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Italy's largest natural gas distribution network operator, delivering gas to homes and businesses.
Italy's largest natural gas distribution network operator, delivering gas to homes and businesses.
Earns regulated tariffs on the gas it carries to homes through its pipes, set by the energy regulator to give a return on the value of the network, so earnings track the size of its asset base. Concessions are awarded by area and periodically re-tendered, so winning and renewing them matters.
Moat: wide (regulatory licence, scale, installed base). Regulated regional gas distribution monopolies awarded via long-term concessions.
Headquarters: Milan, Italy · Founded: 1837 · Employees: 6,343
Size Italgas (IG.MI) is an Italy Utilities company (Gas Distributors) with a market value of $10.4B, the 24th largest of 123 Italy companies the cockpit tracks. Shares closed at €9.12 on 6 Nov 2026.
Performance Over six months the shares fell 11.9%, against +2.3% for the median peer and +3.1% for the Italy market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +2.0%); the operating margin is 48.6% (peer median 19.7%).
Valuation It trades at 12.3× forward earnings against a peer median of 17.3× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.0 points above its cost of capital (6.1% WACC).
Credit Italgas has 11 bonds outstanding ($7.63B), rated BBB+ by the agencies and trading like AA- at a weighted spread of 62 bp.
Next results Next results expected around 10 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €2.68B | €3.51B | €2.48B | €2.56B | €2.18B |
| Revenue growth | — | +42% | -3% | +17% | — |
| Gross profit | €1.30B | €1.53B | €988M | €892M | €745M |
| EBITDA | €2.05B | €1.86B | €1.30B | €1.19B | €1.00B |
| Net income | €720M | €672M | €479M | €440M | €407M |
| Free cash flow | n/a | €1.58B | €1.07B | €548M | €538M |
| Capital expenditure | n/a | €1.09B | €893M | €862M | €777M |
| Total debt | n/a | €11.4B | €7.19B | €6.92B | €6.55B |
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 |
|---|---|---|---|---|---|---|
| Italgas IG.MI | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% |
| Snam SRG.MI | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
| Hera HER.MI | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% |
| A2A A2A.MI | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% |
| Ascopiave ASC.MI | $699M | -8% | +34% | 26% | 15.6× | 4.4% |
| Iren IRE.MI | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% |
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 | IG.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +5.1% | 2nd highest of 21 |
| 6-month return | -11.9% | +2.3% | 3rd lowest of 21 |
| Distance from 52-week high | -19.3% | -10.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +8.6% | +2.0% | 3rd highest of 21 |
| Operating margin | 48.6% | 19.7% | 2nd highest of 20 |
| Forward P/E | 12.3× | 17.3× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 7.1% | 5th least demanding of 12 |
| Growth delivered (Del g) | +11.3% | +6.7% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -8.8 pp | +1.0 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +0.0 pp | -0.9 pp | 9th highest of 20 |
| EV / EBITDA | 10.0× | 11.9× | 7th cheapest of 18 |
| Net debt / EBITDA | 5.3× | 5.1× | 9th most indebted of 18 |
| Bond spread | 62 bp | 84 bp | 2nd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 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 |
Italgas has 11 bonds outstanding with $7.63B face value. The agencies rate it BBB+; its bonds trade like AA-. Weighted yield 3.90%, a spread of 62 bp over government bonds.