Stevanato Group S.p.A. STVN
NYSEMedical instruments and suppliesFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| €B | Dec 31 | Sep 30 |
|---|---|---|
| Cash | 0.1 | 0.1 |
| Securities | 0.0 | 0.0 |
| Debt | 0.5 | 0.5 |
| Net cash | -0.3 | -0.3 |
| Equity | 1.5 | 1.6 |
- Debt / EBITDA
- 1.49×
- Debt / equity
- 0.29×
- Leases (9/30/26)
- €11M
- Diluted shares
- 273M
- Book value / share
- €5.84
- Price / book
- 2.1×
- Net cash / share
- −€1.26
- Market cap
- €3.3B
- Enterprise value
- €3.6B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 7.6% | -1.6 pts | |
| Operating margin | 18.5% | +1.1 pts | |
| FCF margin | 6.6% | +6.9 pts | |
| Capex / revenue | 11.1% | -4.8 pts | |
| High-value solutions revenue | €149M | +1% | |
| BDS gross profit margin | 32.1% | – | |
| Other containment and delivery revenue | €145M | +22% | |
| Annual high-value solutions revenue · 12/31/25 | €546M | +29% | |
| Annual BDS gross profit margin · 12/31/25 | 31.5% | +2.8 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About STVN
Stevanato supplies injectable-drug containers, delivery devices and pharmaceutical manufacturing equipment. In 2025, high-value solutions generated 46.1% of revenue, other containment and delivery 41.5%, and Engineering 12.5%.
- Design In Qualification
Primary packaging is part of the drug product and regulatory filing, so supplier changes require requalification; a July-announced regulatory approval incorporating both Alina and Stevanato cartridges demonstrates current design-in rather than a merely theoretical barrier.
- Capex Knowhow Scale
High-value products use proprietary manufacturing processes and command disclosed premium pricing.
- Design In Qualification
Even for more standard components, regulatory filings and qualification create switching friction and favor incumbent suppliers.
- Aug 4, 2026
Stevanato narrowed FY2026 revenue guidance from EUR 1.260–1.290 billion to EUR 1.260–1.280 billion following the Balda sale, with stronger core demand and less currency pressure.
- Jul 30, 2026
Stevanato announced European marketing authorizations for liraglutide combinations using its Alina pen and cartridge technology, adding evidence of commercial design-in.
- Jun 30, 2026
Stevanato sold Balda C. Brewer for USD 6.724 million before closing adjustments; the EUR 12.232 million disposal loss and transaction costs reduced Q2 profit while removing a diagnostic contract-manufacturing business.
- Jun 30, 2026 · One-off charge −€12M
Sale of Balda C. Brewer caused a EUR 10.777 million loss on deconsolidation and EUR 1.455 million of advisor, legal and transaction bonus costs. No tax benefit was recognized on the disposal loss; the subsidiary was wholly owned. This is one disposal event, distinct from continuing plant start-up and optimization costs.
- Jun 8, 2026
Stevanato introduced Deora, a fixed-dose pen injector for diabetes and weight management, broadening its integrated cartridge and device offer.
Ownership
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On this page
Financial record
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2019–25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Per share (€) | ||||||||||
| Revenue | 2.23 | 2.75 | 3.34 | 3.72 | 4.10 | 4.07 | 4.35 | 4.57 | +11.8%/yr | |
| Cash flow | 0.18 | 0.65 | 0.53 | 0.39 | 0.40 | 0.57 | 1.05 | 0.95 | +34.5%/yr | |
| Earnings | 0.16 | 0.33 | 0.53 | 0.54 | 0.55 | 0.43 | 0.51 | 0.51 | +21.0%/yr | |
| Free cash flow | -0.13 | 0.25 | 0.08 | -0.53 | -1.27 | -0.58 | 0.04 | -0.03 | – | |
| Capex | 0.31 | 0.40 | 0.45 | 0.92 | 1.67 | 1.16 | 1.01 | 0.98 | +21.9%/yr | |
| Dividends | 0.03 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | +13.2%/yr | |
| Book value | 1.10 | 1.29 | 3.33 | 3.76 | 4.27 | 5.18 | 5.45 | 5.84 | +30.5%/yr | |
| Diluted shares (M) | 241 | 241 | 253 | 265 | 265 | 271 | 273 | 273 | +2.1%/yr | |
| Totals (€B) | ||||||||||
| Revenue | 0.5 | 0.7 | 0.8 | 1.0 | 1.1 | 1.1 | 1.2 | 1.2 | +14.1%/yr | |
