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Spanish gas and electric utility, distributing natural gas, generating power and trading LNG internationally.
Spanish gas and electric utility, distributing natural gas, generating power and trading LNG internationally.
Earns regulated returns on gas and power networks, where the regulator sets the allowed income, with the rest from selling gas and power to customers and trading LNG under long-term supply contracts. Its largest shareholders are investment groups, including CriteriaCaixa, CVC and BlackRock-owned GIP, rather than a single family or the state.
In one line: A Spanish Sempra Energy/National Fuel Gas hybrid.
Moat: narrow (regulatory licence, installed base, scale). Regulated Spanish and Latin American gas distribution networks are natural, licensed monopolies.
Headquarters: Madrid, Spain · Founded: 1843 · Employees: 6,764
Size Naturgy Energy (NTGY.MC) is a Spain Utilities company (Gas Distributors) with a market value of $31.8B, the 10th largest of 97 Spain companies the cockpit tracks. Shares closed at €29.54 on 6 Nov 2026.
Performance Over six months the shares gained 7.7%, against -2.2% for the median peer and +8.2% for the Spain market (cap-weighted) — 2nd highest of 16 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +3.6%); the operating margin is 18.2% (peer median 24.2%).
Valuation It trades at 13.1× forward earnings against a peer median of 15.2× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (5.3% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €20.2B | €19.5B | €19.3B | €22.6B | €34.0B |
| Revenue growth | — | +1% | -15% | -33% | — |
| Gross profit | €5.51B | €5.37B | €5.52B | €5.48B | €4.84B |
| EBITDA | €5.27B | €5.05B | €5.20B | €5.20B | €4.67B |
| Net income | €2.11B | €2.02B | €1.92B | €1.99B | €1.65B |
| Free cash flow | n/a | €2.38B | €1.79B | €2.43B | €2.56B |
| Capital expenditure | n/a | €2.15B | €2.20B | €2.42B | €1.69B |
| Total debt | €17.3B | €16.8B | €18.0B | €16.0B | €16.3B |
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 |
|---|---|---|---|---|---|---|
| Naturgy Energy NTGY.MC | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% |
| Iberdrola IBE.MC | $168B | +16% | +1% | 21% | 21.9× | 11.4% |
| Endesa ELE.MC | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% |
| Engie ENGI.PA | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% |
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 | NTGY.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +4.7% | 5th lowest of 16 |
| 6-month return | +7.7% | -2.2% | 2nd highest of 16 |
| Distance from 52-week high | -5.1% | -13.2% | 3rd highest of 16 |
| Revenue growth (TTM) | +5.1% | +3.6% | 8th highest of 16 |
| Operating margin | 18.2% | 24.2% | 7th lowest of 15 |
| Forward P/E | 13.1× | 15.2× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -7.4% | 3.2% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +4.9% | +8.3% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | -12.3 pp | -6.6 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +5.7 pp | -0.9 pp | 3rd highest of 15 |
| EV / EBITDA | 8.1× | 13.3× | 3rd cheapest of 13 |
| Net debt / EBITDA | 2.3× | 5.5× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| Atmos Energy ATO | United States | $29.3B | -4% | +6% | 37% | 19.3× | n/a | n/a |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| Sempra SRE | United States | $51.1B | -14% | +1% | 25% | 15.2× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| 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 |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |