Amplifon SpA AMFPY

Health CareHealthcare Equipment & SuppliesItaly

Last close 47.56 USD on Nov 1, 2026, −47.2% year to date

Quant rating

Quant rating C Rank 123 of 211 in Health Care

Growth B 49 of 211
Valuation C 145 of 211
Quality D 152 of 211
Revisions B 73 of 211
Momentum C 122 of 211

Wall Street consensus Buy (2.39)Average target 15.88 USD −66.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.4B
Enterprise value: 4.6B
52-week range: 36.67 – 60.08
3-year range: 36.67 – 90.08
Dividend yield: 2.83%
Beta (5 years): –
Shares outstanding: 272M
Next earnings: Oct 29, 2026

About the company

Amplifon SpA is an Italy-based company active in the hearing care retail market. The Company provides personalized solutions and customer care to hearing-impaired people. It offers a wide range of services from diagnosing hearing difficulties, to fitting, servicing and maintaining hearing aids. The Company is organized in three geographical operating segments: Europe, Middle East and Africa - EMEA - (Italy, France, The Netherlands, Germany, the United Kingdom, Ireland, Spain, Portugal, Switzerland, Belgium, Luxemburg, Hungary, Egypt, Turkey, Poland and Israel), Americas (USA, Canada, Chile, Argentina, Ecuador, Colombia, Panama and Mexico) and Asia-Pacific (Australia, New Zealand, India and China).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,814	2,494	2,494	2,268	2,215	–
Revenue growth	12.8%	0.0%	10.0%	2.4%	20.6%	8.9%
EPS (basic, normalized)	0.46	0.72	0.75	0.84	0.76	–
EPS growth	−36.0%	−4.2%	−10.5%	10.4%	–	–
Gross margin	65.3%	65.3%	65.2%	57.9%	57.8%	62.3%
Net margin	3.8%	6.0%	6.9%	8.3%	8.2%	6.6%
ROE	8.5%	12.9%	14.5%	18.0%	18.4%	14.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	814
Current ratio	0.73x
Long-term debt (mil)	1,059
Net debt (mil)	1,215
Total equity (mil)	1,741
Net debt / equity	0.70x
Net debt / EBITDA	2.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,814	+12.8%	1.6x	591	−1.8%	7.7x	0.46	−36.0%	102.9x
2026	2,724	−3.2%	1.7x	631	+6.7%	7.3x	0.74	+60.9%	63.9x
2027	3,449	+26.6%	1.3x	841	+33.3%	5.4x	0.95	+28.0%	49.9x
2028	3,701	+7.3%	1.2x	922	+9.7%	5.0x	1.13	+19.2%	41.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,724	+0.1%	+0.1%	−0.8%	0.74	−2.7%	+0.7%	+2.5%
2027	3,449	+1.2%	+3.6%	+11.9%	0.95	−1.3%	+0.4%	+5.8%
2028	3,701	+1.1%	+3.3%	+12.8%	1.13	+2.0%	+5.0%	+10.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	573	604	268	664	588	593	563	652	580	606
Sales mean (mil)	572	611	570	662	595	632	575	669	585	605
Surprise	+0.1%	−1.2%	−53.1%	+0.3%	−1.1%	−6.2%	−2.0%	−2.6%	−0.9%	+0.2%
EPS reported	0.15	0.23	0.08	0.20	0.14	0.16	0.03	0.07	0.18	0.24
EPS mean	0.17	0.27	0.12	0.29	0.16	0.27	0.08	0.23	0.16	0.21
Surprise	−11.5%	−14.3%	−35.7%	−31.0%	−12.5%	−42.3%	−62.3%	−69.2%	+14.3%	+13.5%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AMFPY Amplifon SpA	3.4B	2.06x	3.8%	1.96x	63.9x	49.9x	7.3x	5.4x
NVST Envista Holdings Corporation	3.8B	0.84x	1.7%	1.23x	15.4x	14.2x	9.8x	9.2x
PLSE Pulse Biosciences, Inc.	3.7B	1.34x	−20,794.6%	37.17x	−38.1x	−35.9x	−46.0x	−42.8x
CZMWY Carl Zeiss Meditec AG	3.5B	–	6.3%	1.46x	39.3x	28.1x	13.2x	12.3x
OBOCY Ottobock SE & Co KgaA	3.4B	–	5.4%	7.90x	3.7x	3.1x	8.6x	7.7x
ATRC AtriCure, Inc.	3.1B	−1.62x	−2.1%	6.03x	405.3x	138.2x	34.5x	29.6x
Mean		0.65x	−3,463.2%	9.29x	81.6x	32.9x	4.6x	3.6x
Median		1.09x	2.8%	4.00x	27.3x	21.1x	9.2x	8.5x

