Stock

Iveco Group N.V.

IVG.MI

Auto - Manufacturers · Consumer Cyclical

Price

€14.04

+0.04 (+0.29%)

Market Cap

€3.74B

Exchange

Italian Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Sep 6, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−1.4% over 4y

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

Diluted shares outstanding: 271.0M (2021) → 267.3M (2025)

§Winston Score History

The full picture

Iveco Group is a European manufacturer of commercial vehicles, buses, and specialty vehicles. Its brands include IVECO (trucks and vans), Heuliez Bus, and IVECO Defence Vehicles, serving logistics companies, public transit operators, and military customers. The company was spun off from CNH Industrial in 2022 and is headquartered in Turin, Italy.

Iveco makes money by selling vehicles and providing aftermarket parts, services, and financing. It operates mainly in Europe, Latin America, and Africa, with a strong position in medium and heavy trucks across those regions. The company is investing in alternative powertrains, including natural gas, battery-electric, and hydrogen fuel cell vehicles, which represents a key growth opportunity. However, thin operating margins and exposure to economic cycles in commercial vehicle demand remain notable risks.

Score breakdown

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Quality

Profit per sale

Gross Margin

13.3%

Thin — 13.3% gross margin

Profit after running costs

Operating Margin

3.7%

Thin — 3.7% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-7.4%

Shrinking sales (-7.4% YoY)

Profit growth

EPS YoY

+321.7%

Earnings growing fast (+321.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

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

31%

Weak — only 31% of profit becomes cash

Spare cash per sale

FCF Margin

-2.2%

Burning cash (-2.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.41

Heavy debt load (2.41)

Covers its interest

Interest Cover

1.42x

Dangerous — barely covers interest (1.4x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

2.8x

Attractive valuation — P/E 2.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-8.5

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.35%

Moderate income — 2.35% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

N/A

Data not available

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