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Azimut Holding S.p.A.

AZIHF
76
Asset Management · Financial Services
Exchange
Other OTC
Winston Score
76
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Good
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Strong
Dividends
Exceptional
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Winston Score History

The full picture

Azimut Holding S.p.A. is an Italian asset management company that helps individuals and businesses invest their money. It offers mutual funds, portfolio management, and financial planning services, mainly to retail and high-net-worth clients. Founded in 1989 and headquartered in Milan, it is one of Italy's largest independent asset managers, meaning it is not owned by a bank.

Azimut makes money by charging fees based on the assets it manages, plus performance fees when its funds beat certain targets. It operates primarily in Italy but has expanded into over 18 countries, including Brazil, Australia, and parts of Asia and the Middle East, giving it a more global footprint than most European peers. Its independence from banks is a competitive advantage, as it avoids conflicts of interest in product recommendations. The main risk is that falling financial markets reduce the value of assets under management, which directly shrinks the fees Azimut collects.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-6.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

3.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$9.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Azimut Holding S.p.A. is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
67.5%
Premium pricing power — 67.5% gross margin
Profit after running costs
Operating Margin
43.7%
Excellent — 43.7% operating margin
Return on the money invested
ROCE
34.5%
Exceptional — 34.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+22.9%
Fast-growing sales (+22.9% YoY)
Profit growth
EPS YoY
+7.2%
Modest earnings growth (+7.2% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
219%
Turns 219% of profit into real cash
Spare cash per sale
FCF Margin
22.4%
Converts sales into free cash efficiently (22.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
53.71x
Comfortably covers interest (53.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.3x
no trend
Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
5.16%
no trend
Healthy income — 5.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+34.6%
no trend
Dividend growing fast (34.6% YoY)

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