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Also trades as: EXO.MI (MIL) · $vol 18M · EXXRF (OTC) · $vol 1M

EXO.AS AMS

Exor N.V.
1W: -3.5% 1M: -7.3% 3M: -1.8% YTD: -6.3% 1Y: -20.5% 3Y: -14.9%
€68.10 ($76.66)
+0.25 (+0.37%)
 
Weekly Expected Move ±3.9%
€63 €65 €68 €71 €73
AMS · Financial Services · Financial - Conglomerates · Tech Score Sell · Power 35 · €22.4B mcap · 137M float · 0.136% daily turnover
Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings
Analysis Technicals Weather Peers ETF Exposure

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

C
Oct 02, 2026
DCF
1
ROE
1
ROA
1
D/E
2
P/E
1
P/B
4
The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. EXO.AS receives an overall rating of C. Strongest factors: P/B (4/5). Areas of concern: DCF (1/5), ROE (1/5), ROA (1/5), D/E (2/5), P/E (1/5).
Rating Change History
DateFromTo
2026-08-14 C+ C
2026-06-18 C C+
2026-04-07 None ADDED
2026-04-07 EXISTED None
2026-04-02 D+ C
2026-04-01 C D+
2026-04-01 C+ C
2026-02-06 B C+
2026-01-03 B- B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ — Grade A+
Profitability
—
Balance Sheet
79
Earnings Quality
48
Growth
42
Value
99
Momentum
39
Safety
100
Cash Flow
48

