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Italian oilfield services company providing offshore/onshore engineering, drilling and construction for energy projects.
Italian oilfield services company providing offshore/onshore engineering, drilling and construction for energy projects.
Wins large engineering and construction contracts, booking revenue as work progresses, so the order backlog and project execution drive results more than the oil price day to day; clients' capital spending decides how much work is on offer. Eni, the Italian energy group, is its largest shareholder and a regular customer.
Moat: narrow (installed base, process know-how). Specialized offshore construction vessels and engineering expertise limit qualified competitors.
Headquarters: San Donato Milanese, Italy · Founded: 1957 · Employees: 30,409
Size Saipem (SPM.MI) is an Italy Industrials company (Engineering & Construction) with a market value of $9.38B, the 26th largest of 123 Italy companies the cockpit tracks. Shares closed at €4.24 on 6 Nov 2026.
Performance Over six months the shares fell 9.0%, against -15.3% for the median peer and +3.1% for the Italy market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +2.9%); the operating margin is 4.0% (peer median 6.4%).
Valuation It trades at 27.1× forward earnings against a peer median of 10.4× (2nd most expensive of 21).
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 +16%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (10.9% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €15.6B | €15.5B | €14.5B | €11.9B | €9.98B |
| Revenue growth | — | +7% | +23% | +19% | — |
| Gross profit | €1.76B | €1.88B | €1.71B | €1.35B | €715M |
| EBITDA | €1.73B | €1.71B | €1.33B | €916M | €532M |
| Net income | €266M | €310M | €306M | €179M | -€209M |
| Free cash flow | €1.21B | €1.16B | €735M | €114M | -€990M |
| Capital expenditure | €310M | €364M | €337M | €482M | €523M |
| Total debt | n/a | €3.11B | €3.02B | €3.12B | €3.03B |
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 |
|---|---|---|---|---|---|---|
| Saipem SPM.MI | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% |
| TechnipFMC FTI | $24.7B | -9% | +8% | 16% | 17.4× | 3.7% |
| Subsea 7 SUBC.OL | $9.71B | -5% | -2% | 13% | 12.4× | -2.4% |
| Technip Energies TE.PA | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% |
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 | SPM.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | +2.6% | 6th lowest of 21 |
| 6-month return | -9.0% | -15.3% | 8th highest of 21 |
| Distance from 52-week high | -12.6% | -29.2% | 5th highest of 21 |
| Revenue growth (TTM) | +1.9% | +2.9% | 10th lowest of 21 |
| Operating margin | 4.0% | 6.4% | 5th lowest of 21 |
| Forward P/E | 27.1× | 10.4× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 6.9% | 3.9% | 7th most demanding of 16 |
| Growth delivered (Del g) | +16.1% | +9.6% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -9.2 pp | -7.5 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | +4.1 pp | +2.7 pp | 5th highest of 19 |
| EV / EBITDA | 5.2× | 9.5× | cheapest of 14 |
| Net debt / EBITDA | 0.4× | 1.1× | 4th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| SamsungE&A 028050.KS | South Korea | $8.73B | +14% | +19% | 11% | 13.6× | -2.1% | +6.1% |
| Aecom ACM | United States | $8.59B | -17% | -4% | 5% | 11.0× | 7.3% | +4.0% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Stantec STN.TO | Canada | $8.42B | -16% | +10% | 10% | 16.0× | 3.9% | +11.5% |
| JSW Infrastructure JSWINFRA.NS | India | $8.33B | +20% | +17% | 36% | 46.8× | n/a | n/a |
| Shimizu 1803.T | Japan | $8.30B | -35% | +6% | 6% | 7.8× | n/a | n/a |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Sterling Infrastructure STRL | United States | $7.71B | -70% | +93% | 19% | 9.4× | 8.8% | +11.8% |
| China Railway Construction 601186.SS | China | $11.4B | -11% | -9% | 4% | 4.9× | n/a | n/a |
| Metallurgical Corporation of China 1618.HK | Hong Kong | $7.67B | -14% | -18% | -4% | 5.1× | 5.2% | +1.9% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| China Communications Construction 1800.HK | Hong Kong | $12.8B | -26% | -5% | 4% | 3.1× | n/a | n/a |
| Technip Energies TE.PA | France | $6.83B | -8% | +2% | 4% | 18.9× | -6.5% | +4.6% |
| China National Chemical Engineering 601117.SS | China | $6.68B | -15% | +2% | 5% | 6.4× | -17.3% | +11.6% |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |