One-glance verdict
Within fair range
$6.90 our estimate vs market $6.77
2% below our estimate
Fundamentals snapshot
Davide Campari-Milano N.V.
DVDCF · PNK · Consumer Defensive · Beverages - Wineries & Distilleries
Current price
$6.77
52-week range
$6.07 - $7.90
Market cap
$8.12B
Balance sheet
Watch
5.72x Adequate
Net debt $2.41B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 6.7% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 3/10 years.
- Risk Net debt grew 37.8% over 3 years.
- Risk Operating margin compressed from 20.4% to 17.4% over 3 years.
What this company does
Davide Campari-Milano N.V.
Davide Campari-Milano is a global beverage company known for its popular spirits and aperitifs (drinks served before a meal), like Aperol and Campari. The company makes its money by selling these and other well-known brands, such as Wild Turkey whiskey and Espolòn tequila, to customers all over the world. Owning many different popular brands is important because it means the company's success doesn't depend too much on a single product or country.
How the company got here
Founded in Milan, Italy, in 1860 by Gaspare Campari, the company started with its signature red aperitif, Campari. His son, Davide Campari, was instrumental in making the brand famous worldwide and in 1932 launched the first single-serve pre-mixed drink, Campari Soda. For much of its history, the company focused on this core product. Starting in the mid-1990s, Campari began a new chapter of growth by acquiring (buying) other well-known beverage brands to expand its offerings and global reach. This strategy transformed it from a single-product company into a major global player in the spirits industry.
What it actually does
Davide Campari-Milano is in the business of making and selling a wide variety of alcoholic and non-alcoholic drinks. You would recognize many of their brands on the shelves of a liquor store or behind a bar, such as Aperol (a key ingredient in the popular Aperol Spritz), SKYY Vodka, Wild Turkey bourbon, Espolòn tequila, and Grand Marnier liqueur. The company owns over 50 brands that are sold in more than 190 countries around the world. Their products range from spirits like whiskey and rum to wines and non-alcoholic aperitifs (drinks typically enjoyed before a meal).
Aperitifs
This is the company's largest and most well-known business area, making up a significant portion of its sales. It includes iconic Italian brands like Aperol and Campari, which are often enjoyed before a meal, either on their own or in cocktails like the Spritz and the Negroni. Consumers and bars purchase these products to create classic and contemporary drinks. This segment has been a major driver of the company's growth, particularly with the global popularity of the Aperol Spritz.
Agave Spirits
This segment focuses on spirits made from the agave plant, primarily tequila and mezcal. The key brand here is Espolòn tequila, which has become very popular, especially in the United States. People buy these spirits for making cocktails like margaritas or for sipping on their own. This part of the business represents a growing slice of the company's revenue, capitalizing on the increasing global demand for high-quality tequila.
Whiskey and Rum
This division includes a variety of whiskeys and rums from different parts of the world. Notable brands are Wild Turkey, an American bourbon, and Appleton Estate, a Jamaican rum. These products are sold to consumers who enjoy them straight or in mixed drinks. While a substantial part of the business, its performance can sometimes vary depending on market trends.
Other Spirits, Cognac & Champagne
This category lumps together several other types of alcoholic beverages. It includes brands like SKYY Vodka, Grand Marnier (an orange-flavored liqueur), and recently acquired Courvoisier cognac. This diverse group of products caters to a wide range of tastes and occasions, from cocktails to after-dinner drinks. It contributes a meaningful portion to the company's overall sales.
What management is betting on now
The company's main strategy is to continue growing by focusing on its most popular, high-end brands like Aperol, Campari, and Espolon. They aim to expand their sales in key markets, especially in the United States and in developing regions. Campari also continues to look for opportunities to acquire (buy) other attractive brands that fit well with their existing portfolio. This approach combines organic growth (selling more of their current products) with growth through strategic acquisitions.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $6.90 vs current price $6.77
Our most-likely fair value is $6.90 a share — about 1.9% away from today's price of $6.77, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $2.4B. Interest coverage 5.7x.
Net debt
$2.41B
Interest coverage
5.72x
Davide Campari-Milano N.V.'s profit covers its interest bill about 5.7 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
DVDCF
BASELINE
Davide Campari-Milano N.V.
Total debt $3.22B Interest coverage 5.72x This is the baseline the peer rows are being compared against.
Total debt $2.44B Interest coverage 11.18x +96% vs DVDCF Carries about 2.0x more debt cushion than DVDCF.
Total debt $7.91B Interest coverage 6.58x +15% vs DVDCF Has roughly the same debt cushion as DVDCF.
Total debt $22.20B Interest coverage 2.94x -49% vs DVDCF Carries about 1.9x less debt cushion than DVDCF.
Total debt $10.53B Interest coverage 7.92x +38% vs DVDCF Carries about 1.4x more debt cushion than DVDCF.
Total debt $882.80M Interest coverage 4.86x -15% vs DVDCF Has roughly the same debt cushion as DVDCF.
What you should know
The case for and against DVDCF
3 Rewards
2 Risks
Rewards
-
Returns 6.7% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 3/10 years.
-
Dividend yield is 1.7% with 13-year payout history.
Risks
-
Net debt grew 37.8% over 3 years.
-
Operating margin compressed from 20.4% to 17.4% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
26.04x
Forward P/E
—
P/B
1.75x
P/S
2.68x
EV/EBITDA
15.88x
PEG ratio
1.43x
Profitability
How much profit each dollar creates
Gross margin
59.7%
Operating margin
17.4%
Net margin
8.9%
ROE
6.7%
ROA
4.2%
Health
Liquidity and balance-sheet strength
Debt / equity
0.70x
Current ratio
2.58x
Quick ratio
1.01x
Total debt
$3.22B
Total cash
$816.96M
Growth
How the business has been compounding
Revenue TTM
$3.49B
Revenue 5Y CAGR
4.2%
EPS TTM
0.26
EPS 5Y CAGR
-0.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$790.07M
Free CF TTM
$446.17M
FCF margin
12.8%
Dividend
Shareholder payout
Yield
1.7%
Payout ratio
43.5%
Last ex-div date
2026-04-20