ENAV Stock Analysis: Enav | MI
Airports & Air Services | MI, Italy | Market Cap: 2.783m EUR | 12M Return: 44.6% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.61M
Qual. Beats: -2
Rev. Trend: 10.6%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 9.9 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.
ENAV S.p.A. is the Italian air navigation service provider (ANSP), offering air traffic control, air traffic management, and related services primarily in Italy, with additional international operations. The company operates through three segments-Air Navigation Services, Maintenance Services, and Aeronautical Information Management (AIM) Software Solutions-covering everything from ATC equipment maintenance and aeronautical software development to consultancy, training, and emerging unmanned aircraft system (UAS) traffic management. Its customers include airports, airlines, civil aviation authorities, and other ANSPs.
As a listed ANSP, ENAV operates within a heavily regulated industry in which air navigation services are typically delivered under long-term government concessions and involve safety-critical, capital-intensive infrastructure such as radars, communications networks, and surveillance systems. The inclusion of dedicated AIM software and UAS traffic management offerings reflects the broader sector shift toward digitalization and the integration of new airspace users into managed airspace.
- Italian air traffic volumes rise on Mediterranean tourism rebound
- EU Single European Sky tariff framework pressures navigation services margins
- AIM software unit expands internationally with new contract wins
| Net Income: 70.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA 2.00 > 1.0 |
| NWC/Revenue: 21.75% < 20% (prev 15.50%; Δ 6.25% < -1%) |
| CFO/TA 0.18 > 3% & CFO 406.5m > Net Income 70.4m |
| Net Debt (-436.2m) to EBITDA (259.1m): -1.68 < 3 |
| Current Ratio: 1.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (540.3m) vs 12m ago -0.19% < -2% |
| Gross Margin: 69.63% > 18% (prev 88.33%; Δ -18.70% > 0.5%) |
| Asset Turnover: 55.03% > 50% (prev 66.48%; Δ -11.45% > 0%) |
| Interest Coverage Ratio: 6.02 > 6 (EBIT TTM 133.4m / Interest Expense TTM 22.2m) |
| A: 0.11 (Total Current Assets 1.02b - Total Current Liabilities 768.3m) / Total Assets 2.32b |
| B: 0.06 (Retained Earnings 140.1m / Total Assets 2.32b) |
| C: 0.06 (EBIT TTM 133.4m / Avg Total Assets 2.13b) |
| D: 1.00 (Book Value of Equity 1.15b / Total Liabilities 1.15b) |
| Altman-Z'' = 2.39 = BBB |
| DSRI: 0.63 (Receivables 268.9m/472.8m, Revenue 1.17b/1.29b) |
| GMI: 1.27 (GM 88.33% / 69.63%) |
| AQI: 0.67 (AQ_t 0.21 / AQ_t-1 0.31) |
| SGI: 0.91 (Revenue 1.17b / 1.29b) |
| TATA: -0.15 (NI 70.4m - CFO 406.5m) / TA 2.32b) |
| Beneish M = -3.37 (Cap -4..+1) = AA |
As of July 15, 2026, the stock is trading at EUR 5.08 with a total of 376,128 shares traded. Over the past week, the price has changed by -2.78%, over one month by -2.54%, over three months by +7.70% and over the past year by +44.60%.
Current recommended Stop Loss: 4.90 (which is 3.5% or 1.5 ATR below the current price).
Enav has no consensus analysts rating.
P/E Trailing = 28.6111
P/E Forward = 21.5054
P/S = 2.7896
P/B = 2.4282
Revenue TTM = 1.17b EUR
EBIT TTM = 133.4m EUR
EBITDA TTM = 259.1m EUR
Long Term Debt = 99.4m EUR (from longTermDebt, last quarter)
Short Term Debt = 379.7m EUR (from shortLongTermDebt, last fiscal year)
Debt = 11.5m EUR (Leases only: 11.5m)
Net Debt = -436.2m EUR (calculated: Debt 11.5m - CCE 447.7m)
Enterprise Value = 2.35b EUR (2.78b + Debt 11.5m - CCE 447.7m)
Interest Coverage Ratio = 6.02 (Ebit TTM 133.4m / Interest Expense TTM 22.2m)
EV/FCF = 9.77x (Enterprise Value 2.35b / FCF TTM 240.3m)
FCF Yield = 10.24% (FCF TTM 240.3m / Enterprise Value 2.35b)
FCF Margin = 20.53% (FCF TTM 240.3m / Revenue TTM 1.17b)
Net Margin = 6.01% (Net Income TTM 70.4m / Revenue TTM 1.17b)
Gross Margin = 69.63% ((Revenue TTM 1.17b - Cost of Revenue TTM 355.4m) / Revenue TTM)
Gross Margin QoQ = 36.99% (prev 2.34%)
Tobins Q-Ratio = 1.01 (Enterprise Value 2.35b / Total Assets 2.32b)
Interest Expense / Debt = 193.3% (Interest Expense 22.2m / Debt 11.5m)
Taxrate = 36.55% (40.5m / 110.8m)
NOPAT = 84.7m (EBIT 133.4m * (1 - 36.55%))
Current Ratio = 1.33 (Total Current Assets 1.02b / Total Current Liabilities 768.3m)
Debt / Equity = 0.01 (Debt 11.5m / totalStockholderEquity, last quarter 1.15b)
Debt / EBITDA = -1.68 (Net Debt -436.2m / EBITDA 259.1m)
Debt / FCF = -1.82 (Net Debt -436.2m / FCF TTM 240.3m)
Total Stockholder Equity = 1.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.31% (Net Income 70.4m / Total Assets 2.32b)
RoE = 6.19% (Net Income TTM 70.4m / Total Stockholder Equity 1.14b)
RoCE = 10.79% (EBIT 133.4m / Capital Employed (Equity 1.14b + L.T.Debt 99.4m))
RoIC = 5.68% (NOPAT 84.7m / Invested Capital 1.49b)
WACC = 6.93% (E(2.78b)/V(2.79b) * Re(6.96%) + (debt cost/tax rate unavailable))
Discount Rate = 6.96% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 34.66 | Cagr: -0.00%
[DCF] Terminal Value 77.97% ; FCFF base≈209.0m ; Y1≈239.6m ; Y5≈352.6m
[DCF] Fair Price = 10.63 (EV 5.31b - Net Debt -436.2m = Equity 5.74b / Shares 540.3m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -4.0 | # QB: -2
Revenue Correlation: 10.60 | Revenue CAGR: 1.32% | SUE: -0.05 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.13 | Chg30d=-2.92% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.20 | Chg30d=+0.72% | Revisions=+12% | GrowthEPS=+15.0% | GrowthRev=+4.3%
EPS next Year (2027-12-31): EPS=0.22 | Chg30d=-0.53% | Revisions=-38% | GrowthEPS=+14.9% | GrowthRev=+3.9%
[Analyst] Revisions Ratio: -21% (up=4, down=7)