NYSE : ZGN
Ermenegildo Zegna N.V. — Financial statements
Consumer Discretionary · Apparel Manufacturing · Italy
Last price 13.49 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 3.63B
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Financial statements
Ermenegildo Zegna N.V. (ZGN) reported revenue of 1.98B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.98B | 1.92B | 1.95B | 1.90B | 1.49B | 1.29B |
| Revenue | 1.98B | 1.92B | 1.95B | 1.90B | 1.49B | 1.29B |
| Cost of Revenue | 640.73M | 622.91M | 650.09M | 680.13M | 564.79M | 491.62M |
| Gross Profit | 1.34B | 1.29B | 1.30B | 1.22B | 928.05M | 800.79M |
| Selling, General & Admin | 1.17B | 1.13B | 1.11B | 1.00B | 764.42M | 664.77M |
| Other Operating Expenses | 1.83M | |||||
| Operating Expenses | 1.17B | 1.13B | 1.11B | 1.00B | 764.42M | 666.60M |
| Operating Income | 165.97M | 162.96M | 184.02M | 224.34M | 163.62M | 134.18M |
| Interest Expense | -41.59M | -38.01M | -36.07M | -23.92M | -16.02M | -13.90M |
| Interest & Investment Income | 4.78M | 2.30M | 2.57M | 2.89M | 1.73M | 2.46M |
| Earnings From Equity Investments | 509.00K | 524.00K | 1.06M | -2.95M | 2.20M | 2.79M |
| Currency Exchange Gain (Loss) | -4.30M | 9.00M | -11.34M | -5.26M | -7.87M | -7.79M |
| Other Non Operating Income (Expenses) | 8.10M | 20.88M | 4.30M | -14.05M | -21.46M | -438.00K |
| EBT Excluding Unusual Items | 133.47M | 157.66M | 144.54M | 181.05M | 122.20M | 117.31M |
| Merger & Restructuring Charges | -8.00M | -8.00M | -4.91M | -12.14M | -6.62M | -214.06M |
| Gain (Loss) on Sale of Investments | 4.33M | 5.86M | 3.23M | 4.24M | -5.27M | 13.80M |
| Gain (Loss) on Sale of Assets | -6.01M | |||||
| Asset Writedown | -10.32M | -15.04M | -11.20M | -1.78M | -1.64M | -8.69M |
| Legal Settlements | -979.00K | -442.00K | -1.06M | -2.17M | -6.58M | -12.19M |
| Other Unusual Items | -100.00K | -1.00M | 12.88M | |||
| Pretax Income | 118.51M | 140.04M | 130.61M | 169.09M | 101.08M | -96.96M |
| Income Tax Expense | 28.49M | 30.55M | 39.75M | 33.43M | 35.80M | 30.70M |
| Earnings From Continuing Operations | 90.02M | 109.49M | 90.86M | 135.66M | 65.28M | -127.66M |
| Net Income to Company | 109.49M | 90.86M | 135.66M | 65.28M | -127.66M | |
| Minority Interest in Earnings | -11.36M | -10.90M | -13.78M | -14.13M | -13.80M | -8.34M |
| Net Income | 78.66M | 98.58M | 77.08M | 121.53M | 51.48M | -136.00M |
| Net Income to Common | 78.66M | 98.58M | 77.08M | 121.53M | 51.48M | -136.00M |
| Shares Outstanding (Basic) | 267.31M | 259.60M | 251.53M | 247.02M | 237.55M | 203.50M |
| Shares Outstanding (Diluted) | 268.83M | 261.47M | 254.24M | 252.36M | 240.65M | 203.50M |
| EPS (Basic) | 0.29 | 0.38 | 0.31 | 0.49 | 0.22 | -0.67 |
| EPS (Diluted) | 0.29 | 0.38 | 0.30 | 0.48 | 0.21 | -0.67 |
| Free Cash Flow | 300.33M | 255.06M | 179.03M | 218.35M | 97.28M | 201.46M |
| Free Cash Flow Per Share | 1.12 | 0.97 | 0.70 | 0.86 | 0.40 | 0.99 |
| Dividend Per Share | 0.12 | 0.12 | 0.12 | 0.12 | 0.10 | 0.09 |
| Gross Margin | 67.58% | 67.51% | 66.61% | 64.29% | 62.17% | 61.96% |
| Operating Margin | 8.40% | 8.50% | 9.45% | 11.78% | 10.96% | 10.38% |
| Profit Margin | 3.98% | 5.14% | 3.96% | 6.38% | 3.45% | -10.52% |
| Free Cash Flow Margin | 15.20% | 13.30% | 9.20% | 11.46% | 6.52% | 15.59% |
| EBITDA | 159.90M | 244.95M | 260.09M | 417.51M | 335.50M | 288.86M |
| EBITDA Margin | 8.09% | 12.78% | 13.36% | 21.92% | 22.47% | 22.35% |
| D&A For EBITDA | -6.07M | 81.99M | 76.07M | 193.17M | 171.88M | 154.68M |
| EBIT | 165.97M | 162.96M | 184.02M | 224.34M | 163.62M | 134.18M |
| EBIT Margin | 8.40% | 8.50% | 9.45% | 11.78% | 10.96% | 10.38% |
| Effective Tax Rate | 24.04% | 21.82% | 30.43% | 19.77% | 35.42% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 226.72M | 220.12M | 219.13M | 296.28M | 254.32M | 459.79M |
| Short-Term Investments | 3.59M | 7.05M | 12.22M | 28.44M | 26.85M | 25.71M |
| Trading Asset Securities | 64.51M | 68.70M | 61.53M | 61.62M | 299.12M | 308.53M |
| Cash & Short-Term Investments | 294.81M | 295.87M | 292.88M | 386.34M | 580.29M | 794.03M |
| Accounts Receivable | 192.33M | 227.09M | 248.79M | 240.46M | 177.21M | 160.36M |
| Other Receivables | 34.56M | 33.14M | 32.51M | 31.02M | 15.35M | 14.97M |
| Receivables | 226.89M | 260.23M | 281.30M | 271.48M | 192.56M | 175.33M |
| Inventory | 544.74M | 506.90M | 521.01M | 522.59M | 410.85M | 338.48M |
| Other Current Assets | 132.30M | 127.22M | 110.97M | 107.23M | 101.95M | 76.69M |
| Total Current Assets | 1.20B | 1.19B | 1.21B | 1.29B | 1.29B | 1.38B |
| Property, Plant & Equipment | 1.07B | 863.68M | 786.24M | 693.56M | 501.65M | 481.94M |
| Long-Term Investments | 24.73M | 29.07M | 25.57M | 23.19M | 26.61M | 24.70M |
| Goodwill | 252.21M | 247.23M | 275.63M | 256.27M | 239.71M | 227.23M |
| Other Intangible Assets | 309.92M | 306.85M | 338.73M | 316.00M | 216.20M | 197.99M |
| Long-Term Accounts Receivable | 1.24M | 1.58M | 1.11M | 1.37M | ||
| Long-Term Deferred Tax Assets | 195.94M | 164.05M | 166.03M | 160.88M | 124.63M | 108.21M |
| Other Long-Term Assets | 40.62M | 32.38M | 34.02M | 28.36M | 26.81M | 29.40M |
| Total Assets | 3.09B | 2.83B | 2.83B | 2.77B | 2.43B | 2.46B |
| Accounts Payable | 317.06M | 256.13M | 248.60M | 261.10M | 220.79M | 177.80M |
| Accrued Expenses | 125.14M | 134.04M | 165.74M | 94.63M | 104.46M | |
| Current Portion of Long-Term Debt | 116.09M | 88.64M | 192.30M | 290.23M | 288.54M | 171.43M |
