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Regional German utility (Baden-Wurttemberg) generating and distributing electricity, gas and water, majority state/municipal owned.
Regional German utility (Baden-Wurttemberg) generating and distributing electricity, gas and water, majority state/municipal owned.
Earns an increasing share from regulated electricity and gas grids, whose returns are set by the German regulator, and from renewables, while coal, gas and the retired nuclear fleet shrink in importance. The State of Baden-Wuerttemberg and a municipal association together hold nearly all the shares, so private shareholders own little.
In one line: A regional German utility, similar to a state-owned Southern Company.
Moat: narrow (regulatory licence, installed base). Regional grid monopoly and majority state/municipal ownership provide stable regulated returns.
Headquarters: Karlsruhe, Germany · Founded: 1997 · Employees: 31,541
Size ENBW Energie Baden-Wuerttemberg (EBK.DE) is a Germany Utilities company (Electric Utilities) with a market value of $24.2B, the 32nd largest of 205 Germany companies the cockpit tracks. Shares closed at €66.80 on 6 Nov 2026.
Performance Over six months the shares fell 3.2%, against +0.2% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 9.2% over the last twelve months (peer median +5.4%); the operating margin is 5.3% (peer median 23.2%).
Valuation It trades at 1.3× enterprise value to sales against a peer median of 4.8× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €36.0B | €34.4B | €34.5B | €44.4B | €56.0B |
| Revenue growth | — | 0% | -22% | -21% | — |
| Gross profit | €2.69B | €3.07B | €3.73B | €4.39B | €915M |
| EBITDA | €4.27B | €3.46B | €4.46B | €4.19B | €1.77B |
| Net income | -€447M | -€207M | €1.24B | €1.54B | €1.74B |
| Free cash flow | €3.73B | €4.22B | €2.63B | -€3.40B | -€858M |
| Capital expenditure | €44.1M | €6.83B | €5.48B | €4.40B | €2.77B |
| Total debt | €19.4B | €21.2B | €20.8B | €17.5B | €13.8B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| ENBW Energie Baden-Wuerttemberg EBK.DE | $24.2B | -3% | +9% | 5% | 1.3× | 5.2% |
| E.on EOAN.DE | $55.9B | +4% | -8% | 7% | 1.3× | n/a |
| Rwe RWE.DE | $50.4B | +2% | -34% | 0% | 4.2× | n/a |
| Engie ENGI.PA | $69.0B | -11% | -5% | 13% | 1.9× | 5.8% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 3.3× | n/a |
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 | EBK.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.9% | +6.1% | 3rd lowest of 21 |
| 6-month return | -3.2% | +0.2% | 6th lowest of 21 |
| Distance from 52-week high | -8.7% | -10.1% | 9th highest of 21 |
| Revenue growth (TTM) | +9.2% | +5.4% | 6th highest of 21 |
| Operating margin | 5.3% | 23.2% | 4th lowest of 21 |
| EV / Sales | 1.3× | 4.8× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 5.2% | 1.6% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +11.8% | +3.6% | highest of 8 |
| Hurdle (Req g minus delivered) | -6.6 pp | -1.9 pp | 3rd least demanding of 8 |
| ROIC minus cost of capital | -1.8 pp | -1.1 pp | 7th lowest of 21 |
| EV / EBITDA | 10.8× | 12.6× | 5th cheapest of 16 |
| Net debt / EBITDA | 3.6× | 5.4× | 4th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | 1.3× | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 5.7× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 4.0× | 9.2% | -36.7% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 8.2× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 3.6× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 3.1× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 1.9× | -8.6% | +8.8% |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 8.3× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 3.6× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 5.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 5.3× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 4.7× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 34.0× | -0.9% | -9.3% |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 3.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 0.2× | 1.7% | +3.6% |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 3.7× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 6.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 3.3× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 10.1× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 12.5× | 3.8% | +6.6% |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 6.3× | -1.6% | +6.5% |