Ermenegildo Zegna N.V.
ZGN · Apparel & Other Finishd Prods of Fabrics & Similar Matl · EDGAR filings ↗
Reference price $13.12 — last insider sale, 2026-05-08 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
B76Scaled luxury apparel franchise with top-decile margins and cash generation but only mid-pack net margin and ROE.
Strengths
- Top-decile gross margin (91.7th pct), OCF margin (91.7th) and FCF margin (81.8th); revenue growth 83rd pct and net income up 36%
- Durable brand/craftsmanship moat, family-controlled, low leverage (D/E 0.22), ROIC 75th pct
Risks
- Thin net margin (5.7%) and operating margin (mid-pack), modest ROE ~10% caps the franchise quality
- Quick ratio weak (15th pct); reliance on key creative/management personnel and related-party supply chain
Notable findings
- Strong balance sheetStrong balance sheet — $259M cash & investments
- Insider sellingInsider selling — 6 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$708,072, last 6mo) Form 4 ↗
Key metrics
Gross margin
67.5%
Operating margin
7.3%
Net margin
5.7%
Return on equity
10.0%
Return on assets
3.9%
ROIC
8.2%
Revenue growth (QoQ)
11.2%
Net-income growth
36.1%
Debt / equity
0.2×
Interest coverage
2.8×
Current ratio
1.6×
Free cash flow
$300M
Tangible book value
$640M
Cash & investments
$259M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-08 | Santhia Gian Franco | Sell | 5.8K | $13.12 |
| 2026-05-08 | Zegna di Monte Rubello Edoardo | Sell | 17K | $13.12 |
| 2026-05-08 | Tagliabue Gianluca Ambrogio | Sell | 19K | $13.12 |
| 2026-05-08 | Zegna di Monte Rubello Angelo | Sell | 1.9K | $13.12 |
| 2026-05-08 | Sartori Alessandro | Sell | 6.5K | $13.12 |
| 2026-05-07 | Zegna di Monte Rubello Angelo | Option exercise | 16K | — |
| 2026-05-07 | Zegna di Monte Rubello Edoardo | Option exercise | 32K | — |
| 2026-05-07 | Santhia Gian Franco | Option exercise | 16K | — |
| 2026-05-07 | Tagliabue Gianluca Ambrogio | Buy | 47K | — |
| 2026-05-07 | Sartori Alessandro | Option exercise | 32K | — |
| 2026-05-05 | Norsa Michele | Sell | 4.0K | $11.87 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-20 | 2025-12-31 | 0001877787-26-000015 ↗ |
| 20-F | 2025-03-27 | 2024-12-31 | 0001877787-25-000019 ↗ |
| 20-F | 2024-04-05 | 2023-12-31 | 0001877787-24-000015 ↗ |
| 20-F | 2023-04-06 | 2022-12-31 | 0001877787-23-000023 ↗ |
| 20-F | 2022-04-06 | 2021-12-31 | 0001193125-22-097547 ↗ |
| 20-F | 2021-12-23 | 2021-12-17 | 0001193125-21-366189 ↗ |