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Spanish utility generating and distributing electricity, with one of the world's largest renewable (wind/solar) portfolios and regulated grid networks.
Spanish utility generating and distributing electricity, with one of the world's largest renewable (wind/solar) portfolios and regulated grid networks.
Earns from regulated electricity networks, where the regulator sets an allowed return on the assets, plus wind and solar output sold under long-term contracts or at market prices. It built its global footprint by buying utilities, including ScottishPower in the UK and Avangrid in the US, whose minority holders it bought out in 2024.
In one line: A larger, renewables-focused NextEra Energy.
Moat: narrow (regulatory licence, scale, installed base). Regulated networks and long-dated renewable assets across multiple countries give stable, licence-based returns.
Headquarters: Bilbao, Spain · Founded: 1901 · Employees: 45,400
Size Iberdrola (IBE.MC) is a Spain Utilities company (Electric Utilities) with a market value of $168B, the 3rd largest of 97 Spain companies the cockpit tracks. Shares closed at €22.65 on 6 Nov 2026.
Performance Over six months the shares gained 15.7%, against +1.4% for the median peer and +8.2% for the Spain market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +6.4%); the operating margin is 21.2% (peer median 20.0%).
Valuation It trades at 21.9× forward earnings against a peer median of 18.4× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +6 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 0.6 points below its cost of capital (6.3% WACC).
Credit Iberdrola has 31 bonds outstanding ($25.0B), rated BBB+ by the agencies and trading like AA+ at a weighted spread of 52 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €46.1B | €43.9B | €42.6B | €49.1B | €54.0B |
| Revenue growth | — | +3% | -13% | -9% | — |
| Gross profit | €11.5B | €12.0B | €10.9B | €11.4B | €9.41B |
| EBITDA | €15.8B | €15.4B | €13.8B | €13.6B | €12.8B |
| Net income | €6.79B | €6.29B | €5.61B | €4.80B | €4.34B |
| Free cash flow | n/a | €1.19B | €2.50B | €2.43B | €2.48B |
| Capital expenditure | n/a | €8.32B | €8.38B | €7.88B | €6.79B |
| Total debt | €64.8B | €56.8B | €57.3B | €51.1B | €49.3B |
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 |
|---|---|---|---|---|---|---|
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Orsted ORSTED.CO | $29.5B | -8% | +15% | 2% | 20.4× | 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 | IBE.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +8.4% | 9th lowest of 20 |
| 6-month return | +15.7% | +1.4% | 2nd highest of 20 |
| Distance from 52-week high | -1.8% | -7.0% | 2nd highest of 20 |
| Revenue growth (TTM) | +1.3% | +6.4% | 8th lowest of 20 |
| Operating margin | 21.2% | 20.0% | 10th highest of 20 |
| Forward P/E | 21.9× | 18.4× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 11.4% | 6.2% | 4th most demanding of 8 |
| Growth delivered (Del g) | +5.8% | +8.8% | 3rd lowest of 8 |
| Hurdle (Req g minus delivered) | +5.6 pp | +2.3 pp | 3rd most demanding of 8 |
| ROIC minus cost of capital | -0.6 pp | -1.2 pp | 6th highest of 20 |
| EV / EBITDA | 13.8× | 13.5× | 7th most expensive of 19 |
| Net debt / EBITDA | 3.5× | 5.0× | 4th least indebted of 19 |
| Bond spread | 52 bp | 85 bp | tightest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Iberdrola IBE.MC | Spain | $168B | +16% | +1% | 21% | 21.9× | 11.4% | +5.8% |
| NextEra Energy NEE | United States | $182B | -6% | +13% | 30% | 21.0× | 18.8% | +9.2% |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | 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 |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
Iberdrola has 31 bonds outstanding with $25.0B face value. The agencies rate it BBB+; its bonds trade like AA+. Weighted yield 4.29%, a spread of 52 bp over government bonds.