VNE SpAMIL:VNE -5.00%33 3-Year ROIIC % is 121.94 as of Dec. 2025, which is 88% above its 10-year median of 64.71. GuruFocus rates MIL:VNE with a GF Score™ of 33/100 and a GF Value™ of €3.72 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 2,936 Industrial Products companies, VNE SpA ranks better than 94.21% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
VNE SpA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 121.94%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for VNE SpA's 3-Year ROIIC % or its related term are showing as below:
MIL:VNE's 3-Year ROIIC % is ranked better than 94.21% of 2936
companies
in the Industrial Products industry
Industry Median: 3.425
vs MIL:VNE: 121.94
VNE SpA (MIL:VNE) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
VNE SpA 3-Year ROIIC % Related Terms
VNE SpA 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for VNE SpA's 3-Year ROIIC % 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.
MIL:VNE vs GEV, ETN, PH: 3-Year ROIIC % Comparison
For the Specialty Industrial Machinery subindustry, VNE SpA's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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.
VNE SpA 3-Year ROIIC % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, VNE SpA's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where VNE SpA's 3-Year ROIIC % falls into.
VNE SpA's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 0.8960644 (Dec. 2025) - 0.0864124 (Dec. 2022) )
/
( 21.076 (Dec. 2025) - 20.412 (Dec. 2022) )
=
0.809652
/
0.664
=
121.94%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
VNE SpA (MIL:VNE) has a 3-Year ROIIC % of 121.94 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on VNE SpA and its competitors. This is 88% above median its historical median of 64.71. Over the past decade, VNE SpA's 3-Year ROIIC % has ranged from 7.48 to 121.94. According to the industry distribution chart, VNE SpA ranks #170 out of 2936 companies in the Industrial Products industry, placing it in the top 5.8%.
Is VNE SpA's 3-Year ROIIC % too high?
VNE SpA's current 3-Year ROIIC % of 121.94 is 88% above median its 10-year median of 64.71. Over the past 10 years, this metric has ranged from a low of 7.48 to a high of 121.94. The Industrial Products industry median 3-Year ROIIC % is 3.43. VNE SpA's value of 121.94 is 3460.3% above this industry median. Based on the distribution chart, VNE SpA ranks #170 out of 2936 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, VNE SpA has a GF Score™ of 33/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does VNE SpA's 3-Year ROIIC % compare to GEV and ETN?
According to the Industrial Products industry distribution chart, VNE SpA ranks #170 out of 2936 companies for 3-Year ROIIC %. This places VNE SpA in the top 6% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 3.43. VNE SpA's value of 121.94 is 3460.3% above this benchmark. Historically, VNE SpA's own 3-Year ROIIC % has ranged from 7.48 to 121.94 over the past decade. While the company's 10-year median is 64.71 vs. the industry median of 3.43, VNE SpA has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Industrial Products company?
The median 3-Year ROIIC % among Industrial Products companies is 3.43, based on 2,936 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. VNE SpA's current 3-Year ROIIC % of 121.94 is 3460.3% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on VNE SpA and its competitors. For the Industrial Products industry, the median 3-Year ROIIC % is 3.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. VNE SpA's current 3-Year ROIIC % is 121.94, which is 88% above median its own 10-year median of 64.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is VNE SpA stock overvalued right now?
Based on GuruFocus' analysis, VNE SpA (MIL:VNE) is currently considered Possible Value Trap. The stock's GF Value™ is €3.72, compared to a current price of €2.28 — trading 38.7% below its estimated fair value. The current 3-Year ROIIC % is 121.94, which is 88% above median its 10-year median of 64.71 and 3460.3% above the Industrial Products industry median of 3.43. VNE SpA's overall GF Score™ is 33/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For VNE SpA (MIL:VNE), the current 3-Year ROIIC % is 121.94 as of Dec. 2025. 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 VNE SpA (MIL:VNE) Overvalued in 2026?
Based on GuruFocus' analysis, VNE SpA stock appears to be undervalued.
The current stock price of €2.28 is trading 38.7% below its estimated GF Value™ of €3.72.
GuruFocus considers VNE SpA to be Possible Value Trap.
Key valuation signals for MIL:VNE:
3-Year ROIIC %: 121.94 (88% above median its 10-year median of 64.71)
GF Value™: €3.72 vs. price of €2.28 (38.7% below fair value)
Industry Position: 3460.3% above the Industrial Products median (#170 of 2936)
No single metric tells the full story. See the MIL:VNE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
VNE SpA produces hardware and software for the management of banknotes, coins, and, more generally, payments and transactions through cash and cashless systems, offering a wide range of customized products. It creates, samples, and produces all its appliances internally. The company offers consulting and commercial assistance all over the world through a stable and efficient operating network; moreover, it guarantees qualified and immediate maintenance and technical assistance anywhere on every type of machine. The main markets where the company operates internationally are gambling, retail & vending, casino & ticket, and wherever there is a need to manage payments or automated transactions.
33GF Score
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