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Italian spirits company behind Aperol, Campari and other liqueur, vermouth and spirits brands.
Italian spirits company behind Aperol, Campari and other liqueur, vermouth and spirits brands.
Sells spirits to bars, restaurants and retailers through distributors and, in its largest markets, its own distribution network, so the mix between Aperol, Campari and its other brands drives profit. Growth has relied on buying established brands over many years. The Garavoglia family controls the group through the holding company Lagfin.
Moat: narrow (brand, distribution). Aperol Spritz's global cocktail-culture popularity drives a strong, hard-to-replicate brand moat.
Headquarters: Sesto San Giovanni, Italy · Founded: 1860 · Employees: 4,837
Size Davide Campari-Milano (CPR.MI) is an Italy Consumer Staples company (Beverages: Alcoholic) with a market value of $8.93B, the 27th largest of 123 Italy companies the cockpit tracks. Shares closed at €6.64 on 6 Nov 2026.
Performance Over six months the shares gained 22.4%, against +6.0% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 1.3% over the last twelve months (peer median -1.8%); the operating margin is 19.7% (peer median 15.4%).
Valuation It trades at 21.0× forward earnings against a peer median of 16.2× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.9% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.04B | €3.05B | €3.07B | €2.92B | €2.70B |
| Revenue growth | — | -1% | +5% | +8% | — |
| Gross profit | €1.80B | €1.79B | €1.72B | €1.66B | €1.55B |
| EBITDA | €744M | €751M | €685M | €715M | €642M |
| Net income | €269M | €346M | €202M | €330M | €333M |
| Free cash flow | €205M | €314M | €159M | -€196M | €16.7M |
| Capital expenditure | €283M | €299M | €460M | €315M | €355M |
| Total debt | n/a | €2.56B | €2.86B | €2.25B | €1.80B |
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 |
|---|---|---|---|---|---|---|
| Davide Campari-Milano CPR.MI | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% |
| Diageo DGE.L | $56.3B | +25% | -6% | 29% | 15.2× | -0.9% |
| Pernod Ricard RI.PA | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% |
| Remy Cointreau RCO.PA | $3.08B | +30% | -5% | 16% | 29.2× | 17.0% |
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 | CPR.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.3% | +9.2% | 11th highest of 21 |
| 6-month return | +22.4% | +6.0% | 5th highest of 21 |
| Distance from 52-week high | -2.6% | -16.4% | highest of 21 |
| Revenue growth (TTM) | -1.3% | -1.8% | 10th highest of 20 |
| Operating margin | 19.7% | 15.4% | 6th highest of 20 |
| Forward P/E | 21.0× | 16.2× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 3.6% | 1.8% | 7th most demanding of 18 |
| Growth delivered (Del g) | +11.5% | +5.6% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -7.8 pp | -6.3 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +1.3 pp | +5.2 pp | 8th lowest of 20 |
| EV / EBITDA | 13.4× | 10.4× | 6th most expensive of 14 |
| Net debt / EBITDA | 2.7× | 1.6× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Davide Campari-Milano CPR.MI | Italy | $8.93B | +22% | -1% | 20% | 21.0× | 3.6% | +11.5% |
| Tsingtao Brewery 600600.SS | China | $9.03B | -16% | -4% | 16% | 16.2× | -5.1% | +3.4% |
| China Res Beer 0291.HK | Hong Kong | $8.66B | -18% | +3% | 15% | 10.7× | -1.5% | +3.1% |
| Thai Beverage Public Y92.SI | Singapore | $8.56B | +2% | -8% | 13% | 10.6× | -4.7% | +3.2% |
| Jiangsu Yanghe Distillery 002304.SZ | China | $8.50B | -23% | -31% | 4% | 32.6× | n/a | n/a |
| Molson Coors Beverage TAP | United States | $7.54B | -4% | -2% | 12% | 9.2× | -4.7% | +2.9% |
| Bud Apac 1876.HK | Hong Kong | $10.7B | -16% | -3% | 15% | 20.1× | -0.9% | +0.7% |
| Molson Coors Canada TPX-B.TO | Canada | $7.38B | -12% | n/a | n/a | n/a | n/a | n/a |
| United Spirits UNITDSPR.NS | India | $10.9B | +11% | 0% | 15% | 53.0× | 44.2% | +8.9% |
| Anhui Gujing Distillery 000596.SZ | China | $7.29B | -2% | -28% | 17% | 21.5× | 4.3% | +12.7% |
| Jiangsu King's Luck Brewery Joint-stock 603369.SS | China | $6.40B | +25% | -5% | 33% | 16.2× | 1.9% | +15.3% |
| Radico Khaitan RADICO.NS | India | $6.37B | +33% | +16% | 17% | 66.7× | 45.1% | +20.5% |
| Brown–Forman BF-B | United States | $14.2B | +11% | 0% | 29% | 17.9× | -5.1% | +2.7% |
| Anhui Yingjia Distillery 603198.SS | China | $5.35B | +17% | 0% | 41% | 17.1× | 5.3% | +11.7% |
| Sapporo Breweries 2501.T | Japan | $5.34B | +24% | -6% | 5% | 2.8× | 14.8% | +3.1% |
| Kirin 2503.T | Japan | $15.2B | +21% | +6% | 11% | 13.7× | -4.2% | +5.6% |
| Asahi Group Hldgs 2502.T | Japan | $16.4B | +10% | +3% | 9% | 13.1× | 1.8% | +7.4% |
| Beijing Yanjing Brewery 000729.SZ | China | $4.82B | -14% | +7% | 16% | 15.7× | -4.2% | +7.3% |
| Luzhou Laojiao 000568.SZ | China | $17.9B | -19% | -38% | 40% | 17.5× | 9.9% | +8.7% |
| Pernod Ricard RI.PA | France | $20.0B | +16% | -14% | 26% | 12.5× | 2.1% | +1.3% |
| Takara 2531.T | Japan | $3.84B | +75% | +9% | 4% | 34.6× | n/a | n/a |