Ariston Holding N.V. ARSTY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsItaly

Last close 17.80 USD on Nov 1, 2026, −3.8% year to date

Quant rating

Quant rating C Rank 231 of 418 in Industrials

Growth C 271 of 418
Valuation B 115 of 418
Quality D 312 of 418
Revisions C 201 of 418
Momentum C 177 of 418

Wall Street consensus Buy (2.00)Average target 4.99 USD −72.0%

Historical valuation

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

Key data

Market cap: 486M
Enterprise value: 1.3B
52-week range: 15.79 – 19.38
3-year range: 15.79 – 19.38
Dividend yield: 2.61%
Beta (5 years): –
Shares outstanding: 126M
Next earnings: Nov 4, 2026

About the company

Ariston Holding NV is an Italy-based company engaged in the thermal comfort market for residential and commercial spaces. It operates as a manufacturer of heating devices. The Company diversifies its activity into four business sectors: Heating and water heating which provides electric heat pumps and condensing boilers; Water heating delivering high-efficiency electric and gas-fired water heaters; Burners delivering wide range of burners; Components engaged in manufacturing of Electric Water Heaters, Appliances, Professional Applications, Industrial Applications. The Company operates worldwide trough brands, such as Ariston, Elco, Racold, Calorex, NTI, HTP, ATAG, Thermowatt, Chaffoteaux and Elco Cuenod Ecoflam Bce.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,227	2,775	3,476	2,592	2,298	–
Revenue growth	16.3%	−20.2%	34.1%	12.8%	11.2%	9.3%
EPS (basic, normalized)	0.36	0.01	0.55	0.50	0.57	–
EPS growth	3,203.3%	−98.1%	11.2%	−12.2%	–	–
Gross margin	55.4%	54.3%	54.3%	52.5%	56.4%	54.6%
Net margin	4.8%	0.1%	6.1%	5.8%	6.8%	4.7%
ROE	9.0%	0.2%	15.2%	14.8%	20.6%	12.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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	3,227	+16.3%	0.4x	361	+33.3%	3.5x	0.36	+3,203.3%	49.9x
2026	3,331	+3.2%	0.4x	395	+9.3%	3.2x	0.40	+11.4%	44.8x
2027	3,642	+9.3%	0.3x	456	+15.5%	2.7x	0.48	+21.0%	37.0x
2028	3,742	+2.7%	0.3x	483	+5.9%	2.6x	0.51	+5.6%	35.1x

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	3,331	0.0%	+1.3%	+4.7%	0.40	−0.3%	+0.8%	−8.7%
2027	3,642	0.0%	+1.3%	+8.0%	0.48	−1.1%	+6.2%	+4.3%
2028	3,742	0.0%	−0.3%	+6.8%	0.51	−0.4%	−1.1%	−3.5%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	653	621	632	727	648	644	668	747	656	691
Sales mean (mil)	659	650	625	690	648	626	668	764	665	659
Surprise	−0.9%	−4.4%	+1.1%	+5.3%	0.0%	+2.9%	0.0%	−2.2%	−1.4%	+4.9%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	0.06	0.05	0.06	0.11	0.05	0.04	–	0.19	0.07	0.06
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
ARSTY Ariston Holding N.V.	486M	–	4.8%	0.83x	44.8x	37.0x	3.2x	2.7x
HY Hyster-Yale Inc	511M	6.41x	−1.6%	1.31x	−8.9x	13.8x	30.9x	6.8x
FAC Factorial Energy Inc	478M	–	–	0.11x	−9.3x	−13.0x	–	–
WNC Wabash National Corporation	478M	−18.05x	13.7%	1.64x	−4.5x	14.4x	−14.5x	6.5x
LXFR Luxfer Holdings PLC	461M	0.90x	3.4%	2.07x	14.1x	16.0x	10.5x	8.8x
CIX CompX International Inc	447M	–	12.3%	3.09x	–	–	–	–
Mean		−3.58x	6.5%	1.51x	7.2x	13.7x	7.5x	6.2x
Median		0.90x	4.8%	1.47x	−4.5x	14.4x	6.8x	6.7x

