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Operates Italy's national high-voltage electricity transmission grid, ensuring power flows reliably between generators and distributors.
Operates Italy's national high-voltage electricity transmission grid, ensuring power flows reliably between generators and distributors.
Is paid a regulated revenue set by the energy regulator ARERA, based on the value of its grid assets and an allowed return on them, so growth comes from investing in the grid rather than from selling more power. Its largest shareholder is a holding company of the Italian state's Cassa Depositi e Prestiti.
In one line: Italy's regulated grid operator, like a National Grid/ITC Holdings.
Moat: wide (regulatory licence, installed base, scale). Sole owner/operator of Italy's national transmission grid, a natural monopoly with regulator-set returns.
Headquarters: Rome, Italy · Founded: 2005 · Employees: 7,117
Size Terna (TRN.MI) is an Italy Utilities company (Electric Utilities) with a market value of $22.0B, the 17th largest of 123 Italy companies the cockpit tracks. Shares closed at €9.77 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against +1.6% for the median peer and +3.1% for the Italy market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 11.3% over the last twelve months (peer median +6.0%); the operating margin is 42.4% (peer median 22.5%).
Valuation It trades at 17.8× forward earnings against a peer median of 17.5× (10th most expensive of 20).
Capital Return on invested capital runs 0.1 points above its cost of capital (5.9% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €4.16B | €3.95B | €3.62B | €3.12B | €2.90B |
| Revenue growth | — | +9% | +16% | +8% | — |
| Gross profit | €1.94B | €1.90B | €1.77B | €1.43B | €1.38B |
| EBITDA | €2.77B | €2.67B | €2.50B | €2.11B | €1.99B |
| Net income | €1.11B | €1.11B | €1.06B | €885M | €857M |
| Free cash flow | -€208M | -€318M | -€845M | -€964M | €831M |
| Capital expenditure | €3.53B | €3.35B | €2.59B | €2.27B | €1.70B |
| Total debt | n/a | €17.2B | €15.6B | €13.0B | €11.8B |
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 |
|---|---|---|---|---|---|---|
| Terna TRN.MI | $22.0B | -2% | +11% | 42% | 17.8× | n/a |
| National Grid NG..L | $84.5B | -2% | -4% | 29% | 13.8× | 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 | TRN.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +5.9% | 8th highest of 21 |
| 6-month return | -1.6% | +1.6% | 8th lowest of 21 |
| Distance from 52-week high | -6.1% | -10.1% | 7th highest of 21 |
| Revenue growth (TTM) | +11.3% | +6.0% | 5th highest of 21 |
| Operating margin | 42.4% | 22.5% | 3rd highest of 21 |
| Forward P/E | 17.8× | 17.5× | 10th most expensive of 20 |
| ROIC minus cost of capital | +0.1 pp | -1.7 pp | 7th highest of 21 |
| EV / EBITDA | 12.5× | 12.6× | 8th cheapest of 16 |
| Net debt / EBITDA | 5.5× | 5.2× | 8th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |