Atalanta and Roma lead Serie A for adding value to signings, Fiorentina at the bottom
BERGAMO, ITALY - OCTOBER 15: Gianluca Scamacca of Atalanta BC celebrates scoring his team’s third goal with teammate Mario Pasalic during the UEFA Conference League 2026/27 League Phase MD1 match between Atalanta BC and Pafos FC at Stadio di Bergamo on October 15, 2026 in Bergamo, Italy. (Photo by Marco Luzzani/Getty Images)
Atalanta and Roma are the Serie A clubs that have added the most value to their signings over the past five years, while Fiorentina are the current top flight club to have lost money, according to the CIES Football Observatory.
The Swiss-based research group ranked 251 clubs worldwide by the change in value of non-academy players signed since 2022. It compares the fees paid with the fees received for players who have since left, and with the current market value of those still at the club.
Atalanta are the best Italian side and 10th in the world, with a gain of €354m. Roma are joint 13th on €323m, almost all of it (€291m) from players still under contract. Udinese (€252m), Bologna and Inter (both €236m) complete the Italian top five.
Fiorentina and Milan struggle in CIES Serie A ranking
At the other end, Fiorentina are 236th, with an overall loss of €27m. They are down €51m on players they have already sold, despite €569m spent and received in transfers. Cremonese (-€25m) and Palermo (-€17m) are the only other Italian clubs in the red.
Milan’s record is also poor given how much they spend. They had the highest transfer volume of any Italian club, at €986m, but their total gain is just €69m (123rd). Their current signings are worth €20m less than Milan paid for them.
Napoli are 63rd on €128m, while Juventus are €85m down on players already sold.
Italian clubs ranked by change in value of signings since 2022
Atalanta: +€354m
Roma: +€323m
Udinese: +€252m
Bologna: +€236m
Inter: +€236m
Parma: +€180m
Genoa: +€171m
Lecce: +€160m
Como: +€158m
Lazio: +€147m
Juventus: +€145m
Cagliari: +€142m
Hellas Verona: +€138m
Napoli: +€128m
Venezia: +€111m
Torino: +€73m
Milan: +€69m
Sassuolo: +€66m
Frosinone: +€57m
Empoli: +€37m
Monza: +€15m
Pisa: +€6m
Palermo: -€17m
Cremonese: -€25m
Fiorentina: -€27m
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