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Italy's state-controlled air navigation service provider, managing air traffic control across Italian airspace for airlines.
Italy's state-controlled air navigation service provider, managing air traffic control across Italian airspace for airlines.
Charges airlines a fee per flight based on distance and aircraft weight, with the unit rate set under a European regulatory framework, so revenue follows air traffic volumes and the allowed-cost rules rather than competition. The Ministry of Economy and Finance is the largest shareholder, and a small non-regulated side sells technology and services.
In one line: Italy's listed air-traffic-control monopoly.
Moat: wide (regulatory licence). State-granted natural monopoly over Italian air traffic control airspace.
Headquarters: Rome, Italy · Founded: 2001 · Employees: 4,467
Size ENAV (ENAV.MI) is an Italy Industrials company (Other Transportation) with a market value of $3.19B, the 55th largest of 123 Italy companies the cockpit tracks. Shares closed at €5.26 on 6 Nov 2026.
Performance Over six months the shares gained 7.8%, against -3.2% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +3.3%); the operating margin is 9.3% (peer median 11.5%).
Valuation It trades at 26.9× forward earnings against a peer median of 13.4× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +8 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 1.8 points below its cost of capital (7.2% WACC).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.02B | €983M | €1,000M | €963M | €906M |
| Revenue growth | — | -2% | +4% | +6% | — |
| Gross profit | €236M | €221M | €267M | €263M | €233M |
| EBITDA | €223M | €208M | €270M | €253M | €228M |
| Net income | €106M | €93.1M | €126M | €113M | €105M |
| Free cash flow | €263M | €256M | €174M | €127M | €157M |
| Capital expenditure | €119M | €113M | €119M | €110M | €97.8M |
| Total debt | n/a | €579M | €590M | €528M | €601M |
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.
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 | ENAV.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.2% | 0.0% | 3rd highest of 21 |
| 6-month return | +7.8% | -3.2% | 5th highest of 21 |
| Distance from 52-week high | -6.7% | -18.3% | 7th highest of 21 |
| Revenue growth (TTM) | +3.1% | +3.3% | 11th highest of 21 |
| Operating margin | 9.3% | 11.5% | 8th lowest of 21 |
| Forward P/E | 26.9× | 13.4× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 13.8% | -2.8% | 2nd most demanding of 15 |
| Growth delivered (Del g) | +6.0% | +8.8% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +7.8 pp | -6.1 pp | most demanding of 15 |
| ROIC minus cost of capital | -1.8 pp | +0.0 pp | 6th lowest of 21 |
| EV / EBITDA | 13.8× | 10.1× | 3rd most expensive of 10 |
| Net debt / EBITDA | 1.0× | 1.5× | 6th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ENAV ENAV.MI | Italy | $3.19B | +8% | +3% | 9% | 26.9× | 13.8% | +6.0% |
| Guangzhou Baiyun International Airport 600004.SS | China | $3.18B | -6% | +9% | 11% | 25.2× | -12.5% | +8.8% |
| Beibu Gulf Port 000582.SZ | China | $3.14B | -25% | -1% | 21% | 18.6× | n/a | n/a |
| COSCO SHIPPING Ports 1199.HK | Hong Kong | $3.32B | +18% | +12% | 14% | 8.5× | 8.7% | +10.9% |
| Shenzhen Expressway 600548.SS | China | $2.99B | -4% | -5% | 17% | 14.4× | 0.6% | +2.9% |
| Japan Airport Terminal 9706.T | Japan | $3.46B | +16% | +8% | 17% | 19.2× | -2.3% | +40.7% |
| Sichuan Expressway 601107.SS | China | $2.89B | +16% | +7% | 27% | 13.2× | n/a | n/a |
| Guangzhou Port 601228.SS | China | $3.54B | -3% | -18% | 11% | n/a | n/a | n/a |
| Xiamen Port Development 000905.SZ | China | $2.87B | -25% | +14% | 4% | n/a | 4.2% | +7.1% |
| Qinhuangdao Port 3369.HK | Hong Kong | $2.77B | +5% | +7% | 23% | 6.7× | -13.2% | +2.0% |
| Sankyu 9065.T | Japan | $2.76B | -9% | 0% | 7% | 12.2× | -1.1% | +3.4% |
| Kamigumi 9364.T | Japan | $2.71B | -12% | +5% | 12% | 15.5× | -3.2% | +1.9% |
| Atlas Arteria ALX.AX | Australia | $3.78B | -21% | +2% | -20% | 20.6× | -3.5% | +8.9% |
| Wilh. Wilhelmsen WWI.OL | Norway | $3.87B | +23% | -4% | 10% | 8.4× | 6.2% | +11.0% |
| Xiamen Xiangyu 600057.SS | China | $2.59B | -14% | +9% | 1% | 8.7× | n/a | n/a |
| Corporacion America Airports CAAP | United States | $4.00B | -3% | +16% | 23% | 9.6× | -6.3% | +26.4% |
| SIA Engineering S59.SI | Singapore | $2.51B | -10% | -3% | 3% | 17.7× | 19.3% | +26.3% |
| Anhui Expressway 0995.HK | Hong Kong | $4.18B | -3% | -17% | 45% | 10.5× | -5.8% | +16.6% |
| Kintetsu 9041.T | Japan | $4.23B | +5% | +2% | 5% | 13.5× | n/a | n/a |
| Tangshan Port 601000.SS | China | $4.27B | +3% | +10% | 39% | 13.9× | -11.0% | -6.2% |
| Nagoya Railroad 9048.T | Japan | $2.38B | +8% | -2% | 5% | 11.0× | n/a | n/a |