ZGNNYSEApparel & Other Finishd Prods of Fabrics & Similar MatlFiscal year ends December 31
Ermenegildo Zegna N.V.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 20, 2026
$12.75−0.16 (-1.24%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2018 to 2025
Gross margin
67.5%
Operating margin
7.3%+9.5 pts over 5 years
Net margin
5.1%+10.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -1.5% | +8.7% | +13.6% | – | |
| Gross profit | -0.2% | +11.7% | – | – | |
| Operating income | -16.4% | -1.9% | – | – | |
| Net income | +27.9% | +24.2% | – | – | |
| EPS, diluted | +26.7% | +21.9% | – | – | |
| Free cash flow | +42.5% | +37.9% | +42.6% | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 10.1% | |
| Return on assets | – | – | 3.5% | |
| Current ratio | – | 2.31 | 1.59 | |
| Debt to equity | – | 1.10 | 0.24 | |
| Net debt to EBITDA | – | 2.42× | 0.07× | |
| Interest coverage | – | -0.5× | 2.8× | |
| Inventory turnover | – | – | 1.2× | |
| Capex to revenue | – | 2.7% | 4.2% | |
| Diluted shares | – | 201M | 261M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ermenegildo Zegna generated €1.32B from operations and spent €933.96M on capital expenditure, dividends and share buybacks. 39% of that went back into the business.
Generated
€1.32B
Used
€933.96M
Capital expenditure€366.46M39%Dividends€112.50M12%Share buybacks€455.00M49%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.1%
×Asset turnover0.68×
×Equity multiplier2.91×
=Return on equity, FY202510.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.1% | 0.68× | 2.91× | 10.1% |
| FY2024 | 4.0% | 0.70× | 3.19× | 8.8% |
| FY2023 | 6.4% | 0.73× | 3.42× | 16.0% |
| FY2022 | 3.4% | 0.61× | 3.82× | 8.0% |
| FY2021 | -10.5% | 0.53× | 4.05× | -22.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero€98.58M
- Cash generatingOperating cash flow above zero€335.56M
- Return on assets improvedROA up on the prior year2.8% → 3.5%
- Earnings backed by cashOperating cash flow above net income€335.56M vs €98.58M
- Less leverageLong-term debt to assets fell6.9% → 5.7%
- Better liquidityCurrent ratio rose1.41 → 1.59
- No dilutionShare count did not rise254M → 261M
- Gross margin improvedGross margin up on the prior year66.60% → 67.51%
- More efficientAsset turnover rose0.70 → 0.68