Ermenegildo Zegna N.V. (ZGN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 22, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 20, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ZGN SEC filings page.
Ermenegildo Zegna N.V. (ZGN) reported $2.2B in revenue for fiscal year 2025, up 11.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ermenegildo Zegna N.V.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ermenegildo Zegna N.V. has an operating margin of 7.3%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 51/100, indicating healthy but not exceptional operating efficiency. This is down from 8.6% the prior year.
Ermenegildo Zegna N.V.'s revenue grew 11.7% year-over-year to $2.2B, a solid pace of expansion. This earns a growth score of 42/100.
Ermenegildo Zegna N.V. carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 90/100, indicating a strong balance sheet with room for future borrowing.
Ermenegildo Zegna N.V.'s current ratio of 1.59 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.
Ermenegildo Zegna N.V. converts 13.3% of revenue into free cash flow ($299.3M). This strong cash generation earns a score of 70/100.
Ermenegildo Zegna N.V.'s ROE of 9.6% shows moderate profitability relative to equity, earning a score of 52/100. This is up from 8.4% the prior year.
Ermenegildo Zegna N.V. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Ermenegildo Zegna N.V. generates $3.40 in operating cash flow ($393.8M OCF vs $115.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Ermenegildo Zegna N.V. earns $2.76 in operating income for every $1 of interest expense ($163.7M vs $59.2M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Ermenegildo Zegna N.V. generated $2.2B in revenue in fiscal year 2025. This represents an increase of 11.7% from the prior year.
Ermenegildo Zegna N.V.'s EBITDA was $468.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.4% from the prior year.
Ermenegildo Zegna N.V. reported $115.7M in net income in fiscal year 2025. This represents an increase of 45.0% from the prior year.
Ermenegildo Zegna N.V. earned $0.45 per diluted share (EPS) in fiscal year 2025. This represents an increase of 43.6% from the prior year.
Cash & Balance Sheet
Ermenegildo Zegna N.V. generated $299.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 61.5% from the prior year.
Ermenegildo Zegna N.V. held $258.3M in cash against $190.3M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Ermenegildo Zegna N.V.'s gross margin was 67.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
Ermenegildo Zegna N.V.'s operating margin was 7.3% in fiscal year 2025, reflecting core business profitability. This is down 1.3 percentage points from the prior year.
Ermenegildo Zegna N.V.'s net profit margin was 5.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.
Ermenegildo Zegna N.V.'s ROE was 9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.
Capital Allocation
Ermenegildo Zegna N.V. invested $94.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 8.8% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
ZGN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $2.2B+11.7% | $2.0B-4.4% | $2.1B+31.9% | $1.6B+9.2% | $1.5B+17.9% | $1.2B-16.3% | $1.5B |
| Cost of Revenue | $731.0M+8.6% | $672.9M-10.6% | $752.5M+24.5% | $604.3M+7.7% | $561.0M | N/A | N/A |
| Gross Profit | $1.5B+13.2% | $1.3B-0.9% | $1.4B+36.4% | $992.8M+10.1% | $901.7M | N/A | N/A |
| Operating Income | $163.7M-5.2% | $172.7M-25.0% | $230.3M+45.6% | $158.1Mn/m | -$106.4Mn/m | -$27.6M-127.7% | $99.5M |
| EBITDA | $468.7M+12.4% | $416.9M-6.5% | $445.9M+29.7% | $343.7M+404.8% | $68.1M-61.2% | $175.7M-39.1% | $288.4M |
| Interest Expense | $59.2M+10.1% | $53.8M-28.6% | $75.4M+29.6% | $58.1M+17.2% | $49.6M-15.6% | $58.8M+39.7% | $42.1M |
| Income Tax | $35.9M-12.8% | $41.1M+11.2% | $37.0M-3.4% | $38.3M+10.2% | $34.7M+89.6% | $18.3M-62.7% | $49.2M |
| Net Income | $115.7M+45.0% | $79.8M-40.6% | $134.4M+144.1% | $55.1Mn/m | -$153.9Mn/m | -$61.9M-353.3% | $24.4M |
| EPS (Basic) | $0.45+39.0% | $0.32-40.8% | $0.54+130.2% | $0.24n/m | -$0.76n/m | -$0.31-347.6% | $0.12 |
| EPS (Diluted) | $0.45+43.6% | $0.31-41.5% | $0.53+136.3% | $0.22n/m | -$0.76n/m | -$0.31-347.6% | $0.12 |
| Diluted Shares (Avg) | 261M+2.8% | 254M+0.7% | 252M+4.9% | 241M+18.3% | 203M+1.0% | 201M0.0% | 202M |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.
ZGN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.3B+13.4% | $2.9B-4.2% | $3.1B+17.9% | $2.6B-6.7% | $2.8B-5.8% | $3.0B | N/A |
| Current Assets | $1.4B+11.9% | $1.2B-12.3% | $1.4B+3.6% | $1.4B-12.2% | $1.6B+3.4% | $1.5B | N/A |
| Cash & Equivalents | $258.3M+13.9% | $226.8M-30.8% | $327.7M+20.5% | $272.1M-47.7% | $520.4M+34.1% | $388.0M+64.1% | $236.5M |
| Inventory | $594.9M+10.3% | $539.3M-6.7% | $578.1M+31.5% | $439.5M+14.7% | $383.1M-2.6% | $393.2M | N/A |
| Accounts Receivable | $266.5M+3.5% | $257.5M-3.2% | $266.0M+40.3% | $189.6M+4.5% | $181.5M+6.9% | $169.8M | N/A |
| Goodwill | $650.3M+2.3% | $635.9M+0.5% | $633.0M+29.8% | $487.7M+1.3% | $481.3M+1.5% | $474.3M+0.6% | $471.5M |
| Total Liabilities | $2.1B+6.6% | $2.0B-6.9% | $2.1B+14.0% | $1.9B-11.0% | $2.1B-5.3% | $2.2B | N/A |
| Current Liabilities | $880.7M-0.2% | $882.8M-21.1% | $1.1B+20.7% | $927.5M+16.7% | $794.9M+21.4% | $654.9M | N/A |
| Non-Current Liabilities | $1.2B+11.9% | $1.0B+9.4% | $944.7M+6.7% | $885.2M-29.6% | $1.3B-16.7% | $1.5B | N/A |
| Long-Term Debt | $190.3M-6.4% | $203.3M+62.2% | $125.3M-36.6% | $197.8M-62.9% | $533.8M-21.9% | $683.3M | N/A |
| Total Equity | $1.2B+27.6% | $948.3M+2.0% | $929.5M+28.0% | $726.3M+6.7% | $680.4M-7.5% | $736.0M-10.2% | $819.3M |
| Retained Earnings | N/A | N/A | N/A | $565.2M+0.2% | $564.3M-48.3% | $1.1B | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments.
ZGN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $393.8M+36.3% | $288.9M-5.2% | $304.6M+94.5% | $156.6M-50.8% | $318.2M+266.9% | $86.7M-55.6% | $195.5M |
| Depreciation & Amortization | $305.0M+24.9% | $244.2M+13.3% | $215.7M+16.2% | $185.6M+6.4% | $174.5M-14.1% | $203.3M+7.6% | $188.8M |
| Capital Expenditures | $94.5M-8.8% | $103.6M+64.2% | $63.1M+20.1% | $52.5M-41.8% | $90.2M+166.9% | $33.8M-34.7% | $51.8M |
| Free Cash Flow | $299.3M+61.5% | $185.3M-23.3% | $241.5M+132.1% | $104.1M-54.4% | $228.0M+330.8% | $52.9M-63.2% | $143.7M |
| Investing Cash Flow | -$129.0Mn/m | -$130.4M-641.2% | $24.1Mn/m | -$61.3Mn/m | -$92.8M-182.0% | $113.2M+20.1% | $94.3M |
| Financing Cash Flow | -$252.4Mn/m | -$242.8Mn/m | -$277.1Mn/m | -$317.7Mn/m | -$72.6Mn/m | -$60.0Mn/m | -$300.3M |
| Dividends Paid | $35.8M+14.1% | $31.4M+13.2% | $27.7M+18.4% | $23.4M+20149.9% | $115Kn/m | $0n/m | $0 |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
ZGN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 67.5%+0.9pp | 66.6%+2.3pp | 64.3%+2.1pp | 62.2%+0.5pp | 61.6% | N/A | N/A |
| Operating Margin | 7.3%-1.3pp | 8.6%-2.4pp | 10.9%+1.0pp | 9.9%+17.2pp | -7.3%-5.1pp | -2.2%-8.9pp | 6.7% |
| Net Margin | 5.1%+1.2pp | 4.0%-2.4pp | 6.4%+2.9pp | 3.5%+14.0pp | -10.5%-5.5pp | -5.0%-6.6pp | 1.7% |
| Return on Equity | 9.6%+1.2pp | 8.4%-6.1pp | 14.5%+6.9pp | 7.6%+30.2pp | -22.6%-14.2pp | -8.4%-11.4pp | 3.0% |
| Return on Assets | 3.5%+0.8pp | 2.7%-1.7pp | 4.4%+2.3pp | 2.1%+7.6pp | -5.5%-3.4pp | -2.1% | N/A |
| Current Ratio | 1.59+0.2x | 1.41+0.1x | 1.27-0.2x | 1.48-0.5x | 1.97-0.3x | 2.31 | N/A |
| Debt-to-Equity | 0.16-0.1x | 0.21+0.1x | 0.13-0.1x | 0.27-0.5x | 0.78-0.1x | 0.93 | N/A |
| Liabilities-to-Equity | 1.75-0.3x | 2.09-0.2x | 2.29-0.3x | 2.57-0.5x | 3.09+0.1x | 3.01 | N/A |
| Asset Turnover | 0.680.0x | 0.690.0x | 0.69+0.1x | 0.62+0.1x | 0.53+0.1x | 0.42 | N/A |
| FCF Margin | 13.3%+4.1pp | 9.2%-2.3pp | 11.5%+4.9pp | 6.5%-9.1pp | 15.6%+11.3pp | 4.3%-5.4pp | 9.7% |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ermenegildo Zegna N.V. ZGN | FY2025 | $2.2B | $115.7M | 5.1% | $3.7B | 58/100 |
| Under Armour, Inc. UA | FY2026 | $5.0B | -$495.6M | -10.0% | $2.0B | 32/100 |
| Under Armour, Inc. UAA | FY2026 | $5.0B | -$495.6M | -10.0% | $2.1B | 32/100 |
| PVH Corp. PVH | FY2025 | $9.0B | $25.3M | 0.3% | $3.9B | 41/100 |
| Columbia Sportswear Co COLM | FY2025 | $3.4B | $177.2M | 5.2% | $3.2B | 58/100 |
Where Ermenegildo Zegna N.V. Ranks
Frequently Asked Questions
What is Ermenegildo Zegna N.V.'s annual revenue?
Ermenegildo Zegna N.V. (ZGN) reported $2.2B in total revenue for fiscal year 2025. This represents a 11.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ermenegildo Zegna N.V.'s revenue growing?
Ermenegildo Zegna N.V. (ZGN) revenue grew by 11.7% year-over-year, from $2.0B to $2.2B in fiscal year 2025.
Is Ermenegildo Zegna N.V. profitable?
Yes, Ermenegildo Zegna N.V. (ZGN) reported a net income of $115.7M in fiscal year 2025, with a net profit margin of 5.1%.
What is Ermenegildo Zegna N.V.'s EBITDA?
Ermenegildo Zegna N.V. (ZGN) had EBITDA of $468.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ermenegildo Zegna N.V. have?
As of fiscal year 2025, Ermenegildo Zegna N.V. (ZGN) had $258.3M in cash and equivalents against $190.3M in long-term debt.
What is Ermenegildo Zegna N.V.'s gross margin?
Ermenegildo Zegna N.V. (ZGN) had a gross margin of 67.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ermenegildo Zegna N.V.'s operating margin?
Ermenegildo Zegna N.V. (ZGN) had an operating margin of 7.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ermenegildo Zegna N.V.'s net profit margin?
Ermenegildo Zegna N.V. (ZGN) had a net profit margin of 5.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ermenegildo Zegna N.V.'s return on equity (ROE)?
Ermenegildo Zegna N.V. (ZGN) has a return on equity of 9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ermenegildo Zegna N.V.'s free cash flow?
Ermenegildo Zegna N.V. (ZGN) generated $299.3M in free cash flow during fiscal year 2025. This represents a 61.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ermenegildo Zegna N.V.'s operating cash flow?
Ermenegildo Zegna N.V. (ZGN) generated $393.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ermenegildo Zegna N.V.'s total assets?
Ermenegildo Zegna N.V. (ZGN) had $3.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ermenegildo Zegna N.V.'s capital expenditures?
Ermenegildo Zegna N.V. (ZGN) invested $94.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Ermenegildo Zegna N.V.'s current ratio?
Ermenegildo Zegna N.V. (ZGN) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
What is Ermenegildo Zegna N.V.'s debt-to-equity ratio?
Ermenegildo Zegna N.V. (ZGN) had a debt-to-equity ratio of 0.16 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
What is Ermenegildo Zegna N.V.'s liabilities-to-equity ratio?
Ermenegildo Zegna N.V. (ZGN) had a liabilities-to-equity ratio of 1.75 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
What is Ermenegildo Zegna N.V.'s return on assets (ROA)?
Ermenegildo Zegna N.V. (ZGN) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ermenegildo Zegna N.V.'s P/E ratio?
Ermenegildo Zegna N.V. (ZGN) trades at 32.2x earnings, its market capitalization divided by $115.7M net income, FY2025. The market capitalization is $3.7B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ermenegildo Zegna N.V.'s price-to-sales ratio?
Ermenegildo Zegna N.V. (ZGN) trades at 1.7x sales, its market capitalization divided by $2.2B revenue, FY2025. The market capitalization is $3.7B as of Oct 22, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Ermenegildo Zegna N.V.'s Piotroski F-Score?
Ermenegildo Zegna N.V. (ZGN) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ermenegildo Zegna N.V.'s earnings high quality?
Ermenegildo Zegna N.V. (ZGN) has an earnings quality ratio of 3.40x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ermenegildo Zegna N.V. cover its interest payments?
Ermenegildo Zegna N.V. (ZGN) has an interest coverage ratio of 2.76x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ermenegildo Zegna N.V.?
Ermenegildo Zegna N.V. (ZGN) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.