Ermenegildo Zegna N.V. key statistics and ratios

In fiscal 2025, Ermenegildo Zegna N.V. had return on equity of 10.3%, an operating margin of 7.3%, debt equal to 23.9% of equity and a current ratio of 1.59. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ermenegildo Zegna N.V.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	61.6%	62.2%	64.3%	66.6%	67.5%
Operating margin	6.7%	−2.2%	−7.3%	9.9%	10.9%	8.6%	7.3%
Net margin	1.6%	−5.0%	−10.5%	3.4%	6.4%	4.0%	5.1%
Free-cash-flow margin	9.7%	4.3%	15.6%	6.5%	11.5%	9.2%	13.3%
Return on equity	3.0%	−7.4%	−22.7%	7.7%	15.9%	8.9%	10.3%
Return on assets	—	−2.0%	−5.6%	2.0%	4.6%	2.8%	3.6%
Asset turnover	—	0.39	0.53	0.58	0.73	0.70	0.69
Current ratio	—	2.31	1.97	1.48	1.27	1.41	1.59
Debt to equity	0.0%	110.5%	104.6%	69.4%	47.9%	40.8%	23.9%
Interest cover (operating income ÷ interest)	7.7x	n/m	n/m	15.0x	12.2x	7.1x	5.2x
Effective tax rate	63.3%	—	—	35.4%	19.8%	30.4%	21.8%
Capital spending as % of revenue	3.5%	2.7%	6.2%	3.3%	3.0%	5.1%	4.2%
Free cash flow ÷ net income	588.6%	—	—	189.0%	179.7%	232.2%	258.7%
Dividends and buybacks ÷ free cash flow	0.0%	0.0%	225.9%	0.0%	0.0%	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · December 31, 2025

What it owns · $3.3bn

Short-term assets $1.4bnLonger-term assets $1.9bn

What it owes, and who funded it · $2.1bn

Short-term liabilities $881mShareholders' equity $1.2bn

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $881m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $258m of cash against $190m of debt.
Debt below 40% of shareholders' equity Debt is 16% of equity.
Debt burden no higher than five years ago Debt to equity moved from 94% to 16% over five years.
A year's operating cash flow covers at least 20% of debt $379m of operating cash flow against $190m of debt.
Operating profit covers interest at least five times over Operating income of $158m against $31m of interest.

From Ermenegildo Zegna N.V.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Ermenegildo Zegna N.V.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ermenegildo Zegna N.V.