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Spanish natural-gas transmission system operator running the country's gas pipeline network, storage and LNG terminals.
Spanish natural-gas transmission system operator running the country's gas pipeline network, storage and LNG terminals.
Paid under rules set by Spain's energy regulator that guarantee a return on its pipeline, storage and terminal assets, so income follows the regulated asset base and the allowed rate rather than gas volumes. In recent years it has sold foreign stakes, including its US pipeline interest, to focus at home.
In one line: Spain's regulated-utility equivalent of a gas pipeline operator like Williams Companies.
Moat: wide (regulatory licence, scale, installed base). Sole regulated operator of Spain's gas grid with government-set returns and irreplaceable infrastructure.
Headquarters: Madrid, Spain · Founded: 1972 · Employees: 1,402
Size Enagas (ENG.MC) is a Spain Utilities company (Gas Distributors) with a market value of $5.22B, the 28th largest of 97 Spain companies the cockpit tracks. Shares closed at €17.80 on 6 Nov 2026.
Performance Over six months the shares gained 7.4%, against -2.5% for the median peer and +8.2% for the Spain market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue fell 2.0% over the last twelve months (peer median +1.7%); the operating margin is 21.3% (peer median 18.3%).
Valuation It trades at 19.4× forward earnings against a peer median of 16.2× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +17 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 2.2 points below its cost of capital (5.1% WACC).
Credit Enagas has 3 bonds outstanding ($2.06B), rated BBB+ by the agencies and trading like AAA at a weighted spread of 50 bp.
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €930M | €960M | €906M | €914M | €966M |
| Revenue growth | — | +6% | -1% | -5% | — |
| Gross profit | €166M | €362M | €400M | €424M | €453M |
| EBITDA | €478M | €509M | €575M | €576M | €592M |
| Net income | €336M | €339M | -€299M | €343M | €376M |
| Free cash flow | n/a | €94.4M | €357M | €412M | €635M |
| Capital expenditure | n/a | €118M | €97.9M | €157M | €90.8M |
| Total debt | €3.16B | €3.42B | €4.10B | €3.87B | €4.43B |
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 |
|---|---|---|---|---|---|---|
| Enagas ENG.MC | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% |
| Snam SRG.MI | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% |
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
| Italgas IG.MI | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% |
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 | ENG.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | +3.0% | 6th highest of 21 |
| 6-month return | +7.4% | -2.5% | 5th highest of 21 |
| Distance from 52-week high | -1.0% | -15.7% | highest of 21 |
| Revenue growth (TTM) | -2.0% | +1.7% | 7th lowest of 21 |
| Operating margin | 21.3% | 18.3% | 9th highest of 21 |
| Forward P/E | 19.4× | 16.2× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | 2.8% | 3rd most demanding of 11 |
| Growth delivered (Del g) | -2.2% | +10.0% | lowest of 11 |
| Hurdle (Req g minus delivered) | +17.2 pp | -7.7 pp | most demanding of 11 |
| ROIC minus cost of capital | -2.2 pp | -0.7 pp | 7th lowest of 21 |
| EV / EBITDA | 15.2× | 10.0× | most expensive of 18 |
| Net debt / EBITDA | 5.5× | 4.2× | 5th most indebted of 18 |
| Bond spread | 50 bp | 84 bp | tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
Enagas has 3 bonds outstanding with $2.06B face value. The agencies rate it BBB+; its bonds trade like AAA. Weighted yield 3.80%, a spread of 50 bp over government bonds.