Technical analysis

1M+1.9%
3M+1.9%
1Y−47.2%
3Y−47.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Amplifon SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,814	2,494	2,494	2,268	2,215	1,836
Cost of revenue	976	865	867	954	934	796
Gross profit	1,838	1,629	1,627	1,314	1,280	1,040
Selling, general & administrative expenses	1,048	915	905	763	739	610
Research & development	–	–	–	–	–	–
Depreciation/amortization	363	312	295	257	248	243
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	43.1	9.8	16.8	6.3	22.6	4.3
Other operating expenses	152	127	124	−10.5	−8.1	−16.7
Operating income	231	266	286	298	280	200
Net interest income (expense)	−69.1	−58.9	−48.0	−34.8	−30.0	−34.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−7.0	−3.3	−6.6	−2.6	4.2	−1.8
Net income before taxes	155	204	231	261	254	164
Provision for taxes	47.3	53.0	60.4	71.5	73.0	45.5
Minority interest	−0.3	−0.2	0.1	−0.3	−0.1	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	107	151	171	189	181	118
Extraordinary items	–	–	–	1.9	−1.5	5.4
Net income	107	151	171	191	179	123
EBIT, normalized	274	284	319	305	299	204
EBITDA, normalized	637	596	614	561	548	447
Basic EPS, normalized	0.46	0.72	0.75	0.84	0.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Amplifon SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	363	299	213	192	305	666
Receivables	363	325	338	261	278	255
Total inventory	96.8	96.5	97.5	81.6	71.1	70.1
Prepaid expenses	17.3	29.4	35.5	28.1	23.9	25.5
Other current assets	55.8	1.2	1.6	71.7	56.8	11.0
Total current assets	896	751	686	634	735	1,027
Property, plant & equipment	821	772	772	690	710	717
Goodwill	2,264	2,014	1,986	1,877	1,911	1,565
Intangibles	447	443	460	450	471	441
Long-term investments	0	2.6	2.7	2.2	2.4	2.4
Note receivable	12.3	10.9	12.4	11.9	10.7	9.5
Other long-term assets	132	139	157	161	156	181
Total assets	4,572	4,134	4,076	3,826	3,996	3,943
Liabilities
Accounts payable	430	390	396	348	276	221
Payable/accrued	–	–	–	–	–	–
Accrued expenses	33.2	28.1	23.9	25.7	30.8	26.5
Short-term debt	168	0	0	0	0	0
Current portion of long-term debt	388	411	468	361	277	189
Other current liabilities	456	382	414	395	424	383
Total current liabilities	1,476	1,212	1,301	1,130	1,008	820
Long-term debt	1,583	1,387	1,208	1,250	1,550	1,718
Minority interest	0.4	0.2	0.8	2.0	2.4	1.2
Other liabilities	340	344	351	333	384	426
Total liabilities	3,400	2,943	2,861	2,715	2,944	2,965
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5.3	4.7	5.0	4.8	5.1	5.5
Additional paid-in capital	238	210	224	217	230	248
Retained earnings (accumulated deficit)	1,323	1,134	1,115	974	904	840
Treasury stock	−155	−30.4	−19.3	−53.4	−32.8	−17.4
Other equity	−239	−128	−110	−30.5	−55.0	−97.6
Total equity	1,172	1,191	1,215	1,111	1,052	978
Total liabilities & shareholders' equity	4,572	4,134	4,076	3,826	3,996	3,943

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Amplifon SpA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	108	151	171	191	179	123
Depreciation, depletion & amortization	370	313	295	257	253	247
Deferred taxes	47.3	53.0	60.4	69.5	66.4	46.7
Non-cash items	92.3	82.5	94.2	52.2	50.9	65.9
Changes in working capital	−130	−133	−165	−79.2	−24.0	−5.3
Cash from operations	487	467	456	491	526	478
Investing activities
Capital expenditures	−139	−152	−156	−124	−129	−74.3
Other investing cash flows	−80.5	−195	−132	−83.6	−478	−89.7
Cash from investing	−220	−347	−289	−207	−607	−164
Financing activities
Financing cash flow items	1.2	4.6	53.1	−6.7	−47.0	−9.1
Cash dividends paid	−76.7	−67.9	−72.1	−62.3	−56.1	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−162	43.8	−130	−310	−134	194
Cash from financing	−238	−19.5	−149	−379	−237	185
Foreign exchange effects	−6.1	−1.6	−3.9	0.1	3.9	−2.5
Net change in cash	23.5	99.1	14.9	−95.1	−314	497
Free cash flow	348	315	300	367	397	404

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.