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STVN

Stevanato Group S.p.A.

STVN

Stevanato Group S.p.A. • NYSE
$23.36 ▲ 2.01% (+0.46)
Market Cap $6.38 B
52w High $28.00
52w Low $17.81
Dividend Yield 0.06%
P/E 39.59
Volume 145.05K
Outstanding Shares 272.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $303.167M ▲ $35.779M ▼ $36.064M ▲ 11.896% ▲ $0.13 ▲ $72.678M ▲
Q2-2025 $280.037M ▲ $37.218M ▲ $29.702M ▲ 10.606% ▲ $0.11 ▲ $62.376M ▲
Q1-2025 $256.596M ▼ $35.263M ▲ $26.517M ▼ 10.334% ▼ $0.1 ▼ $57.163M ▼
Q4-2024 $330.595M ▲ $31.297M ▼ $48.313M ▲ 14.614% ▲ $0.18 ▲ $87.315M ▼
Q3-2024 $277.867M $33.418M $30.026M 10.806% $0.11 $103.319M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $113.333M ▲ $2.414B ▲ $976.9M ▲ $1.437B ▲
Q2-2025 $94.169M ▲ $2.351B ▲ $953.417M ▲ $1.398B ▼
Q1-2025 $90.718M ▼ $2.324B ▼ $908.278M ▼ $1.416B ▲
Q4-2024 $98.27M ▲ $2.329B ▲ $924.434M ▲ $1.404B ▲
Q3-2024 $77.996M $2.214B $891.547M $1.322B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $49.127M ▲ $47.223M ▲ $-48.193M ▲ $19.421M ▼ $19.164M ▲ $-1.166M ▲
Q2-2025 $39.108M ▲ $44.91M ▼ $-59.661M ▲ $21.206M ▲ $3.451M ▲ $-15.355M ▼
Q1-2025 $35.109M ▲ $99.837M ▲ $-70.711M ▲ $-35.753M ▼ $-7.552M ▼ $28.051M ▲
Q4-2024 $9.804M ▼ $43.635M ▼ $-91.035M ▲ $-21.172M ▼ $20.274M ▲ $-45.247M ▲
Q3-2024 $95.637M $112.141M $-219.179M $116.902M $8.394M $-110.243M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing a clear expansion story from a much smaller base before the IPO. Profitability has generally improved over time, but the most recent year shows some margin slippage: sales are up only modestly while gross profit, operating profit, and net income are all a bit lower than the prior year. That pattern suggests a mix of higher costs, ramp-up expenses for new plants, and possibly more business in earlier, less profitable stages. Even so, the company remains solidly profitable with healthy operating and EBITDA margins for its niche, but it looks like it is trading some near‑term earnings strength for longer‑term capacity and growth.

Balance Sheet

Balance Sheet The balance sheet shows a company that has expanded its asset base significantly since before the IPO, largely by investing in new facilities and capabilities. Shareholders’ equity has grown strongly, indicating that retained earnings and capital raised have strengthened the company’s underlying financial footing over time. Debt has increased but remains moderate relative to the total asset and equity base, suggesting a balanced use of leverage rather than aggressive borrowing. Cash on hand is noticeably lower than a few years ago, reflecting heavy investment; that means the financial position is still solid but with a thinner immediate cash cushion, so execution on new projects matters more.

Cash Flow

Cash Flow Operating cash flow is consistently positive and has trended upward, which is a good sign that the core business generates real cash, not just accounting profits. However, free cash flow has been negative for several years in a row, driven by very heavy capital spending on new manufacturing capacity and technology. In practical terms, Stevanato is firmly in an investment phase: it is plowing much of its operating cash, plus additional funding, back into growth projects. This can support future revenue and margin expansion if utilization ramps as planned, but in the meantime it increases reliance on external capital and puts more pressure on smooth project execution and demand materializing as expected.

Competitive Edge

Competitive Edge Stevanato operates in a specialized corner of healthcare, with a strong position in glass drug containers, pre‑filled solutions, and related equipment. Its key edge is being an integrated, end‑to‑end partner: it can provide the primary container, the delivery device, and the machinery and inspection systems that make and check them. This one‑stop model builds deep, sticky relationships with pharma and biotech customers and raises switching costs. Long regulatory cycles, high qualification hurdles, and the need for precise manufacturing create substantial barriers to entry, which supports its moat. On the risk side, the company still faces large, well‑resourced competitors in pharmaceutical packaging, customer and product concentration in some areas, and exposure to changes in demand for specific therapies like biologics and GLP‑1 drugs.

Innovation and R&D

Innovation and R&D Innovation is a core part of the story. Stevanato has built proprietary platforms for high‑value containment systems and pre‑sterilized formats, as well as its own ranges of auto‑injectors, pen injectors, and on‑body delivery systems aimed at complex biologic drugs and self‑administration. It also designs and sells its own forming, assembly, and visual inspection equipment, increasingly enhanced by artificial intelligence, cloud connectivity, and digital twin technology. Partnerships with firms like Microsoft and specialized design and manufacturing partners broaden its capabilities and speed up development. The opportunity is to keep shifting the business mix toward these higher‑value, more differentiated solutions, which can support better margins, but this also raises execution risk around product launches, regulatory approvals, and manufacturing scale‑up.

Summary

Stevanato looks like a growing, innovation‑driven healthcare supplier that is investing heavily to secure a stronger long‑term position in biologics, injectable therapies, and sophisticated drug delivery. The income statement shows a clear growth trajectory but with some recent pressure on margins as large expansion projects and mix shifts weigh on near‑term earnings. The balance sheet is stronger than in the early IPO years, with sizable equity and manageable leverage, but a slimmer cash position reflects the intensity of its investment program. Cash flows underline this: solid cash generation from operations, offset by substantial capital spending that keeps free cash flow negative for now. Competitively, high regulatory barriers, integrated solutions, and deep technical know‑how provide a meaningful moat, while innovation in high‑value containers, devices, and AI‑enabled inspection offers upside if customers adopt at scale. The key uncertainties to monitor are the successful ramp‑up of new facilities, the pace of growth in high‑value solutions, and the company’s ability to convert today’s heavy investment phase into stronger, more sustainable cash generation in future years.

NEWS

November 6, 2025 · 6:30 AM UTC

Stevanato Group Reports Revenue of €303.2 Million for the Third Quarter of 2025

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October 31, 2025 · 7:30 AM UTC

Stevanato Group to Participate in Upcoming Investor Conferences

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October 22, 2025 · 6:30 AM UTC

Stevanato Group to Report Third Quarter 2025 Financial Results on November 6, 2025

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October 21, 2025 · 6:30 AM UTC

Stevanato Group Expands Drug Delivery Systems Capacity to Strengthen Global Integrated Offerings

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