Latest Ratios: P/E Ratio 34.3x · EV/EBITDA 18.4x · ROE 9.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.2B | $5.5B | $5.9B | $7.2B | $4.8B | $5.9B | — | — |
| Enterprise Value | $5.5B | $5.8B | $6.3B | $7.6B | $4.7B | $5.8B | — | — |
| P/E Ratio → | 34.29 | 41.06 | 50.67 | 49.62 | 33.91 | 42.36 | — | — |
| P/S Ratio | 4.03 | 4.82 | 5.39 | 6.66 | 4.84 | 7.04 | — | — |
| P/B Ratio | 3.09 | 3.70 | 4.23 | 6.38 | 4.78 | 7.06 | — | — |
| P/FCF | 213.92 | 256.19 | — | — | — | 294.83 | — | — |
| P/OCF | 16.69 | 19.99 | 38.17 | 68.73 | 46.04 | 44.57 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.12 | 5.69 | 6.96 | 4.83 | 6.84 | — | — |
| EV / EBITDA | 18.37 | 21.75 | 25.96 | 27.07 | 18.45 | 26.42 | — | — |
| EV / EBIT | 26.91 | 28.67 | 37.55 | 38.99 | 24.77 | 33.87 | — | — |
| EV / FCF | — | 272.06 | — | — | — | 286.55 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.0% | 29.0% | 27.4% | 31.3% | 32.5% | 31.4% | 29.3% | 25.7% |
| Operating Margin | 16.1% | 16.1% | 14.6% | 18.5% | 19.6% | 19.2% | 15.6% | 11.6% |
| Net Profit Margin | 11.8% | 11.8% | 10.7% | 13.4% | 14.5% | 15.9% | 11.9% | 7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 9.3% | 9.3% | 9.3% | 13.7% | 15.5% | 23.3% | 27.3% | 14.8% |
| ROA | 5.5% | 5.5% | 5.4% | 7.8% | 9.3% | 11.3% | 8.5% | 4.4% |
| ROIC | 7.7% | 7.7% | 7.6% | 12.3% | 17.4% | 19.7% | 13.9% | 8.4% |
| ROCE | 9.5% | 9.5% | 9.6% | 14.9% | 16.9% | 18.7% | 16.2% | 10.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.32 | 0.32 | 0.31 | 0.35 | 0.22 | 0.29 | 1.17 | 1.42 |
| Debt / EBITDA | 1.76 | 1.76 | 1.77 | 1.42 | 0.85 | 1.12 | 2.31 | 3.46 |
| Net Debt / Equity | — | 0.23 | 0.24 | 0.29 | -0.01 | -0.20 | 0.80 | 1.09 |
| Net Debt / EBITDA | 1.27 | 1.27 | 1.37 | 1.17 | -0.04 | -0.76 | 1.57 | 2.68 |
| Debt / FCF | — | 15.87 | — | — | — | -8.27 | 4.15 | — |
| Interest Coverage | 9.33 | 9.33 | 24.35 | 44.93 | 48.67 | 35.01 | 15.06 | 11.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.74 | 1.74 | 1.84 | 1.50 | 1.83 | 2.56 | 1.56 | 1.71 |
| Quick Ratio | 1.24 | 1.24 | 1.33 | 1.06 | 1.37 | 2.12 | 1.12 | 1.21 |
| Cash Ratio | 0.25 | 0.25 | 0.21 | 0.12 | 0.55 | 1.29 | 0.50 | 0.48 |
| Asset Turnover | — | 0.45 | 0.47 | 0.52 | 0.59 | 0.59 | 0.68 | 0.61 |
| Inventory Turnover | 3.02 | 3.02 | 3.27 | 2.92 | 3.11 | 3.88 | 3.36 | 3.02 |
| Days Sales Outstanding | — | 173.67 | 175.18 | 175.71 | 137.10 | 120.42 | 92.21 | 109.24 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.2% | — | — |
| Payout Ratio | 10.5% | 10.5% | 12.3% | 9.8% | 9.5% | 8.3% | 11.3% | 15.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 2.4% | 2.0% | 2.0% | 2.9% | 2.4% | — | — |
| FCF Yield | 0.5% | 0.4% | — | — | — | 0.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.3% | 0.3% | 0.2% | 0.2% | 0.3% | 0.2% | — | — |
| Shares Outstanding | — | $273M | $273M | $265M | $265M | $265M | $265M | $265M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying STVN stock.
Stevanato Group S.p.A.'s current P/E ratio is 34.3x. The historical average is 43.5x. This places it at the 20th percentile of its historical range.
Stevanato Group S.p.A.'s current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.9x.
