Technogym S.p.A (TCCHF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Technogym S.p.A $26.40, price $24.00, upside +10.0%, quality 83 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 $6.34 – $24.00 · fair‑value band $19.81 – $33.01 · the $24.00 price screens below the $26.40 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Technogym S.p.A., a together with its subsidiaries, designs, manufactures, and sells fitness equipment in Italy, Rest of Europe, the Americas, Asia-Pacific, and the Middle East. The company offers a range of wellness, physical exercise, and rehabilitation solutions.
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Technogym S.p.A., a together with its subsidiaries, designs, manufactures, and sells fitness equipment in Italy, Rest of Europe, the Americas, Asia-Pacific, and the Middle East. The company offers a range of wellness, physical exercise, and rehabilitation solutions. Its products include treadmills and running machine, ellipticals machines and cross-trainers, stationery and exercise bikes, rowing machine, bundles, dumbbells and kettlebells, pilates, barbells and plates, racks, workout weight benches, stair climbers, flexibility and stretching equipment, multi gyms, fitness accessories, storage racks, workout clothes, workout gear, indoor cycling wear, upper body machines, selectorized machines, plate loaded strength machines, and cable machines. It also provides fitness accessories, including sling trainer, wellness balls, exercise mat, floor mat, foam roller, jump rope, loop bands, power bands, elastic bands, mobility stick and ball, balance pad and dome, cones, speed ladder, medicine ball, slam ball, bike weights, plyobox, training and case kits, tool kits, and bike pedals. In addition, the company operates its Technogym app. It markets its products to fitness and wellness clubs; hospitality and residential; and home and consumer segments through field and inside sales, retail, and wholesale channels. Technogym S.p.A. was founded in 1983 and is headquartered in Cesena, Italy.
Stock analysis
Technogym S.p.A (TCCHF) currently trades at $24.00, while our model-based Fair Value estimate is $26.40, implying the stock looks roughly 9.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $17.10 per share, and 0 of the 26 models we run sit above the $24.00 price.
Bear case: the Economic Profit group reads lowest at $4.33, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $19.81 (bear) to $33.01 (bull), the price of $24.00 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 83/100 (high quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Technogym S.p.A reported revenue of €1.0B in FY2025 versus €611M in FY2021, a compound +13.5%/yr. Reported net income was €115M in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap $4.8B · P/E ratio 36.4 · P/S ratio 4.12 · EPS (TTM) $0.6600 · Dividend yield 1.6% · Net margin 11.3% · Return on equity 32.1% · Return on assets (EBIT) 13.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 75% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at 10%, TCCHF screens richer than that median.
Fair Value models
Bear $19.81Fair Value $26.40Bull $33.01
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 ($0.2117 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.7%
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.
+12.1%
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.
+14.8%
Start year 2020 (pandemic). Over 10 years: +7.1% a year
Revenue growth 12 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.
+7.8%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+24.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.4%
Dividend (yield on the price)1.6%
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.13.1% vs 15.2%, steady
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.11% → 16%
2025 sits 58% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
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).
+15.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.1%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +12.5% a year for the price and +4.8% for the forecasts.
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.Leisure · 175 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score83 · Top 25%
Fair Value upside+12.8% · Above median
Profitability
Return on equity (TTM)32.1% · Top 25%
Return on assets11.9% · Top 25%
Net margin (TTM)11.3% · Top 25%
Operating margin (TTM)19.6% · Top 25%
Growth and dividend
Revenue growth12.3% · Above median
Dividend yield (TTM)1.6% · Below median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Leisure median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Technogym S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/TCCHF
Frequently asked questions
Is Technogym S.p.A (TCCHF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $26.40 versus the last price from Sep 25, 2026 of $24.00, about +10% upside (undervalued).
What is the fair value of TCCHF?
Our model-based fair value for Technogym S.p.A is $26.40 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $24.00.
What is the quality score of TCCHF?
Technogym S.p.A has a Quality Score of 83/100. 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 Technogym S.p.A (TCCHF)?
Our model-based price target is the fair value of $26.40 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario $19.81, optimistic scenario $33.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Technogym S.p.A stock forecast for 2026?
Our models put fair value at $26.40, about +10% upside versus the last price from Sep 25, 2026 of $24.00 (undervalued). Cautious scenario $19.81, optimistic scenario $33.01. The calculation is refreshed regularly with new filings.
What is the revenue of Technogym S.p.A (TCCHF)?
Technogym S.p.A reported trailing-twelve-month revenue of about €1.0B (latest available figure, as of Sep 24, 2026).
Does Technogym S.p.A pay a dividend?
