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Spain's sole electricity transmission grid operator (TSO), also owning satellite operator Hispasat.
Spain's sole electricity transmission grid operator (TSO), also owning satellite operator Hispasat.
Is paid a regulated return on the value of its transmission lines and substations, set by Spain's energy regulator, plus a fee for operating the system, balancing supply and demand moment to moment, so earnings depend on regulated returns more than electricity volumes. The state holding company SEPI is the largest shareholder.
In one line: A Spanish National Grid; a regulated electric transmission monopoly.
Moat: wide (regulatory licence, installed base). Sole legal operator of Spain's high-voltage electricity transmission grid, a regulated natural monopoly.
Headquarters: Madrid, Spain · Founded: 1985 · Employees: 2,099
Size Redeia Corporacion (RED.MC) is a Spain Utilities company (Electric Utilities) with a market value of $9.47B, the 22nd largest of 97 Spain companies the cockpit tracks. Shares closed at €15.66 on 6 Nov 2026.
Performance Over six months the shares gained 8.1%, against -7.6% for the median peer and +8.2% for the Spain market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +6.7%); the operating margin is 42.6% (peer median 12.4%).
Valuation It trades at 16.7× forward earnings against a peer median of 13.3× (8th most expensive of 19).
Capital Return on invested capital runs 0.3 points below its cost of capital (5.3% WACC).
Credit Redeia Corporacion has 3 bonds outstanding ($1.67B), rated BBB- by the agencies and trading like AAA at a weighted spread of 65 bp.
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.72B | €1.66B | €1.59B | €1.82B | €2.02B |
| Revenue growth | — | +4% | -12% | -10% | — |
| Gross profit | €1.05B | €1.04B | €990M | €1.22B | €1.29B |
| EBITDA | €1.24B | €1.20B | €1.16B | €1.32B | €1.44B |
| Net income | €500M | €506M | €368M | €690M | €665M |
| Free cash flow | -€471M | -€339M | €3.00M | -€353M | €1.03B |
| Capital expenditure | €1.48B | €1.41B | €1.08B | €878M | €536M |
| Total debt | n/a | €6.14B | €6.42B | €5.80B | €6.24B |
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 |
|---|---|---|---|---|---|---|
| Redeia Corporacion RED.MC | $9.47B | +8% | +15% | 43% | 16.7× | n/a |
| National Grid NG..L | $84.5B | -2% | -4% | 29% | 13.8× | n/a |
| Terna TRN.MI | $22.0B | -2% | +11% | 42% | 17.8× | 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 | RED.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.5% | +0.5% | 7th highest of 21 |
| 6-month return | +8.1% | -7.6% | 2nd highest of 21 |
| Distance from 52-week high | -5.2% | -20.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +14.8% | +6.7% | 4th highest of 21 |
| Operating margin | 42.6% | 12.4% | 2nd highest of 21 |
| Forward P/E | 16.7× | 13.3× | 8th most expensive of 19 |
| ROIC minus cost of capital | -0.3 pp | -0.9 pp | 7th highest of 20 |
| EV / EBITDA | 11.8× | 11.3× | 7th most expensive of 16 |
| Net debt / EBITDA | 4.9× | 5.2× | 7th least indebted of 17 |
| Bond spread | 65 bp | 100 bp | tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| Datang International Power Generation 0991.HK | Hong Kong | $10.7B | -20% | +3% | 15% | 5.5× | 4.0% | +4.1% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
Redeia Corporacion has 3 bonds outstanding with $1.67B face value. The agencies rate it BBB-; its bonds trade like AAA. Weighted yield 4.04%, a spread of 65 bp over government bonds.