Technogym SpA (TGYM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Technogym SpA stock €15.63, price €14.77, upside +5.8%, quality 81 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range €5.18 – €21.39 · fair‑value band €10.86 – €21.71 · the €14.77 price screens below the €15.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 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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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 SpA (TGYM) currently trades at €14.77, while our model-based Fair Value estimate is €15.63, so the stock looks roughly fairly valued today (gap 5.5%).
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Valuation
Bull case: the DCF Models group reads highest at a median of €12.42 per share, and 2 of the 26 models we run sit above the €14.77 price.
Bear case: the Economic Profit group reads lowest at €4.95, and 24 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: €10.86 (bear) to €21.71 (bull), the price of €14.77 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 81/100 (high quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Technogym SpA reported revenue of €1.0B in FY2025 versus €610M in FY2021, a compound +13.6%/yr. Reported net income was €115M in FY2025, compounding +16.2%/yr from FY2021.
Key figures
Market cap €3.0B Mid · P/E ratio 25.5 · P/S ratio 2.82 · EPS (TTM) €0.5800 · Dividend yield 2.6% · Net margin 11.1% · Return on equity 41.1% · Return on assets (EBIT) 12.3% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (medium confidence).
What moves the price
The share trades about 31% below its 52-week high and 22% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 6%, TGYM screens richer than that median.
Fair Value models
Bear€10.86Fair Value €15.63Bull€21.71
Price €14.77 · Upside +5.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1710 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.Coverage ⓘCoverage = 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
+13.1%
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.
+12.2%
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.
+14.9%
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.
+7.9%
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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.
+24.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+22.3%
Dividend (yield on the price)2.6%
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.13.0% 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 57% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 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).
+13.2%
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 (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +10.8% a year for the price and +4.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (13 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Technogym shows strength in solid margins and minimal debt backed by its connected equipment and AI ecosystem, but its main weakness lies in limited visibility into sustainable competitive advantages.
Main risk: Costs of adapting its connected equipment and AI solutions to local conditions in emerging markets such as India could pressure margins and slow international growth.
Technogym is strengthening its position in India amid surging demand for wellness and longevity solutions. Its established ecosystem of connected equipment and AI personalization offers a foundation for growth in emerging markets. Will the benefits from these international moves exceed the costs of adapting to local conditions?
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 · 169 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score81 · Top 25%
Fair Value upside+5.8% · Above median
Profitability
Return on equity (12 months)41.1% · Top 25%
Return on assets13.8% · Top 25%
Net margin (12 months)11.1% · Top 25%
Operating margin (12 months)11.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.4% · Above median
Dividend yield (12 months)2.6% · Below median
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Leisure median · lower = cheaper
P/E (12 months)25.5× · Pricier than median
P/B8.91× · Priciest 25%
P/S (12 months)2.82× · Priciest 25%
Price / free cash flow (fiscal year)20.8× · Pricier than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Technogym SpA Fair Value". https://www.fairvalue-calculator.com/stock/TGYM
Frequently asked questions
Is Technogym SpA (TGYM) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €15.63 versus a price of €14.77, about +6% upside (fairly valued).
What is the fair value of TGYM?
Our model-based fair value for Technogym SpA is €15.63 (as of Nov 4, 2026), built from audited fundamentals. The current price: €14.77.
What is the quality score of TGYM?
Technogym SpA has a Quality Score of 81/100. 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 SpA (TGYM)?
Our model-based price target is the fair value of €15.63 (as of Nov 4, 2026) from 26 valuation models. Cautious scenario €10.86, optimistic scenario €21.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Technogym SpA stock forecast for 2026?
Our models put fair value at €15.63, about +6% upside versus a price of €14.77 (fairly valued). Cautious scenario €10.86, optimistic scenario €21.71. The calculation is refreshed regularly with new filings.
What is the revenue of Technogym SpA (TGYM)?
Technogym SpA reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Nov 4, 2026).
Does Technogym SpA pay a dividend?
Technogym SpA currently shows a dividend yield of 2.57% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Technogym SpA (TGYM) and when is the ex-dividend date?
Technogym SpA pays a dividend of €0.38 per share a year, a dividend yield of 2.6%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since 2021. The payout ratio is 65.5% of earnings. Free cash flow covers the dividend 1.89 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Technogym SpA (TGYM)?