| Current Portion of Leases | 146.50M | 140.94M | 142.96M | 122.64M | 111.46M | 106.64M |
| Current Income Taxes Payable | 36.91M | 26.76M | 32.39M | 41.98M | 26.00M | 28.77M |
| Current Unearned Revenue | 78.07M | 69.27M | 62.83M | 57.80M | 48.83M | |
| Other Current Liabilities | 199.87M | 34.71M | 33.32M | 67.61M | 67.78M | 64.38M |
| Total Current Liabilities | 816.43M | 750.39M | 852.88M | 1.01B | 866.98M | 702.32M |
| Long-Term Debt | 128.14M | 162.12M | 196.40M | 113.28M | 184.88M | 471.65M |
| Long-Term Leases | 780.70M | 590.65M | 518.73M | 471.08M | 332.05M | 331.41M |
| Pension & Post-Retirement Benefits | 32.60M | 30.10M | 34.95M | 29.64M | 51.58M | 42.26M |
| Long-Term Deferred Tax Liabilities | 90.34M | 76.03M | 78.13M | 73.89M | 60.53M | 53.84M |
| Other Long-Term Liabilities | 129.76M | 126.33M | 170.00M | 166.09M | 198.37M | 211.94M |
| Total Liabilities | 1.98B | 1.74B | 1.85B | 1.87B | 1.69B | 1.81B |
| Common Stock | 9.15M | 9.15M | 9.15M | 9.15M | 5.94M | 5.94M |
| Additional Paid-In Capital | 782.59M | 782.59M | 782.59M | 782.59M | 721.19M | 721.19M |
| Retained Earnings | 750.34M | 758.97M | 687.71M | 640.99M | 553.60M | 499.45M |
| Treasury Stock | -281.80M | -287.20M | -418.35M | -436.62M | -451.17M | -455.00M |
| Comprehensive Income & Other | -222.62M | -232.50M | -144.98M | -155.81M | -150.60M | -170.37M |
| Total Common Equity | 1.04B | 1.03B | 916.12M | 840.29M | 678.95M | 601.21M |
| Minority Interest | 73.24M | 68.07M | 66.77M | 60.60M | 53.37M | 43.09M |
| Shareholders' Equity | 1.11B | 1.10B | 982.89M | 900.90M | 732.32M | 644.30M |
| Total Liabilities & Equity | 3.09B | 2.83B | 2.83B | 2.77B | 2.43B | 2.46B |
| Total Debt | 1.17B | 982.35M | 1.05B | 997.24M | 916.92M | 1.08B |
| Net Cash (Debt) | -876.62M | -686.49M | -757.51M | -610.91M | -336.63M | -287.09M |
| Net Cash Per Share | -3.26 | -2.63 | -2.98 | -2.42 | -1.40 | -1.41 |
| Filing Date Shares Outstanding | 268.89M | 268.31M | 252.58M | 250.31M | 248.56M | 242.34M |
| Total Common Shares Outstanding | 268.89M | 268.24M | 252.50M | 250.31M | 242.80M | 242.34M |
| Working Capital | 382.31M | 439.82M | 353.28M | 275.51M | 418.67M | 682.22M |
| Book Value Per Share | 3.86 | 3.84 | 3.63 | 3.36 | 2.80 | 2.48 |
| Tangible Book Value | 475.54M | 476.93M | 301.76M | 268.02M | 223.04M | 175.99M |
| Tangible Book Value Per Share | 1.77 | 1.78 | 1.20 | 1.07 | 0.92 | 0.73 |
| Land | 18.49M | 17.39M | 8.58M | 8.55M | 8.54M | |
| Machinery | 351.54M | 342.29M | 324.25M | 301.82M | 309.37M | |
| Construction In Progress | 23.77M | 10.90M | 5.43M | 5.00M | 3.43M | |
| Leasehold Improvements | 286.81M | 296.18M | 251.56M | 238.19M | 228.90M |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 78.66M | 98.58M | 77.08M | 121.53M | 51.48M | -136.00M |
