Stock fact sheet · data as of
Ermenegildo Zegna N.V. (ZGN): fair value, margin of safety and Wheel Score
Consumer Cyclical · Apparel - Manufacturers · Italy · Blend
Is ZGN undervalued?
Ermenegildo Zegna N.V. (ZGN) closed at 12.79 on 16 Oct 2026, close to the GLS average fair value of 13.84 (7.6% below fair value). 4 of the 9 models that produced a number sit above the price, 5 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between DDM (1.80) and DCF (32.08). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files ZGN under Blend.
Nine valuation models for ZGN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 32.08 | +151% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 5.04 | -61% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 12.85 | +1% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 5.18 | -60% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 10.72 | -16% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 26.64 | +108% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 26.58 | +108% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 1.80 | -86% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 3.65 | -71% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -2.03 | -116% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 14.12 | +10% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Ermenegildo Zegna N.V. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability ZGN scores 5.8/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are thin or negative - ROIC 4.7%, ROE 9.2%, ROA 3.3% - with debt at 0.95 times equity and a free-cash-flow yield of 9.8%.
The dividend yield is 1.07% with a payout ratio of 39% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Zegna branded products 74%, Thom Browne Group 17%, Textile 8% (fiscal year FY2025).
Institutional ownership scores 3/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 4.7% |
|---|---|---|---|
| GLS Moat | 5.8 / 10 | ROE | 9.2% |
| Debt / equity | 0.95 | ROA | 3.3% |
| Free-cash-flow yield | 9.8% | Payout ratio | 39% |
| Institutions | 3 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 73: Good
With a Wheel Score of 73 - the Good band - Ermenegildo Zegna N.V. clears the Sunday Scan's "70 or higher" rule. The parts: Value 16/25, Health 13/20, Moat 9/15, Premium 20/20, Stability 16/20; Moat (9/15) scores lowest.
Implied volatility is 55% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 632 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 781k shares a day on a market cap of $3.4B, with a beta of 0.91; the Stability part of the Wheel Score gives that 16 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 16 / 25 | 8% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 9 / 15 | moat 5.8/10 | |
| Premium | 20 / 20 | implied volatility 55% | |
| Stability | 16 / 20 | 781k shares/day, $3.4B cap, beta 0.91 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for ZGN in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Apparel - Manufacturers
The 12 companies below are the closest to Ermenegildo Zegna N.V. by market cap within the Apparel - Manufacturers industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| FIGS FIGS, Inc. | 19.54 | 9.87 | -98% | 52Fair | $3.2B |
| PVH PVH Corp. | 81.56 | 162.83 | +50% | 45Weak | $3.8B |
| COLM Columbia Sportswear Company | 60.82 | 103.94 | +41% | 85Prime | $3.1B |
| KTB Kontoor Brands, Inc. | 72.94 | 136.04 | +46% | 88Prime | $4.0B |
| UAA Under Armour, Inc. | 4.79 | 5.99 | +20% | 45Weak | $2.0B |
| UA Under Armour, Inc. | 4.66 | 5.51 | +15% | 45Weak | $2.0B |
| VFC V.F. Corporation | 16.48 | 22.87 | +28% | 86Prime | $6.5B |
| GIL Gildan Activewear Inc. | 41.99 | 20.97 | -100% | 52Fair | $7.8B |
| LEVI Levi Strauss & Co. | 20.65 | 24.40 | +15% | 82Prime | $7.9B |
| GIII G-III Apparel Group, Ltd. | 28.40 | 100.94 | +72% | 81Prime | $1.2B |
| GOOS Canada Goose Holdings Inc. | 8.27 | 12.40 | +33% | 74Good | $808M |
| RL Ralph Lauren Corporation | 375.27 | 353.37 | -6% | 75Good | $22.4B |
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Start free See the Sunday ScanQuestions about ZGN
Is ZGN undervalued right now?
Not meaningfully: at 12.79 the stock trades within a few percent of the GLS average fair value of 13.84 (7.6% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of ZGN and what does it mean?
ZGN scores 73 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for ZGN?
13.84 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Ermenegildo Zegna N.V. report earnings next?
No upcoming earnings date is recorded for ZGN in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does ZGN have listed options, and how liquid are they?
Yes. The nightly snapshot found 96 listed contracts with 632 open interest across all expiries and implied volatility of 55% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.