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Italian cosmetics manufacturer that develops and produces makeup and skincare products on behalf of major global beauty brands.
Italian cosmetics manufacturer that develops and produces makeup and skincare products on behalf of major global beauty brands.
Develops formulas and then manufactures color cosmetics and skincare to the specifications of beauty brands, which sell the products under their own names, so revenue follows the brands' launches and reorders. Development work is done with the customer, making it a partner from concept to production.
In one line: An Italian cosmetics ODM/OEM manufacturer, like a beauty-industry contract manufacturer.
Moat: narrow (process know-how, customer qualification, scale). Deep formulation R&D and manufacturing scale trusted by top beauty brands, but a contract manufacturer subject to customer negotiating power.
Headquarters: Agrate Brianza, Italy · Founded: 1972 · Employees: 6,344
Size Intercos (ICOS.MI) is an Italy Consumer Staples company (Household/Personal Care) with a market value of $1.50B, the 67th largest of 123 Italy companies the cockpit tracks. Shares closed at €13.86 on 6 Nov 2026.
Performance Over six months the shares gained 15.5%, against -3.2% for the median peer and +3.1% for the Italy market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 5.0% over the last twelve months (peer median +8.0%); the operating margin is 8.5% (peer median 9.2%).
Valuation It trades at 19.5× forward earnings against a peer median of 19.7× (11th cheapest of 21).
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 +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (7.1% WACC).
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.03B | €1.05B | €1.06B | €988M | €836M |
| Revenue growth | — | -2% | +8% | +18% | — |
| Gross profit | €194M | €196M | €188M | €182M | €160M |
| EBITDA | €141M | €142M | €127M | €128M | €108M |
| Net income | €57.1M | €49.8M | €48.5M | €52.3M | €44.8M |
| Free cash flow | €90.1M | €62.2M | €51.4M | €64.1M | €39.2M |
| Capital expenditure | €63.7M | €69.2M | €65.1M | €55.0M | €51.6M |
| Total debt | n/a | €253M | €288M | €259M | €285M |
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 |
|---|---|---|---|---|---|---|
| Intercos ICOS.MI | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% |
| Cosmax 192820.KS | $2.13B | +21% | +16% | 8% | 16.6× | n/a |
| Kolmar Korea 161890.KS | $1.89B | +23% | +13% | 10% | 13.0× | -0.9% |
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 | ICOS.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.9% | +1.6% | highest of 21 |
| 6-month return | +15.5% | -3.2% | 7th highest of 21 |
| Distance from 52-week high | -4.0% | -31.5% | highest of 21 |
| Revenue growth (TTM) | -5.0% | +8.0% | 3rd lowest of 21 |
| Operating margin | 8.5% | 9.2% | 10th lowest of 21 |
| Forward P/E | 19.5× | 19.7× | 11th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | 4.3% | 9th least demanding of 17 |
| Growth delivered (Del g) | +11.5% | +5.8% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -7.1 pp | -4.9 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +3.4 pp | +5.7 pp | 9th lowest of 21 |
| EV / EBITDA | 10.4× | 11.1× | 6th cheapest of 13 |
| Net debt / EBITDA | 0.9× | -1.4× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Intercos ICOS.MI | Italy | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% | +11.5% |
| Chongqing Baiya Sanitary Products 003006.SZ | China | $1.49B | +25% | 0% | 3% | 41.2× | 30.6% | +22.8% |
| Guangdong Marubi Biotechnology 603983.SS | China | $1.45B | -4% | -6% | 2% | 37.0× | n/a | n/a |
| AMOREPACIFIC 002790.KS | South Korea | $1.55B | -3% | +9% | 9% | 8.4× | -17.9% | -1.3% |
| Harbin Fuerjia Technology 301371.SZ | China | $1.58B | -30% | +28% | 20% | 22.5× | 8.7% | +3.6% |
| Energizer ENR | United States | $1.63B | +26% | +2% | 16% | 7.2× | -5.2% | +1.5% |
| Pigeon 7956.T | Japan | $1.66B | +30% | +7% | 13% | 26.3× | -1.3% | +1.9% |
| d'Alba Global 483650.KS | South Korea | $1.32B | -37% | +55% | 21% | 13.6× | -2.2% | +53.0% |
| Edgewell Personal Care EPC | United States | $1.29B | +32% | -7% | 6% | 12.4× | 4.1% | +2.7% |
| Shanghai Jahwa United 600315.SS | China | $1.74B | -13% | +9% | 2% | 18.1× | 17.1% | -2.1% |
| Emami EMAMILTD.NS | India | $1.80B | -15% | +3% | 20% | 21.4× | 21.7% | +5.6% |
| Shanghai Chicmax Cosmetics 2145.HK | Hong Kong | $1.22B | -52% | +23% | 8% | 15.0× | -5.9% | +21.2% |
| Yunnan Botanee Bio-Technology 300957.SZ | China | $1.84B | -28% | +7% | 9% | 21.2× | 4.5% | +15.3% |
| Blue Moon 6993.HK | Hong Kong | $1.88B | -15% | -2% | -2% | 93.6× | n/a | n/a |
| Kolmar Korea 161890.KS | South Korea | $1.89B | +23% | +13% | 10% | 13.0× | -0.9% | +15.5% |
| Pola Orbis 4927.T | Japan | $1.96B | +8% | +1% | 10% | 28.8× | -3.1% | -0.7% |
| Shanghai Forest Cabin Cosmetics 2657.HK | Hong Kong | $1.06B | 0% | +74% | 18% | 12.1× | 11.5% | +49.0% |
| Cosmax 192820.KS | South Korea | $2.13B | +21% | +16% | 8% | 16.6× | n/a | n/a |
| KOSE 4922.T | Japan | $2.16B | +7% | +3% | 4% | 27.2× | n/a | n/a |
| Softcare 2698.HK | Hong Kong | $2.20B | -5% | +25% | 25% | 14.4× | 8.7% | +20.9% |
| SYoung 300740.SZ | China | $1.00B | -37% | +14% | 3% | 39.6× | 18.1% | +6.1% |