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Spanish engineering and construction group building power lines, renewable plants and infrastructure, plus concessions.
Spanish engineering and construction group building power lines, renewable plants and infrastructure, plus concessions.
Earns thin margins as a contractor, paid per project, so growth comes from winning work. Celeo, a joint venture with Dutch pension investor APG, holds transmission lines and solar plants that earn long-term regulated income.
In one line: A smaller Quanta Services with renewable-concession assets.
Moat: narrow (process know-how, installed base, scale). Deep grid-construction expertise and its own concession stakes, in a competitive EPC market.
Headquarters: Madrid, Spain · Founded: 1958 · Employees: 28,275
Size Elecnor (ENO.MC) is a Spain Industrials company (Engineering & Construction) with a market value of $2.76B, the 42nd largest of 97 Spain companies the cockpit tracks. Shares closed at €29.05 on 6 Nov 2026.
Performance Over six months the shares fell 30.2%, against -6.0% for the median peer and +8.2% for the Spain market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 7.0% over the last twelve months (peer median +10.7%); the operating margin is 4.0% (peer median 5.8%).
Valuation It trades at 17.0× forward earnings against a peer median of 13.5× (7th most expensive 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 -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.8 points above its cost of capital (7.4% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.38B | €4.39B | €3.81B | €3.79B | €3.39B |
| Revenue growth | — | +15% | 0% | +12% | — |
| Gross profit | €747M | €720M | €436M | €631M | €577M |
| EBITDA | €279M | €298M | €37.3M | €110M | €99.7M |
| Net income | €129M | €111M | -€100M | €110M | €103M |
| Free cash flow | €310M | €375M | €30.6M | €108M | €139M |
| Capital expenditure | €113M | €116M | €96.9M | €94.5M | €83.1M |
| Total debt | n/a | €319M | €259M | €668M | €1.04B |
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 |
|---|---|---|---|---|---|---|
| Elecnor ENO.MC | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% |
| Quanta Services PWR | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% |
| ACS, Actividades de Construccion y Servicios ACS.MC | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% |
| TSK Electronica y Electricidad TSK.MC | $831M | +10% | +1% | 6% | n/a | 9.9% |
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 | ENO.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -1.9% | 10th lowest of 21 |
| 6-month return | -30.2% | -6.0% | 4th lowest of 21 |
| Distance from 52-week high | -31.2% | -23.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +7.0% | +10.7% | 7th lowest of 21 |
| Operating margin | 4.0% | 5.8% | 5th lowest of 21 |
| Forward P/E | 17.0× | 13.5× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -4.9% | 4.4% | 4th least demanding of 18 |
| Growth delivered (Del g) | +12.3% | +9.4% | 7th highest of 18 |
| Hurdle (Req g minus delivered) | -17.2 pp | -5.8 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +15.8 pp | +4.5 pp | 5th highest of 20 |
| EV / EBITDA | 7.1× | 9.7× | 6th cheapest of 15 |
| Net debt / EBITDA | -1.7× | 0.3× | 3rd least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elecnor ENO.MC | Spain | $2.76B | -30% | +7% | 4% | 17.0× | -4.9% | +12.3% |
| Morgan Sindall MGNS.L | United Kingdom | $2.77B | -7% | +11% | 5% | 11.7× | -4.7% | +10.6% |
| Peab PEAB-B.ST | Sweden | $2.80B | +5% | +4% | 4% | 11.4× | 6.6% | -0.4% |
| Bird Construction BDT.TO | Canada | $2.70B | +28% | +7% | 4% | 21.5× | 6.1% | +17.7% |
| EXEO 1951.T | Japan | $2.84B | -22% | +18% | 7% | 12.2× | -5.0% | +6.6% |
| Shanghai Construction 600170.SS | China | $2.89B | -20% | -22% | 1% | 16.7× | -10.4% | -2.3% |
| Keller KLR.L | United Kingdom | $2.63B | +24% | +10% | 7% | 11.8× | 4.4% | +8.4% |
| Aecon ARE.TO | Canada | $2.59B | -4% | +23% | 2% | 26.3× | 5.1% | +8.3% |
| Jgc 1963.T | Japan | $2.94B | -18% | -15% | 6% | 10.0× | n/a | n/a |
| Cemindia Projects CEMPRO.NS | India | $2.58B | +36% | +10% | 9% | 32.8× | 42.2% | +29.9% |
| ACME Solar ACMESOLAR.NS | India | $2.95B | +32% | +54% | 66% | 29.6× | n/a | n/a |
| Toda 1860.T | Japan | $2.58B | -3% | +10% | 6% | 11.1× | -0.8% | +5.0% |
| Tecnicas Reunidas TRE.MC | Spain | $2.57B | -5% | +33% | 4% | 13.5× | -2.5% | +12.9% |
| Bilfinger GBF.DE | Germany | $2.57B | -31% | +6% | 5% | 15.5× | -6.7% | +9.4% |
| Shanghai Tunnel Engineering 600820.SS | China | $2.56B | -9% | -9% | 6% | 8.0× | -0.6% | +1.4% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| L&K Engineering (Suzhou) 603929.SS | China | $2.99B | -50% | +43% | 25% | 14.8× | 7.5% | +39.5% |
| Bravida BRAV.ST | Sweden | $3.00B | +30% | +4% | 6% | 19.0× | 5.3% | +5.9% |
| Legence LGN | United States | $3.02B | -72% | +69% | 3% | 12.2× | 29.7% | +69.2% |
| SINOPEC Engineering (Group) 2386.HK | Hong Kong | $3.05B | -13% | +14% | 2% | 9.0× | n/a | n/a |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |