(ENAV) Enav SpA - Overview
Sector: Industrials | Industry: Airports & Air Services | Exchange: MI (Italy) | Market Cap: 2.910m EUR | Total Return: 37.6% in 12m
Avg Turnover: 3.52M
Qual. Beats: -2
Rev. Trend: 10.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
ENAV S.p.A. is an Italy-based provider of air navigation services and air traffic management (ATM). Operating through three primary segments-Air Navigation Services, Maintenance Services, and AIM Software Solutions-the company manages air traffic flow and maintains critical aviation infrastructure. Its service portfolio includes flight procedure validation, meteorological services, and unmanned aircraft system traffic management (UTM).
The company serves a diverse client base comprising airport operators, airlines, and civil aviation authorities. As a regulated monopoly in Italian airspace, ENAV’s revenue model is largely driven by flight volumes and regulated tariffs determined by European Union frameworks. This sector is characterized by high barriers to entry due to the specialized technical requirements and sovereign safety mandates associated with national airspace management.
Detailed performance metrics and valuation models are available on ValueRay for those conducting deeper due diligence. ENAV also provides consultancy and training services, leveraging its technical expertise to assist international air navigation service providers with safety assessments and risk management.
- Italian air traffic volume recovery drives core regulated flight service revenue
- Performance plan tariff adjustments influence long-term profitability and cash flow stability
- High labor costs and union negotiations impact operational margins and efficiency
- Expansion of non-regulated software and consultancy services diversifies revenue streams
- Geopolitical instability in the Mediterranean region affects international overflight traffic volumes
| 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 0.88%; Δ 6.88k% > 0.5%) |
| Asset Turnover: 55.03% > 50% (prev 66.48%; Δ -11.45% > 0%) |
| Interest Coverage Ratio: 8.11 > 6 (EBITDA TTM 259.1m / Interest Expense TTM 16.4m) |
| 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: 0.12 (Book Value of Equity 140.1m / Total Liabilities 1.15b) |
| Altman-Z'' = 1.47 = BB |
| DSRI: 0.63 (Receivables 268.9m/472.8m, Revenue 1.17b/1.29b) |
| GMI: 1.27 (GM 69.63% / 88.33%) |
| 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 = -3.50 (Cap -4..+1) = AA |
As of May 30, 2026, the stock is trading at EUR 5.40 with a total of 798,248 shares traded.
Over the past week, the price has changed by +3.15%,
over one month by +9.83%,
over three months by -2.18% and
over the past year by +37.55%.
Enav SpA has no consensus analysts rating.
P/E Trailing = 29.9167
P/E Forward = 21.5054
P/S = 2.9169
P/B = 2.4988
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 = 2.47b EUR (2.91b + Debt 11.5m - CCE 447.7m)
Interest Coverage Ratio = 8.11 (Ebit TTM 133.4m / Interest Expense TTM 16.4m)
EV/FCF = 10.30x (Enterprise Value 2.47b / FCF TTM 240.3m)
FCF Yield = 9.71% (FCF TTM 240.3m / Enterprise Value 2.47b)
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 = 1.07 (Enterprise Value 2.47b / Total Assets 2.32b)
Interest Expense / Debt = 143.4% (Interest Expense 16.4m / Debt 11.5m)
Taxrate = 29.76% (39.5m / 132.6m)
NOPAT = 93.7m (EBIT 133.4m * (1 - 29.76%))
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 = 6.05% (NOPAT 93.7m / Invested Capital 1.55b)
WACC = 6.79% (E(2.91b)/V(2.92b) * Re(6.82%) + (debt cost/tax rate unavailable))
Discount Rate = 6.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | 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 (2026-06-30): EPS=0.08 | Chg30d=+4.08% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.13 | Chg30d=-2.92% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.20 | Chg30d=+0.72% | Revisions=+25% | GrowthEPS=+0.0% | GrowthRev=+4.3%
EPS next Year (2027-12-31): EPS=0.22 | Chg30d=-0.53% | Revisions=-25% | GrowthEPS=+14.9% | GrowthRev=+3.9%
[Analyst] Revisions Ratio: +25%