 110.14M | 137.35M | 130.19M | 104.62M | 81.27M | 63.15M |
| EBITDA Margin % | 2.41% | -1.09% | 4.68% | 3.92% | 6.42% | 6.14% | 4.13% | 0.68% | -3.36% | -2.57% | 2.75% | 0.55% | -5.67% | -3.51% | -0.05% | -1.71% | 4.5% | 3.1% | -0.59% | -2.96% | 6.36% | 2.74% | 9.83% | 9.04% | 14.74% | 14.12% | 19.91% | 23.1% | 17.71% | 14.86% | 13.96% |
| EBITDA Growth % | -26.61% | -121.59% | 15.89% | -57.23% | 14.65% | 93.61% | 416.57% | 118.24% | -24.89% | -191.73% | 369.86% | 110.22% | -65.85% | -6232.53% | 97% | -135.5% | 46.07% | 509.05% | 79.21% | -140.23% | 154.97% | -75.22% | 6.57% | -41.55% | 7.85% | -19.81% | 5.5% | 24.44% | 28.73% | 28.69% | 3.68% |
| D&A (Non-Cash Add-back) | 16.1M | 18.81M | 21.19M | 22.37M | 21.65M | 21.37M | 24.16M | 25.11M | 11.06M | 12.43M | 12.97M | 13.73M | 14.24M | 16.56M | 17.03M | 19M | 22.96M | 26.57M | 31.09M | 30.38M | 30.28M | 33.02M | 34.04M | 27.17M | 16.88M | 13.49M | 10.65M | 9.94M | 13.22M | 11.27M | 9.96M |
| EBIT | -9.36M | -20.04M | -6.86M | -7.96M | 10.04M | 13.49M | -14.6M | -25.41M | 44.34M | -23.32M | 2.56M | -11.89M | -44.72M | -62.33M | -20.14M | -8.13M | -2.45M | -5.83M | -58.96M | -49.19M | 16.47M | -14.68M | 39.95M | 42.25M | 101.9M | 96.66M | 126.7M | 120.25M | 91.41M | 70M | 53.19M |
| Net Interest Income | -6.71M | -7.82M | -7.01M | -6.17M | -5.61M | -4.49M | -7.13M | -7.7M | -5.57M | -5.04M | -4.1M | -3.29M | -2.49M | -1.09M | -706K | -1.07M | -1.46M | -1.14M | -241K | 1.68M | 1.53M | 54.03K | -584.98K | 382.72K | 0 | 2.25M | 0 | 0 | -1.11M | 0 | -1.37M |
| Interest Income | 829K | 532.13K | 829K | 941K | 868K | 225K | 159.12K | 119.28K | 197.28K | 1.25M | 688K | 696K | 952K | 1.35M | 1.56M | 1.37M | 576K | 482K | 1.61M | 3.56M | 3.61M | 1.86M | 1.37M | 1.7M | 0 | 5.62M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 7.54M | 8.35M | 7.84M | 7.11M | 6.47M | 4.72M | 7.29M | 7.82M | 5.76M | 4.64M | 4.79M | 3.99M | 2.81M | 1.9M | 1.72M | 1.86M | 1.57M | 1.62M | 1.85M | 1.89M | 2.08M | 1.8M | 1.96M | 1.31M | 0 | 3.37M | 0 | 0 | 1.11M | 0 | 1.37M |
| Other Income/Expense | -9.23M | -6.35M | -8.43M | -5.57M | -4.89M | 3.89M | -9.96M | -8.86M | 66.01M | -4M | -1.82M | -4.83M | -7.14M | -31.9M | -4.58M | 17.3M | -4.43M | 3.12M | -25.82M | -2.65M | 2.85M | 2.96M | -3.89M | 3.62M | 14.64M | 0 | -22.36M | -17.89M | 11.43M | 6.36M | 24.1M |
| Pretax Income | -16.9M | -28.39M | -14.7M | -15.07M | 3.56M | 8.77M | -20.57M | -31.34M | 40.55M | -27.96M | -2.23M | -15.88M | -47.53M | -64.23M | -21.86M | -9.99M | -4.03M | -7.45M | -60.81M | -51.84M | 19.32M | -11.72M | 36.06M | 45.88M | 116.54M | 96.66M | 104.34M | 102.36M | 102.83M | 76.36M | 77.29M |
| Pretax Margin % | -5.41% | -9.59% | -4.61% | -4.59% | 0.76% | 2.05% | -6.26% | -8.1% | 9.46% | -6.23% | -0.49% | -3.25% | -10.3% | -14.3% | -4.66% | -2.05% | -0.78% | -1.45% | -9.13% | -8.16% | 2.63% | -1.75% | 4.79% | 5.97% | 14.46% | 12.39% | 15.12% | 18.17% | 17.4% | 13.96% | 17.08% |
| Income Tax | 684K | 995.11K | 684K | 1.09M | 2.27M | 4.39M | 4.34M | 2.33M | 7.43M | 2.89M | 4.24M | 572K | 1.81M | 4.14M | 4.17M | 8.88M | 6.95M | 9.8M | 1.56M | 11.4M | 7.09M | 3.11M | 17.64M | 8.49M | 25.02M | 21.35M | 25.55M | 19.88M | 25.67M | 22.73M | 15.11M |
