Pirelli & C SPA (PIRC) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Pirelli & C SPA €8.54, price €6.49, upside +31.6%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range €2.75 – €6.97 · fair‑value band €6.37 – €11.22 · the €6.49 price screens below the €8.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Pirelli & C. S.p.A., through its subsidiaries, manufactures and sells tires for cars, motorcycles, and bicycles in Europe, North America, the Asia-Pacific, South America, Russia, India, the Middle East, and Africa.
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Pirelli & C. S.p.A., through its subsidiaries, manufactures and sells tires for cars, motorcycles, and bicycles in Europe, North America, the Asia-Pacific, South America, Russia, India, the Middle East, and Africa. The company offers car tires under the P ZERO, Cinturato, Scorpion, Carrier, Winter Sottozero, and Ice brands; racing tires under the P Zero Trofeo R and P Zero Slick and Rain brands; rally tires under the P Zero, Scorpion, Scorpion Snow, and Sottozero Ice brands; collezione tires for classic and collector cars; and motorcycle tires under the Pirelli Diablo Superbike, Pirelli Diablo Supercorsa SP, Pirelli Diablo Rosso Corsa II, Pirelli Diablo Rosso Scooter, Pirelli Angel GT II, Pirelli Scorpion Trail II, Pirelli Scorpion Rally STR, Pirelli Scorpion MX, Metzeler Sportec M9 RR, Metzeler Sportec M7 RR, Metzeler Roadtec 01 SE, Metzeler Karoo Street, Metzeler Karoo 3, Metzeler Karoo Extreme, and Metzeler Cruisetec brands. It also provides bicycle tires under the P Zero Velo, P Zero Race TLR, Cinturato Velo, Cinturato Gravel, Scorpion MTB, Scorpion MTB XC, Scorpion Trail, Scorpion Enduro, Scorpion E-MTB, CYCL-E DT, CYCL-E GT, CYCL-E XT, and CYCL-E WT brands. In addition, the company offers Run Flat and Seal Inside technologies, which enable cars to continue driving after a puncture; Pirelli Noise Cancelling System (PNCS) for reducing noise generated by rolling; and Elect, a line of tires for electric vehicles. Further, it provides customer-oriented services, such as car valets and courtesy car services. The company sells its products through its stores. It serves vehicle manufacturers, retailers, specialized distributors, and car dealers. Pirelli & C. S.p.A. was incorporated in 1872 and is headquartered in Milan, Italy.
Stock analysis
Pirelli & C SPA (PIRC) currently trades at €6.49, while our model-based Fair Value estimate is €8.54, implying the stock looks roughly 24.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €9.89 per share, and 17 of the 24 models we run sit above the €6.49 price.
Bear case: the Dividend Discount group reads lowest at €2.64, and 7 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: €6.37 (bear) to €11.22 (bull), the price of €6.49 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Pirelli & C SPA reported revenue of €6.9B in FY2025 versus €5.3B in FY2021, a compound +6.5%/yr. Reported net income was €498M in FY2025, compounding +13.2%/yr from FY2021.
Key figures
Market cap €7.0B · P/E ratio 13.0 · P/S ratio 0.94 · EPS (TTM) €0.5000 · Dividend yield 3.7% · Net margin 7.2% · Return on equity 9.1% · Return on assets (EBIT) 5.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −19% fair-value upside, at 32%, PIRC screens cheaper than that median.
Fair Value models
Bear €6.37Fair Value €8.54Bull €11.22
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1902 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
Start year 2020 (pandemic). Over 10 years: +0.8% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.7%
Dividend (yield on the price)3.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9% vs 1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.2% → 11%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 6.2%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −3.4% a year for the price.
News mood ⓘNews mood, the average tone of recent news (74 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Parts · 695 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Above median
Fair Value upside+32% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets4% · Above median
Net margin (TTM)7% · Above median
Operating margin (TTM)14% · Top 25%
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.38× · Highest 25%
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Pirelli & C SPA Fair Value". https://www.fairvalue-calculator.com/stock/PIRC
Frequently asked questions
Is Pirelli & C SPA (PIRC) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €8.54 versus a price of €6.49, about +32% upside (undervalued).
What is the fair value of PIRC?
Our model-based fair value for Pirelli & C SPA is €8.54 (as of Sep 24, 2026), built from audited fundamentals. The current price: €6.49.
What is the quality score of PIRC?
Pirelli & C SPA has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pirelli & C SPA (PIRC)?
Our model-based price target is the fair value of €8.54 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario €6.37, optimistic scenario €11.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Pirelli & C SPA stock forecast for 2026?
Our models put fair value at €8.54, about +32% upside versus a price of €6.49 (undervalued). Cautious scenario €6.37, optimistic scenario €11.22. The calculation is refreshed regularly with new filings.