For today's price to be fair in a discounted-cash-flow model, Technogym SpA would have to grow free cash flow by +13.2 % per year for five years (discount rate 11.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.9 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of TGYM use?
Our models discount Technogym SpA at 11.5 %: a base by market capitalisation (mid), damped by beta 0.85, 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 Technogym SpA that is +13.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.5 %) and the same formula as our fair value.
How much growth has Technogym SpA (TGYM) delivered so far?
Over the past 5 years revenue at Technogym SpA grew +14.9 % a year. The price currently implies free-cash-flow growth of +13.2 % per 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 SpA (TGYM) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Technogym SpA (+13.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Technogym SpA (TGYM)?
The free-cash-flow yield on the price is 4.82 %: that much free cash flow Technogym SpA produces per unit of market value. When it exceeds the discount rate of our models (11.5 %), 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 SpA (TGYM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Technogym SpA it is €15.63 per share (as of Nov 4, 2026), against a price of €14.77. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Technogym SpA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, TGYM trades below its calculated fair value: price €14.77, fair value €15.63, a gap of about +6% (fairly valued). 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 TGYM?
No. The price is what the market pays today (€14.77); the fair value is what the company's own numbers justify (€15.63). For Technogym SpA the two are €0.8610 per share apart. That gap is exactly why we show both numbers side by side.
How much is Technogym SpA worth?
The market values Technogym SpA at about €3.0B (market capitalisation, as of Nov 4, 2026). Per share that is €14.77; our models calculate a fair value of €15.63 per share.
What do the bullish and bearish scenarios say about TGYM?
Our models span a range for Technogym SpA: cautious scenario €10.86, base €15.63, optimistic €21.71 per share (as of Nov 4, 2026, price €14.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TGYM?
Technogym SpA trades at a price-to-earnings ratio of 25.5 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €15.63 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 25.6. Other multiples: P/B 8.9, P/S 2.8, EV/EBITDA 14.1.
How solid is the balance sheet of Technogym SpA (TGYM)?
Balance-sheet figures for Technogym SpA (as of Nov 4, 2026): return on equity 41.1%, debt of 0.01 per unit of equity. They feed the Quality Score of 81/100, which measures business quality independently of the share price.
How far is TGYM from its 52-week high?
Technogym SpA trades at €14.77, about 31% below its 52-week high of €21.39 and 22% above the low of €12.11 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €15.63 is for.
Which stocks are comparable to Technogym SpA?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time 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 Technogym SpA stock attractive at the current price?
The data as of Nov 4, 2026: price €14.77, calculated fair value €15.63 (+6%), Quality Score 81/100, 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 TGYM calculated?
We run Technogym SpA through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €15.63 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Technogym SpA currently trades 6% 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 SpA (TGYM)?
The closing price on Nov 6, 2026 was €14.77. Our model-based fair value is €15.63, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Technogym SpA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€10.86 to €21.71) leaves room in how you read the outcome.
Where does the earnings growth of Technogym SpA (TGYM) come from?
Earnings per share at Technogym SpA grew +15.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.6 %, EBIT margin +2.6 %, tax rate +3.6 %, residual (interest, one-offs) +1.7 %. 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 SpA
How large is the market capitalisation of Technogym SpA (TGYM)?
The market capitalisation of Technogym SpA is €3.0B. 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 Technogym SpA (TGYM)?
The price-to-sales ratio of Technogym SpA is 2.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Technogym SpA (TGYM)?
Earnings per share at Technogym SpA are €0.5800 (price ÷ EPS = P/E 25.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Technogym SpA (TGYM)?
The dividend yield of Technogym SpA is 2.6% (payout 65.5%). 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 SpA (TGYM)?
The net margin of Technogym SpA is 11.1% (last twelve months). 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 SpA (TGYM)?
The return on equity (ROE) of Technogym SpA is 41.1% (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 SpA (TGYM)?
On an EBIT basis the return on assets of Technogym SpA is 12.3% (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 SpA (TGYM)?
The operating margin of Technogym SpA is 11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Technogym SpA (TGYM)?
Revenue at Technogym SpA is growing +7.4% versus a year earlier (3y avg +12.2%). 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 Technogym SpA (TGYM)?
Earnings per share at Technogym SpA are growing +1.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Technogym SpA (TGYM) hold?
Technogym SpA 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
Nov 4, 2026