| Effective Tax Rate % | -4.05% | -3.51% | -4.65% | -7.23% | 63.83% | 50.02% | -21.11% | -7.45% | 18.32% | -10.32% | -190.26% | -3.6% | -3.81% | -6.44% | -19.08% | -88.9% | -172.55% | -131.57% | -2.56% | -22% | 36.67% | -26.52% | 48.91% | 18.5% | 21.47% | 22.09% | 24.49% | 19.42% | 24.96% | 29.76% | 19.54% |
| Net Income | -17.45M | -28.75M | -15.15M | -16.07M | -540K | 3.58M | -24.68M | -33.37M | 33.29M | -30.39M | -6.09M | -16.48M | -49.36M | -68.58M | -26.1M | -19.59M | -11.08M | -17.69M | -61.94M | -62.75M | 12.34M | -14.61M | 18.34M | 37.24M | 91.52M | 75.3M | 78.79M | 82.48M | 77.17M | 53.64M | 62.19M |
| Net Margin % | -5.59% | -9.71% | -4.75% | -4.89% | -0.12% | 0.84% | -7.52% | -8.62% | 7.77% | -6.77% | -1.33% | -3.37% | -10.7% | -15.27% | -5.57% | -4.03% | -2.14% | -3.43% | -9.3% | -9.87% | 1.68% | -2.18% | 2.44% | 4.85% | 11.36% | 9.65% | 11.42% | 14.64% | 13.06% | 9.81% | 13.74% |
| Net Income Growth % | -20.6% | -89.78% | 5.72% | -2875.74% | -115.06% | 114.53% | 26.05% | -200.24% | 209.53% | -399.13% | 63.06% | 66.6% | 28.03% | -162.7% | -33.28% | -76.8% | 37.36% | 71.45% | 1.29% | -608.51% | 184.44% | -179.68% | -50.75% | -59.31% | 21.54% | -4.43% | -4.48% | 6.89% | 43.87% | -13.75% | 32.24% |
| Net Income (Continuing) | -17.58M | -29.38M | -15.38M | -16.16M | 1.29M | 4.38M | -24.91M | -33.68M | 33.12M | -30.84M | -6.47M | -16.45M | -49.34M | -68.36M | -26.03M | -18.88M | -10.98M | -17.25M | -62.37M | -62.75M | 12.34M | -14.61M | 18.34M | 37.24M | 91.52M | 75.3M | 78.79M | 82.48M | 77.17M | 53.64M | 62.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.3M | 2.9M | 4.2M | 4.34M | 4.7M | 1.5M | 1M | 1.7M | 1.6M | 2M | 3.4M | 3.2M | 3M | 2.7M | 2.5M | 3M | 2.1M | 1.9M | 795K | 146.09K | 604.64K | 708.38K | 915.46K | 892.49K | 499.36K | 1.12M | 1.06M | 993.79K | 767.39K | 727.27K | 1.12M |
| EPS (Diluted) | -1.58 | -2.60 | -1.40 | -1.45 | -0.05 | 0.33 | -2.25 | -3.05 | 3.05 | -2.85 | -0.55 | -1.50 | -4.50 | -6.25 | -2.40 | -1.80 | -1.00 | -1.60 | -5.65 | -5.70 | 1.15 | -1.35 | 1.70 | 3.40 | 8.35 | 6.85 | 6.90 | 7.15 | 6.30 | 4.65 | 5.45 |
| EPS Growth % | -20.73% | -85.71% | 3.45% | -2800% | -115.15% | 114.67% | 26.23% | -200% | 207.02% | -418.18% | 63.33% | 66.67% | 28% | -160.42% | -33.33% | -80% | 37.5% | 71.68% | 0.88% | -595.65% | 185.19% | -179.41% | -50% | -59.28% | 21.9% | -0.72% | -3.5% | 13.49% | 35.48% | -14.68% | 31.33% |
| EPS (Basic) | - | -2.60 | -1.40 | -1.45 | -0.05 | 0.33 | -2.25 | -3.05 | 3.05 | -2.85 | -0.55 | -1.50 | -4.50 | -6.25 | -2.40 | -1.80 | -1.00 | -1.60 | -5.65 | -5.70 | 1.15 | -1.35 | 1.70 | 3.40 | 8.35 | 6.85 | 6.90 | 7.15 | 6.30 | 4.70 | 5.45 |
| Diluted Shares Outstanding | 11.01M | 11.01M | 11.02M | 11.01M | 10.98M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 11.09M | 10.97M | 10.97M | 10.97M | 10.97M | 10.89M | 11.1M | 10.97M | 10.97M | 10.98M | 10.74M | 10.87M | 10.94M | 10.93M | 10.96M | 11.03M | 11.51M | 11.49M | 11.45M | 11.47M | 11.38M |
| Basic Shares Outstanding | 11.01M | 11.01M | 11.02M | 11.01M | 10.98M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 10.97M | 10.88M | 10.89M | 11.1M | 10.97M | 10.97M | 10.98M | 10.74M | 10.87M | 10.76M | 10.93M | 10.96M | 10.98M | 11.51M | 11.49M | 11.44M | 11.38M | 11.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38.31% | 48.45% | 17.18% | 20.9% | 118.92% | 57.83% | 65.41% | 15.08% | 7.62% |
Liquidity and operational insolvency