| Operating income | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | +21.4%/yr | |
| Net income | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | +23.6%/yr | |
| Free cash flow | -0.0 | 0.1 | 0.0 | -0.1 | -0.3 | -0.2 | 0.0 | -0.0 | – | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | +15.6%/yr | |
| Net cash | -0.3 | -0.2 | 0.2 | 0.0 | -0.3 | -0.3 | -0.3 | -0.3 | −€0.1B | |
| Margins & returns (%) | ||||||||||
| Gross margin | 25.7 | 29.3 | 31.4 | 32.5 | 31.3 | 27.4 | 29.0 | 29.2 | +3.3 pts | |
| Operating margin | 11.6 | 15.6 | 19.2 | 19.6 | 18.5 | 14.6 | 16.8 | 16.7 | +5.2 pts | |
| Net margin | 7.3 | 11.9 | 15.9 | 14.5 | 13.4 | 10.7 | 11.8 | 11.2 | +4.5 pts | |
| FCF margin | -5.8 | 9.0 | 2.4 | -14.2 | -31.0 | -14.3 | 0.9 | -0.7 | +6.8 pts | |
| ROIC | 8.8 | 14.5 | 18.5 | 14.9 | 10.4 | 7.0 | 8.2 | 8.0 | -0.6 pts | |
| Return on equity | 14.8 | 25.3 | 16.0 | 14.3 | 12.9 | 8.4 | 9.4 | 8.8 | -5.4 pts | |
| R&D % of revenue | 1.5 | 2.6 | 3.5 | 3.5 | 3.3 | 2.9 | 2.1 | 1.9 | +0.7 pts | |
| Stock pay % of revenue | 0.0 | 0.0 | 0.2 | 0.9 | 0.2 | 0.2 | 0.1 | 0.3 | +0.1 pts | |
| Capex % of revenue | 13.8 | 14.5 | 13.4 | 24.7 | 40.7 | 28.4 | 23.2 | 21.4 | +9.4 pts | |
Change uses 2019 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2019 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- High-Value Solutions46.1%2 claims
- Other Containment and Delivery Solutions41.5%1 claim
- Engineering12.5%No moat
Moat claims
- Applies to
- High-Value Solutions
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 9, 2026
Primary packaging is part of the drug product and regulatory filing, so supplier changes require requalification; a July-announced regulatory approval incorporating both Alina and Stevanato cartridges demonstrates current design-in rather than a merely theoretical barrier.
Q2 high-value revenue reached EUR 135.9 million, up a reported 16%, and a customer obtained European approvals for an Alina pen and Stevanato cartridge combination; commercial drug approvals extend the installed qualification base.
- High-value solutions revenue€149M+1%
- Annual high-value solutions revenue€546M+29%
- Dual-sourcing reduces lock-in
- Competing container formats/materials (polymer, alternative delivery)
- Major customers use purchasing leverage
- FilingStevanato Group S.p.A. Form 20-F (FY ended December 31, 2025)Mar 4, 2026
- FilingStevanato Group S.p.A. Form 20-F (FY ended December 31, 2025)Mar 4, 2026
- FilingStevanato Group S.p.A. Form 6-K (Q2 2026 results)Aug 4, 2026
- Applies to
- High-Value Solutions
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 9, 2026
High-value products use proprietary manufacturing processes and command disclosed premium pricing. Q2 high-value revenue growth of 16% supports differentiated demand, but capable glass-packaging rivals and costly plant ramps limit the strength score.
High-value revenue increased a reported 16% in Q2, but BDS gross margin was 31.1%, down 10 basis points: stronger plant output has yet to prove a widening cost advantage after depreciation and utility costs.
- High-value solutions revenue€149M+1%
- Annual high-value solutions revenue€546M+29%
- BDS gross profit margin32.1%
- Annual BDS gross profit margin31.5%+2.8 pts
- Competitor capacity additions narrow supply tightness
- Process innovations diffuse over time
- Execution risk in ramping new plants/lines
- FilingStevanato Group S.p.A. Form 20-F (FY ended December 31, 2025)Mar 4, 2026
- FilingStevanato Group S.p.A. Form 20-F (FY ended December 31, 2025)Mar 4, 2026
- Applies to
- Other Containment and Delivery Solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 9, 2026
Even for more standard components, regulatory filings and qualification create switching friction and favor incumbent suppliers.
Q2 other containment and delivery revenue was EUR 130.3 million, up a reported 3%, partly due to variable customer-contract compensation; this supports continuity, but gives no evidence of stronger qualification protection.
