Loading…
Italian producer and distributor of industrial, medical and specialty gases.
Italian producer and distributor of industrial, medical and specialty gases.
Sells gases under contracts that supply them by pipeline, on-site generators or tanker and cylinder deliveries, so customers pay on an ongoing basis for gas and for the equipment supplied. Healthcare is a second leg, with home-oxygen services paid largely by public health systems. Controlled by Italy's Fumagalli Soldini family.
Moat: narrow (installed base, regulatory licence, distribution). On-site gas supply contracts and hospital gas infrastructure create long-term customer lock-in.
Headquarters: Monza, Italy · Founded: 1927 · Employees: 7,623
Size SOL (SOL.MI) is an Italy Materials company (Chemicals: Specialty) with a market value of $6.39B, the 37th largest of 123 Italy companies the cockpit tracks. Shares closed at €62.80 on 6 Nov 2026.
Performance Over six months the shares gained 6.1%, against -11.8% for the median peer and +3.1% for the Italy market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 8.5% over the last twelve months (peer median +5.1%); the operating margin is 13.7% (peer median 13.8%).
Valuation It trades at 30.5× forward earnings against a peer median of 15.9× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +4 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 1.9 points above its cost of capital (8.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.85B | €1.78B | €1.61B | €1.49B | €1.38B |
| Revenue growth | — | +10% | +8% | +8% | — |
| Gross profit | €313M | €293M | €255M | €230M | €144M |
| EBITDA | €434M | €407M | €362M | €332M | €238M |
| Net income | €173M | €167M | €148M | €146M | €134M |
| Free cash flow | €72.4M | €24.9M | €49.9M | €78.8M | €55.8M |
| Capital expenditure | €262M | €270M | €246M | €205M | €161M |
| Total debt | n/a | €829M | €671M | €621M | €527M |
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 |
|---|---|---|---|---|---|---|
| SOL SOL.MI | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% |
| Air Liquide AI.PA | $134B | +15% | -1% | 21% | 29.0× | 18.1% |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
| Nippon Sanso 4091.T | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% |
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 | SOL.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | -0.4% | 2nd highest of 21 |
| 6-month return | +6.1% | -11.8% | 4th highest of 21 |
| Distance from 52-week high | -2.3% | -31.2% | highest of 21 |
| Revenue growth (TTM) | +8.5% | +5.1% | 10th highest of 21 |
| Operating margin | 13.7% | 13.8% | 11th highest of 21 |
| Forward P/E | 30.5× | 15.9× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 5.2% | 6th most demanding of 17 |
| Growth delivered (Del g) | +12.8% | +9.7% | 6th highest of 17 |
| Hurdle (Req g minus delivered) | +4.2 pp | -3.9 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +1.9 pp | -0.7 pp | 7th highest of 21 |
| EV / EBITDA | 14.5× | 10.1× | 4th most expensive of 13 |
| Net debt / EBITDA | 1.3× | 1.4× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SOL SOL.MI | Italy | $6.39B | +6% | +9% | 14% | 30.5× | 16.9% | +12.8% |
| NewMarket NEU | United States | $6.39B | +1% | +1% | 20% | n/a | -0.8% | +6.3% |
| Haohua Chemical Science & Technology 600378.SS | China | $6.29B | -9% | +20% | 9% | 22.1× | 11.0% | +25.2% |
| Linde India LINDEINDIA.NS | India | $6.20B | -13% | +13% | 22% | 97.2× | 47.9% | +11.5% |
| Shenzhen Capchem Technology 300037.SZ | China | $6.16B | -21% | +72% | 13% | 19.0× | 19.3% | +26.6% |
| Croda International CRDA.L | United Kingdom | $6.88B | +31% | +3% | 16% | 23.3× | 19.9% | +4.1% |
| Inner Mongolia Junzheng Energy & Chemical 601216.SS | China | $5.92B | -16% | +3% | 11% | 12.0× | -3.4% | +11.3% |
| Kingboard 0148.HK | Hong Kong | $5.78B | -17% | +19% | 15% | 5.0× | n/a | n/a |
| Nissan Chemical 4021.T | Japan | $5.72B | 0% | +10% | 23% | 15.9× | 9.3% | +6.0% |
| Zhejiang Longsheng 600352.SS | China | $5.70B | -11% | -1% | 19% | 13.7× | -5.2% | -3.1% |
| Coromandel International COROMANDEL.NS | India | $5.69B | -7% | +24% | 8% | 27.3× | n/a | n/a |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |