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1. Company Snapshot

1.a. Company Description

Fincantieri S.p.A. operates in the shipbuilding industry.The company operates in three segments: Shipbuilding; Offshore and Specialized Vessels; and Equipment, Systems and Services.The Shipbuilding segment designs and constructs cruise ships; ferries, including cruise, Ro-Pax, and due fuel ferries; naval vessels, such as aircraft carriers, destroyers, frigates, corvettes, patrol vessels, amphibious and logistic support ships, multirole and research vessels, special vessels, and submarines; and mega yachts, as well as expedition cruise vessels.


The Offshore and Specialized Vessels segment designs and constructs offshore support vessels, specialized ships, and vessels for offshore wind farms and open ocean aquaculture, as well as other products in the field of drill ships and semi-submersible drilling rigs.This segment also provides electrical systems, including engineering, manufacturing, installation, integration testing, and commissioning services.The Equipment, Systems and Services segment provides stabilization, propulsion, and positioning and power generation systems; ship automation systems, steam turbines, and ship accommodation systems; entertainment systems and steel structures; cabins and public areas; catering; and electric, electronic, and electromechanical integrated systems.


This segment also offers ship repairs, refitting, refurbishment, conversions, and product lifecycle management services, as well as after-sales support services.In addition, it is involved in the dry-dock management; project management; accommodation installation; and pipe installation.Further, the company provides electrical parts, technical and logistics engineering services, and ship interiors.


It primarily serves ship owners and the defense sector worldwide.The company was founded in 1959 and is based in Trieste, Italy.Fincantieri S.p.A. is a subsidiary of CDP Industria S.p.A.

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1.b. Last Insights on FCT

Fincantieri S.p.A.'s recent performance was driven by a favorable market environment, with the pan-European STOXX Europe 600 Index experiencing a streak of weekly gains. The company's valuation appears to be trading below its estimated value, making it an attractive opportunity for investors seeking undervalued stocks. Additionally, the company's resilience amidst global trade uncertainties and potential for growth contribute to its positive outlook. Furthermore, the recent labor shortages and rising steel costs in the shipbuilding industry may benefit Fincantieri, as it could lead to increased demand for its services.

1.c. Company Highlights

2. Fincantieri Surges with Record 2025, Eyes Strong 2026

Fincantieri posted a robust 13% jump in revenue to €9.2 billion, while EBITDA climbed to €700 million, yielding a 7.4% margin. Net profit surged to €117 million, a 4× lift versus 2024, and EPS reached €0.0569 against a consensus of €0.15 (Staff, 2025 Earnings Call). The company’s P/E of 30.16 and P/S of 0.42 reflect the market’s pricing of this upside.

Publication Date: Apr -18

📋 Highlights
  • Revenue & EBITDA Growth:: Fincantieri recorded EUR 9.2 billion revenue (+13% YoY) and a 7.4% EBITDA margin, driven by cruise recovery and defense/underwater segments.
  • Record Net Profit:: Net profit surged to EUR 117 million (>4x 2024), reflecting strong operational leverage and reduced costs.
  • Order Intake & Backlog:: EUR 20.3 billion order intake and EUR 63.2 billion total backlog ensure robust growth visibility for 2026 and beyond.
  • Financial Strength:: Net debt-to-EBITDA ratio improved to 2.7x (under 2025 guidance), supported by a EUR 500 million capital increase.
  • 2026 Guidance Confirmed:: Revenue of EUR 9.2-9.3 billion and EBITDA of EUR 700 million, with net profit expected to exceed 2025 levels due to margin expansion.

Revenue & EBITDA Momentum

The cruise division’s structural evolution and rising defense orders underpin the 13% revenue lift. EBITDA margin improvement was driven by higher contribution from the defense and underwater segments, reinforcing operational efficiency across the portfolio.

Profitability Surge

Net profit’s €117 million record, more than quadruple 2024 levels, showcases disciplined cost management and higher-margin contracts. The 7.4% EBITDA margin indicates a healthy bottom line that should sustain through the upcoming year.

Backlog & Order Intake Strength

Order intake hit an all‑time €20.3 billion, with a €63.2 billion backlog, offering a clear runway for future revenue. This volume cushion positions the firm to capture upcoming defense and cruise opportunities.

Capital Structure & Debt Position

Net debt-to-EBITDA improved to 2.7×, ahead of guidance, and a €500 million capital increase boosts financial flexibility. The firm’s debt profile remains solid, supporting selective inorganic growth.

Defense & Underwater Growth Engines

The EPC, WASS, and Remazel programs are gaining traction, with new orders from India and Saudi Arabia. Fincantieri’s underwater business is expanding capacity to meet rising demand, while the naval pipeline sits at €32.5 billion.

2026 Outlook & Guidance

Management reiterates 2026 guidance: revenues of €9.2‑9.3 billion and EBITDA near €700 million, with net profit expected to rise. Focus will remain on margin expansion, leveraging the backlog and new defense contracts such as the LSM series.

