Ermenegildo Zegna NV ZGN

Consumer DiscretionaryTextiles & ApparelItaly

Last close 14.03 USD on Nov 2, 2026, +38.3% year to date

Quant rating

Quant rating B Rank 87 of 297 in Consumer Discretionary

Growth A 37 of 297
Valuation C 172 of 297
Quality D 216 of 297
Revisions B 59 of 297
Momentum B 66 of 297

Wall Street consensus Buy (2.13)Average target 15.37 USD +9.6%

Historical valuation

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

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,251	2,015	2,102	1,598	1,469	–
Revenue growth	11.7%	−4.1%	31.6%	8.7%	18.6%	12.7%
EPS (basic, normalized)	0.44	0.32	0.52	0.27	0.36	–
EPS growth	35.7%	−37.7%	90.5%	−24.1%	–	–
Gross margin	67.5%	66.6%	64.3%	62.2%	61.6%	64.4%
Net margin	5.1%	4.0%	6.4%	3.4%	−10.5%	1.7%
ROE	10.1%	8.8%	16.0%	8.0%	−22.6%	4.1%

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	2,251	+11.7%	2.1x	462	+8.7%	10.4x	0.44	+35.7%	31.9x
2026	2,304	+2.3%	2.1x	511	+10.5%	9.4x	0.44	−0.8%	32.2x
2027	2,508	+8.9%	1.9x	595	+16.6%	8.1x	0.60	+38.1%	23.3x
2028	2,691	+7.3%	1.8x	660	+10.8%	7.3x	0.72	+19.0%	19.6x

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	2,304	−0.6%	+1.4%	+3.1%	0.44	−0.2%	−6.6%	−4.2%
2027	2,508	−0.1%	+2.0%	+4.5%	0.60	+3.2%	−1.6%	+3.5%
2028	2,691	+0.3%	+2.4%	+4.9%	0.72	+1.6%	+1.1%	+4.9%

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)	463	497	397	–	459	469	398	591	470	517
Sales mean (mil)	513	511	512	512	–	–	498	590	465	517
Surprise	−9.8%	−2.8%	−22.4%	–	–	–	−20.0%	+0.1%	+1.1%	0.0%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	0.19	0.10	0.15	0.15	–	–	–	0.22	–	0.20
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Textiles & Apparel

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
ZGN Ermenegildo Zegna NV	3.8B	–	5.1%	3.24x	32.2x	23.3x	9.4x	8.1x
LVMH Lvmh Moet Hennessy Louis Vuitton SE	217.2B	–	13.5%	2.85x	17.8x	16.3x	9.4x	8.9x
HRMS Hermes International SCA	155.5B	–	28.3%	7.27x	30.1x	27.6x	17.3x	16.1x
CFR Compagnie Financiere Richemont SA	108.8B	–	15.5%	4.43x	24.5x	21.4x	13.4x	11.8x
ADSGn Adidas AG	33.6B	1.23x	5.4%	4.67x	18.1x	14.8x	9.6x	8.3x
MONC Moncler S.p.A.	13.7B	–	20.0%	3.34x	19.3x	17.7x	9.9x	9.1x
Mean		1.23x	14.6%	4.30x	23.7x	20.2x	11.5x	10.4x
Median		1.23x	14.5%	3.89x	21.9x	19.6x	9.8x	9.0x

Technical analysis

1M+12.1%
3M−4.6%
1Y+38.8%
3Y+27.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ermenegildo Zegna NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,251	2,015	2,102	1,598	1,469	1,239
Cost of revenue	732	673	751	604	564	383
Gross profit	1,520	1,342	1,351	993	906	856
Selling, general & administrative expenses	1,061	936	926	666	852	610
Research & development	–	–	–	–	–	–
Depreciation/amortization	267	216	195	169	160	203
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	27.6	17.8	–	–	–	55.2
Other operating expenses	0	0	0	0	0	21.3
Operating income	164	173	230	158	−107	−33.1
Net interest income (expense)	7.5	−42.6	−35.5	−35.3	3.4	5.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−6.8	5.1	−7.6	−14.6	−6.8	−11.3
Net income before taxes	164	135	187	108	−110	−38.5
Provision for taxes	35.9	41.2	36.9	38.3	34.9	18.3
Minority interest	−12.8	−14.3	−15.6	−14.8	−9.5	−4.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	116	79.8	134	55.1	−155	−61.8
Extraordinary items	–	–	–	–	–	–
Net income	116	79.8	134	55.1	−155	−61.8
EBIT, normalized	191	191	246	174	136	25.8
EBITDA, normalized	479	423	461	360	322	229
Basic EPS, normalized	0.44	0.32	0.52	0.27	0.36	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ermenegildo Zegna NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	349	307	427	616	910	815
Receivables	306	291	300	206	199	189
Total inventory	595	539	577	440	385	393
Prepaid expenses	–	–	–	–	–	–
Other current assets	147	111	117	115	80.2	117
Total current assets	1,398	1,249	1,421	1,376	1,574	1,513
Property, plant & equipment	1,014	814	765	537	548	788
Goodwill	290	285	283	257	258	255
Intangibles	360	351	349	231	225	219
Long-term investments	28.4	20.4	20.7	24.2	25.5	47.0
Note receivable	1.5	1.6	1.2	5.9	4.2	1.5
Other long-term assets	236	213	214	166	159	126
Total assets	3,329	2,934	3,054	2,597	2,794	2,950
Liabilities
Accounts payable	301	257	288	236	202	184
Payable/accrued	–	–	–	–	–	–
Accrued expenses	147	139	183	101	119	91.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	264	331	455	426	300	243
Other current liabilities	169	155	191	165	177	136
Total current liabilities	881	883	1,117	928	798	654
Long-term debt	884	740	645	553	913	1,072
Minority interest	79.9	69.1	66.9	57.1	49.0	52.8
Other liabilities	273	293	298	332	350	436
Total liabilities	2,118	1,986	2,126	1,870	2,110	2,215
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	10.8	9.5	10.1	6.4	6.8	5.3
Additional paid-in capital	919	810	864	772	820	–
Retained earnings (accumulated deficit)	589	456	431	316	303	855
Treasury stock	−337	−433	−482	−483	−517	−93.6
Other equity	29.5	105	104	115	71.3	−31.6
Total equity	1,211	948	927	727	683	735
Total liabilities & shareholders' equity	3,329	2,934	3,054	2,597	2,794	2,950

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ermenegildo Zegna NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	129	94.1	150	69.9	−145	−56.8
Depreciation, depletion & amortization	305	244	215	186	186	227
Deferred taxes	–	–	–	–	–	–
Non-cash items	104	167	180	111	358	50.4
Changes in working capital	−144	−216	−241	−210	−78.7	−134
Cash from operations	394	289	304	157	320	86.6
Investing activities
Capital expenditures	−121	−130	−85.9	−78.4	−107	−47.8
Other investing cash flows	−8.2	−0.5	110	17.1	14.0	161
Cash from investing	−129	−130	24.0	−61.4	−93.2	113
Financing activities
Financing cash flow items	−17.8	−30.7	−6.7	−4.5	−649	−2.1
Cash dividends paid	−35.8	−31.4	−27.6	−23.4	−0.1	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−199	−181	−242	−290	576	−57.8
Cash from financing	−253	−243	−276	−318	−72.9	−59.9
Foreign exchange effects	−11.3	4.4	−5.2	2.6	8.5	−9.5
Net change in cash	1.2	−79.9	46.3	−220	162	130
Free cash flow	273	159	218	78.2	212	38.8

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 2, 2026 after market close.