SPM Stock Analysis: Saipem | MI
Oil & Gas Equipment & Services | MI, Italy | Market Cap: 8.306m EUR | 12M Return: 82.8% | IT0005495657 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 59.5M
EPS Trend: 57.4%
Qual. Beats: -1
Rev. Trend: 94.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Saipem SpA is an Italy-based energy and infrastructure contractor operating across three core segments: Asset Based Services, Offshore Drilling, and Energy Carriers. The company delivers engineering, procurement, construction, and project management services to clients in the oil and gas, civil infrastructure, and environmental markets, with operations spanning subsea field development, pipelaying, offshore installation, and decommissioning. Founded in 1957 and headquartered in Milan, Saipem sits within the Oil & Gas Equipment & Services sub-industry, where contractors typically operate on long-term, project-based contracts tied to energy-sector capital expenditure cycles.
Beyond its traditional offshore and onshore oil and gas work, Saipem has expanded into adjacent areas including sustainable infrastructure, wind energy projects, robotics and industrialized solutions, and high-speed railway construction. This diversification reflects a broader industry shift among major energy services firms, which are increasingly positioning themselves around the energy transition by adding renewables and low-carbon infrastructure to their project portfolios alongside legacy hydrocarbon contracts.
- Offshore oil project sanctions boost subsea backlog
- Middle East LNG awards expand Energy Carriers segment
- Offshore wind contracts grow renewables infrastructure revenue
| Net Income: 267.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 0.08 > 1.0 |
| NWC/Revenue: 3.84% < 20% (prev 6.61%; Δ -2.77% < -1%) |
| CFO/TA 0.10 > 3% & CFO 1.50b > Net Income 267.0m |
| Net Debt (1.84b) to EBITDA (1.76b): 1.04 < 3 |
| Current Ratio: 1.06 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.94b) vs 12m ago -0.87% < -2% |
| Gross Margin: 35.79% > 18% (prev 27.12%; Δ 8.66% > 0.5%) |
| Asset Turnover: 108.7% > 50% (prev 110.5%; Δ -1.84% > 0%) |
| Interest Coverage Ratio: 3.48 > 6 (EBIT TTM 654.0m / Interest Expense TTM 188.0m) |
| A: 0.04 (Total Current Assets 10.0b - Total Current Liabilities 9.41b) / Total Assets 14.9b |
| B: 0.03 (Retained Earnings 411.0m / Total Assets 14.9b) |
| C: 0.05 (EBIT TTM 654.0m / Avg Total Assets 14.4b) |
| D: 0.18 (Book Value of Equity 2.31b / Total Liabilities 12.6b) |
| Altman-Z'' = 0.85 = B |
| DSRI: 0.97 (Receivables 5.15b/5.21b, Revenue 15.6b/15.3b) |
| GMI: 0.76 (GM 27.12% / 35.79%) |
| AQI: 1.01 (AQ_t 0.09 / AQ_t-1 0.09) |
| SGI: 1.02 (Revenue 15.6b / 15.3b) |
| TATA: -0.08 (NI 267.0m - CFO 1.50b) / TA 14.9b) |
| Beneish M = -3.26 (Cap -4..+1) = AA |
As of September 27, 2026, the stock is trading at EUR 4.35 with a total of 9,785,475 shares traded. Over the past week, the price has changed by +1.97%, over one month by -3.38%, over three months by -1.20% and over the past year by +82.82%.
Current recommended Stop Loss: 4.10 (which is 5.7% or 2.3 ATR below the current price).
Saipem has no consensus analysts rating.
P/E Trailing = 32.8077
P/E Forward = 18.9394
P/S = 0.529
P/B = 3.5793
P/EG = 0.3735
Revenue TTM = 15.6b EUR
EBIT TTM = 654.0m EUR
EBITDA TTM = 1.76b EUR
Long Term Debt = 1.45b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.02b EUR (from shortTermDebt, last quarter)
Debt = 4.17b EUR (from shortLongTermDebtTotal, last quarter) + Leases 1.19b
Net Debt = 1.84b EUR (calculated: Debt 4.17b - CCE 2.34b)
Enterprise Value = 10.1b EUR (8.31b + Debt 4.17b - CCE 2.34b)
Interest Coverage Ratio = 3.48 (Ebit TTM 654.0m / Interest Expense TTM 188.0m)
EV/FCF = 8.33x (Enterprise Value 10.1b / FCF TTM 1.22b)
FCF Yield = 12.00% (FCF TTM 1.22b / Enterprise Value 10.1b)
FCF Margin = 7.78% (FCF TTM 1.22b / Revenue TTM 15.6b)
Net Margin = 1.71% (Net Income TTM 267.0m / Revenue TTM 15.6b)
Gross Margin = 35.79% ((Revenue TTM 15.6b - Cost of Revenue TTM 10.0b) / Revenue TTM)
Gross Margin QoQ = 38.89% (prev 28.29%)
Tobins Q-Ratio = 0.68 (Enterprise Value 10.1b / Total Assets 14.9b)
Interest Expense / Debt = 4.50% (Interest Expense 188.0m / Debt 4.17b)
Taxrate = 45.40% (222.0m / 489.0m)
NOPAT = 357.1m (EBIT 654.0m * (1 - 45.40%))
Current Ratio = 1.06 (Total Current Assets 10.0b / Total Current Liabilities 9.41b)
Debt / Equity = 1.81 (Debt 4.17b / totalStockholderEquity, last quarter 2.31b)
Debt / EBITDA = 1.04 (Net Debt 1.84b / EBITDA 1.76b)
Debt / FCF = 1.51 (Net Debt 1.84b / FCF TTM 1.22b)
Total Stockholder Equity = 2.56b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.85% (Net Income 267.0m / Total Assets 14.9b)
RoE = 10.42% (Net Income TTM 267.0m / Total Stockholder Equity 2.56b)
RoCE = 16.31% (EBIT 654.0m / Capital Employed (Equity 2.56b + L.T.Debt 1.45b))
RoIC = 6.23% (NOPAT 357.1m / Invested Capital 5.74b)
WACC = 6.95% (E(8.31b)/V(12.5b) * Re(9.21%) + D(4.17b)/V(12.5b) * Rd(4.50%) * (1-Tc(0.45)))
Discount Rate = 9.21% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -64.48 | Cagr: -0.73%
[DCF] Terminal Value 76.49% ; FCFF base≈1.18b ; Y1≈1.27b ; Y5≈1.54b
[DCF] Fair Price = 11.20 (EV 23.6b - Net Debt 1.84b = Equity 21.7b / Shares 1.94b; r=8.35% [WACC [floored]]; 5y FCF grow 8.47% → 2.50% )
EPS Correlation: 57.40 | EPS CAGR: 90.63% | SUE: -1.69 | # QB: -1
Revenue Correlation: 94.46 | Revenue CAGR: 13.14% | SUE: 0.49 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.04 | Chg30d=N/A | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=0.17 | Chg30d=+0.64% | Revisions=+40% | GrowthEPS=+11.5% | GrowthRev=+0.8%
EPS next Year (2027-12-31): EPS=0.30 | Chg30d=+0.50% | Revisions=+40% | GrowthEPS=+74.1% | GrowthRev=+1.8%
[Analyst] Revisions Ratio: +22% (up=4, down=2)