Technical analysis

1M0.0%
3M+12.2%
1Y−3.8%
3Y−3.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ariston Holding N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,227	2,775	3,476	2,592	2,298	2,066
Cost of revenue	1,439	1,268	1,589	1,230	1,001	856
Gross profit	1,787	1,506	1,887	1,361	1,297	1,211
Selling, general & administrative expenses	1,348	1,162	1,310	990	946	532
Research & development	–	–	–	–	–	–
Depreciation/amortization	163	145	145	96.1	86.1	94.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−10.7	62.4	13.2	5.2	6.7	23.5
Other operating expenses	79.5	73.3	105	63.0	64.1	378
Operating income	207	63.8	314	207	195	182
Net interest income (expense)	−46.5	−46.7	−32.4	−14.4	−6.0	−15.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.4	−2.9	−1.9	−0.4	−0.6	−5.2
Net income before taxes	157	14.2	280	192	188	161
Provision for taxes	1.4	11.8	68.9	42.3	33.1	43.0
Minority interest	−0.1	0.2	0	−0.1	0.2	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	156	2.6	211	150	155	118
Extraordinary items	–	–	–	–	–	–
Net income	156	2.6	211	150	155	118
EBIT, normalized	214	191	327	213	201	206
EBITDA, normalized	377	336	473	309	287	300
Basic EPS, normalized	0.36	0.01	0.55	0.50	0.57	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ariston Holding N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	294	369	537	1,120	796	565
Receivables	507	433	510	391	355	293
Total inventory	600	487	683	510	434	324
Prepaid expenses	27.2	17.5	13.6	18.2	8.1	–
Other current assets	30.3	14.5	24.5	5.5	16.9	45.3
Total current assets	1,459	1,321	1,768	2,045	1,611	1,227
Property, plant & equipment	810	671	684	434	423	417
Goodwill	1,047	929	987	335	335	349
Intangibles	705	625	682	139	128	129
Long-term investments	17.6	10.6	11.5	9.1	8.6	4.7
Note receivable	2.2	1.0	1.5	2.2	1.4	–
Other long-term assets	160	134	135	117	126	87.4
Total assets	4,201	3,692	4,269	3,081	2,634	2,214
Liabilities
Accounts payable	593	460	512	515	542	445
Payable/accrued	–	–	–	–	–	–
Accrued expenses	99.7	87.8	106	–	–	–
Short-term debt	6.6	5.7	14.9	0	0	0
Current portion of long-term debt	47.1	115	71.5	58.1	52.2	230
Other current liabilities	367	315	426	312	338	296
Total current liabilities	1,113	984	1,130	885	933	970
Long-term debt	865	828	1,040	926	507	476
Minority interest	−1.2	−0.7	−0.1	2.4	−0.2	0
Other liabilities	444	405	441	186	196	223
Total liabilities	2,420	2,216	2,610	2,000	1,636	1,669
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	54.6	48.1	51.3	49.3	52.3	51.1
Additional paid-in capital	835	736	785	335	334	29.3
Retained earnings (accumulated deficit)	942	743	866	696	612	465
Treasury stock	−26.3	−22.9	−16.3	–	–	–
Other equity	−24.8	−28.8	−28.1	0	0.1	0
Total equity	1,781	1,476	1,658	1,081	998	545
Total liabilities & shareholders' equity	4,201	3,692	4,269	3,081	2,634	2,214

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ariston Holding N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	156	2.4	211	150	155	118
Depreciation, depletion & amortization	163	145	145	96.1	86.2	94.9
Deferred taxes	–	–	–	–	–	–
Non-cash items	122	107	111	33.9	30.9	44.3
Changes in working capital	−84.9	62.9	−132	−140	−55.2	49.8
Cash from operations	356	317	335	140	217	307
Investing activities
Capital expenditures	−171	−120	−175	−84.1	−88.8	−74.6
Other investing cash flows	−24.5	−19.5	−608	−59.1	−7.5	−28.6
Cash from investing	−196	−139	−783	−143	−96.3	−103
Financing activities
Financing cash flow items	−123	−87.6	−8.2	−5.1	−16.3	−14.1
Cash dividends paid	−34.6	−65.3	−53.3	−49.7	−54.9	−157
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−117	−121	−74.7	400	187	151
Cash from financing	−275	−274	−136	345	116	−20.2
Foreign exchange effects	−11.2	−2.5	−8.6	3.0	19.2	−18.8
Net change in cash	−125	−98.1	−593	345	256	165
Free cash flow	185	197	160	56.0	128	232

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.