Loading…
Spanish electric and gas utility generating, distributing and retailing power, majority owned by Italy's Enel.
Spanish electric and gas utility generating, distributing and retailing power, majority owned by Italy's Enel.
Earns regulated returns on its distribution grid and, separately, sells power from its own plants and resells to retail customers; the network is the more predictable part, while generation and retail swing with power prices and demand. It operates in Spain and Portugal, including island systems where costs are compensated by the state.
In one line: A Spanish Duke Energy/Exelon.
Moat: narrow (regulatory licence, installed base, scale). Regulated Spanish distribution network and large generation fleet are difficult to replicate.
Headquarters: Madrid, Spain · Founded: 1944 · Employees: 8,946
Size Endesa (ELE.MC) is a Spain Utilities company (Electric Utilities) with a market value of $51.0B, the 6th largest of 97 Spain companies the cockpit tracks. Shares closed at €44.20 on 6 Nov 2026.
Performance Over six months the shares gained 20.9%, against +2.8% for the median peer and +8.2% for the Spain market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 6.4% over the last twelve months (peer median +5.5%); the operating margin is 17.5% (peer median 23.6%).
Valuation It trades at 18.4× forward earnings against a peer median of 18.5× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.7 points above its cost of capital (6.5% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €22.5B | €21.0B | €20.9B | €25.1B | €32.5B |
| Revenue growth | — | 0% | -16% | -23% | — |
| Gross profit | €6.01B | €5.78B | €6.10B | €7.01B | €7.18B |
| EBITDA | €6.05B | €5.41B | €5.90B | €6.76B | €7.34B |
| Net income | €2.45B | €2.20B | €1.89B | €742M | €2.54B |
| Free cash flow | €2.32B | €2.43B | €1.73B | €1.03B | €1.55B |
| Capital expenditure | €1.88B | €2.01B | €1.85B | €2.28B | €2.13B |
| Total debt | €11.9B | €10.4B | €10.5B | €13.7B | €18.5B |
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 |
|---|---|---|---|---|---|---|
| Endesa ELE.MC | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| Naturgy Energy NTGY.MC | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% |
| Corporacion Acciona Energias Renovables ANE.MC | $8.06B | -7% | -14% | 18% | 21.1× | 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 | ELE.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.7% | +8.5% | 6th lowest of 21 |
| 6-month return | +20.9% | +2.8% | highest of 21 |
| Distance from 52-week high | -1.9% | -6.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +6.4% | +5.5% | 11th highest of 21 |
| Operating margin | 17.5% | 23.6% | 4th lowest of 21 |
| Forward P/E | 18.4× | 18.5× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | 5.8% | least demanding of 4 |
| Growth delivered (Del g) | +4.7% | +10.1% | lowest of 4 |
| Hurdle (Req g minus delivered) | -4.2 pp | -2.9 pp | 2nd least demanding of 4 |
| ROIC minus cost of capital | +7.7 pp | -1.2 pp | highest of 21 |
| EV / EBITDA | 9.7× | 13.7× | 3rd cheapest of 19 |
| Net debt / EBITDA | 2.0× | 5.0× | least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| CGN Power 003816.SZ | China | $33.1B | +4% | -20% | 30% | 22.4× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |