One-glance verdict
Undervalued
$60.72 our estimate vs market $44.69
Wall Street consensus: $61.13 (0.7% higher than our fair-value estimate)
26% below our estimate, below the bear case
Fundamentals snapshot
Moncler S.p.A.
MONC.MI · MIL · Consumer Cyclical · Apparel Manufacturing
Current price
$44.69
52-week range
$43.57 - $59.40
Market cap
$12.16B
Balance sheet
Healthy
21.34x Strong cushion
Net debt $93.40M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 0.7% last year.
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 3.1% with 13-year payout history.
- Risk Operating margin compressed from 29.8% to 19.0% over 3 years.
What this company does
Moncler S.p.A.
Moncler is an Italian luxury company best known for its high-end puffer jackets and outdoor wear under the Moncler and Stone Island brands. It earns most of its money by selling products directly to customers in its own stores and online, which generally allows for higher profit margins (the percentage of sales that turn into profit). This direct sales approach helps the company control its brand image and pricing power in the competitive luxury market.
How the company got here
Moncler started in 1952 in a French mountain village, making quilted sleeping bags and tents for mountaineers. The brand gained fame by outfitting major mountain expeditions, and its down jackets became the official gear for the French Olympic ski team in 1968. In the 1980s, the jackets became a fashion statement in cities, shifting the company's focus. The biggest turning point came in 2003 when Italian entrepreneur Remo Ruffini bought the company, transforming it from a sportswear maker into the global luxury brand it is today. More recently, in 2020, Moncler purchased the Italian high-end sportswear brand Stone Island to broaden its reach.
What it actually does
Moncler is a luxury fashion company that sells high-end clothing and accessories for men, women, and children. It's most famous for its iconic, puffy down jackets that are designed to be both very warm and fashionable. Beyond jackets, the company also sells a range of other apparel like sweaters, t-shirts, and pants, as well as accessories like hats, bags, and footwear. The company operates under two distinct brand names: Moncler and Stone Island.
Moncler
This is the company's main and original brand, making up the vast majority of its sales (the money it brings in from selling products). It is best known for its luxury outerwear and has a motto of being "born in the mountains, lives in the city." This segment offers several collections, including the main Moncler line, Moncler Grenoble for high-performance ski and mountain wear, and Moncler Genius, which involves collaborations with famous designers to create unique, limited-edition pieces. Customers buy these products directly from Moncler's own stores and website, or through high-end department stores.
Stone Island
Acquired by Moncler in 2020, Stone Island is an Italian brand known for its high-end men's sportswear with a unique, military-inspired look. This brand is famous for its deep research into innovative fabrics and experimental dyeing techniques, which give its garments a distinct feel and appearance. Many of its jackets and sweatshirts feature a signature compass logo patch on the left sleeve, making them instantly recognizable. Stone Island is a smaller but important part of the company, contributing about a tenth of total revenue (the total sales from all business lines).
What management is betting on now
The company's strategy focuses on strengthening its brands and controlling how they are sold. A key priority is expanding its direct-to-consumer channels (selling through its own stores and website), which gives it more control over pricing and the customer experience. Management is applying the same strategies that made Moncler successful to elevate the Stone Island brand into a more global luxury player. The company is also heavily invested in sustainability, with a detailed plan called 'Born to Protect' that focuses on climate action, using recycled materials, and responsible sourcing (making sure materials are obtained in an ethical and environmentally friendly way). This focus on brand control and sustainability is meant to create long-term value for the company and its shareholders (the people who own a piece of the company).
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $60.72 vs current price $44.69
Wall Street consensus is the average analyst price target: $61.13 (0.7% higher than our fair-value estimate).
Our most-likely fair value is $60.72 a share — about 35.9% above today's price of $44.69, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $93.4M. Interest coverage 21.3x.
Net debt
$93.40M
Interest coverage
21.34x
Moncler S.p.A.'s profit covers its interest bill about 21.3 times over.
Healthy
Worse cushion
Baseline
Better cushion
MONC.MI
BASELINE
Moncler S.p.A.
Total debt $1.24B Interest coverage 21.34x This is the baseline the peer rows are being compared against.
Total debt $1.39B Interest coverage 1.01x -95% vs MONC.MI Carries about 21.1x less debt cushion than MONC.MI.
Total debt $3.96B Interest coverage 34.68x +63% vs MONC.MI Carries about 1.6x more debt cushion than MONC.MI.
Total debt $3.00B Interest coverage 23.94x +12% vs MONC.MI Has roughly the same debt cushion as MONC.MI.
Total debt $472.33M Interest coverage 499.17x +2,239% vs MONC.MI Carries about 23.4x more debt cushion than MONC.MI.
What you should know
The case for and against MONC.MI
3 Rewards
1 Risk
Rewards
-
Revenue grew 0.7% last year.
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 3.1% with 13-year payout history.
Risks
-
Operating margin compressed from 29.8% to 19.0% 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)
19.02x
Forward P/E
17.19x
P/B
3.33x
P/S
3.80x
EV/EBITDA
13.46x
PEG ratio
2.23x
Profitability
How much profit each dollar creates
Gross margin
78.2%
Operating margin
19.0%
Net margin
20.0%
ROE
18.1%
ROA
10.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.34x
Current ratio
2.30x
Quick ratio
1.56x
Total debt
$1.24B
Total cash
$1.14B
Growth
How the business has been compounding
Revenue TTM
$3.20B
Revenue 5Y CAGR
6.4%
EPS TTM
2.35
EPS 5Y CAGR
1.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$960.51M
Free CF TTM
$740.40M
FCF margin
23.2%
Dividend
Shareholder payout
Yield
3.1%
Payout ratio
59.6%
Last ex-div date
2026-05-18