- Other containment and delivery revenue€145M+22%
- Annual other containment and delivery revenue€492M-4%
- Standard components commoditize
- Customers qualify multiple suppliers
- FilingStevanato Group S.p.A. Form 20-F (FY ended December 31, 2025)Mar 4, 2026
Profile change log
- Nov 11, 2026 · analyst revision
Reconciled current-quarter operating evidence and guidance; added the latest demand and capital-allocation counterevidence without changing moat strength ratings.
- Oct 9, 2026 · business change
Stevanato acquired Perugini’s industrial consumables and machine-component business, bringing critical production components into its manufacturing process.
- Oct 9, 2026 · analyst revision
Clarified annual versus quarterly category growth, added standard containment revenue history and the unresolved financial-control risk, and removed market leader lists that lacked a ranking across the full product scope. Moat strengths and segment evidence status are unchanged.
- Oct 9, 2026 · business change
Stevanato narrowed FY2026 revenue guidance from EUR 1.260–1.290 billion to EUR 1.260–1.280 billion following the Balda sale, with stronger core demand and less currency pressure.
- Oct 9, 2026 · business change
Stevanato announced European marketing authorizations for liraglutide combinations using its Alina pen and cartridge technology, adding evidence of commercial design-in.
- Oct 9, 2026 · business change
Stevanato sold Balda C. Brewer for USD 6.724 million before closing adjustments; the EUR 12.232 million disposal loss and transaction costs reduced Q2 profit while removing a diagnostic contract-manufacturing business.
- Oct 9, 2026 · business change
Stevanato introduced Deora, a fixed-dose pen injector for diabetes and weight management, broadening its integrated cartridge and device offer.
- Oct 9, 2026 · business change
Franco Stevanato returned as CEO, adding executive responsibility to his chairmanship while the family retains voting control.
- Oct 9, 2026 · analyst revision
Replaced quarter-only segment weights with FY2025 reported category revenues; added sourced trajectories, investment debate, management and shared market profiles. Claim strengths and Engineering’s verified no-moat status are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Injectable drug containment, delivery and diagnostic consumables
Global primary containers for injectable drugs, injection and inhalation delivery devices, associated analytical and development/manufacturing services, and diagnostic consumables. Includes ready-to-use and standard products; excludes finished medicines, drug ingredients and manufacturing machinery.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| STVN | 58 | 29.2% | 16.7% | |
| Industry median | 10 | 82 | 61.0% | 19.8% |
| Sector median | 55 | 76 | 61.5% | 17.3% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Biologics, biosimilars and diabetes/obesity treatments need compatible containers and delivery devices. This raises demand for high-performance syringes and cartridges, but customer molecule success still determines volumes.
- Drug makers increasingly outsource washing and sterilization to ready-to-use suppliers, shifting value from basic glass to validated processes and dependable manufacturing.
- Self-administration supports pen injectors, autoinjectors and wearable delivery devices; a container designed into a device can retain sales through the drug’s commercial life.
- Drug demand has relatively low direct economic sensitivity, while biotechnology funding and customer inventory corrections create moderate order cyclicality. Rates have a moderate effect on capacity funding; currency and utilities can materially affect reported profit.
- Large drug makers can qualify more than one supplier and use purchasing power to limit price increases; a costly qualification process protects a program without guaranteeing all its volumes.
- Competing suppliers are adding sterile capacity. Excess capacity or a slower medicine launch can lower plant utilization and delay cash returns.
- Glass quality, extractables, sterility and device reliability affect patient safety. A recall or failed qualification can cost sales and damage trust.
- GLP-1 concentration links demand to a small set of therapies, manufacturers, reimbursement decisions and competing drug formats. Sector growth does not ensure every supplier wins.
- Currency translation, trade duties, utility prices and wage inflation can outweigh mix gains. Longer machinery-life assumptions can improve accounting margins while cash capital needs remain.
Bulls & bears
Can high-value packaging and qualified delivery devices turn new plant capacity into sustained cash returns after depreciation, without customer concentration or competing capacity eroding prices?
Arguments
What to watch
- 1High-value revenue and BDS gross profit margin
- 2Cash purchases of PPE and intangibles versus operating cash flow
- 3New commercial device approvals and Engineering external sales
Next check: Next reported quarter and subsequent issuer announcements: High-value revenue, GLP-1 customer volumes and new-plant utilization. The next release date is not inferred from the prior reporting calendar.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 58/100 by <a href="https://www.findmymoat.com/stocks/XNYS:STVN">Find My Moat</a> (as of September 2026)Curation & Accuracy
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