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Italian aerospace company making rocket propulsion systems for the Vega and Ariane space launch vehicles.
Italian aerospace company making rocket propulsion systems for the Vega and Ariane space launch vehicles.
Is paid mainly through multi-year contracts from the European Space Agency and from launcher programs for developing and building rocket motors, so revenue follows development milestones and the launch schedule. Launch cadence and government space budgets, not consumer demand, set the pace.
In one line: An Italian, launch-propulsion-focused smaller Aerojet Rocketdyne.
Moat: narrow (customer qualification, IP / patents, regulatory licence). Sole-source qualified propulsion supplier for Europe's Vega and Ariane launch programs, a strategic near-monopoly in EU space access.
Headquarters: Colleferro, Italy · Founded: 1908 · Employees: 1,426
Size Avio (AVIO.MI) is an Italy Industrials company (Aerospace & Defense) with a market value of $1.60B, the 64th largest of 123 Italy companies the cockpit tracks. Shares closed at €28.92 on 6 Nov 2026.
Performance Over six months the shares fell 2.4%, against -14.5% for the median peer and +3.1% for the Italy market (cap-weighted) — 8th highest of 19 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +15.4%); the operating margin is 0.8% (peer median 4.2%).
Valuation It trades at 89.7× forward earnings against a peer median of 23.6× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 7.4 points below its cost of capital (9.3% WACC).
Next results Next results expected around 15 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €606M | €589M | €484M | €349M | €407M |
| Revenue growth | — | +22% | +39% | -14% | — |
| Gross profit | €144M | €140M | €130M | €114M | €99.8M |
| EBITDA | €25.9M | €27.8M | €27.9M | €26.6M | €32.0M |
| Net income | €20.7M | €10.5M | €6.09M | €6.49M | -€434,767 |
| Free cash flow | €119M | €140M | €37.1M | €19.2M | €44.2M |
| Capital expenditure | €67.3M | €44.0M | €35.2M | €36.3M | €32.5M |
| Total debt | n/a | €10.1M | €11.6M | €19.4M | €56.9M |
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 |
|---|---|---|---|---|---|---|
| Avio AVIO.MI | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Space Exploration Technologies SPCX | $1.82T | n/a | +33% | -11% | 38.4× | n/a |
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 | AVIO.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -6.8% | 5th highest of 20 |
| 6-month return | -2.4% | -14.5% | 8th highest of 19 |
| Distance from 52-week high | -35.5% | -37.5% | 8th highest of 21 |
| Revenue growth (TTM) | +13.9% | +15.4% | 9th lowest of 20 |
| Operating margin | 0.8% | 4.2% | 9th lowest of 21 |
| Forward P/E | 89.7× | 23.6× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 26.1% | 16.9% | 4th most demanding of 8 |
| Growth delivered (Del g) | +10.6% | +11.0% | 4th lowest of 8 |
| Hurdle (Req g minus delivered) | +15.6 pp | +8.3 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -7.4 pp | -5.3 pp | 10th lowest of 21 |
| Net debt / EBITDA | -20.7× | 0.3× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | n/a | n/a | n/a |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |
| AEVEX AVEX | United States | $1.29B | -59% | +143% | 11% | 19.6× | n/a | n/a |
| Magellan Aerospace MAL.TO | Canada | $1.29B | +17% | +15% | 9% | 23.8× | n/a | n/a |
| North Electro-Optic 600184.SS | China | $1.26B | -34% | +23% | 0% | n/a | n/a | n/a |