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Italian payment processor running merchant acquiring, card issuing and digital banking rails across Southern/Central Europe.
Italian payment processor running merchant acquiring, card issuing and digital banking rails across Southern/Central Europe.
Takes a small fee on each card payment it processes for merchants and a per-card or per-transaction fee from banks whose cards it runs, so revenue rises with payment volumes. Many banks have outsourced card and merchant services to Nexi under long-term partnerships.
In one line: A European Fiserv/Global Payments.
Moat: narrow (scale, switching costs, distribution). Bank partnership network and merchant installed base across Italy/CEE/Nordics are costly to replicate.
Headquarters: Milan, Italy · Employees: 9,570
Size Nexi (NEXI.MI) is an Italy Industrials company (Miscellaneous Commercial Services) with a market value of $5.93B, the 39th largest of 123 Italy companies the cockpit tracks. Shares closed at €4.50 on 6 Nov 2026.
Performance Over six months the shares gained 18.5%, against +12.9% for the median peer and +3.1% for the Italy market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +7.1%); the operating margin is 13.0% (peer median 12.9%).
Valuation It trades at 7.0× forward earnings against a peer median of 17.0× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -29 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (7.7% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.33B | €6.27B | €6.11B | €5.91B | €5.34B |
| Revenue growth | — | +3% | +3% | +11% | — |
| Gross profit | €2.75B | €2.72B | €2.68B | €2.41B | €2.20B |
| EBITDA | €1.72B | €1.73B | €1.55B | €1.37B | €1.26B |
| Net income | -€3.35B | -€3.38B | €167M | -€1.01B | €139M |
| Free cash flow | €779M | €812M | €773M | €865M | €942M |
| Capital expenditure | €416M | €420M | €447M | €465M | €527M |
| Total debt | n/a | €6.78B | €6.43B | €8.34B | €7.67B |
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 |
|---|---|---|---|---|---|---|
| Nexi NEXI.MI | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% |
| Worldline WLN.PA | $732M | +9% | -18% | 2% | 5.4× | 17.6% |
| Adyen ADYEN.AS | $32.0B | 0% | +17% | 42% | 23.7× | 18.9% |
| Fiserv FISV | $33.4B | +13% | -2% | 19% | 8.2× | n/a |
| Global Payments GPN | $25.8B | +41% | +7% | 21% | 6.3× | 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 | NEXI.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.9% | +7.7% | 10th highest of 20 |
| 6-month return | +18.5% | +12.9% | 6th highest of 20 |
| Distance from 52-week high | -4.9% | -12.8% | 6th highest of 21 |
| Revenue growth (TTM) | +0.7% | +7.1% | 3rd lowest of 21 |
| Operating margin | 13.0% | 12.9% | 11th highest of 21 |
| Forward P/E | 7.0× | 17.0× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.5% | 9.4% | 8th least demanding of 19 |
| Growth delivered (Del g) | +30.5% | +12.7% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -29.0 pp | -8.5 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | -2.2 pp | +4.3 pp | 5th lowest of 16 |
| EV / EBITDA | 5.4× | 10.4× | 3rd cheapest of 18 |
| Net debt / EBITDA | 2.3× | 1.7× | 6th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Dizal Pharmaceutical 688192.SS | China | $4.68B | +18% | +720% | 69% | 9.5× | -8.4% | +95.9% |
| Teleperformance TEP.PA | France | $4.60B | +3% | -3% | 10% | 5.0× | -10.2% | +12.2% |
| Brink's BCO | United States | $4.54B | +3% | +7% | 10% | 11.8× | 0.1% | +7.3% |
| East Buy 1797.HK | Hong Kong | $4.11B | +22% | +34% | 11% | 38.5× | 18.4% | +54.3% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| SAI Life Sciences SAILIFE.NS | India | $4.02B | +64% | +27% | 21% | 89.2× | n/a | n/a |
| PhysicsWallah PWL.NS | India | $4.00B | +18% | +35% | 1% | 100.9× | n/a | n/a |
| Centre Testing International 300012.SZ | China | $3.96B | -5% | +15% | 16% | 22.1× | 14.2% | +13.2% |