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman-B Score
23.37
Safe Zone
Piotroski F-Score
6/9
✓ ✓ ✓ ✗ ✓ ✓ ✓ ✗ ✗
Beneish M-Score
—
—
Ohlson O-Score
-12.92
Bankruptcy prob: 0.0%
Low Risk
Credit Rating
AAA
Score: 95.7/100
Trend: Improving
Earnings Quality
25/100
OCF/NI: 0.27x
Accruals: 12.4%
The Altman-B Score replaces the traditional Z-Score for banks and financial institutions. It weights equity-to-assets, return on assets, retained earnings, market value coverage, and cash reserves — metrics that better capture bank solvency than manufacturing-oriented ratios. EXO.AS scores 23.37, placing it in the Safe Zone (safe > 3.0, distress < 1.5). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. EXO.AS scores 6/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. EXO.AS's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. EXO.AS receives an estimated rating of AAA (score: 95.7/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). EXO.AS's score of 25/100 is low — reported earnings may not be fully supported by cash flows.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E
-3.73x
PEG
0.05x
P/S
-6.23x
P/B
0.47x
P/FCF
5.17x
P/OCF
5.17x
EV/EBITDA
0.99x
EV/Revenue
1.47x
EV/EBIT
1.13x
EV/FCF
5.95x
Earnings Yield
72.31%
FCF Yield
19.34%
Shareholder Yield
9.58%
Graham Number
$415.33
Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. EXO.AS currently has negative earnings — the P/E ratio is not meaningful. An earnings yield of 72.3% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $415.33 per share, suggesting a potential 510% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden
0.983
NI / EBT
×
Interest Burden
0.722
EBT / EBIT
×
EBIT Margin
1.299
EBIT / Rev
×
Asset Turnover
0.183
Rev / Assets
×
Equity Multiplier
3.281
Assets / Equity
=
ROE
55.4%
The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. EXO.AS's ROE of 55.4% is driven by EBIT Margin (1.299) as the dominant factor. A tax burden ratio of 0.98 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate
15.00%
Fair P/E
38.50x
Intrinsic Value
$2017.07
Price/Value
0.04x
Margin of Safety
96.41%
Premium
-96.41%
Assessment
Undervalued
Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with EXO.AS's realized 15.0% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. At an intrinsic value of $2017.07, EXO.AS appears undervalued with a 96% margin of safety. The adjusted fair P/E of 38.5x compares to the current market P/E of -3.7x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1032 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price
$68.10
Median 1Y
$67.37
5th Pctile
$46.42
95th Pctile
$97.94
Ann. Volatility
21.6%
25th–75th percentile 5th–95th percentile Median path Historical
All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
ROE 7.5% 16.7% 64.4% 53.3% 64.1% 54.9% 55.4% 55.37%
ROA 1.8% 4.1% 6.1% 47.4% 29.9% 24.8% 16.9% 16.88%
ROIC 3.4% 8.8% 16.0% 50.2% 46.4% 43.9% 35.0% 35.04%
ROCE 3.2% 6.6% 12.5% 53.5% 49.9% 44.3% 45.2% 45.20%
Gross Margin 22.3% 25.8% 24.8% 1.0% 1.0% 1.0% 1.0% 1.00%
Operating Margin 9.7% 12.3% 11.4% 99.9% 85.1% 1.0% 1.0% 1.03%
Net Margin 6.7% 10.1% 8.7% 97.1% -9.4% 1.1% 1.0% 1.04%
EBITDA Margin 10.3% 16.8% 12.1% 1.0% 4.9% -0.0% -19.2% -19.18%
FCF Margin 11.3% 7.1% 8.9% 7.7% 5.8% 15.9% 24.7% 24.65%
OCF Margin 18.3% 13.0% 15.5% 13.1% 10.5% 20.6% 24.7% 24.65%
ROIC Economic snapshot only 33.84%
Cash ROA snapshot only 8.53%
Cash ROIC snapshot only 8.91%
CROIC snapshot only 8.91%
NOPAT Margin snapshot only 96.94%
Pretax Margin snapshot only 93.76%
R&D / Revenue snapshot only 0.00%
SGA / Revenue snapshot only 1.00%
SBC / Revenue snapshot only 0.20%
Valuation
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
P/E Ratio 10.18 5.01 3.51 1.04 0.99 1.11 1.38 -3.729
P/S Ratio 0.68 0.42 0.30 0.26 0.31 0.47 1.27 -6.233
P/B Ratio 0.76 0.83 2.26 0.55 0.49 0.49 0.50 0.465
P/FCF 6.02 5.89 3.33 3.30 5.38 2.92 5.17 5.169
P/OCF 3.70 3.19 1.92 1.95 2.98 2.26 5.17 5.169
EV/EBITDA 20.96 7.21 5.82 1.02 0.97 1.00 0.99 0.989
EV/Revenue 2.17 0.97 0.76 0.30 0.38 0.52 1.47 1.467
EV/EBIT 22.33 8.84 6.81 1.11 1.10 1.14 1.13 1.129
EV/FCF 19.25 13.72 8.50 3.91 6.52 3.25 5.95 5.952
Earnings Yield 9.8% 20.0% 28.5% 96.4% 1.0% 90.5% 72.3% 72.31%
FCF Yield 16.6% 17.0% 30.1% 30.3% 18.6% 34.2% 19.3% 19.34%
PEG Ratio snapshot only 0.045
Price/Tangible Book snapshot only 0.495
EV/OCF snapshot only 5.952
EV/Gross Profit snapshot only 1.467
Acquirers Multiple snapshot only 1.488
Shareholder Yield snapshot only 9.58%
Graham Number snapshot only $415.33
Leverage & Solvency
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Current Ratio 3.63 3.29 1.45 1.17 0.31 2.21 16.87 16.872
Quick Ratio 3.03 2.60 1.20 1.17 0.31 2.21 16.87 16.872
Debt/Equity 2.33 1.59 4.48 0.12 0.11 0.10 0.12 0.121
Net Debt/Equity 1.67 1.11 3.51 0.10 0.10 0.06 0.07 0.075
Debt/Assets 0.57 0.39 0.42 0.11 0.10 0.09 0.11 0.107
Debt/EBITDA 20.04 5.88 4.52 0.19 0.18 0.18 0.21 0.209
Net Debt/EBITDA 14.41 4.12 3.54 0.16 0.17 0.10 0.13 0.130
Interest Coverage — — — — 458.44 252.38 105.77 105.772