What is the revenue of Pirelli & C SPA (PIRC)?
Pirelli & C SPA reported trailing-twelve-month revenue of about €7.0B (latest available figure, as of Sep 24, 2026).
Does Pirelli & C SPA pay a dividend?
Pirelli & C SPA currently shows a dividend yield of about 3.70% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Pirelli & C SPA (PIRC)?
For today's price to be fair in a discounted-cash-flow model, Pirelli & C SPA would have to grow free cash flow by -1.3 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PIRC use?
Our models discount Pirelli & C SPA at 12.1 %: a base by market capitalisation (mid), damped by beta 1.05, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Pirelli & C SPA that is -1.3 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Pirelli & C SPA (PIRC) delivered so far?
Over the past 5 years revenue at Pirelli & C SPA grew +9.8 % a year. The price currently implies -1.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Pirelli & C SPA (PIRC) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Pirelli & C SPA (-1.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Pirelli & C SPA (PIRC)?
The free-cash-flow yield on the price is 13.18 %: that much free cash flow Pirelli & C SPA produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Pirelli & C SPA (PIRC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pirelli & C SPA it is €8.54 per share (as of Sep 24, 2026), against a price of €6.49. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Pirelli & C SPA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PIRC trades below its calculated fair value: price €6.49, fair value €8.54, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PIRC?
No. The price is what the market pays today (€6.49); the fair value is what the company's own numbers justify (€8.54). For Pirelli & C SPA the two are €2.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pirelli & C SPA worth?
The market values Pirelli & C SPA at about €7.0B (market capitalisation, as of Sep 24, 2026). Per share that is €6.49; our models calculate a fair value of €8.54 per share.
What do the bullish and bearish scenarios say about PIRC?
Our models span a range for Pirelli & C SPA: cautious scenario €6.37, base €8.54, optimistic €11.22 per share (as of Sep 24, 2026, price €6.49). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PIRC?
Pirelli & C SPA trades at a price-to-earnings ratio of 13.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €8.54 is built from several models across several years. Other multiples: P/B 1.3, P/S 1.1, EV/EBITDA 6.5.
How solid is the balance sheet of Pirelli & C SPA (PIRC)?
Balance-sheet figures for Pirelli & C SPA (as of Sep 24, 2026): return on equity 9.1%, debt of 0.38 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is PIRC from its 52-week high?
Pirelli & C SPA trades at €6.49, about 7% below its 52-week high of €6.97 and 23% above the low of €5.28 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €8.54 is for.
Which stocks are comparable to Pirelli & C SPA?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pirelli & C SPA stock attractive at the current price?
The data as of Sep 24, 2026: price €6.49, calculated fair value €8.54 (+32%), Quality Score 53/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PIRC calculated?
We run Pirelli & C SPA through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €8.54, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Pirelli & C SPA currently trades 32 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pirelli & C SPA (PIRC)?
The closing price on Sep 23, 2026 was €6.49. Our model-based fair value is €8.54, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pirelli & C SPA right now?
Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Pirelli & C SPA (PIRC) come from?
Earnings per share at Pirelli & C SPA grew −6.0 % a year from 2012 to 2023. Broken into its drivers: revenue per share −7.6 %, EBIT margin −2.4 %, tax rate +1.8 %, residual (interest, one-offs) +2.3 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Pirelli & C SPA
How large is the market capitalisation of Pirelli & C SPA (PIRC)?
The market capitalisation of Pirelli & C SPA is €7.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pirelli & C SPA (PIRC)?
The price-to-sales ratio of Pirelli & C SPA is 0.94 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pirelli & C SPA (PIRC)?
Earnings per share at Pirelli & C SPA are €0.5000 (price ÷ EPS = P/E 13.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Pirelli & C SPA (PIRC)?
The dividend yield of Pirelli & C SPA is 3.7% (payout 48.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Pirelli & C SPA (PIRC)?
The net margin of Pirelli & C SPA is 7.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pirelli & C SPA (PIRC)?
The return on equity (ROE) of Pirelli & C SPA is 9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pirelli & C SPA (PIRC)?
On an EBIT basis the return on assets of Pirelli & C SPA is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pirelli & C SPA (PIRC)?
The operating margin of Pirelli & C SPA is 13.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pirelli & C SPA (PIRC)?
Revenue at Pirelli & C SPA is growing +0.5% versus a year earlier (3y avg +1.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Pirelli & C SPA (PIRC)?
Earnings per share at Pirelli & C SPA are growing −6.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Pirelli & C SPA (PIRC) carry?
The net debt of Pirelli & C SPA is €974M (fiscal year 2025, ≈ 1.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026