Il valore degli intangibili ha raggiunto nel 2025 il massimo storico e l’impossibilità di registrare a bilancio la maggior parte di questo valore rende gli investimenti più rischiosi, ma nel 2026 l’International Accounting Standards (IAS) potrebbe revisionare lo IAS 38 facendo includere nei bilanci gli intangibili generati internamente - come il brand, il capitale umano e le relazioni con i clienti - rendendo così il valore delle imprese più trasparente.
Da ciò che emerge nel report Global Intangible Finance Tracker (GIFT) - basato sull’analisi delle oltre 40.000 imprese quotate nei 174 paesi monitorati da Brand Finance - risulta che il valore immateriale complessivo di queste imprese, ad agosto 2025, valeva 97.600 miliardi di dollari pari al 58% dell’enterprise value.
Complessivamente, il 48% del valore delle imprese non risulta nei bilanci, poiché la IAS – l’organizzazione internazionale che definisce gli standard contabili – non è ancora riuscita a trovare un accordo tra gli stakeholder su come standardizzare gli asset intangibili generati internamente. Inoltre, molte categorie non incluse nello IAS 38 del 2004 erano all’epoca considerate di scarsa rilevanza.
Massimo Pizzo senior consultant di Brand Finance afferma:
” Da anni Brand Finance, attraverso il report GIFT, conduce una campagna per promuovere la registrazione nei bilanci degli asset immateriali internamente generati, speriamo che la revisione dello IAS 38 prevista nel secondo semestre del 2026, possa migliorare le valutazioni delle imprese anche in modo da ridurre i rischi per gli investitori.”
A cominciare dalle Big Tech, il valore intangibile non presente nei libri contabili risulta molto elevato: il 98% del valore di Nvidia, l’87% di Oracle, il 92% di Broadcom e il 98% del valore di Palantir dipende da asset intangibili e da come sono percepiti nel mercato. Oltre alle imprese legate all’intelligenza artificiale e alla tecnologia - in cui il peso degli intangibili nascosti mediamente supera il 70% del valore di queste imprese, anche nel settore dell’aerospazio & difesa (74%) e dei media (71%) il peso di questi intangibili è particolarmente rilevante.
Brand Finance, anche per contribuire a migliorare la conoscenza degli asset intangibili, oltre ad analizzarne le tendenze con il report GIFT, valuta annualmente oltre 5.000 trademark determinando il valore dei brand e il relativo peso sull’enterprise value. Da ciò che emerge dalle valutazioni dei principali marchi del mondo nel report Brand Finance Global 500 - pubblicato ogni anno durante il WEF di Davos - al 1° gennaio 2025, con un valore di 574,5 miliardi di dollari, Apple era il trademark di maggiore valore al mondo pari al 16% del valore di impresa.
Conclude Massimo Pizzo di Brand Finance:
”Le valutazioni dei marchi condotte da Brand Finance contribuiscono a scoprire la composizione di una quota rilevante del valore nascosto di imprese come Apple il cui valore presente nei libri contabili non supera il 3%; vista la tendenza, le valutazioni degli asset intangibili diventeranno sempre più rilevanti, sia dal punto di visto regolatorio, sia dal punto di vista finanziario.”
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