Equity Multiplier 4.06 4.03 10.64 1.12 1.11 1.10 1.12 1.123
Cash Ratio snapshot only 7.087
Debt Service Coverage snapshot only 120.779
Cash to Debt snapshot only 0.379
FCF to Debt snapshot only 0.794
Defensive Interval snapshot only 3129.5 days
Efficiency & Turnover
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Asset Turnover 0.28 0.50 0.72 1.93 0.95 0.59 0.18 0.183
Inventory Turnover 2.24 3.21 5.84 — 8.33 3.34 0.00 0.000
Receivables Turnover 30.92 47.93 78.59 — 132.31 82.27 27.32 27.324
Payables Turnover 2.30 3.95 6.57 — 8.52 4.10 0.00 —
DSO 12 8 5 0 3 4 13 13.4 days
DIO 163 114 62 0 44 109 — —
DPO 159 92 56 0 43 89 — —
Cash Conversion Cycle 16 29 12 0 4 25 — —
Fixed Asset Turnover snapshot only 562.095
Cash Velocity snapshot only 8.498
Capital Intensity snapshot only 2.891
Growth (YoY)
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Revenue — — — — 1.6% -14.2% -82.6% -82.62%
Net Income — — — — 11.2% 3.3% 89.6% 89.64%
EPS — — — — 12.4% 3.8% 1.1% 1.06%
FCF — — — — 33.5% 93.4% -51.9% -51.86%
EBITDA — — — — 8.7% 2.3% 98.5% 98.49%
Op. Income — — — — 8.2% 2.6% 54.4% 54.44%
OCF Growth snapshot only -72.27%
Asset Growth snapshot only -63.99%
Equity Growth snapshot only 2.41%
Debt Growth snapshot only -90.81%
Shares Change snapshot only -7.96%
Dividend Growth snapshot only -72.87%
Growth Quality
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Revenue Stability — — — — — — — —
Earnings Stability — — — — — — — —
Margin Stability — — — — — — — —
Rev. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.00 0.00 0.000
Earn. Growth Consistency 0.00 0.00 0.00 0.00 0.50 0.50 0.50 0.500
FCF Positive Streak 0 0 0 0 1 1 1 0
Earnings Persistence — — — — — — — —
Earnings Smoothness — — — — 0.00 0.00 0.38 0.381
ROE Trend — — — — — — — —
Gross Margin Trend — — — — — — — —
FCF Margin Trend — — — — — — — —
Sustainable Growth Rate 7.2% 13.3% 55.7% 51.0% 61.4% 54.2% 54.4% 54.39%
Internal Growth Rate 1.8% 3.4% 5.5% 83.1% 40.1% 32.5% 19.9% 19.87%
Cash Flow Quality
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
OCF/Net Income 2.75 1.57 1.83 0.53 0.33 0.49 0.27 0.268
FCF/OCF 0.61 0.54 0.58 0.59 0.55 0.77 1.00 1.000
FCF/Net Income snapshot only 0.268
OCF/EBITDA snapshot only 0.166
CapEx/Revenue 7.1% 6.0% 6.6% 5.4% 4.7% 4.7% 0.0% 0.00%
CapEx/Depreciation snapshot only 0.000
Accruals Ratio -0.03 -0.02 -0.05 0.22 0.20 0.13 0.12 0.124
Sloan Accruals snapshot only -0.226
Cash Flow Adequacy snapshot only 15.156
Earnings Quality Score snapshot only 0.250
Dividends & Buybacks
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Dividend Yield 0.3% 4.0% 3.8% 4.1% 4.3% 1.2% 1.3% 0.72%
Dividend/Share $0.23 $3.22 $3.41 $3.96 $3.81 $1.05 $0.92 $0.49
Payout Ratio 3.4% 20.1% 13.4% 4.2% 4.3% 1.4% 1.8% 1.77%
FCF Payout Ratio 2.0% 23.6% 12.7% 13.5% 23.4% 3.6% 6.6% 6.60%
Total Payout Ratio 13.5% 30.9% 33.5% 10.5% 10.9% 13.8% 13.2% 13.25%
Div. Increase Streak 0 0 0 0 1 0 0 0
Chowder Number — — — — 14.42 -0.69 -0.74 -0.738
Buyback Yield 1.0% 2.2% 5.7% 6.0% 6.6% 11.2% 8.3% 8.30%
Net Buyback Yield 1.0% 2.2% 5.7% 6.0% 6.6% 11.2% 8.3% 8.30%
Total Shareholder Return 1.3% 6.2% 9.5% 10.1% 11.0% 12.5% 9.6% 9.58%
DuPont Factors
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Tax Burden (NI/EBT) 0.48 0.51 0.52 0.79 0.83 0.90 0.98 0.983
Interest Burden (EBT/EBIT) 1.43 1.50 1.47 1.14 1.10 1.03 0.72 0.722
EBIT Margin 0.10 0.11 0.11 0.27 0.34 0.46 1.30 1.299
Asset Turnover 0.28 0.50 0.72 1.93 0.95 0.59 0.18 0.183
Equity Multiplier 4.06 4.03 10.64 1.12 2.14 2.21 3.28 3.281
Per Share
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
EPS (Diluted TTM) $6.57 $16.07 $25.43 $93.14 $88.11 $77.47 $52.39 $52.39
Book Value/Share $87.90 $96.44 $39.50 $174.80 $178.47 $175.10 $146.33 $145.65
Tangible Book/Share $48.30 $54.77 $11.86 $174.80 $178.47 $175.10 $146.33 $146.33
Revenue/Share $98.70 $193.47 $301.02 $378.58 $280.87 $184.04 $56.85 $-17.30
FCF/Share $11.12 $13.67 $26.80 $29.26 $16.27 $29.30 $14.02 $13.79
OCF/Share $18.10 $25.24 $46.52 $49.54 $29.39 $37.91 $14.02 $13.79
Cash/Share $57.57 $45.83 $38.40 $3.70 $0.71 $7.38 $6.69 $6.69
EBITDA/Share $10.21 $26.00 $39.11 $111.75 $109.09 $95.22 $84.35 $84.35
Debt/Share $204.74 $152.89 $176.98 $21.49 $19.11 $17.06 $17.66 $17.66
Net Debt/Share $147.17 $107.05 $138.58 $17.79 $18.39 $9.68 $10.97 $10.97
Academic Models
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Altman-B Score — — — — — — — 23.368
Altman Z-Prime snapshot only 10.613
Piotroski F-Score 4 4 4 3 7 6 6 6
Beneish M-Score — — — — 3.51 — — —
Ohlson O-Score snapshot only -12.916
ROIC (Greenblatt) snapshot only 4.90%
Net-Net WC snapshot only $-2.80
EVA snapshot only $8177080265.65
Credit
Metric Trend Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 Current
Credit Rating snapshot only AAA
Credit Score 77.94 88.32 79.72 95.99 96.64 96.93 95.74 95.741
Credit Grade snapshot only 1
Credit Trend snapshot only 16.017
Implied Spread (bps) snapshot only 50.000
Industry Credit Rank snapshot only 97
Sector Credit Rank snapshot only 94

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