| Depreciation & Amortization | 240.03M | 244.88M | 224.75M | 193.17M | 171.88M | 154.68M |
| Loss (Gain) From Sale of Assets | -1.12M | 1.15M | ||||
| Asset Writedown & Restructuring Costs | 10.32M | 15.04M | 11.20M | 1.78M | 1.65M | 28.18M |
| Loss (Gain) on Equity Investments | -509.00K | -524.00K | -1.06M | 2.95M | -2.20M | -2.79M |
| Other Operating Activities | 66.57M | 23.04M | 85.10M | 97.83M | 75.92M | 224.39M |
| Change in Accounts Receivable | 9.69M | -3.05M | -12.57M | -51.02M | -15.62M | -12.29M |
| Change in Inventory | -42.29M | -23.61M | -5.90M | -72.77M | -103.11M | -27.55M |
| Change in Accounts Payable | 37.77M | 24.17M | -13.10M | 11.67M | 43.51M | 31.43M |
| Change in Other Net Operating Assets | -18.65M | -42.97M | -86.37M | -29.77M | -75.99M | 19.97M |
| Operating Cash Flow | 387.67M | 335.56M | 279.13M | 275.38M | 146.40M | 281.15M |
| Capital Expenditures | -87.34M | -80.50M | -100.10M | -57.03M | -49.11M | -79.70M |
| Sale of Property, Plant & Equipment | 3.79M | |||||
| Cash Acquisitions | -1.13M | -19.31M | -117.69M | -585.00K | -4.22M | |
| Sale (Purchase) of Intangibles | -25.59M | -22.39M | -25.43M | -20.84M | -24.18M | -14.63M |
| Investment in Securities | -1.33M | -4.10M | 18.82M | 217.35M | 16.55M | 12.76M |
| Other Investing Activities | -1.12M | -2.92M | ||||
| Investing Cash Flow | -116.51M | -109.92M | -126.01M | 21.79M | -57.34M | -82.00M |
| Long-Term Debt Issued | 49.94M | 259.72M | 204.42M | 123.57M | ||
| Long-Term Debt Repaid | -326.52M | -434.33M | -431.88M | -285.27M | -265.11M | |
| Lease Payments | -149.24M | -147.67M | -143.55M | -125.73M | -121.63M | -100.61M |
| Net Debt Issued (Repaid) | -273.91M | -276.58M | -174.61M | -227.46M | -285.27M | -141.54M |
| Issuance of Common Stock | 107.22M | 107.22M | 8.06M | 14.31M | 648.47M | |
| Repurchase of Common Stock | -455.38M | |||||
| Common Dividends Paid | -30.49M | -30.49M | -30.29M | -25.03M | -21.85M | -102.00K |
| Other Financing Activities | -9.87M | -15.20M | -29.63M | -6.07M | -4.19M | -115.55M |
| Financing Cash Flow | -207.05M | -215.05M | -234.53M | -250.49M | -297.00M | -64.11M |
| Foreign Exchange Rate Adjustments | 2.71M | -9.60M | 4.27M | -4.72M | 2.46M | 7.45M |
| Net Cash Flow | 66.82M | 991.00K | -77.15M | 41.96M | -205.47M | 142.50M |
| Free Cash Flow | 300.33M | 255.06M | 179.03M | 218.35M | 97.28M | 201.46M |
| Free Cash Flow Margin | 15.20% | 13.30% | 9.20% | 11.46% | 6.52% | 15.59% |
| Free Cash Flow Per Share | 1.12 | 0.97 | 0.70 | 0.86 | 0.40 | 0.99 |
| Levered Free Cash Flow | 285.31M | 246.62M | 106.56M | 196.65M | 132.29M | 233.87M |
| Unlevered Free Cash Flow | 311.30M | 270.37M | 129.11M | 211.61M | 142.31M | 242.56M |
