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- Fiera Milano
Fiera Milano Valuation Multiples
Fiera Milano is valued at $578M as of October 2026, a 1.8x revenue multiple. In the last 12 months, Fiera Milano revenue was $440M and Fiera Milano EBITDA was $128M.
Fiera Milano Overview
About Fiera Milano
Fiera Milano is an Italian trade fair and congress operator based in Milan, with exhibition grounds at Rho Fiera, and it has operated under that name since 1920. It organises and hosts international exhibitions and corporate events in its own pavilions and abroad, and it sells services to exhibitors such as stand fitting and logistics. The company is listed on the Euronext STAR Milan segment of Borsa Italiana. Its 2024-2027 Strategic Plan aims to grow its portfolio of proprietary exhibitions and to become an integrated service provider for exhibitors and visitors. In 2025 it bought a majority of the event logistics group Expotrans, and in February 2026 it bought 70 percent of the steel exhibition Made in Steel and 51 percent of the stand builder Stipa. Earlier acquisitions include the Ipack-Ima exhibition company in 2015 and 25 percent of Ge.Fi., the organiser of Artigiano in Fiera, in 2022.
Founded
1920
HQ
Employees
745
Website
Sectors
Financials (LTM)
EV
$777M
Valuation Multiples
Start free trialFiera Milano Financials
Fiera Milano reported last 12-month revenue of $440M and EBITDA of $128M.
In the same LTM period, Fiera Milano generated $128M in EBITDA and $43M in net income.
Revenue (LTM)
Fiera Milano P&L
In the most recent fiscal year, Fiera Milano reported revenue of $427M and EBITDA of $147M.
Fiera Milano is profitable as of last fiscal year, with gross margin of 96%, EBITDA margin of 34%, and net margin of 13%.
Financial data powered by Morningstar, Inc.
Fiera Milano Stock Performance
Fiera Milano has current market cap of $578M, and enterprise value of $777M.
Market Cap Evolution
Fiera Milano's stock price is $8.09.
Fiera Milano share price decreased by 3.4% in the last 30 days, and by 11.1% in the last year.
Fiera Milano has an EPS (earnings per share) of $0.79.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $777M | $578M | 1.5% | -3.4% | -16.7% | -11.1% | $0.79 |
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Start Free TrialFiera Milano Valuation Multiples
Fiera Milano trades at 1.8x EV/Revenue multiple, and 6.1x EV/EBITDA.
EV / Revenue (LTM)
Fiera Milano Financial Valuation Multiples
As of October 23, 2026, Fiera Milano has market cap of $578M and EV of $777M.
Fiera Milano has a P/E ratio of 13.6x.
Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Fiera Milano Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.


Fiera Milano Margins & Growth Rates
Fiera Milano grew revenue by 3% but EBITDA decreased by 17% in the last fiscal year.
In the most recent fiscal year, Fiera Milano reported gross margin of 96%, EBITDA margin of 34%, and net margin of 13%.
Fiera Milano Margins
Fiera Milano Growth Rates
Data powered by FactSet, Inc. and Morningstar, Inc.
Fiera Milano Operational KPIs
Fiera Milano's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.4M for the same period.
Fiera Milano's Rule of 40 is 31% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Fiera Milano's Rule of X is 36% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Data powered by FactSet, Inc. and Morningstar, Inc.
Fiera Milano Competitors
Fiera Milano competitors include FS Development Investment, Maoyan Entertainment, Ollamani, Nesco, Falcons Beyond Global, Beijing Jingxi, Parken Sport, Funshine Culture Group, Avex and MCH Group.
Most Fiera Milano public comparables operate across Events.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $153M | ($17M) | 3.5x | - | (32.4x) | - | |||
| $694M | $125M | 0.0x | 0.0x | 0.0x | 0.1x | |||
| $348M | $36M | 2.3x | 2.0x | 22.3x | 11.5x | |||
| $99M | $53M | 7.5x | 7.4x | 13.8x | 14.7x | |||
| $15M | $10M | 29.0x | - | 43.0x | - | |||
| $50M | ($43M) | 8.2x | - | (9.4x) | - | |||
| $283M | $84M | 1.9x | - | 6.2x | - | |||
| $36M | $1M | 10.3x | - | 266.3x | - | |||
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Acquisitions by Fiera Milano
Fiera Milano has acquired 6 companies to date.
Last acquisition by Fiera Milano was on February 18th 2026. Fiera Milano acquired Stipa for $28M (EV/Revenue multiple available to Pro users).
