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Italian maker of premium connected fitness equipment and software for gyms, hotels, corporate wellness and homes.
Italian maker of premium connected fitness equipment and software for gyms, hotels, corporate wellness and homes.
Sells equipment and software to gyms, hotels and companies mainly through its own sales force and showrooms, with larger orders won on project terms; sales to individual homes are a smaller line. Founder Nerio Alessandri still controls it through a holding company.
In one line: Italy's premium connected fitness equipment maker, like Life Fitness/Peloton.
Moat: narrow (brand, distribution). Premium brand and official Olympic Games supplier status support pricing and distribution.
Headquarters: Cesena, Italy · Founded: 1983 · Employees: 2,639
Size Technogym S.p.A (TGYM.MI) is an Italy Consumer Discretionary company (Recreational Products) with a market value of $3.34B, the 53rd largest of 123 Italy companies the cockpit tracks. Shares closed at €14.77 on 6 Nov 2026.
Performance Over six months the shares fell 32.2%, against +4.5% for the median peer and +3.1% for the Italy market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +6.8%); the operating margin is 15.6% (peer median 9.3%).
Valuation It trades at 23.8× forward earnings against a peer median of 17.9× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.2 points above its cost of capital (9.5% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.05B | €1.02B | €899M | €806M | €719M |
| Revenue growth | — | +13% | +12% | +12% | — |
| Gross profit | €393M | €382M | €326M | €286M | €248M |
| EBITDA | €216M | €210M | €169M | €138M | €119M |
| Net income | €117M | €115M | €87.0M | €73.6M | €63.6M |
| Free cash flow | €120M | €143M | €134M | €89.8M | €99.7M |
| Capital expenditure | €70.2M | €66.3M | €41.6M | €36.2M | €35.0M |
| Total debt | n/a | €57.7M | €47.3M | €44.2M | €49.8M |
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 |
|---|---|---|---|---|---|---|
| Technogym S.p.A TGYM.MI | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% |
| Peloton Interactive PTON | $2.50B | -1% | -2% | 9% | 18.7× | 7.2% |
| Amer Sports AS | $18.3B | -13% | +30% | 13% | 21.9× | 23.5% |
| Johnson Health Tech 1736.TW | $1.01B | -12% | +8% | 8% | 8.5× | -8.0% |
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 | TGYM.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.5% | +3.7% | 6th highest of 21 |
| 6-month return | -32.2% | +4.5% | lowest of 21 |
| Distance from 52-week high | -32.3% | -18.1% | 5th lowest of 21 |
| Revenue growth (TTM) | +9.9% | +6.8% | 7th highest of 21 |
| Operating margin | 15.6% | 9.3% | 6th highest of 21 |
| Forward P/E | 23.8× | 17.9× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.7% | 2.5% | 7th most demanding of 18 |
| Growth delivered (Del g) | +14.9% | +7.0% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -5.2 pp | -3.0 pp | 9th least demanding of 18 |
| ROIC minus cost of capital | +44.2 pp | +2.0 pp | 2nd highest of 20 |
| EV / EBITDA | 13.4× | 10.7× | 5th most expensive of 19 |
| Net debt / EBITDA | -0.4× | 0.2× | 7th least indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| Mattel MAT | United States | $4.39B | 0% | +3% | 9% | 12.8× | 0.2% | +3.1% |
| Acushnet GOLF | United States | $4.72B | -12% | +7% | 13% | 20.0× | 3.8% | +9.7% |
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Games Workshop GAW.L | United Kingdom | $7.15B | -17% | +7% | 42% | 25.2× | 11.7% | +12.3% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |