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.
Terna - Rete Elettrica Nazionale SpA is Italy's leading transmission system operator, managing nearly the entire national high- and extra-high-voltage electricity grid spanning approximately 75,236 kilometers of power lines, 915 substations, and extensive interconnection infrastructure. Headquartered in Rome, the company operates as a natural monopoly regulated by the Italian Authority for Energy, Networks, and the Environment (ARERA), ensuring the balance between electricity supply and demand while dispatching power across the system. Through its core subsidiary Terna Rete Italia, it handles development, operation, and maintenance of the grid, including pioneering projects like the world's longest submarine cables such as SA.PE.I. and innovative HVDC interconnectors linking Italy to Sicily, France, and Tunisia. Terna Plus and Terna Energy Solutions drive non-core activities, offering specialized engineering services, high-voltage plant maintenance, fiber optics, smart grids, and renewable integration solutions to third parties in Italy and internationally in regions like Chile, Peru, and the USA. As Europe's largest independent grid operator and sixth globally by line length, Terna plays a pivotal role in Italy's energy transition, advancing decarbonization, renewable energy integration, and energy security via multi-billion-euro development plans. Listed on Borsa Italiana and part of the FTSE MIB index, it supports over 60 million end-users through robust, technologically advanced infrastructure.
45.85% operating margin is above average. ROIC at 5.86%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 15.9% YoY with margins expanding 3.2pp.
Negative free cash flow of -€1.16B. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€3.84B
▲ +15.9% YoY
Net Income (TTM)
€1.13B
▲ +20.4% YoY
Op. Margin
46.14%
▲ +3.2pp YoY
ROIC
5.86%
▲ +0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€98M
▲ +2.1% YoY
Op. Cash Flow (TTM)
€1.83B
▼ -93.3% YoY
Net Debt
€11.10B
Cash & Equiv.
€2.76B
3Y CAGR: +12.5%
Continue Research