Latest Acquisitions by Fiera Milano
| Description | Stipa is an Italian company that designs and builds customised, high-end trade fair stands. It also works on stands and settings for corporate events and on retail and showroom fit-outs. In February 2026 Fiera Milano agreed to buy 51 percent of its share capital for EUR 12.1 million, on a valuation that implies an enterprise value of about EUR 23.8 million for the whole company. The agreement includes a put and call option on the remaining 49 percent with a maximum value of EUR 15.7 million, and the existing management stays in place. The company forecast production value of about EUR 15 million for 2025 and a positive net financial position of about EUR 2.5 million. | Made in Steel is an Italian company that organises the biennial international exhibition of the same name, a reference event for the steel supply chain. It was previously wholly owned by Siderweb, the steel information and events group that founded the exhibition. In February 2026 Fiera Milano acquired 70 percent of the share capital, while Siderweb kept the remaining 30 percent to ensure organisational continuity of the show. Fiera Milano paid EUR 7.7 million at closing, subject to adjustment for net financial position and working capital, with an earn-out of up to EUR 1.4 million tied to the 2027 and 2029 editions of the exhibition. The acquisition adds a proprietary event for industrial supply chains to the Fiera Milano portfolio. | Expotrans is an Italian logistics and transport services company for trade fairs and events, headquartered in Rome with offices in Milan, Bologna, Rimini, Vicenza and Parma. It handles the movement, storage and handling of exhibition goods and stand materials for exhibitors and organisers. In 2024 it generated revenue of EUR 28.7 million with EBITDA of EUR 2.2 million, and at the end of 2024 it held net financial availability of about EUR 3.8 million. Its turnover was close to EUR 30 million in 2023. In April 2025 Fiera Milano signed a binding agreement to acquire 51 percent of the company, with a put and call option on the remaining 49 percent exercisable after the 2028 accounts are approved. | Promotion Trade Exhibition is an annual trade show held in Bologna, Italy, dedicated to promotional products, business gifts, and personalization technologies. Organized since 2008, it attracts over 300 exhibitors and 12,000 visitors including retailers, distributors, and customizers from Europe. The event spans 15,000 sqm showcasing items like apparel, bags, and digital printing equipment exclusively for B2B intermediaries. | |
| HQ Country | |||||
| HQ City | - | - | Rome | Milan | |
| Deal Date | 18 Feb 2026 | 18 Feb 2026 | 15 Apr 2025 | 23 Mar 2016 | |
| Valuation | $28M | $9M | $7M | $2M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Fiera Milano
Fiera Milano has invested in 1 company to date.
Latest investment by Fiera Milano was on November 23rd 2022. Fiera Milano invested in Ge.Fi. in their Strategic investment round.
Latest Investments by Fiera Milano
| Description | Ge.Fi. is an Italian exhibition organiser and the company behind Artigiano in Fiera, a large annual trade fair for craft products that Fiera Milano hosts at its Rho venue. Fiera Milano bought a 25 percent minority stake in November 2022 as part of its CONN.E.C.T. 2025 plan, which seeks closer ties with the key event organisers hosted in its pavilions. The consideration for the stake was EUR 11.75 million, paid in cash at closing. The agreement also provides an earn-out, payable after the 2025 financial statements are approved, if specific business plan targets are met. The minority holding carries protective terms in line with market practice. |
| HQ Country | |
| HQ City | - |
| Deal Date | 23 Nov 2022 |
| Round | Strategic investment |
| Raised | undisclosed |
| Investors | Fiera Milano |
| Valuation | $49M |
| EV/Revenue | |
| EV/EBITDA | |
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Start Free TrialAbout Fiera Milano
| When was Fiera Milano founded? | Fiera Milano was founded in 1920. |
| Where is Fiera Milano headquartered? | Fiera Milano is headquartered in Italy. |
| How many employees does Fiera Milano have? | As of today, Fiera Milano has over 745 employees. |
| Who is the CEO of Fiera Milano? | Fiera Milano's CEO is Francesco Conci. |
| Is Fiera Milano publicly listed? | Yes, Fiera Milano is a public company listed on Borsa Italiana. |
| What is the stock symbol of Fiera Milano? | Fiera Milano trades under FM ticker. |
| When did Fiera Milano go public? | Fiera Milano went public in 2002. |
| Who are competitors of Fiera Milano? | Fiera Milano main competitors include FS Development Investment, Maoyan Entertainment, Ollamani, Nesco, Falcons Beyond Global, Beijing Jingxi, Parken Sport, Funshine Culture Group, Avex, MCH Group. |
| What is the current market cap of Fiera Milano? | Fiera Milano's current market cap is $578M. |
| What is the current revenue of Fiera Milano? | Fiera Milano's last 12 months revenue is $440M. |
| What is the current revenue growth of Fiera Milano? | Fiera Milano revenue growth (NTM/LTM) is 5%. |
| What is the current EV/Revenue multiple of Fiera Milano? | Current revenue multiple of Fiera Milano is 1.8x. |
| What is the current EBITDA of Fiera Milano? | Fiera Milano's last 12 months EBITDA is $128M. |
| What is Fiera Milano's EBITDA margin? | Fiera Milano's last 12 months EBITDA margin is 29%. |
| What is the current EV/EBITDA multiple of Fiera Milano? | Current EBITDA multiple of Fiera Milano is 6.1x. |
| What is the current FCF of Fiera Milano? | Fiera Milano's last 12 months FCF is $25M. |
| What is Fiera Milano's FCF margin? | Fiera Milano's last 12 months FCF margin is 6%. |
| What is the current EV/FCF multiple of Fiera Milano? | Current FCF multiple of Fiera Milano is 31.3x. |
| How many companies Fiera Milano has acquired to date? | As of October 2026, Fiera Milano has acquired 6 companies. |
| What was the largest acquisition by Fiera Milano? | $28M acquisition of Stipa on 18th February 2026 was the largest M&A Fiera Milano has done to date. |
| In how many companies Fiera Milano has invested to date? | As of October 2026, Fiera Milano has invested in 1 company. |
| What was the last Fiera Milano investment? | On 23rd November 2022 Fiera Milano invested in Ge.Fi., participating in a Strategic investment round at $49M valuation. |
| In what companies Fiera Milano invested in? | Fiera Milano invested in Ge.Fi.. |
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