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Italian maker of probe cards, the precision contact devices used to electrically test semiconductor wafers before packaging.
Italian maker of probe cards, the precision contact devices used to electrically test semiconductor wafers before packaging.
Builds each probe card to order for a specific chip design, so sales follow chipmakers' new product launches and test volumes. Founded in 1996 by Giuseppe Crippa, whose family remains the controlling shareholder, it listed in Milan in 2021, and a few large customers account for much of sales.
In one line: Italy's FormFactor.
Moat: narrow (IP / patents, process know-how, customer qualification). Probe cards must be co-designed and qualified with each chip design; switching mid-program is costly.
Headquarters: Cernusco Lombardone, Italy · Founded: 1992
Size Technoprobe (TPRO.MI) is an Italy Information Technology company (Semiconductors) with a market value of $14.9B, the 20th largest of 123 Italy companies the cockpit tracks. Shares closed at €20.74 on 6 Nov 2026.
Performance Over six months the shares gained 5.2%, against -17.4% for the median peer and +3.1% for the Italy market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 22.1% over the last twelve months (peer median +37.3%); the operating margin is 30.4% (peer median 15.5%).
Valuation It trades at 38.4× forward earnings against a peer median of 23.2× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +22 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 12.7 points above its cost of capital (10.5% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €767M | €628M | €543M | €409M | €549M |
| Revenue growth | — | +16% | +33% | -25% | — |
| Gross profit | €367M | €267M | €200M | €185M | €323M |
| EBITDA | €301M | €201M | €136M | €123M | €237M |
| Net income | €206M | €97.7M | €63.8M | €97.0M | €148M |
| Free cash flow | €78.2M | €124M | €45.9M | €4.03M | €133M |
| Capital expenditure | €160M | €99.4M | €93.9M | €63.9M | €79.7M |
| Total debt | n/a | €14.6M | €18.8M | €13.5M | €8.20M |
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 |
|---|---|---|---|---|---|---|
| Technoprobe TPRO.MI | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 37.2× | n/a |
| Micronics Japan 6871.T | $2.11B | -33% | +38% | 28% | 14.1× | 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 | TPRO.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.7% | -21.4% | 5th lowest of 20 |
| 6-month return | +5.2% | -17.4% | 8th highest of 20 |
| Distance from 52-week high | -46.2% | -48.2% | 7th highest of 21 |
| Revenue growth (TTM) | +22.1% | +37.3% | 8th lowest of 21 |
| Operating margin | 30.4% | 15.5% | 6th highest of 21 |
| Forward P/E | 38.4× | 23.2× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 36.4% | 39.4% | 4th least demanding of 10 |
| Growth delivered (Del g) | +14.6% | +12.8% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +21.8 pp | +17.0 pp | 3rd most demanding of 10 |
| ROIC minus cost of capital | +12.7 pp | +6.2 pp | 7th highest of 20 |
| EV / EBITDA | 41.9× | 40.8× | 4th cheapest of 7 |
| Net debt / EBITDA | -2.2× | -1.0× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Technoprobe TPRO.MI | Italy | $14.9B | +5% | +22% | 30% | 38.4× | 36.4% | +14.6% |
| Lattice Semiconductor LSCC | United States | $14.9B | -17% | +63% | 13% | 26.2× | n/a | n/a |
| Hwatsing Technology 688120.SS | China | $15.4B | +42% | +36% | 18% | 63.8× | 41.8% | +64.4% |
| ASPEED Technology 5274.TWO | Taiwan | $14.3B | -30% | +40% | 53% | 41.1× | 41.3% | +24.3% |
| Tower Semiconductor TSEM | United States | $15.6B | -35% | +22% | 19% | 21.6× | 25.9% | +4.4% |
| LONGi Green Energy Technology 601012.SS | China | $14.1B | -25% | -16% | -12% | n/a | n/a | n/a |
| Omnivision Integrated Circuits 0501.HK | Hong Kong | $15.7B | -16% | +7% | 13% | 23.2× | n/a | n/a |
| JCET 600584.SS | China | $14.1B | +15% | +4% | 6% | 40.2× | n/a | n/a |
| MACOM Technology Solutions MTSI | United States | $16.1B | -41% | +28% | 18% | 23.2× | 49.4% | +12.8% |
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
| Rockchip Electronics 603893.SS | China | $13.4B | +16% | +39% | 27% | 49.1× | 39.3% | +18.7% |
| SiTime SITM | United States | $12.5B | -30% | +83% | 0% | 23.1× | n/a | n/a |
| Shenzhen Longsys Electronics 301308.SZ | China | $12.3B | -46% | +114% | 40% | 5.1× | n/a | n/a |
| Cansemi Technology 301660.SZ | China | $11.8B | n/a | +54% | -99% | n/a | n/a | n/a |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| Fabrinet FN | United States | $11.7B | -47% | +43% | 10% | 15.6× | n/a | n/a |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| Yuanjie Semiconductor Technology 688498.SS | China | $11.2B | -45% | +300% | 64% | 60.1× | n/a | n/a |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Realtek Semiconductor 2379.TW | Taiwan | $11.0B | +33% | +12% | 11% | 19.9× | 8.4% | +9.6% |
| TongFu Microelectronics 002156.SZ | China | $10.5B | -15% | +21% | 7% | 28.7× | n/a | n/a |