Rankings Pharma & medtech Amplifon
Amplifon
70
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Growth and margin−8
- Capital allocation−6
- ROIC−4
Strengths
- Operational improvement+1
- Diversified customer base+1
How the score is built
From 100 to 70, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 11.54 EUR
- Median analyst target
- 14.00 EUR
- Upside to median
- +21.3%
- Analysts
- 17
- Target range
- 11.10 – 20.00 EUR
- 52-week change
- −22%
- P/E (trailing)
- 36.8
- Forward P/E
- 13.5
- PEG
- 1.50
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−18 of −30
- −8Growth and marginRevenue is flat (€2,409m in 2024, 2,396 in 2025, 2,401 TTM), and operating margin has fallen from 13.6% in 2021 to 10.3%; net income has fallen from €179m (2022) to €72m TTM and EPS from 0.79 to €0.31 – smaller and weaker.
- −4ROICROIC has fallen every year from 9.5% (2021) to 6.3% TTM and is now below the WACC of 7.0%; ROE has fallen from 18.9% to 5.7%.
- −6Capital allocationThe purchase of GN Hearing for €2.3bn (about 14x EBITDA 2025) is financed with up to €1bn of debt, a share issue of €453m at €10 per share (about 20% of capital) and 56m shares to GN; at the same time own shares were bought for €108m in 2025 at far higher prices. Barclays expects about 3% EPS dilution in 2027.
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyForward P/E 15.2 vs 17.1–49.1 in 2021–25 and EV/EBITDA 8.9 vs 13.0–30.3 are record lows, but trailing P/E 38.8 is mid-range in 33.1–67.6, because reported EPS has fallen 60%. EV does not include the GN debt and the 56m new shares.
- −1Absolute price levelFCF after leases of €230m TTM gives about a 7% yield on the current market cap, but about 5.9% after the issue of 56m shares to GN; earnings yield on reported EPS only 2.6%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−11 of −35
- −4Suppliers become competitorsWith GN Hearing, Amplifon becomes a manufacturer itself and competes with its largest suppliers: Sonova and Demant supply about 20% and 15% of the products. The retail business has so far been supplier-neutral.
- −4Integration and debtPro forma debt/EBITDA rises to about 2.7x after closing; net debt incl. leases is already 1.07 bn € and Altman Z 1.6. Integrating a manufacturer with its own sales channel is a new business area, and closing awaits regulatory approval.
- −3Execution and guidanceQ4 2025 disappointed, and 2026 guidance was withdrawn on 5/3 2026 (stock −13%); the share price has fallen over 75% from its peak above 34 € in 2024, and the Fit4Growth programme is closing about 250 clinics (−3.5% on revenue in Q2).
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Operational improvementOrganic growth of 4.7% in Q2 2026 – the highest in two years – and adjusted EBITDA margin up 90 bp to 25.8% with progress in all regions; guidance of organic growth above 3% and about 100 bp margin improvement maintained.
- +1Diversified customer baseThousands of clinics in EMEA, the Americas and APAC with private customers and public subsidy schemes; no customer concentration, and all three regions increased margin in Q2.
Caveats
What the score does not capture, or where the data is weak.
Hearing aid chain (clinic and retail network), placed under Medicine & medtech like Demant and GN; Health insurance & services was the alternative. Stockanalysis' share count change (+2.5%) is misleading: 45.3m new shares were issued in May 2026 (about +20%), and 56m more shares go to GN Store Nord at closing (general meeting 29/10) – in total about 45% more shares than in 2025. Market cap (€3.2bn) and EV include neither the GN shares nor up to €1bn of new debt. Forward P/E 15.2 is based on adjusted EPS; reported EPS is €0.31 TTM (trailing P/E 38.8). FCF after leasing (€230m TTM) is used, as the clinics are leased. S&P's rating (BB+ stable according to news coverage) is not confirmed in a primary source. The GN deal still requires competition approval. Q3 comes 29/10.
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