Ermenegildo Zegna N.V. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Ermenegildo Zegna N.V. files with the SEC in its annual reports.

In EUR millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,321	1,015	1,292	1,493	1,905	1,947	1,917
Cost of revenue			496	565	680	650	623
Gross profit			797	928	1,224	1,297	1,294
Selling, general and administrative			823	695	901	1,008	1,034
Operating income	88.6	-22.6	-94	148	208	167	139
Interest expense	37.5	48.1	43.8	54.3	68.1	52	50.5
Interest income	22.1	34.4	45.9	13.3	37.3	26	41.5
Pre-tax income	69.2	-31.6	-97	101	169	131	140
Income tax	43.8	15	30.7	35.8	33.4	39.7	30.6
Net income to minority interests	3.69	4.04	8.34	13.8	14.1	13.8	10.9
Net income	21.7	-50.6	-136	51.5	122	77.1	98.6
EBITDA	257	144	60.6	320	401	392	384
EPS, basic	0.11	-0.25	-0.67	0.22	0.49	0.31	0.38
EPS, diluted	0.11	-0.25	-0.67	0.21	0.48	0.30	0.38

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	211	317	460	254	296	219	220
Receivables		139	160	177	240	249	227
Inventory		321	338	411	523	521	507
Total current assets		1,239	1,385	1,286	1,288	1,206	1,190
Property, plant and equipment		244	111	126	160	205	211
Lease right-of-use assets	459	352	370	376	534	581	652
Goodwill	420	388	425	456	572	614	554
Total assets		2,415	2,458	2,427	2,767	2,834	2,835
Accounts payable		188	223	271	314	310	326
Total current liabilities		535	702	867	1,012	853	750
Lease liabilities		315	331	332	471	519	591
Total liabilities		1,770	1,813	1,694	1,866	1,851	1,736
Total debt		665	629	471	403	374	246
Retained earnings		893	499	528
Shareholders' equity		602	601	679	840	916	1,031
Minority interests		43.3	43.1	53.4	60.6	66.8	68.1
Total equity	730	645	644	732	901	983	1,099
Total liabilities and equity		2,415	2,458	2,427	2,767	2,834	2,835

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	25.4	-46.5	-128	65.3	136	90.9	109
Depreciation and amortization	168	166	155	172	193	225	245
Cash from operations	174	70.9	281	146	275	279	336
Capital expenditures	-46.1	-27.6	-79.7	-49.1	-57	-100	-80.5
Cash from investing	84	92.6	-82	-57.3	21.8	-126	-110
Debt issued	131	265	124	0	204	260	49.9
Debt repaid	-273	-221	-160	-160	-306	-291	-179
Stock issued	0	0	311	0	0
Share buybacks	0	0	-455	0	0
Dividends paid	-14.9	-1.73	-0.65	-26	-25	-30.3	-30.5
Cash from financing	-267	-49.1	-64.1	-297	-250	-235	-215
Exchange rate effect	1.7	-7.76	7.45	2.46	-4.72	4.27	-9.6
Net change in cash	-7.71	107	143	-205	42	-77.1	0.99
Free cash flow	128	43.3	201	97.3	218	179	255
Interest paid	26.9	21	17.5	24.9	29.2	38.1	39.6
Income taxes paid	30.9	36.4	63.3	49.3	54	52.8	37.5

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	67.5%	Gross profit / revenue.
Operating margin	7.3%	Operating income / revenue.
EBITDA margin	20.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	5.1%	Net income / revenue.
FCF margin	13.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.5%	Cash from operations / revenue.
Effective tax rate	21.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Return on invested capital (ROIC)	10.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	53.9%	Selling, general and administrative expense / revenue.
Capex / revenue	4.2%	Capital expenditures / revenue.
D&A / revenue	12.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-16.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-1.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	27.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	24.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	26.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	31.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	36.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	42.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	42.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	11.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.59x	Current assets / current liabilities.
Quick ratio	0.60x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	8.7%	Total debt / total assets.
Liabilities / assets	61.2%	Total liabilities / total assets.
Net debt	€26.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.76x	Operating income / interest expense.
Working capital	€439.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	19.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	€476.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	9.21x	Revenue / average property, plant and equipment.
Inventory turnover	1.21x	Cost of revenue / average inventory.
Days inventory	301 days	365 x average inventory / cost of revenue.
Receivables turnover	8.06x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	186 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	160 days	Days inventory + days sales outstanding - days payables.
FCF conversion	258.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	24.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	€0.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	€0.38	Net income per basic share, as reported (split-adjusted).
Payout ratio	30.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.0%	Dividends paid / free cash flow, when free cash flow is positive.

What was Ermenegildo Zegna N.V.'s revenue in fiscal 2025?

Ermenegildo Zegna N.V. reported revenue of €1.92B for fiscal 2025, 1.5% lower than the year before.

Was Ermenegildo Zegna N.V. profitable in fiscal 2025?

Yes. Net income was €98.6M, a net margin of 5.1%.

How much free cash flow did Ermenegildo Zegna N.V. generate in fiscal 2025?

Cash from operations of €335.6M minus capital expenditures of €80.5M left free cash flow of €255.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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