SPM Stock Analysis: Saipem | MI
Oil & Gas Equipment & Services | MI, Italy | Market Cap: 8.576m EUR | 12M Return: 96.7% | IT0005495657 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 60.7M
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 Italian-headquartered (Milan, founded 1957) global contractor providing energy and infrastructure solutions across three segments: Asset Based Services, Offshore Drilling, and Energy Carriers. The company operates as a diversified Engineering, Procurement, and Construction (EPC) provider, with capabilities spanning subsea field development, pipelaying, offshore structure installation, decommissioning, and offshore drilling. Beyond oil and gas, Saipem has expanded into adjacent areas including offshore wind, sustainable infrastructure, robotics and industrialized solutions, and civil works such as high-speed railway construction, while also serving marine infrastructure and environmental markets.
As a mid-cap stock in the GICS Energy sector - specifically the Oil & Gas Equipment & Services sub-industry - Saipems business model is project-based and capital-intensive, relying on a fleet of specialized offshore vessels and drilling rigs alongside engineering expertise. Its inclusion of renewable energy activities (offshore wind) and sustainable infrastructure reflects the broader industry shift among traditional oilfield service contractors toward energy transition services.
- Offshore E&C backlog grows on Middle East energy awards
- Offshore wind pipeline expands amid energy transition spending
- Fixed-price contract execution pressures project margins
| 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 October 13, 2026, the stock is trading at EUR 4.65 with a total of 21,300,928 shares traded. Over the past week, the price has changed by +4.31%, over one month by +11.79%, over three months by +6.19% and over the past year by +96.70%.
Current recommended Stop Loss: 4.40 (which is 5.4% or 2.1 ATR below the current price).
Saipem has no consensus analysts rating.
P/E Trailing = 35.1539
P/E Forward = 19.3798
P/S = 0.5873
P/B = 3.6615
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 = 10.4b EUR (8.58b + Debt 4.17b - CCE 2.34b)
Interest Coverage Ratio = 3.48 (Ebit TTM 654.0m / Interest Expense TTM 188.0m)
EV/FCF = 8.56x (Enterprise Value 10.4b / FCF TTM 1.22b)
FCF Yield = 11.69% (FCF TTM 1.22b / Enterprise Value 10.4b)
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 = 0.70 (Enterprise Value 10.4b / 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 = 7.01% (E(8.58b)/V(12.8b) * Re(9.22%) + D(4.17b)/V(12.8b) * Rd(4.50%) * (1-Tc(0.45)))
Discount Rate = 9.22% (= 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=-0.35% | Revisions=+40% | GrowthEPS=+11.2% | GrowthRev=+0.9%
EPS next Year (2027-12-31): EPS=0.30 | Chg30d=-0.27% | Revisions=+40% | GrowthEPS=+74.1% | GrowthRev=+1.9%
[Analyst] Revisions Ratio: +22% (up=4, down=2)