Stevanato Group S.p.a. is a US-listed company in the health care equipment industry. Its financial year ends in December.
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~$11
Valuation models combined (4)
Base case. Range ~$9.4–$11. Weighted average of 4 models (price-to-earnings vs peers, residual income, justified price-to-book, revenue-to-maturity model), the price-to-earnings vs peers counting double.
Overvalued
The price is above our entire value range; our base value is 46% below it.
Price used: $19.74, November 2, 2026
Stevanato Group S.p.a. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $1.34bn, up 12.3% on a year earlier, faster than the 1.8% growth a quarter earlier. Free-cash-flow margin fell to 1.9% from 3.0% a year earlier. Operating margin narrowed to 16.8% from 19.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 3 financial-health checks. Our cash-flow model value is $10.68 a share, against a share price of $19.38.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Stevanato Group S.p.a.'s trailing-twelve-month revenue grew 12.3% year on year, with a free-cash-flow margin of 1.9%. Where it stands out: change in growth rate of +10.5pp ranks 14 of 129 health care equipment companies we cover. Where it lags: gross margin of 29.0% ranks 109 of 123 health care equipment companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 12.3% (+10.5pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for STVN from the sources we follow. See filings →
We value Stevanato Group S.p.a. as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$11 ~$11–$19 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$11 ~$8.0–$17 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$11 ~$9.7–$13 | Included |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | ~$9.4 ~$7.3–$12 | Included |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | — | Does not apply: earnings are positive: price-to-earnings is the better measure |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$11 ~$9.4–$11 | 4 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Stevanato Group S.p.a. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.
Next results: November 3, 2026, before the open.
No analyst estimates are published for Stevanato Group S.p.a.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.15 | $0.16 | +9.9% |
| Mar 2026 | $0.12 | $0.13 | +7.7% |
| Dec 2025 | $0.20 | $0.21 | +6.9% |
| Sept 2025 | $0.15 | $0.16 | +10.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Stevanato Group S.p.a.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.
For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY19 Q4 | $600.6M |
| FY20 Q4 | $755.4M |
| FY21 Q4 | $998.4M |
| FY22 Q4 | $1B |
| FY23 Q4 | $1.2B |
| FY24 Q4 | $1.2B |
| FY25 Q4 | $1.3B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY20 Q4 | 25.8% |
| FY21 Q4 | 32.2% |
| FY22 Q4 | 3.8% |
| FY23 Q4 | 13.3% |
| FY24 Q4 | 1.8% |
| FY25 Q4 | 12.3% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY19 Q4 | 11.6% |
| FY20 Q4 | 15.6% |
| FY21 Q4 | 19.2% |
| FY22 Q4 | 19.6% |
| FY23 Q4 | 18.5% |
| FY24 Q4 | 14.6% |
| FY25 Q4 | 16.8% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY19 Q4 | -4.8% |
| FY20 Q4 | 10.0% |
| FY21 Q4 | 3.0% |
| FY22 Q4 | -13.4% |
| FY23 Q4 | -30.2% |
| FY24 Q4 | -13.3% |
| FY25 Q4 | 1.9% |
Each dollar Stevanato Group S.p.a. took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $1.3B | |
|---|---|---|
| Cost of revenue | $952M | 71.0% of revenue |
| Gross profit | $389M | 29.0% of revenue |
| Research and development | $28.8M | 2.1% of revenue |
| Other operating costs | $135M | 10.1% of revenue |
| Operating income | $225M | 16.8% of revenue |
| Income tax | $55.7M | 4.2% of revenue |
| Interest and other | $11M | 0.8% of revenue |
| Net income | $158M | 11.8% of revenue |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|
| Income | |||||||
| Revenue | 601 | 755 | 998 | 1,036 | 1,174 | 1,195 | 1,341 |
| Gross profit | 155 | 222 | 314 | 337 | 368 | 327 | 389 |
| EBITDA | 121 | 179 | 259 | 271 | 302 | — | — |
| Operating income | 70 | 118 | 192 | 203 | 217 | 174 | 225 |
| Net income | 44 | 90 | 159 | 150 | 158 | 127 | 158 |
| Diluted EPS | $0.18 | $0.38 | $0.63 | $0.57 | $0.59 | $0.47 | $0.58 |
| Growth (year on year) | |||||||
| Revenue | — | +25.8% | +32.2% | +3.8% | +13.3% | +1.8% | +12.3% |
| EBITDA | — | +47.8% | +44.2% | +4.8% | +11.4% | — | — |
| Operating income | — | +68.9% | +63.1% | +5.6% | +7.1% | −19.7% | +28.9% |
