Cash generation remains highly volatile, evidenced by a CapEx/Revenue ratio that reached 76.9% in 2024Q3 and an OCF/NI ratio that swung from 0.23 to 3.81 over the observed period.
| Cash from Operations | 260.08M | 274.79M | 155.78M | 105.21M | 103.31M | 133.34M | 155.66M | 42.57M |
| Operating CF Margin % | - | 24.12% | 14.11% | 9.69% | 10.5% | 15.8% | 23.51% | 7.93% |
| Operating CF Growth % | 131% | 76.4% | 48.06% | 1.84% | -22.52% | -14.34% | 265.63% | - |
| Net Income | 140.95M | 134.32M | 160.29M | 189.55M | 187.64M | 165.67M | 96.28M | 54.71M |
| Depreciation & Amortization | 91.15M | 83.9M | 80.65M | 78.48M | 64.82M | 56.38M | 54.1M | 46.22M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -18.81M | 7.94M | -67.76M | -60.34M | -31.41M | -47.09M | -27.9M | -33.39M |
| Working Capital Changes | 13.11M | 48.63M | -17.41M | -102.48M | -117.74M | -41.63M | 33.18M | -24.97M |
| Change in Receivables | -28.64M | 855.83K | -3.83M | -93.86M | -46.42M | -54.77M | -3.63M | 5.87M |
| Change in Inventory | -28M | -39.82M | 12.31M | -113.59M | -107.37M | -31.2M | -15.6M | -42.67M |
| Change in Payables | 69.75M | 87.59M | -25.89M | 104.97M | 36.05M | 44.34M | 52.41M | 11.84M |
| Cash from Investing | -271.01M | -262.15M | -310.21M | -421.22M | -242.95M | -96.43M | -96.09M | -74.34M |
| Capital Expenditures | -263.26M | -264.18M | -302.6M | -433.23M | -235.03M | -107.69M | -89.56M | -68.09M |
| CapEx % of Revenue | 21.94% | 23.18% | 27.41% | 39.92% | 23.89% | 12.76% | 13.53% | 12.69% |
| Acquisitions | 224.31K | 1.79M | -175K | -3.59M | 0 | 14.81M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -8.14M | 0 | -7.44M | 15.6M | -7.95M | -4.32M | -6.42M | -5.62M |
| Cash from Financing | 32.7M | 21.19M | 183.22M | 158.03M | -44.54M | 254.85M | -26.52M | 42.17M |
| Debt Issued (Net) | 47.62M | 41.38M | 27.91M | 172.57M | -31.04M | -120.18M | -17.08M | 48.34M |
| Equity Issued (Net) | 0 | 0 | 169.77M | 0 | 0 | 380.09M | 0 | 0 |
| Dividends Paid | 58.88K | -14.16M | -14.46M | -14.29M | -13.5M | -11.2M | -8.9M | -6.17M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14.98M | -6.03M | 0 | -250K | 0 | 6.13M | -539K | 0 |
| Net Change in Cash | 21.32M | 43.94M | 28.67M | -159.14M | -182.3M | 295.44M | 30.21M | 10.87M |
| Free Cash Flow | -7.11M | 21.44M | -157.79M | -336.72M | -139.81M | 20.16M | 59.65M | -31.33M |
| FCF Margin % | -0.59% | 1.88% | -14.29% | -31.02% | -14.21% | 2.39% | 9.01% | -5.84% |
| FCF Growth % | 95.91% | 113.59% | 53.14% | -140.83% | -793.66% | -66.21% | 290.37% | - |
| FCF per Share | -0.03 | 0.08 | -0.58 | -1.27 | -0.53 | 0.08 | 0.23 | -0.12 |
| FCF Conversion (FCF/Net Income) | -0.05x | 2.05x | 1.32x | 0.72x | 0.72x | 0.99x | 1.98x | 1.09x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High capital expenditure intensity
According to quarterly financial data, STVN exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating from a low of 0.23 in 2023Q4 to a peak of 3.81 in 2024Q1, highlighting a disconnect between accounting profits and actual cash generation from core operations.
The wide variance in the OCF/NI ratio suggests that reported net income is frequently decoupled from operational cash inflows, likely due to the timing of milestone-based revenue recognition in the Engineering segment. Investors should monitor whether this conversion gap stabilizes as the company shifts its product mix toward higher-margin, recurring High Value Solutions.
As reported in recent financial statements, STVN's free cash flow trajectory remains inconsistent, with margins swinging from a negative 39.7% in 2024Q3 to a positive 10.9% in 2025Q1, reflecting the heavy burden of ongoing facility expansion and the lumpy nature of project-based capital requirements.
The persistent inability to generate consistent positive free cash flow suggests that the company is currently in a heavy investment phase, prioritizing long-term capacity over immediate cash returns. This trajectory warrants further investigation into whether the Fishers, Indiana facility can reach sufficient utilization to normalize cash flow generation in the coming quarters.
Based on reported figures, STVN maintains a high capital intensity, with CapEx/Revenue ratios reaching as high as 76.9% in 2024Q3, indicating that the firm is aggressively reinvesting in its manufacturing infrastructure to support future growth in the biologics and injectable markets.
The elevated level of capital expenditure appears to be a structural necessity for maintaining cleanroom standards and scaling the EZ-fill platform. While these investments are intended to secure long-term competitive advantages, they currently act as a significant drag on the company's ability to produce meaningful free cash flow.
Data from recent filings indicates that working capital changes have been highly erratic, ranging from a $45.0 million inflow in 2025Q1 to a $24.3 million outflow in 2023Q4, suggesting that inventory management and collection cycles are sensitive to the timing of large-scale engineering project completions.
The fluctuation in working capital appears to be driven by the lumpy nature of the Engineering segment, where project milestones dictate cash inflows. This volatility implies that the company's cash position is susceptible to operational delays, which may necessitate closer scrutiny of the accounts receivable and inventory turnover metrics.
Quick answers to the most common questions about buying STVN stock.
Stevanato Group S.p.A. (STVN) generated $274.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stevanato Group S.p.A. (STVN) generated $21.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Stevanato Group S.p.A. (STVN) spent $264.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Stevanato Group S.p.A. (STVN) returned $14.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.