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World's largest hearing-aid retail network, fitting and selling hearing aids and offering hearing tests and aftercare across many countries.
World's largest hearing-aid retail network, fitting and selling hearing aids and offering hearing tests and aftercare across many countries.
Buys hearing aids from manufacturers and sells them with fitting and aftercare through its own stores, so the shop network, audiologists and customer follow-up decide sales more than the devices themselves. Purchases are paid partly by public health schemes and insurers in some countries, and otherwise by the buyer.
In one line: A global hearing-aid retail chain, like a specialist LensCrafters for hearing.
Moat: narrow (scale, distribution, brand). World's largest hearing-care retail footprint gives supplier leverage and store density advantage.
Headquarters: Milan, Italy · Founded: 1950 · Employees: 15,078
Size Amplifon (AMP.MI) is an Italy Health Care company (Medical Distributors) with a market value of $3.72B, the 50th largest of 123 Italy companies the cockpit tracks. Shares closed at €12.29 on 6 Nov 2026.
Performance Over six months the shares gained 12.9%, against +4.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +6.2%); the operating margin is 9.2% (peer median 3.0%).
Valuation It trades at 18.1× forward earnings against a peer median of 15.7× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points below its cost of capital (8.0% WACC).
Credit Amplifon has 1 bond outstanding ($390M), rated BB+ by the agencies.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.41B | €2.40B | €2.41B | €2.26B | €2.12B |
| Revenue growth | — | -1% | +7% | +7% | — |
| Gross profit | €223M | €211M | €259M | €265M | €276M |
| EBITDA | €525M | €520M | €560M | €533M | €515M |
| Net income | €75.4M | €91.3M | €145M | €155M | €179M |
| Free cash flow | n/a | €357M | €364M | €337M | €402M |
| Capital expenditure | n/a | €118M | €146M | €142M | €116M |
| Total debt | €1.08B | €1.82B | €1.74B | €1.52B | €1.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Amplifon AMP.MI | $3.72B | +13% | 0% | 9% | 18.1× | 9.5% |
| Sonova SOON.SW | $20.3B | +62% | -7% | 21% | 25.6× | 7.1% |
| Demant A/S DEMANT.CO | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% |
| Fielmann FIE.DE | $4.12B | +3% | +3% | 14% | 17.8× | -5.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMP.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | +3.8% | 8th lowest of 21 |
| 6-month return | +12.9% | +4.7% | 9th highest of 21 |
| Distance from 52-week high | -15.8% | -14.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +0.2% | +6.2% | 3rd lowest of 21 |
| Operating margin | 9.2% | 3.0% | 2nd highest of 21 |
| Forward P/E | 18.1× | 15.7× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 9.5% | -1.4% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +9.8% | +4.6% | 3rd highest of 17 |
| Hurdle (Req g minus delivered) | -0.3 pp | -9.3 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -1.9 pp | +1.6 pp | 3rd lowest of 21 |
| EV / EBITDA | 8.4× | 9.7× | 3rd cheapest of 6 |
| Net debt / EBITDA | 2.9× | 0.4× | 4th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amplifon AMP.MI | Italy | $3.72B | +13% | 0% | 9% | 18.1× | 9.5% | +9.8% |
| MEDIPAL 7459.T | Japan | $3.67B | +14% | +4% | 1% | 12.6× | -7.4% | +3.5% |
| Jointown Pharmaceutical 600998.SS | China | $3.96B | +1% | +9% | 2% | 11.7× | 0.1% | +7.8% |
| COSMOS Pharmaceutical 3349.T | Japan | $3.20B | +5% | +9% | 4% | 15.7× | n/a | n/a |
| Asker Healthcare ASKER.ST | Sweden | $2.98B | -5% | +12% | 7% | 26.6× | 1.2% | +12.7% |
| Alfresa 2784.T | Japan | $2.79B | -3% | +5% | 1% | 17.4× | -9.1% | +3.5% |
| Hanmi Science 008930.KS | South Korea | $2.71B | +44% | +6% | 5% | n/a | 24.2% | +9.6% |
| Galenica GALE.SW | Switzerland | $5.46B | +8% | +6% | 5% | 23.4× | 6.9% | +3.5% |
| Suzuken 9987.T | Japan | $2.29B | -9% | +5% | 1% | 15.0× | -11.9% | +3.2% |
| DKSH DKSH.SW | Switzerland | $6.10B | +29% | -1% | 3% | 21.5× | -1.4% | +0.6% |
| Sinopharm 1099.HK | Hong Kong | $6.83B | -4% | +3% | 3% | 6.3× | -8.1% | +4.0% |
| Redcare Pharmacy RDC.DE | Germany | $1.63B | +52% | +19% | 0% | n/a | n/a | n/a |
| Toho 8129.T | Japan | $1.60B | -14% | +4% | 1% | 21.6× | -7.4% | +5.1% |
| Henry Schein HSIC | United States | $9.51B | +22% | +6% | 6% | 14.8× | 9.8% | +5.4% |
| Ship Healthcare 3360.T | Japan | $1.34B | +4% | +7% | 3% | 13.8× | -14.7% | +7.6% |
| Shanghai C and D INNOSTIC Medical Technology 301584.SZ | China | $1.20B | -28% | +8% | 3% | n/a | -1.3% | +17.9% |
| Shinva Medical Instrument 600587.SS | China | $1.16B | -7% | +6% | 5% | 14.2× | -5.9% | +1.2% |
| AS ONE 7476.T | Japan | $1.08B | +15% | +10% | 12% | 18.2× | -1.0% | +6.3% |
| Nanjing Pharmaceutical 600713.SS | China | $1.03B | +1% | +3% | 2% | n/a | n/a | n/a |
| DocMorris DOCM.SW | Switzerland | $1.02B | +136% | +11% | -8% | n/a | n/a | n/a |
| Arjo ARJO-B.ST | Sweden | $1.02B | +48% | 0% | 8% | 21.3× | -1.3% | +3.9% |
Amplifon has 1 bond outstanding with $390M face value. The agencies rate it BB+.