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Italian-based maker of water heaters, boilers and heat pumps for residential and commercial heating and hot water.
Italian-based maker of water heaters, boilers and heat pumps for residential and commercial heating and hot water.
Sells water heaters, boilers and heat pumps mainly through installers and wholesale distributors rather than directly to homeowners, so installers' recommendations drive volume. Replacement of broken units is a large part of demand, giving steadier sales than new building. Fineldo, the Merloni family's holding company, is the controlling shareholder.
In one line: An Italian A.O. Smith/Rheem for water heaters and heating systems.
Moat: narrow (brand, distribution, installed base). Established global brand portfolio and distribution network in water heating, transitioning toward heat pumps for decarbonization.
Headquarters: Fabriano, Italy · Founded: 1930 · Employees: 10,830
Size Ariston (ARIS.MI) is an Italy Industrials company (Industrial Machinery) with a market value of $1.20B, the 80th largest of 123 Italy companies the cockpit tracks. Shares closed at €3.06 on 6 Nov 2026.
Performance Over six months the shares fell 17.3%, against -25.0% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +3.8%); the operating margin is 6.1% (peer median 2.7%).
Valuation It trades at 8.8× forward earnings against a peer median of 38.8× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points below its cost of capital (7.1% WACC).
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.82B | €2.75B | €2.68B | €3.15B | €2.42B |
| Revenue growth | — | +3% | -15% | +30% | — |
| Gross profit | €611M | €589M | €529M | €891M | €707M |
| EBITDA | €312M | €295M | €215M | €419M | €298M |
| Net income | €109M | €132M | €2.50M | €191M | €140M |
| Free cash flow | €98.9M | €164M | €194M | €154M | €70.9M |
| Capital expenditure | €157M | €146M | €116M | €159M | €78.6M |
| Total debt | n/a | €792M | €931M | €1.04B | €937M |
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 |
|---|---|---|---|---|---|---|
| Ariston ARIS.MI | $1.20B | -17% | +5% | 6% | 8.8× | 0.1% |
| A. O. Smith AOS | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% |
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 | ARIS.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.1% | -9.2% | 8th lowest of 21 |
| 6-month return | -17.3% | -25.0% | 5th highest of 21 |
| Distance from 52-week high | -46.5% | -51.1% | 11th highest of 21 |
| Revenue growth (TTM) | +5.0% | +3.8% | 11th highest of 21 |
| Operating margin | 6.1% | 2.7% | 7th highest of 21 |
| Forward P/E | 8.8× | 38.8× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 22.0% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +10.5% | +11.6% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | -10.4 pp | +9.4 pp | least demanding of 10 |
| ROIC minus cost of capital | -1.6 pp | -6.2 pp | 6th highest of 21 |
| EV / EBITDA | 5.7× | 15.3× | 2nd cheapest of 7 |
| Net debt / EBITDA | 2.3× | -0.8× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ariston ARIS.MI | Italy | $1.20B | -17% | +5% | 6% | 8.8× | 0.1% | +10.5% |
| SVG 300331.SZ | China | $1.19B | -42% | +6% | 2% | n/a | 46.0% | +8.1% |
| Union Tool 6278.T | Japan | $1.20B | -41% | +40% | 25% | 14.8× | 22.0% | +12.0% |
| Eugene Technology 084370.KS | South Korea | $1.21B | -43% | +2% | 15% | 12.3× | 16.3% | +11.6% |
| Shuangliang Eco-Energy Systems 600481.SS | China | $1.21B | -36% | -29% | -29% | n/a | n/a | n/a |
| Guangdong Anda Automation Solutions 688125.SS | China | $1.19B | -55% | +56% | 2% | 41.0× | n/a | n/a |
| Tennant TNC | United States | $1.22B | -18% | 0% | 4% | 13.8× | n/a | n/a |
| EFORT Intelligent Robot 688165.SS | China | $1.18B | -18% | +12% | -48% | n/a | n/a | n/a |
| Shenzhen iN-Cube Automation 301312.SZ | China | $1.18B | -43% | +18% | 6% | 78.2× | n/a | n/a |
| Hefei Metalforming Intelligent Manufacturing 603011.SS | China | $1.22B | -18% | -15% | -11% | 307.4× | n/a | n/a |
| Suzhou Gyz Electronic Technology 688260.SS | China | $1.17B | +96% | +56% | -13% | n/a | n/a | n/a |
| Guangdong Lyric Robot Automation 688499.SS | China | $1.17B | -15% | +37% | 1% | 51.7× | n/a | n/a |
| Seikoh Giken 6834.T | Japan | $1.23B | +17% | +55% | 28% | 18.9× | 24.6% | +15.2% |
| Jiangsu Bide Science & Technology 605298.SS | China | $1.16B | -30% | -4% | 15% | n/a | 40.4% | +10.1% |
| Shanghai Step Electric 002527.SZ | China | $1.16B | -21% | 0% | -2% | 78.3× | n/a | n/a |
| Shenzhen Xinyichang Technology 688383.SS | China | $1.16B | -25% | +34% | -9% | 56.3× | n/a | n/a |
| KSB KSB.NS | India | $1.16B | -30% | +8% | 10% | 38.8× | 35.3% | +17.5% |
| YAPP Automotive Systems 603013.SS | China | $1.16B | -25% | -1% | 7% | 12.0× | -9.1% | +0.7% |
| HUYNDAI MOVEX 319400.KS | South Korea | $1.24B | -51% | +2% | 3% | n/a | n/a | n/a |
| Aotecar New Energy Technology 002239.SZ | China | $1.25B | -17% | -7% | 3% | n/a | 11.9% | +17.1% |
| Durr DUE.DE | Germany | $1.25B | -24% | +2% | 4% | 9.1× | -3.3% | +4.6% |