| Net income | — | +104.1% | +77.4% | −5.3% | +4.7% | −19.1% | +24.1% |
| Diluted EPS | — | +110.2% | +66.5% | −9.3% | +4.6% | −21.8% | +23.9% |
| Margins | |||||||
| Gross margin | 25.7% | 29.3% | 31.4% | 32.5% | 31.3% | 27.4% | 29.0% |
| EBITDA margin | 20.2% | 23.7% | 25.9% | 26.2% | 25.7% | — | — |
| Operating margin | 11.6% | 15.6% | 19.2% | 19.6% | 18.5% | 14.6% | 16.8% |
| Net margin | 7.3% | 11.9% | 15.9% | 14.5% | 13.4% | 10.7% | 11.8% |
| Free-cash-flow margin | −4.8% | 10.0% | 3.0% | −13.4% | −30.2% | −13.3% | 1.9% |
| Cash flow | |||||||
| Cash from operations | 48 | 178 | 158 | 109 | 114 | 169 | 323 |
| Capital spending | 76 | 102 | 127 | 248 | 469 | 327 | 298 |
| Free cash flow | −29 | 75 | 30 | −139 | −355 | −159 | 25 |
| Balance sheet | |||||||
| Cash | 96 | 141 | 465 | 245 | 77 | 102 | 153 |
| Total debt | 0 | 411 | 249 | 211 | 418 | 427 | 534 |
| Net debt (negative = net cash) | −96 | 270 | −216 | −33 | 341 | 325 | 381 |
| Diluted shares | 241m | 241m | 253m | 265m | 265m | 271m | 273m |
| Returned to shareholders | |||||||
| Dividends | 7 | 10 | 13 | 14 | 15 | 16 | 17 |
| Total returned | 7 | 10 | 13 | 14 | 15 | 16 | 17 |
| Last 12 months unless stated | STVN | HAE | PEN | MMSI | IART | TNDM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.3bn | $1.4bn | $1.6bn | $1.6bn | $1.7bn | $1.0bn | $99m |
| Revenue growth, last 12 months | 12.3% | 0.4% | 17.0% | 9.1% | 0.8% | 4.0% | 9.2% |
| Revenue growth, 3-year average | — | 3.5% | 16.2% | 9.5% | 2.4% | 9.6% | 13.5% |
| Revenue growth, latest quarter | — | 5.6% | 15.6% | 8.4% | 2.3% | 5.8% | 10.2% |
| Gross margin | 29.0% | 59.0% | 68.0% | 49.4% | 52.4% | 56.0% | 61.2% |
| Operating margin | 16.8% | 11.9% | 12.1% | 13.5% | 4.4% | −4.4% | −8.5% |
| Operating margin, 3-year average | — | 13.6% | 8.4% | 12.1% | −7.7% | −13.9% | −17.9% |
| Net margin | 11.8% | 7.1% | 10.1% | 9.9% | 0.8% | −6.1% | −12.0% |
| Cash from operations / revenue | 24.1% | 24.3% | 16.7% | 17.0% | 8.5% | −0.5% | −1.9% |
| Free-cash-flow margin | 1.9% | 21.5% | 12.8% | 12.4% | 5.2% | −2.6% | −3.9% |
| Free-cash-flow margin, 3-year average | — | 14.3% | 11.9% | 13.1% | 2.4% | −2.9% | −7.0% |
| Stock pay / revenue | — | 2.5% | 3.7% | 2.8% | 1.2% | 7.0% | 6.1% |
| Change in share count | 0.7% | −6.5% | 0.5% | −0.8% | 1.3% | 3.0% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 12.3% | 9.1% | 58 of 129 |
| Change in growth rate Growth | +10.5pp | -0.6pp | 14 of 129 |
| Gross margin Profitability | 29.0% | 61.9% | 109 of 123 |
| Operating margin Profitability | 16.8% | -8.3% | 19 of 132 |
| Net margin Profitability | 11.8% | -12.0% | 22 of 133 |
| Free-cash-flow margin Cash generation | 1.9% | -3.4% | 47 of 128 |
| Change in share count Balance sheet | 0.7% | 3.3% | 39 of 115 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Conestoga Capital Advisors, LLC | $127M | 7.0M | 15.4% | ▼ 17.5% |
| Neuberger Berman Group LLC | $102M | 5.6M | 12.4% | ▲ 25.6% |
| Timessquare Capital Management, LLC | $62.8M | 3.5M | 7.7% | ▼ 0.4% |
| Van Berkom & Associates Inc. | $53.7M | 3.0M | 6.5% | ▲ 768.2% |
| Artisan Partners Limited Partnership | $47M | 2.6M | 5.7% | ▲ 13.6% |
| BAMCO Inc | $45.1M | 2.5M | 5.5% | ▼ 0.2% |
| Morgan Stanley | $23.6M | 1.3M | 2.9% | ▼ 0.9% |
| Credit Agricole S A | $23.5M | 1.3M | 2.9% | ▲ 249.4% |
| Wellington Management Group LLP | $22.6M | 1.3M | 2.8% | New |
| First Eagle Investment Management, LLC | $22.1M | 1.2M | 2.7% | ▲ 676.2% |
| Ranger Investment Management, L.P. | $21.4M | 1.2M | 2.6% | ▼ 6.6% |
| Royce & Associates LP | $16.6M | 916K | 2.0% | ▲ 8.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Stevanato Group S.p.a.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Stocchi Mauro See Remarks | September 28, 2026 | Sell | 13,649 | $21.50 | $293,454 |
| Magistretti Elisabetta Director | August 7, 2026 | Sell | 2,045 | $20.09 | $41,084 |
| Dal Lago Marco Chief Financial Officer | August 7, 2026 | Sell | 4,209 | $20.09 | $84,559 |
| Santel Luciano Director | August 7, 2026 | Sell | 2,023 | $20.09 | $40,642 |
| Federici William J Director | June 15, 2026 | Sell | 1,493 | $17.09 | $25,515 |
| Flynn Karen Director | June 15, 2026 | Sell | 1,493 | $17.09 | $25,515 |
| Morel Donald E Jr Director | June 15, 2026 | Sell | 1,493 | $17.09 | $25,515 |
| Balachandran Madhavan Director | June 15, 2026 | Sell | 1,493 | $17.09 | $25,515 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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