Valuation Snapshot

With a P/E of 30.16 and a P/S of 0.42, the stock trades near the upper end of industry peers, reflecting confidence in continued margin improvement. EV/EBITDA at -5.53 signals a low valuation multiple, while ROE of 16.95% underscores solid equity returns.

3. NewsRoom

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A&K Travel Group Holdings Ltd. Pricing of $700 Million Senior Notes due 2033

Apr -30

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Fincantieri to Build Spectre, a New Class of High-Speed Unmanned Surface Vessel

Apr -20

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Princess Cruises Announces Voyager Class Order

Apr -15

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Fincantieri Secures First U.S. Navy Contract for LSM Program

Apr -15

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How The Fincantieri (BIT:FCT) Investment Story Is Shifting After The Fair Value Reset

Mar -28

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Fincantieri SpA (FNCNF) Q4 2025 Earnings Call Highlights: Record Profits and Strategic Growth ...

Mar -25

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Viking Announces Float Out of the World’s First Hydrogen-Powered Cruise Ship

Mar -19

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Can BigBear.ai's Strategic Partnerships Expand Its Defense Reach?

Mar -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.08%)

6. Segments

Shipbuilding

Expected Growth: 6%

Fincantieri S.p.A.'s 6% growth in shipbuilding is driven by increasing global demand for eco-friendly and technologically advanced vessels, rising investments in offshore wind farms, and growing cruise industry capacity. Additionally, the company's strategic partnerships, innovative designs, and cost-effective production processes contribute to its growth momentum.

Offshore and Specialized Vessels

Expected Growth: 5%

Fincantieri's Offshore and Specialized Vessels segment growth is driven by increasing demand for oil and gas exploration, rising investment in renewable energy, and growing need for specialized vessels in the offshore wind industry. Additionally, the company's strong order book, technological advancements, and strategic partnerships contribute to its growth momentum.

Equipment, Systems and Infrastructures

Expected Growth: 8%

Fincantieri's 8% growth in Equipment, Systems and Infrastructures is driven by increasing demand for naval defense and commercial shipbuilding, backed by government investments in maritime security and infrastructure development. Additionally, the company's focus on innovation, digitalization, and sustainability is enhancing its competitiveness, leading to market share gains and new contract wins.

Other Activities

Expected Growth: 4%

Fincantieri's Other Activities segment, with 4% growth, is driven by increasing demand for naval systems and equipment, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation and R&D investments in areas like cybersecurity and digitalization are contributing to growth.

7. Detailed Products

Cruise Ships

Fincantieri designs and builds luxury cruise ships for top cruise lines, offering bespoke solutions for unique passenger experiences.

Naval Vessels

Fincantieri constructs naval vessels, including frigates, corvettes, and submarines, for national navies and coast guards.

Ferries and Ro-Pax Vessels

Fincantieri builds ferries and Ro-Pax vessels for passenger and cargo transportation, offering efficient and comfortable travel solutions.

Offshore and Special Vessels

Fincantieri designs and builds specialized vessels for offshore oil and gas, wind farms, and other industries, meeting unique operational requirements.

Ship Repair and Conversion

Fincantieri provides repair, maintenance, and conversion services for all types of vessels, ensuring optimal performance and extending vessel lifecycles.

Systems and Components

Fincantieri develops and supplies advanced systems and components for the naval and maritime industries, including propulsion, electrical, and automation systems.

8. Fincantieri S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Fincantieri S.p.A. is medium due to the presence of alternative shipbuilding companies and the increasing competition from emerging markets.

Bargaining Power Of Customers

The bargaining power of customers for Fincantieri S.p.A. is low due to the company's strong reputation and the complexity of the products it offers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Fincantieri S.p.A. is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Fincantieri S.p.A. is low due to the high barriers to entry in the shipbuilding industry and the company's established position.

Intensity Of Rivalry

The intensity of rivalry for Fincantieri S.p.A. is high due to the presence of several established competitors and the ongoing competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 87.69%
Debt Cost 8.87%
Equity Weight 12.31%
Equity Cost 10.35%
WACC 9.05%
Leverage 712.47%

11. Quality Control: Fincantieri S.p.A. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Avon Protection

A-Score: 5.1/10

Value: 1.7

Growth: 5.6

Quality: 4.0

Yield: 3.8

Momentum: 9.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Fincantieri

A-Score: 4.5/10

Value: 3.8

Growth: 9.4

Quality: 2.5

Yield: 0.0

Momentum: 10.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Lisi

A-Score: 4.5/10

Value: 3.4

Growth: 5.0

Quality: 3.9

Yield: 1.2

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Montana Aerospace

A-Score: 4.3/10

Value: 3.6

Growth: 7.4

Quality: 4.8

Yield: 0.0

Momentum: 8.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Senior

A-Score: 4.2/10

Value: 4.3

Growth: 3.7

Quality: 3.9

Yield: 0.6

Momentum: 7.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Exail

A-Score: 3.2/10

Value: 1.1

Growth: 5.1

Quality: 2.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.92$

Current Price

11.92$

Potential

-0.00%

Expected Cash-Flows