Exor N.V.

EXO.AS

Financial - Diversified · Financial Services

Price

€71.20

+1.50 (+2.15%)

Market Cap

€23.40B

Exchange

Euronext Amsterdam

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Data not available

Stability

Good

Valuation

Data not available

Dividends

Mixed

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Share count falling — buybacks

−10.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 231.7M (2021) → 207.6M (2025)

Winston Score History

The full picture

Exor N.V. is a Dutch holding company controlled by the Agnelli family of Italy. It owns large stakes in several well-known businesses, including Stellantis (the automaker behind Jeep, Fiat, and Peugeot), Ferrari, CNH Industrial (which makes farm equipment and trucks), and the reinsurance giant PartnerRe. Think of Exor as a family-owned investment fund that holds pieces of big companies rather than making or selling products itself.

Exor makes money through dividends, capital gains, and the rising value of its investments. It is headquartered in Amsterdam and has a global reach through its portfolio companies, which operate across Europe, North America, and beyond. Its main competitive advantage is its long-term ownership mindset and the Agnelli family's deep ties to European industry, which gives it access to deals most investors cannot get. The key risk is concentration — a large portion of Exor's value is tied to the auto sector, which faces pressure from the shift to electric vehicles and slowing global car demand.

Growth Profile

For growth stock investors

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

Revenue Growth

<−1,000% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

58.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

€37.0B cash & investments at current burn rate

Revenue declining

Exor N.V.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

102.6%

Excellent — 102.6% operating margin

Return on the money invested

ROCE

-10.9%

Weak — -10.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-123.3%

Shrinking sales (-123.3% YoY)

Profit growth

EPS YoY

-127.3%

Earnings shrinking (-127.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.70%

Small dividend — 0.70% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.3%

Dividend growing modestly (9.3% YoY)

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