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Italy's main natural gas transmission and storage network operator, and an investor in hydrogen infrastructure.
Italy's main natural gas transmission and storage network operator, and an investor in hydrogen infrastructure.
Earns a regulated return on the value of its pipelines and storage sites, set by Italy's energy regulator ARERA, so growth in the regulated asset base (the value of network assets on which the return is calculated), not gas prices, drives revenue. Cassa Depositi e Prestiti, the state lender, is the largest shareholder through its investment vehicles.
Moat: wide (regulatory licence, scale, installed base). Regulated monopoly operator of Italy's national gas transmission grid.
Headquarters: San Donato Milanese, Italy · Founded: 2001 · Employees: 4,008
Size Snam (SRG.MI) is an Italy Utilities company (Gas Distributors) with a market value of $23.3B, the 15th largest of 123 Italy companies the cockpit tracks. Shares closed at €6.20 on 6 Nov 2026.
Performance Over six months the shares fell 2.2%, against +1.3% for the median peer and +3.1% for the Italy market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +2.5%); the operating margin is 46.1% (peer median 20.7%).
Valuation It trades at 14.5× forward earnings against a peer median of 15.2× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +2 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 1.2 points below its cost of capital (5.9% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.96B | €3.85B | €3.55B | €4.24B | €3.50B |
| Revenue growth | — | +9% | -16% | +21% | — |
| Gross profit | €2.49B | €2.51B | €2.54B | €2.22B | €1.87B |
| EBITDA | €3.02B | €2.93B | €2.69B | €2.36B | €2.22B |
| Net income | €1.15B | €1.27B | €1.26B | €1.14B | €671M |
| Free cash flow | €1.12B | €259M | -€724M | -€1.68B | €2.97B |
| Capital expenditure | €2.56B | €2.71B | €2.81B | €1.80B | €1.32B |
| Total debt | n/a | €20.5B | €19.4B | €16.7B | €13.7B |
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 |
|---|---|---|---|---|---|---|
| Snam SRG.MI | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% |
| Italgas IG.MI | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% |
| Terna TRN.MI | $22.0B | -2% | +11% | 42% | 17.8× | n/a |
| Enagas ENG.MC | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% |
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 | SRG.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +3.1% | 3rd highest of 20 |
| 6-month return | -2.2% | +1.3% | 9th lowest of 20 |
| Distance from 52-week high | -9.8% | -10.3% | 10th highest of 20 |
| Revenue growth (TTM) | +8.6% | +2.5% | 4th highest of 20 |
| Operating margin | 46.1% | 20.7% | 2nd highest of 19 |
| Forward P/E | 14.5× | 15.2× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 0.3% | 3rd most demanding of 13 |
| Growth delivered (Del g) | +6.9% | +8.3% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | +2.3 pp | -10.3 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -1.2 pp | -0.3 pp | 6th lowest of 19 |
| EV / EBITDA | 13.5× | 11.0× | 6th most expensive of 17 |
| Net debt / EBITDA | 6.6× | 4.3× | most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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 |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
| Atmos Energy ATO | United States | $29.3B | -4% | +6% | 37% | 19.3× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| Naturgy Energy NTGY.MC | Spain | $31.8B | +8% | +5% | 18% | 13.1× | -7.4% | +4.9% |
| 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 |
| Sempra SRE | United States | $51.1B | -14% | +1% | 25% | 15.2× | 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% |
| 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 |