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Italian multi-utility providing water services, electricity distribution and environmental/waste management, mainly in the Rome region.
Italian multi-utility providing water services, electricity distribution and environmental/waste management, mainly in the Rome region.
Earns regulated returns on water and electricity networks, where tariffs set by the national regulator are built to cover costs and a return on the asset base, so network investment drives growth; free-market electricity and waste activities are smaller. The City of Rome holds the majority of the shares.
In one line: An Italian municipal utility like a regional American Water plus a power distributor.
Moat: narrow (regulatory licence, installed base, scale). Regulated regional utility monopoly infrastructure backed by municipal ownership, but limited growth outside its concession area.
Headquarters: Rome, Italy · Founded: 1909 · Employees: 8,628
Size Acea (ACE.MI) is an Italy Utilities company (Electric Utilities) with a market value of $5.14B, the 44th largest of 123 Italy companies the cockpit tracks. Shares closed at €21.58 on 6 Nov 2026.
Performance Over six months the shares fell 6.6%, against -7.0% for the median peer and +3.1% for the Italy market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 20.7% over the last twelve months (peer median +4.6%); the operating margin is 25.7% (peer median 17.3%).
Valuation It trades at 14.3× forward earnings against a peer median of 12.9× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (6.6% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.77B | €2.70B | €2.72B | €4.41B | €4.96B |
| Revenue growth | — | -1% | -38% | -11% | — |
| Gross profit | €797M | €1.08B | €1.13B | €1.07B | €1.05B |
| EBITDA | €1.42B | €1.16B | €1.19B | €1.08B | €1.01B |
| Net income | €708M | €481M | €332M | €294M | €280M |
| Free cash flow | €72.6M | €118M | €198M | -€153M | €295M |
| Capital expenditure | €1.59B | €1.53B | €1.44B | €1.14B | €1.05B |
| Total debt | €5.73B | €5.66B | €5.65B | €5.69B | €5.34B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Acea ACE.MI | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% |
| Iren IRE.MI | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% |
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Hera HER.MI | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACE.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.5% | 0.0% | 2nd highest of 21 |
| 6-month return | -6.6% | -7.0% | 11th highest of 21 |
| Distance from 52-week high | -18.6% | -26.8% | 8th highest of 21 |
| Revenue growth (TTM) | -20.7% | +4.6% | lowest of 21 |
| Operating margin | 25.7% | 17.3% | 3rd highest of 21 |
| Forward P/E | 14.3× | 12.9× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.8% | -0.7% | 2nd most demanding of 10 |
| Growth delivered (Del g) | -3.3% | +6.9% | lowest of 10 |
| Hurdle (Req g minus delivered) | +9.1 pp | -5.1 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -0.9 pp | -1.5 pp | 10th highest of 21 |
| EV / EBITDA | 7.2× | 11.7× | cheapest of 12 |
| Net debt / EBITDA | 3.7× | 5.7× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Shaanxi Energy Investment 001286.SZ | China | $4.68B | -16% | +4% | 24% | 12.9× | -9.2% | +18.6% |
| Wintime Energy 600157.SS | China | $4.55B | -21% | -9% | 7% | 104.2× | 0.8% | +1.4% |
| Shenzhen Energy 000027.SZ | China | $4.49B | -8% | +4% | 13% | 11.2× | n/a | n/a |
| Electric Power Development 9513.T | Japan | $4.39B | +2% | +4% | 10% | 8.2× | 4.5% | +5.4% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| Jiangsu Guoxin 002608.SZ | China | $4.30B | -1% | +7% | 5% | 12.6× | -0.7% | +10.5% |
| China Power International Development 2380.HK | Hong Kong | $4.29B | -20% | -5% | 20% | 13.6× | n/a | n/a |
| Algonquin Power & Utilities AQN.TO | Canada | $4.29B | -9% | +6% | 20% | 14.2× | n/a | n/a |
| Northland Power NPI.TO | Canada | $4.22B | -4% | +15% | 34% | 14.3× | -1.7% | +3.4% |