Free cash flow has been negative in seven of the last ten quarters, with a trailing twelve-month FCF margin of -10.5%, as capital expenditure averaging 28.8% of revenue consumes all operating cash flow.
Stevanato Group S.p.A. (STVN) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 247.03M | 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 % | 0.56% | 76.4% | 48.06% | 1.84% | -22.52% | -14.34% | 265.63% | - |
| Net Income | 134.25M | 134.32M | 160.29M | 189.55M | 187.64M | 165.67M | 96.28M | 54.71M |
| Depreciation & Amortization | 93.77M | 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 | -15.53M | 7.94M | -67.76M | -60.34M | -31.41M | -47.09M | -27.9M | -33.39M |
| Working Capital Changes | -4.86M | 48.63M | -17.41M | -102.48M | -117.74M | -41.63M | 33.18M | -24.97M |
| Change in Receivables | -59.16M | 855.83K | -3.83M | -93.86M | -46.42M | -54.77M | -3.63M | 5.87M |
| Change in Inventory | -36.54M | -39.82M | 12.31M | -113.59M | -107.37M | -31.2M | -15.6M | -42.67M |
| Change in Payables | 90.84M | 87.59M | -25.89M | 104.97M | 36.05M | 44.34M | 52.41M | 11.84M |
| Cash from Investing | -275.23M | -262.15M | -310.21M | -421.22M | -242.95M | -96.43M | -96.09M | -74.34M |
| Capital Expenditures | -263.3M | -264.18M | -302.6M | -433.23M | -235.03M | -107.69M | -89.56M | -68.09M |
| CapEx % of Revenue | 21.55% | 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 | -12.08M | 0 | -7.44M | 15.6M | -7.95M | -4.32M | -6.42M | -5.62M |
| Cash from Financing | 9.63M | 21.19M | 183.22M | 158.03M | -44.54M | 254.85M | -26.52M | 42.17M |
| Debt Issued (Net) | 24.54M | 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 | -15.17M | 43.94M | 28.67M | -159.14M | -182.3M | 295.44M | 30.21M | 10.87M |
| Free Cash Flow | -25.62M | 21.44M | -157.79M | -336.72M | -139.81M | 20.16M | 59.65M | -31.33M |
| FCF Margin % | -2.1% | 1.88% | -14.29% | -31.02% | -14.21% | 2.39% | 9.01% | -5.84% |
| FCF Growth % | 82.06% | 113.59% | 53.14% | -140.83% | -793.66% | -66.21% | 290.37% | - |
| FCF per Share | -0.09 | 0.08 | -0.58 | -1.27 | -0.53 | 0.08 | 0.23 | -0.12 |
| FCF Conversion (FCF/Net Income) | -0.19x | 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 |
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.
Key Metrics
Top Statement Risk
Capex consuming all operating cash flow
Earnings Quality Strong but Volatile
Operating cash flow consistently exceeds net income, with an average OCF/NI ratio of 2.1 over the last ten quarters, suggesting high-quality earnings backed by cash generation, though the ratio is volatile due to working capital swings.
The persistent premium of operating cash flow over net income indicates that reported profits are not being inflated by aggressive accruals, a positive sign for earnings quality. However, the wide fluctuation in the OCF/NI ratio, from 0.90 in Q4 2024 to 3.81 in Q1 2024, highlights significant volatility driven by large working capital movements rather than stable operational cash generation. This volatility suggests investors should focus on the underlying trend rather than any single quarter's conversion rate.
FCF Negative Amid Heavy Investment
Free cash flow has been negative in seven of the last ten quarters, with a trailing twelve-month FCF margin of -10.5%, indicating that the company's substantial capital expenditure program is consuming all operating cash flow and more.
The negative FCF trajectory is a direct result of the company's aggressive capacity expansion, particularly the Fishers, Indiana facility, which is a strategic bet on future HVS demand. While net income has grown, the FCF margin has deteriorated significantly from a positive 10.9% in Q1 2025 to -11.2% in Q2 2026, confirming that profitability is not yet translating into free cash. This disconnect between earnings growth and cash flow underscores the capital-intensive nature of the current growth phase.
Capex Intensity Signals Growth Phase
Capital expenditure has averaged 28.8% of revenue over the last ten quarters, peaking at 76.9% in Q3 2024, which is exceptionally high for an industrial firm and confirms a major, multi-year investment cycle is underway.
The sustained high Capex/Revenue ratio, well above peer levels, indicates the company is in a heavy growth investment phase, likely building out the manufacturing capacity for its High Value Solutions platform. The Q3 2024 spike to 76.9% suggests a lumpy, project-based spending pattern, possibly related to the acquisition or major facility milestone. This level of capital intensity will pressure free cash flow until the new capacity is fully utilized and generates returns.
Working Capital Swings Drive Cash Volatility
Working capital changes have been a major source of cash flow volatility, swinging from a $45.0M source in Q1 2025 to a $35.9M use in Q2 2026, indicating inconsistent inventory and receivables management cycles.
The large and unpredictable swings in working capital suggest that the company's cash flow is heavily influenced by the timing of customer orders and inventory builds, which is typical for a project-based industrial business. The significant cash outflow in Q2 2026 may reflect an inventory build in anticipation of future demand or a slowdown in collections. This volatility makes it difficult to predict near-term operating cash flow and adds risk to the FCF outlook.
Capital Deployment Favors Growth Over Shareholders
With virtually no dividends or share repurchases, all operating cash flow and external capital are being directed toward massive capital expenditures and a small acquisition in Q4 2025, indicating a pure growth-focused allocation strategy.
The absence of shareholder returns (dividends and buybacks) is consistent with a company in a high-growth, capital-intensive phase, where all available cash is reinvested into the business. The small acquisition in Q4 2025 ($224.3K) appears to be a tuck-in, not a major strategic shift. The primary deployment risk is that the massive Capex program does not generate the expected returns, which would leave the company with a high asset base and depressed returns on capital.
Cash Flow Masked by Capex and Working Capital
The cash flow statement obscures the true underlying cash generation because massive growth capital expenditures and volatile working capital swings completely mask the strong, consistent cash conversion from core operations.
While the OCF/NI ratio suggests strong cash conversion, this metric is misleading because it does not account for the massive reinvestment required to sustain growth. The true cash generation power of the business is hidden behind the Capex line, which is a strategic choice, not an operational failing. Furthermore, the lack of stock-based compensation (SBC) in the data is unusual for a public company and may indicate it is immaterial or classified elsewhere, which warrants verification to ensure a complete picture of cash costs.