ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. Azimut Holding SpA's annualized return on invested capital (ROIC %) for the quarter that ended in Mar. 2026 was 4.50%.
As of today (2026-06-29), Azimut Holding SpA's WACC % is 9.33%. Azimut Holding SpA's ROIC % is 4.57% (calculated using TTM income statement data).
Azimut Holding SpA earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Azimut Holding SpA (MIL:AZM) ROIC % Explanation
ROIC % measures how well a company generates cash flow relative to the capital it has invested in its business. It is also called ROC %. The reason book values of debt and equity are used is because the book values are the capital the company received when issuing the debt or receiving the equity investments.
There are four key components to this definition. The first is the use of operating income or EBIT rather than net income in the numerator. The second is the tax adjustment to this operating income or EBIT, computed as a hypothetical tax based on an effective or marginal tax rate. The third is the use of book values for invested capital, rather than market values. The final is the timing difference; the capital invested is from the end of the prior year whereas the operating income or EBIT is the current year's number.
Why is ROIC % important?
Because it costs money to raise capital. A firm that generates higher returns on investment than it costs the company to raise the capital needed for that investment is earning excess returns. A firm that expects to continue generating positive excess returns on new investments in the future will see its value increase as growth increases, whereas a firm that earns returns that do not match up to its cost of capital will destroy value as it grows.
As of today, Azimut Holding SpA's WACC % is 9.33%. Azimut Holding SpA's ROIC % is 4.57% (calculated using TTM income statement data).
Azimut Holding SpA earns returns that do not match up to its cost of capital. It will destroy value as it grows.
Be Aware
Like ROE % and ROA %, ROIC % is calculated with only 12 months of data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Azimut Holding SpA ROIC % Related Terms
Azimut Holding SpA ROIC % Historical Data
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The historical data trend for Azimut Holding SpA's ROIC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Asset Management subindustry, Azimut Holding SpA's ROIC %, along with its competitors' market caps and ROIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Azimut Holding SpA ROIC % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Azimut Holding SpA's ROIC % distribution charts can be found below:
* The bar in red indicates where Azimut Holding SpA's ROIC % falls into.
Note:
The Operating Income data used here is four times the quarterly (Mar. 2026) data.
The tax rate is limited to between 0% and 100%.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Azimut Holding SpA (MIL:AZM) has a ROIC % of 4.50% as of Mar. 2026. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Azimut Holding SpA and its competitors.
Is Azimut Holding SpA's ROIC % too high?
Azimut Holding SpA's current ROIC % is 4.50%. The Asset Management industry median ROIC % is 1.21. Azimut Holding SpA's value of 4.50% is 271.9% above this industry median. Overall, Azimut Holding SpA has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Azimut Holding SpA's ROIC % compare to BLK and BX?
Azimut Holding SpA's ROIC % of 4.50% can be compared against companies in the Asset Management industry. The industry median ROIC % is 1.21. Azimut Holding SpA's value of 4.50% is 271.9% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROIC % for an Asset Management company?
The median ROIC % among Asset Management companies is 1.21, based on 707 companies in the industry. Companies in the top quartile (top 25%) have a ROIC % significantly above this median, while those in the bottom quartile fall well below. However, ROIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Azimut Holding SpA's current ROIC % of 4.50% is 271.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROIC % mean?
A high ROIC % can signal that a stock is expensive relative to its fundamentals. Return on invested capital is the ratio of current-period net income to average two-period invested capital. View historical data on Azimut Holding SpA and its competitors. For the Asset Management industry, the median ROIC % is 1.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Azimut Holding SpA's current ROIC % is 4.50%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azimut Holding SpA stock overvalued right now?
Based on GuruFocus' analysis, Azimut Holding SpA (MIL:AZM) is currently considered Modestly Overvalued. The stock's GF Value™ is €28.53, compared to a current price of €35.73 — trading 25.2% above its estimated fair value. The current ROIC % is 4.50% and 271.9% above the Asset Management industry median of 1.21. Azimut Holding SpA's overall GF Score™ is 82/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROIC % calculated?
ROIC % is calculated from a company's financial statements. For Azimut Holding SpA (MIL:AZM), the current ROIC % is 4.50% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Azimut Holding SpA (MIL:AZM) Overvalued in 2026?
Based on GuruFocus' analysis, Azimut Holding SpA stock appears to be overvalued.
The current stock price of €35.73 is trading 25.2% above its estimated GF Value™ of €28.53.
GuruFocus considers Azimut Holding SpA to be Modestly Overvalued.
Key valuation signals for MIL:AZM:
ROIC %: 4.50%
GF Value™: €28.53 vs. price of €35.73 (25.2% above fair value)
Industry Position: 271.9% above the Asset Management median
No single metric tells the full story. See the MIL:AZM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Azimut Holding SpA is a large independent asset management firm operating primarily in Italy but with an increasingly global presence. In Italy, its capital management division sells and manages Italian mutual funds, Italian hedge funds, and is active in the discretionary management of individual investment portfolios. Its international business operations involve the sale, management, and distribution of financial and insurance products. Its portfolio solutions encompass a broad array of strategies that cut across various traditional and alternative asset classes. A majority of its revenue is derived from recurring fees from assets under management.
82GF Score
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