Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
ENAV S.p.A. is an Italian government-controlled joint-stock company that serves as the exclusive provider of civil air navigation services across Italian airspace. It manages air traffic control 24/7 from 45 airport control towers and four Area Control Centres in Rome, Milan, Padua, and Brindisi, safely handling approximately 1.8 million flights annually with a workforce of around 4,500 employees. The company operates through key segments including flight assistance, maintenance services via subsidiary Techno Sky, and aeronautical information management software through IDS AirNav, offering services like weather forecasting, communication, navigation, surveillance, flight procedure design, training at its academy, and unmanned aircraft system traffic management. Supervised by Italy's Ministry of Infrastructure and Transport and ENAC, with the Ministry of Economy and Finance holding a majority stake of about 53%, ENAV S.p.A. plays a crucial role in the Single European Sky initiative and EUROCONTROL, advancing innovation in air traffic management, route optimization for sustainability, and drone integration via partnerships like D-Flight. Headquartered in Rome since its founding in 2001, it supports airlines, airports, and international partners while driving efficiency in Europe's aviation sector.
17.56% operating margin is respectable but not wide. ROIC at 6.79%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 1.7% YoY. Margins deteriorated 4.2pp alongside, both lines moving the wrong way.
Operating margin contracted 4.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
€998M
▼ -1.7% YoY
Net Income (TTM)
€100M
▼ -25.9% YoY
Op. Margin
17.83%
▼ -4.2pp YoY
ROIC
6.79%
▼ -1.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€240M
▲ +43.2% YoY
Op. Cash Flow (TTM)
€240M
▲ +8.2% YoY
Net Debt
€132M
Cash & Equiv.
€448M
3Y CAGR: +2.7%
3Y CAGR: +17.8%
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