Technogym S.p.A currently shows a dividend yield of about 1.58% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Technogym S.p.A (TCCHF)?
For today's price to be fair in a discounted-cash-flow model, Technogym S.p.A would have to grow free cash flow by +15.0 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TCCHF use?
Our models discount Technogym S.p.A at 9.4 %: a base by market capitalisation (mid), damped by beta 0.86, country premium for USA. 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 Technogym S.p.A that is +15.0 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Technogym S.p.A (TCCHF) delivered so far?
Over the past 5 years revenue at Technogym S.p.A grew +14.8 % a year. The price currently implies +15.0 % 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 Technogym S.p.A (TCCHF) growing?
The median revenue growth in the sector is +3.8 % a year. That is the yardstick for the growth priced into Technogym S.p.A (+15.0 % 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 Technogym S.p.A (TCCHF)?
The free-cash-flow yield on the price is 3.38 %: that much free cash flow Technogym S.p.A produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Technogym S.p.A (TCCHF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Technogym S.p.A it is $26.40 per share (as of Sep 24, 2026), against a price of $24.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Technogym S.p.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TCCHF trades below its calculated fair value: price $24.00, fair value $26.40, a gap of about +10% (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 TCCHF?
No. The price is what the market pays today ($24.00); the fair value is what the company's own numbers justify ($26.40). For Technogym S.p.A the two are $2.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is Technogym S.p.A worth?
The market values Technogym S.p.A at about $4.8B (market capitalisation, as of Sep 24, 2026). Per share that is $24.00; our models calculate a fair value of $26.40 per share.
What do the bullish and bearish scenarios say about TCCHF?
Our models span a range for Technogym S.p.A: cautious scenario $19.81, base $26.40, optimistic $33.01 per share (as of Sep 24, 2026, price $24.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCCHF?
Technogym S.p.A trades at a price-to-earnings ratio of 36.4 (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 $26.40 is built from several models across several years. Other multiples: P/B 12.7, P/S 4.2, EV/EBITDA 20.7.
How solid is the balance sheet of Technogym S.p.A (TCCHF)?
Balance-sheet figures for Technogym S.p.A (as of Sep 24, 2026): return on equity 32.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 83/100, which measures business quality independently of the share price.
How far is TCCHF from its 52-week high?
Technogym S.p.A trades at $24.00, at its 52-week high of $24.00 and 75% above the low of $13.74 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $26.40 is for.
Which stocks are comparable to Technogym S.p.A?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, ANTA Sports Products Limited, Amer Sports, Inc, Hasbro, Inc, 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 Technogym S.p.A stock attractive at the current price?
The data as of Sep 24, 2026: price $24.00, calculated fair value $26.40 (+10%), Quality Score 83/100, from 26 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 TCCHF calculated?
We run Technogym S.p.A through 26 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 $26.40, 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 14.5 % above its aggregate fair value. Technogym S.p.A currently trades 9 % 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 Technogym S.p.A (TCCHF)?
The latest price we hold is from Sep 25, 2026 and stands at $24.00. Our model-based fair value is $26.40, about +10% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Technogym S.p.A right now?
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 Technogym S.p.A (TCCHF) come from?
Earnings per share at Technogym S.p.A grew +15.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin +3.5 %, tax rate +3.7 %, residual (interest, one-offs) +0.8 %. 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 Technogym S.p.A
How large is the market capitalisation of Technogym S.p.A (TCCHF)?
The market capitalisation of Technogym S.p.A is $4.8B. 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 Technogym S.p.A (TCCHF)?
The price-to-sales ratio of Technogym S.p.A is 4.12 (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 Technogym S.p.A (TCCHF)?
Earnings per share at Technogym S.p.A are $0.6600 (price ÷ EPS = P/E 36.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Technogym S.p.A (TCCHF)?
The dividend yield of Technogym S.p.A is 1.6% (payout 57.6%). 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 Technogym S.p.A (TCCHF)?
The net margin of Technogym S.p.A is 11.3% (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 Technogym S.p.A (TCCHF)?
The return on equity (ROE) of Technogym S.p.A is 32.1% (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 Technogym S.p.A (TCCHF)?
On an EBIT basis the return on assets of Technogym S.p.A is 13.0% (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 Technogym S.p.A (TCCHF)?
The operating margin of Technogym S.p.A is 19.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Technogym S.p.A (TCCHF)?
Revenue at Technogym S.p.A is growing +12.3% versus a year earlier (3y avg +12.1%). 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 Technogym S.p.A (TCCHF)?
Earnings per share at Technogym S.p.A are growing +32.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Technogym S.p.A (TCCHF) hold?
Technogym S.p.A holds more cash than debt, €150M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 24, 2026