Ermenegildo Zegna
ZGN on NYSE. Apparel & other finishd prods of fabrics & similar matl. Market value $3.4bn.
This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Retail & consumer stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$12.50 a share, 45% above its 1-year low
Over the past year the price has ranged from $8.64 to $15.95.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | n/a | n/a | n/a | n/a |
| Operating margin | ||||
| Operating margin | n/a | n/a | n/a | n/a |
| Debt to equity | ||||
| Debt to equity | n/a | n/a | n/a | n/a |
| Shares outstanding | ||||
| Shares outstanding | 0.24bn | n/a | n/a | n/a |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 March 2026
- Next quarterly (estimated, 10-Q)
- n/a
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 135 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Barrow HanleyBarrow Hanley team | $59m | 0.2% | Added |
| Harris Associates (Oakmark)Bill Nygren | $32m | <0.1% | Cut |
| Polen CapitalDan Davidowitz | $1m | <0.1% | New |
Largest holders overall
- Temasek Holdings (Private)$355m
- Barrow Hanley$59mAdded
- Price T Rowe Associates$59mAdded
- BlackRock$36mCut
- Amundi$34mAdded
- Harris Associates (Oakmark)$32mCut
- Point72 Asset Management, L.P.$30mAdded
- American Century Companies$30mAdded
- Eurizon Capital SGR S.p.A.$28mAdded
- Artisan Partners Limited Partnership$22mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- MONTERUBELLO S.S.Passive investor60.5%Since 31 December 2024
- at least 10.0%(filed with 3 related holders)Since 29 July 2025
What they said
Open Market Purchases From April 16, 2025 through June 27, 2025, two indirect wholly owned subsidiaries of Temasek purchased, in a series of open market transactions, an aggregate 12,699,981 Ordinary Shares for aggregate consideration of approximately $107.7 million. Share…
Read the filing - Strategic Holding Group S.a r.l.Passive investor8.4%−2.6 ptsSince 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
MONTERUBELLO S.S. Passive investor | 60.5% | 31 December 2024 | |
at least 10.0% (filed with 3 related holders) | 29 July 2025 | What they saidOpen Market Purchases From April 16, 2025 through June 27, 2025, two indirect wholly owned subsidiaries of Temasek purchased, in a series of open market transactions, an aggregate 12,699,981 Ordinary Shares for aggregate consideration of approximately $107.7 million. Share… Read the filing | |
Strategic Holding Group S.a r.l. Passive investor | 8.4%−2.6 pts | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $0 of shares on the open market. 6 sold $708,072.
- Zegna di Monte Rubello AngeloCo-CEO of the ZEGNA brandSold
- Date
- 8 May 2026
- Shares
- 1,935
- Price
- $13.12
- Value
- $25,387
- Zegna di Monte Rubello EdoardoCo-CEO of the ZEGNA brandSold
- Date
- 8 May 2026
- Shares
- 17,037
- Price
- $13.12
- Value
- $223,525
- Santhia Gian FrancoGroup Chief Financial OfficerSold
- Date
- 8 May 2026
- Shares
- 5,768
- Price
- $13.12
- Value
- $75,676
- Tagliabue Gianluca AmbrogioActing Group CEOSold
- Date
- 8 May 2026
- Shares
- 19,105
- Price
- $13.12
- Value
- $250,658
- Sartori AlessandroArtistic DirectorSold
- Date
- 8 May 2026
- Shares
- 6,505
- Price
- $13.12
- Value
- $85,346
- Tagliabue Gianluca AmbrogioActing Group CEOBought
- Date
- 7 May 2026
- Shares
- 47,250
- Price
- n/a
- Value
- n/a
- Norsa MicheleDirectorSold
- Date
- 5 May 2026
- Shares
- 4,000
- Price
- $11.87
- Value
- $47,480
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 May 2026 | Zegna di Monte Rubello Angelo Co-CEO of the ZEGNA brand | Sold | 1,935 | $13.12 | $25,387 |
| 8 May 2026 | Zegna di Monte Rubello Edoardo Co-CEO of the ZEGNA brand | Sold | 17,037 | $13.12 | $223,525 |
| 8 May 2026 | Santhia Gian Franco Group Chief Financial Officer | Sold | 5,768 | $13.12 | $75,676 |
| 8 May 2026 | Tagliabue Gianluca Ambrogio Acting Group CEO | Sold | 19,105 | $13.12 | $250,658 |
| 8 May 2026 | Sartori Alessandro Artistic Director | Sold | 6,505 | $13.12 | $85,346 |
| 7 May 2026 | Tagliabue Gianluca Ambrogio Acting Group CEO | Bought | 47,250 | n/a | n/a |
| 5 May 2026 | Norsa Michele Director | Sold | 4,000 | $11.87 | $47,480 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.