Stevanato Group S.p.A. (STVN)

Price$20.51Cached quoteAs of 2026-09-05 13:49 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth is balanced by demanding earnings and cash-flow expectations.

Stevanato trades at roughly 28 times forward earnings, while its market value is about $5.7 billion. That is not a bargain for a company guiding to high-single-digit core revenue growth, especially because 2026 free cash flow is expected between breakeven and only €20 million. Still, second-quarter high-value solutions grew 16% and adjusted operating profitability improved materially. The valuation therefore requires continued premium-product growth and better cash conversion, but current operating momentum makes it difficult to call the shares clearly overpriced.

Big picturePremium drug-containment products are growing quickly, while slower engineering demand tempers the overall growth story.

Revenue rose from €1.10 billion in 2024 to €1.19 billion in 2025, then increased another 8% year over year in the second quarter of 2026. High-value solutions reached €135.9 million in the quarter, up 16%, and represented 45% of total revenue. Demand is being supported by biologics, injectable therapies and weight-management drugs. However, Engineering revenue fell 2%, and management remains cautious because project sales cycles are lengthy. That mix makes the core pharmaceutical business durable but not completely insulated from customer investment cycles.

Business strengthThe balance sheet is manageable, but heavy factory investment is suppressing cash available to shareholders.

Stevanato ended June with about €79 million of cash and roughly €360 million of net debt. Current assets still comfortably exceed current liabilities, and the share count has remained near 273 million, so dilution is limited. The main weakness is capital intensity: first-half operating cash flow was about €107 million while capital spending exceeded €136 million, producing negative free cash flow. Management is funding new capacity in Italy, Indiana and Germany, while dividends remain small and buybacks are absent.

What could change the storySuccessful drug-device launches could justify the premium, while weak cash conversion would challenge the valuation.

The bull case is that Stevanato moves further into higher-value drug delivery as new plants scale and products such as Alina gain commercial adoption. European authorizations for liraglutide therapies using Alina provide early evidence that strategy can work. The bear case is execution: Engineering sales remain slow, new facilities require substantial spending, and full-year free cash flow is expected around breakeven despite rising profits. Sustained high-value growth above the mid-teens with positive free cash flow would strengthen the thesis; continued cash burn would weaken it materially.

AI: News

Second-quarter margin expansionStrong premium-product growth improved margins, but weak cash generation kept investors focused on execution risk.

On August 4, Stevanato reported €302 million of revenue, up 8%, while adjusted earnings before interest, taxes, depreciation and amortization rose 21% to €78.7 million. High-value solutions increased 16%, but quarterly free cash flow was negative €32 million as the company continued major capacity investments. Shares finished roughly 4.6% lower that day. The reaction is consistent with investors weighing strong operating results against continued cash-flow pressure, although price timing alone cannot establish a single cause.

Alina authorization milestoneEuropean approvals gave Stevanato its clearest evidence yet that proprietary injection devices can become commercially meaningful.

On July 30, liraglutide combination products using Stevanato's Alina pen injector received marketing authorizations in multiple European countries for diabetes and weight-management therapies. The approvals cover Alina 30 and Alina 50 configurations and represent an important commercialization milestone for the company's drug-delivery strategy. No reliable distinct positive stock reaction can be isolated from that day. The business significance is longer term: successful adoption could increase revenue per customer by combining proprietary devices with Stevanato's pharmaceutical cartridges and manufacturing capabilities.

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	€1.19B	€1.10B	€1.09B	€983.7M	€843.9M	€662.0M	€536.5M
Gross profit	€343.9M	€302.3M	€339.9M	€319.8M	€265.4M	€194.2M	€138.0M
Gross margin	28.99%	27.38%	31.32%	32.51%	31.45%	29.33%	25.72%
Research & development	€25.4M	€31.7M	€35.7M	€34.4M	€29.6M	€17.4M	€7.8M
Operating expenses	€145.1M	€141.2M	€139.2M	€127.4M	€103.2M	€91.1M	€75.8M
Operating income	€198.8M	€161.1M	€200.7M	€192.4M	€162.2M	€103.1M	€62.2M
Operating margin	16.76%	14.60%	18.49%	19.56%	19.22%	15.57%	11.60%
EBITDA	€284.2M	€247.8M	€279.2M	€257.3M	€218.6M	€157.2M	€108.4M
EBITDA margin	23.95%	22.45%	25.72%	26.15%	25.90%	23.75%	20.21%
Net income	€139.8M	€117.8M	€145.7M	€143.0M	€134.3M	€78.6M	€38.7M
Net profit margin	11.79%	10.67%	13.42%	14.54%	15.91%	11.87%	7.21%
Basic EPSper basic share	€0.51	€0.43	€0.55	€0.54	€0.53	€0.33	€0.16
Diluted EPSper diluted share	€0.51	€0.43	€0.55	€0.54	€0.53	€0.33	€0.16

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of STVN
Holder	Shares held
Conestoga Capital Advisors, LLC	7.01M
NEUBERGER BERMAN GROUP LLC	5.62M
TimesSquare Capital Management, LLC	3.47M
Van Berkom & Associates Inc.	2.97M
Artisan Partners Limited Partnership	2.6M
BAMCO INC /NY/	2.49M
MORGAN STANLEY	1.31M
CREDIT AGRICOLE S A	1.3M
WELLINGTON MANAGEMENT GROUP LLP	1.25M
First Eagle Investment Management, LLC	1.22M
Ranger Investment Management, L.P.	1.19M
ROYCE & ASSOCIATES LP	916.36K
DEUTSCHE BANK AG\	834.22K
NEW YORK STATE COMMON RETIREMENT FUND	791.84K
NICHOLAS COMPANY, INC.	743.8K
ArrowMark Colorado Holdings LLC	695.65K
COOPER INVESTORS PTY LTD	668.49K
MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC	611.82K
RIVERBRIDGE PARTNERS LLC	600.51K
SCHWARTZ INVESTMENT COUNSEL INC	574.75K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)4$102.1K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 15, 2026Form 4	Balachandran MadhavanDirector	SellOrdinary Shares	1.5K	$17.09	$25.5K	69.5K
Jun 15, 2026Form 4	MOREL DONALD E JRDirector	SellOrdinary Shares	1.5K	$17.09	$25.5K	37.4K
Jun 15, 2026Form 4	Flynn KarenDirector	SellOrdinary Shares	1.5K	$17.09	$25.5K	5.8K
Jun 15, 2026Form 4	FEDERICI WILLIAM JDirector	SellOrdinary Shares	1.5K	$17.09	$25.5K	27.0K

Review ownership filings at SEC.gov ↗

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Stevanato Group S.p.A. (STVN)

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