Ermenegildo Zegna N.V. (ZGN) Balance Sheet

NYSE: ZGNAssets, liabilities, debt and equity over 8 years.

ZGN balance sheet, 2025

December 31, 2025 · euros

€2.83B assets = €1.73B liabilities + €1.10B equity

What it owns€2.83BCash & ST investments: €295.7M (10.4%)€295.7MReceivables: €260.4M (9.2%)Receivables €260.4MInventory: €506.7M (17.9%)Inventory€506.7M · 18%Other current: €127.0M (4.5%)PP&E: €863.3M (30.5%)PP&E€863.3M · 30%Goodwill & intangibles: €553.9M (19.5%)Goodwill & intangibles€553.9M · 20%LT investments: €61.4M (2.2%)Other non-current: €165.2M (5.8%)Other non-current €165.2M=How it is financed€2.83BCurrent liabilities: €750.1M (26.5%)Current liabilities€750.1M · 26%Long-term debt: €752.8M (26.6%)Long-term debt€752.8M · 27%Other LT liabilities: €232.0M (8.2%)€232.0MShareholders’ equity: €1.10B (38.8%)Shareholders’ equity€1.10B · 39%

Both columns are drawn to the same scale: what ZGN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ZGN financial health

Current ratio1.59
Comfortable · current assets cover current liabilities 1.59×
Debt / equity0.95
Moderate leverage · €0.95 of debt for each $1 of equity
Equity / assets36.4%
Balanced · of assets funded by shareholders
Cash / debt30.3%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles19.5%
Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ZGN balance sheet trends, 2018–2025

MetricTrendThenLatestChange
Total assets€2.79B2018€2.83B2025+0.2%/yr
Total liabilities€2.07B2018€1.73B2025−2.5%/yr
Shareholders’ equity€691.3M2018€1.03B2025+5.9%/yr
Cash & short-term investments€763.2M2018€295.7M2025−12.7%/yr
Total debt€1.31B2018€977.4M2025−4.1%/yr
Net cash (debt)−€547.9M2018−€681.7M2025−€133.8M
Working capital€726.3M2018€439.6M2025−€286.7M
Current ratio2.1220181.592025−0.53
Debt / equity1.9020180.952025−0.95
Shares outstanding242.3M2018261.5M2025+1.1%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ZGN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ZGN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ZGN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ZGN balance sheet in euros

20252024202320222021202020192018
Assets
Cash & short-term investments€295.7M€296.1M€387.0M€573.0M€800.2M€667.5M€595.1M€763.2M
Cash & equivalents€220.0M€219.1M€296.3M€254.3M€459.8M€317.3M€210.6M€218.3M
Short-term investments€75.6M€77.0M€90.8M€318.7M€340.4M€350.2M€384.4M€544.9M
Receivables€260.4M€281.6M€240.5M€177.2M€160.4M€138.8M€178.2M€161.7M
Inventory€506.7M€521.0M€522.6M€410.9M€338.5M€321.5M€78.6M€314.4M
Other current assets€127.0M€107.5M€137.6M€124.6M€85.5M€111.4M€394.7M€135.6M
Total current assets€1.19B€1.21B€1.29B€1.29B€1.38B€1.24B€1.25B€1.37B
Property, plant & equipment (net)€863.3M€786.2M€694.1M€501.6M€481.9M€595.8M€735.0M€771.9M
Goodwill & intangible assets€553.9M€614.4M€572.3M€455.9M€425.2M€387.8M€420.0M€403.8M
Long-term investments€61.4M€59.6M€51.5M€53.4M€54.1M€69.4M€81.9M€120.6M
Other non-current assets€165.2M€167.6M€161.4M€130.1M€111.9M€122.9M€155.9M€122.9M
Total assets€2.83B€2.83B€2.77B€2.43B€2.46B€2.42B€2.64B€2.79B
Liabilities
Accounts payable€256.0M€248.6M€261.1M€220.8M€177.8M€150.3M€190.4M€229.0M
Short-term debt€225.0M€320.1M€412.0M€397.6M€263.9M€198.9M€222.8M€248.1M
Deferred revenue€8.0M€69.3M€834,464€57.8M€48.8M€39.7M€36.8M€36.9M
Total current liabilities€750.1M€852.9M€1.01B€867.0M€702.3M€535.5M€607.4M€648.5M
Long-term debt€752.8M€715.1M€584.4M€516.9M€803.1M€877.9M€924.2M€620.0M
Lease obligations€731.6M€661.7M€593.7M€443.5M€438.1M€407.7M€508.2M€548.3M
Other long-term liabilities€232.0M€283.1M€269.6M€310.5M€308.0M€356.7M€378.1M€800.0M
Total liabilities€1.73B€1.85B€1.87B€1.69B€1.81B€1.77B€1.91B€2.07B
Shareholders' equity
Common stock & paid-in capital€9.2M€9.2M€9.2M€5.9M€5.9M€4.3M€1.1M€4.3M
Retained earnings (deficit)€739.3M€668.7M€641.0M€528.3M€498.6M€893.2M€944.5M€936.6M
Accumulated other comprehensive income−€213.1M−€126.0M−€133.7M−€125.3M−€244.5M−€295.8M−€180.7M−€249.6M
Minority interest€68.1M€66.8M€60.6M€53.4M————
Total shareholders' equity€1.03B€916.1M€840.3M€678.9M€601.2M€601.8M€688.8M€691.3M
Key figures
Total debt€977.4M€1.04B€996.3M€914.6M€1.07B€1.08B€1.15B€1.31B
Net cash (debt)−€681.7M−€739.1M−€609.3M−€341.6M−€266.8M−€409.3M−€555.2M−€547.9M
Working capital€439.6M€353.3M€275.5M€418.7M€682.2M€703.7M€639.2M€726.3M
Tangible book value€476.7M€301.8M€268.0M€223.0M€176.0M€213.9M€268.8M€287.5M
Shares outstanding261.5M254.2M252.4M240.6M203.5M222.4M242.3M242.3M
Current ratio1.591.411.271.481.972.312.052.12
Quick ratio0.740.680.620.871.371.511.271.43
Debt / equity0.951.131.191.351.771.791.671.90
Equity / assets36.4%32.3%30.4%28.0%24.5%24.9%26.1%24.7%

Quarterly columns are labeled by the month the quarter ended. Figures in euros as reported (latest annual report filed March 20, 2026); data from EODHD.

ZGN financial position

At the end of fiscal 2025 (December 31, 2025), Ermenegildo Zegna had total assets of €2.8 billion (down 0.0% from a year earlier), total liabilities of €1.7 billion and shareholders' equity of €1.0 billion. It held €295.7 million in cash and short-term investments against €977.4 million of debt, net debt of €681.7 million. Its current ratio was 1.59. In the latest quarter (ended June 30, 2026) total assets were €3.1 billion and equity €1.0 billion.

Related: ZGN income statement, ZGN cash flow statement, ZGN key metrics. See the ZGN stock overview for the latest quote and news.

ZGN balance sheet FAQ

What are Ermenegildo Zegna's total assets?

Ermenegildo Zegna reported total assets of €2.8 billion at the end of fiscal 2025 (December 31, 2025), compared with €2.8 billion a year earlier.

How much debt does Ermenegildo Zegna have?

Ermenegildo Zegna had €977.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.95.

How much cash does Ermenegildo Zegna have?

Ermenegildo Zegna held €295.7 million in cash and short-term investments at the end of fiscal 2025; with €977.4 million of debt that is net debt of €681.7 million.

What is Ermenegildo Zegna's book value?

Ermenegildo Zegna's shareholders' equity (book value) was €1.0 billion at the end of fiscal 2025.

What is Ermenegildo Zegna's current ratio?

Ermenegildo Zegna had current assets of €1.2 billion and current liabilities of €750.1 million, a current ratio of 1.59 (it can cover its short-term obligations).

How much goodwill does Ermenegildo Zegna have?

Ermenegildo Zegna carried €553.9 million of goodwill and intangible assets, 19.5% of total assets, at the end of fiscal 2025.

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