As reported in recent financial filings, Natuzzi's revenue has experienced a persistent downward trajectory, with the most recent quarter showing a 7.6% year-over-year decline to $78.1M, reflecting the broader cyclical sensitivity of the high-end furniture market to global housing turnover and consumer discretionary spending constraints.
The consistent inability to achieve sustained top-line growth suggests that the company's current retail and wholesale footprint is failing to capture sufficient demand in a high-interest-rate environment. Investors should monitor whether this contraction is a structural loss of market share or merely a cyclical trough, as the lack of growth durability complicates the path to operational break-even.
Based on the company's reported figures, gross margins have fluctuated significantly, ranging from a low of 30.1% to a high of 38.1% over the last ten quarters, indicating a lack of pricing power and high sensitivity to raw material input costs like leather and foam.
The inability to maintain a stable gross margin profile suggests that Natuzzi struggles to pass through inflationary pressures to its end consumers. This volatility, combined with a negative operating margin of 7.44%, implies that the current manufacturing-heavy business model is structurally ill-equipped to handle the current cost of goods sold.
According to the provided income statement data, Natuzzi has failed to demonstrate positive operating leverage, as SG&A expenses frequently exceed gross profit, resulting in consistent operating losses that have persisted throughout the majority of the last ten quarters of reported financial performance.
The company's inability to scale operating income faster than gross profit indicates that its fixed-cost base, particularly regarding its global retail and manufacturing infrastructure, is too heavy for current revenue levels. This suggests that without a significant reduction in overhead or a major revenue inflection, the company will continue to struggle with operational profitability.
While some market participants may view Natuzzi as a potential sum-of-the-parts play, the company's consistent net losses and negative operating cash flow, as evidenced by the most recent $4.1M net loss, suggest that the business model may be facing a more permanent structural decline.
Short-sellers would likely focus on the company's limited liquidity runway and the persistent inability to convert its brand heritage into bottom-line results. The reliance on legacy manufacturing assets appears to be a significant drag on earnings quality, and investors should be wary of the potential for further equity dilution if the current cash burn continues.
Quick answers to the most common questions about buying NTZ stock.
For fiscal year 2025, Natuzzi S.p.A. (NTZ) reported total revenue of $296.1M. This represents a 34.6% decline compared to $452.5M in 1996.
Natuzzi S.p.A. (NTZ) reported a net loss of $28.8M for the fiscal year ending 2025.
Natuzzi S.p.A. (NTZ) reported an operating income of $-22.0M, resulting in an operating profit margin of -7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Natuzzi S.p.A. (NTZ) generated $85.6M in gross profit for the year, representing a gross profit margin of 28.9%. This demonstrates the company's core pricing power and production efficiency.