Stevanato Group S.p.A.'s return on equity (ROE) is 9.3%. The historical average is 16.2%.
Based on historical data, Stevanato Group S.p.A. is trading at a P/E of 34.3x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Stevanato Group S.p.A.'s current dividend yield is 0.31% with a payout ratio of 10.5%.
Stevanato Group S.p.A. has 29.0% gross margin and 16.1% operating margin. Operating margin between 10-20% is typical for established companies.
Stevanato Group S.p.A.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Capex consuming all operating cash flow
Premium Valuation Amidst Growth Uncertainty
Stevanato trades at a significant premium to peers, with a P/E of 37.04 and EV/EBITDA of 19.75, suggesting the market is pricing in a successful transition to high-margin HVS and GLP-1 demand that has not yet fully materialized in recent results.
The current forward P/E of 33.99 and PEG of 3.13 indicate the market is assigning a substantial growth multiple, likely reflecting the strategic value of the EZ-fill platform and regulatory lock-in. However, this premium appears stretched relative to the recent deceleration in revenue growth to 3.2% YoY and the volatility in operating margins, which fell from a peak of 19.2% in Q4 2025 to 12.9% in Q2 2026. Investors are effectively paying for a future earnings power that is not yet consistently demonstrated in the reported financials.
Margin Volatility Masks Underlying Earning Power
Gross margin has fluctuated between 26.0% and 30.9% over the past ten quarters, with the Q2 2026 reading of 28.7% indicating a mix shift away from the highest-margin High Value Solutions, which is critical for sustainable profitability.
The operating margin's decline from 19.2% in Q4 2025 to 12.9% in Q2 2026 suggests that the company's high-fixed-cost model is highly sensitive to volume and product mix, with peak profitability achievable only during periods of strong absorption. The net margin of 7.6% in the latest quarter, while positive, is well below the 13.7% peak, indicating that the true, sustainable earning power of the business may be lower than the market's valuation implies. This volatility warrants caution in extrapolating peak-quarter profitability.
Returns on Capital Remain Below Cost of Equity
Despite a massive capital expenditure cycle, ROIC has only reached a peak of 3.0% in Q4 2025 and stood at 1.6% in Q2 2026, suggesting the company is not yet generating returns that exceed its cost of capital.
The ROIC trend, which has oscillated between 1.3% and 3.0% over the past ten quarters, indicates that the significant investments in new facilities like Fishers, Indiana, have not yet translated into proportionate returns. The ROE of 1.5% in Q2 2026 is similarly low, confirming that the expansion is currently dilutive to shareholder returns. For the investment thesis to hold, these returns must improve materially as the new capacity ramps and the product mix shifts toward HVS.
Working Capital Cycle Extends Amid Expansion
The cash conversion cycle has lengthened to 177 days in Q2 2026 from 122 days in Q4 2024, driven by a sharp increase in days sales outstanding to 158 days, which may signal customer payment delays or a shift in sales terms.
The extension of the CCC, particularly the 47-day increase in DSO over the last two quarters, is a concerning trend that ties up working capital and contributes to negative free cash flow. While days inventory outstanding has been managed relatively well, the lengthening receivables cycle suggests potential friction in collecting payments, possibly related to the project-based Engineering segment or customer destocking periods. This inefficiency is a key driver of the deteriorating cash flow signal.
Conservative Leverage Provides Strategic Flexibility
Stevanato maintains a very low debt-to-equity ratio of 0.29 and a robust interest coverage ratio of 20.05x, providing a strong buffer to fund its expansion without straining its balance sheet.
The conservative leverage profile, with D/EBITDA at 11.05x but interest coverage comfortably above 20x, indicates that debt service is not a concern. This financial flexibility is a key strength, allowing the company to pursue its capital-intensive growth strategy without the immediate pressure of refinancing risk or covenant constraints. However, the high D/EBITDA multiple is a function of the current EBITDA level and would need to be monitored if profitability does not improve as expected.
The Misapplied Metric: Price-to-Free-Cash-Flow
The P/FCF ratio of 231.12 is the most commonly misapplied metric for Stevanato, as it is rendered meaningless by the company's deliberate, multi-year investment cycle that is consuming all operating cash flow.
Using P/FCF to value Stevanato is analytically flawed because the negative free cash flow is a strategic choice to fund capacity expansion for future growth, not a sign of operational failure. The metric obscures the strong underlying cash conversion from operations, which consistently exceeds net income. A more appropriate alternative is to analyze EV/EBITDA or P/E relative to the company's long-term growth potential and the durability of its regulatory-locked customer relationships, rather than a transient period of heavy capital investment.