| Free Cash Flow After Leases | 151.09M | 107.38M | 35.48M | 92.62M | -24.35M | 100.84M |
| Cash Interest Paid | 39.50M | 39.59M | 38.14M | 29.17M | 24.94M | |
| Cash Income Tax Paid | 38.15M | 37.45M | 52.77M | 53.99M | 49.26M | 63.30M |
| Change in Working Capital | -13.48M | -45.46M | -117.94M | -141.89M | -151.22M | 11.55M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.77B | 2.60B | 2.08B | 2.90B | 2.54B | 2.54B |
| Enterprise Value | 4.77B | 3.64B | 2.90B | 3.62B | 2.96B | 3.13B |
| Last Close Price | 14.03 | 10.14 | 8.05 | 11.15 | 10.00 | 9.92 |
| PE Ratio | 41.73 | 22.50 | 26.13 | 21.56 | 46.20 | |
| Forward PE | 24.90 | 21.52 | 20.68 | 20.94 | 18.89 | |
| PS Ratio | 1.67 | 1.16 | 1.03 | 1.38 | 1.59 | 1.73 |
| PB Ratio | 3.18 | 2.02 | 2.05 | 2.91 | 3.25 | 3.47 |
| P/TBV Ratio | 6.94 | 4.65 | 6.67 | 9.78 | 10.66 | 12.69 |
| P/FCF Ratio | 11.22 | 8.70 | 11.25 | 12.00 | 24.45 | 11.09 |
| P/OCF Ratio | 8.69 | 6.61 | 7.21 | 9.51 | 16.25 | 7.94 |
| PEG Ratio | 2.27 | 2.97 | 5.50 | 0.65 | 0.92 | |
| EV/Sales Ratio | 2.11 | 1.61 | 1.44 | 1.72 | 1.85 | 2.13 |
| EV/EBITDA Ratio | 26.13 | 12.64 | 10.77 | 7.85 | 8.25 | 9.53 |
| EV/EBIT Ratio | 25.18 | 19.00 | 15.22 | 14.62 | 16.92 | 20.51 |
| EV/FCF Ratio | 14.20 | 12.14 | 15.65 | 15.02 | 28.45 | 13.66 |
| Debt / Equity Ratio | 1.05 | 0.89 | 1.07 | 1.11 | 1.25 | 1.68 |
| Debt / EBITDA Ratio | 3.61 | 2.41 | 2.57 | 2.39 | 2.73 | 3.74 |
| Debt / FCF Ratio | 3.90 | 3.85 | 5.87 | 4.57 | 9.43 | 5.37 |
| Net Debt / Equity Ratio | 0.79 | 0.62 | 0.77 | 0.68 | 0.46 | 0.45 |
| Net Debt / EBITDA Ratio | 5.48 | 2.80 | 2.91 | 1.46 | 1.00 | 0.99 |
| Net Debt / FCF Ratio | 2.92 | 2.69 | 4.23 | 2.80 | 3.46 | 1.43 |
| Asset Turnover | 0.68 | 0.68 | 0.69 | 0.73 | 0.61 | 0.53 |
| Inventory Turnover | 1.22 | 1.21 | 1.25 | 1.46 | 1.51 | 1.49 |
| Quick Ratio | 0.64 | 0.74 | 0.67 | 0.65 | 0.89 | 1.38 |
| Current Ratio | 1.47 | 1.59 | 1.41 | 1.27 | 1.48 | 1.97 |
| Return on Equity (ROE) | 8.72% | 10.52% | 9.65% | 16.61% | 9.48% | -19.80% |
| Return on Assets (ROA) | 3.57% | 3.59% | 4.11% | 5.40% | 4.19% | 3.44% |
| Return on Invested Capital (ROIC) | 6.34% | 7.23% | 7.87% | 13.95% | 10.56% | 13.40% |
| Return on Capital Employed (ROCE) | 7.30% | 7.80% | 9.30% | 12.80% | 10.50% | 7.60% |
| Earnings Yield | 2.40% | 4.44% | 3.83% | 4.64% | 2.16% | -6.09% |
| FCF Yield | 8.91% | 11.50% | 8.89% | 8.33% | 4.09% | 9.02% |
| Dividend Yield | 0.99% | 1.45% | 1.50% | 1.15% | 1.02% | 0.98% |
| Payout Ratio | 40.83% | 30.93% | 39.30% | 20.60% | 42.45% | |
| Buyback Yield / Dilution | -5.26% | -2.84% | -0.74% | -4.87% | -18.25% | -1.00% |
| Total Shareholder Return | -4.27% | -1.39% | 0.76% | -3.72% | -17.23% | -0.02% |