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Italian state-backed shipbuilder building cruise liners, naval warships and offshore vessels for global operators and navies.
Italian state-backed shipbuilder building cruise liners, naval warships and offshore vessels for global operators and navies.
Builds ships under long fixed-price contracts, with customers paying in stages and revenue booked as each ship progresses, so the order book often covers several years of yard capacity. Cruise ships are the largest business, with naval work for Italy, the US and others. The Italian state, through Cassa Depositi e Prestiti, is the controlling shareholder.
In one line: Italy's state-backed shipbuilding giant, like a European General Dynamics Marine.
Moat: narrow (scale, installed base). Large shipyard capacity and long-cycle order backlog with state-backed defense relationships.
Headquarters: Trieste, Italy · Founded: 1959 · Employees: 24,370
Size Fincantieri (FCT.MI) is an Italy Industrials company (Trucks/Construction/Farm Machinery) with a market value of $4.98B, the 46th largest of 123 Italy companies the cockpit tracks. Shares closed at €11.69 on 6 Nov 2026.
Performance Over six months the shares gained 2.5%, against -12.2% for the median peer and +3.1% for the Italy market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +8.1%); the operating margin is -0.4% (peer median 7.9%).
Valuation It trades at 21.5× forward earnings against a peer median of 16.1× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.9 points below its cost of capital (8.7% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €8.78B | €8.92B | €7.95B | €7.45B | €7.35B |
| Revenue growth | — | +12% | +7% | +1% | — |
| Gross profit | €179M | €578M | €473M | €485M | €352M |
| EBITDA | €256M | €413M | €334M | €212M | €80.5M |
| Net income | €191M | €123M | €32.8M | -€52.8M | -€309M |
| Free cash flow | €414M | €396M | €285M | €434M | -€282M |
| Capital expenditure | €377M | €393M | €264M | €258M | €295M |
| Total debt | n/a | €2.07B | €2.15B | €2.85B | €3.18B |
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 |
|---|---|---|---|---|---|---|
| Fincantieri FCT.MI | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% |
| Hd Hyundai Heavy Industries 329180.KS | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% |
| TKMS AG & Co. KGaA TKMS.DE | $5.57B | +8% | +15% | 5% | 39.8× | n/a |
| BAE Systems BA..L | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% |
| Huntington Ingalls Industries HII | $11.4B | -8% | +13% | 5% | 14.4× | 5.3% |
| Hanwha Ocean 042660.KS | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% |
| Babcock International BAB.L | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% |
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 | FCT.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | -6.0% | 8th highest of 21 |
| 6-month return | +2.5% | -12.2% | 6th highest of 21 |
| Distance from 52-week high | -44.9% | -28.2% | 4th lowest of 21 |
| Revenue growth (TTM) | -0.6% | +8.1% | 5th lowest of 21 |
| Operating margin | -0.4% | 7.9% | lowest of 21 |
| Forward P/E | 21.5× | 16.1× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.2% | 2.7% | 8th least demanding of 18 |
| Growth delivered (Del g) | +9.1% | +12.0% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | -7.8 pp | -7.6 pp | 9th least demanding of 18 |
| ROIC minus cost of capital | -9.9 pp | +2.1 pp | 2nd lowest of 20 |
| Net debt / EBITDA | 3.5× | 0.9× | most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fincantieri FCT.MI | Italy | $4.98B | +3% | -1% | 0% | 21.5× | 1.2% | +9.1% |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |
| Kongsberg Maritime KMAR.OL | Norway | $5.43B | -1% | +6% | 13% | 21.8× | 0.9% | +6.3% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Alstom ALO.PA | France | $5.56B | -40% | +4% | 4% | n/a | 2.7% | +16.9% |
| TKMS AG & Co. KGaA TKMS.DE | Germany | $5.57B | +8% | +15% | 5% | 39.8× | n/a | n/a |
| Hyundai Rotem 064350.KS | South Korea | $5.75B | -73% | +12% | 15% | 9.7× | -4.0% | +16.0% |
| CSSC Offshore & Marine Engineering (Group) 600685.SS | China | $4.16B | -19% | +5% | 1% | 23.9× | 1.1% | +12.1% |
| Terex TEX | United States | $6.18B | -14% | +40% | 7% | 9.9× | 12.1% | +12.0% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| Hitachi Construction Machinery 6305.T | Japan | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% | +11.6% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Babcock International BAB.L | United Kingdom | $6.60B | 0% | +7% | 6% | 15.4× | 13.2% | +5.5% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |