SPM Stock Analysis: Saipem | MI
Oil & Gas Equipment & Services | MI, Italy | Market Cap: 8.562m EUR | 12M Return: 92.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 119M
Qual. Beats: 0
Rev. Trend: 94.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 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: 468.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 2.91 > 1.0 |
| NWC/Revenue: 3.20% < 20% (prev 5.26%; Δ -2.06% < -1%) |
| CFO/TA 0.10 > 3% & CFO 1.50b > Net Income 468.0m |
| Net Debt (-1.31b) to EBITDA (1.98b): -0.66 < 3 |
| Current Ratio: 1.09 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.94b) vs 12m ago -2.75% < -2% |
| Gross Margin: 30.66% > 18% (prev 28.14%; Δ 2.53% > 0.5%) |
| Asset Turnover: 157.4% > 50% (prev 145.4%; Δ 12.00% > 0%) |
| Interest Coverage Ratio: 6.14 > 6 (EBIT TTM 995.0m / Interest Expense TTM 162.0m) |
| A: 0.05 (Total Current Assets 9.12b - Total Current Liabilities 8.39b) / Total Assets 14.4b |
| B: 0.05 (Retained Earnings 693.0m / Total Assets 14.4b) |
| C: 0.07 (EBIT TTM 995.0m / Avg Total Assets 14.5b) |
| D: 0.22 (Book Value of Equity 2.64b / Total Liabilities 11.8b) |
| Altman-Z'' = 1.18 = BB |
| DSRI: 0.85 (Receivables 4.61b/5.04b, Revenue 22.8b/21.1b) |
| GMI: 0.92 (GM 28.14% / 30.66%) |
| AQI: 1.03 (AQ_t 0.10 / AQ_t-1 0.09) |
| SGI: 1.08 (Revenue 22.8b / 21.1b) |
| TATA: -0.07 (NI 468.0m - CFO 1.50b) / TA 14.4b) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of July 14, 2026, the stock is trading at EUR 4.41 with a total of 18,409,691 shares traded. Over the past week, the price has changed by +0.36%, over one month by -6.50%, over three months by +10.23% and over the past year by +92.85%.
Current recommended Stop Loss: 4.00 (which is 9.3% or 2.3 ATR below the current price).
Saipem has no consensus analysts rating.
P/E Trailing = 29.42
P/E Forward = 24.57
P/S = 0.552
P/B = 3.3125
P/EG = 0.3735
Revenue TTM = 22.8b EUR
EBIT TTM = 995.0m EUR
EBITDA TTM = 1.98b EUR
Long Term Debt = 1.44b EUR (from longTermDebt, last quarter)
Short Term Debt = 38.0m EUR (from shortTermDebt, last quarter)
Debt = 1.32b EUR (Leases only: 1.32b)
Net Debt = -1.31b EUR (calculated: Debt 1.32b - CCE 2.63b)
Enterprise Value = 7.25b EUR (8.56b + Debt 1.32b - CCE 2.63b)
Interest Coverage Ratio = 6.14 (Ebit TTM 995.0m / Interest Expense TTM 162.0m)
EV/FCF = 6.36x (Enterprise Value 7.25b / FCF TTM 1.14b)
FCF Yield = 15.72% (FCF TTM 1.14b / Enterprise Value 7.25b)
FCF Margin = 5.00% (FCF TTM 1.14b / Revenue TTM 22.8b)
Net Margin = 2.05% (Net Income TTM 468.0m / Revenue TTM 22.8b)
Gross Margin = 30.66% ((Revenue TTM 22.8b - Cost of Revenue TTM 15.8b) / Revenue TTM)
Gross Margin QoQ = 33.68% (prev 25.58%)
Tobins Q-Ratio = 0.50 (Enterprise Value 7.25b / Total Assets 14.4b)
Interest Expense / Debt = 12.24% (Interest Expense 162.0m / Debt 1.32b)
Taxrate = 38.37% (292.0m / 761.0m)
NOPAT = 613.2m (EBIT 995.0m * (1 - 38.37%))
Current Ratio = 1.09 (Total Current Assets 9.12b / Total Current Liabilities 8.39b)
Debt / Equity = 0.50 (Debt 1.32b / totalStockholderEquity, last quarter 2.64b)
Debt / EBITDA = -0.66 (Net Debt -1.31b / EBITDA 1.98b)
Debt / FCF = -1.15 (Net Debt -1.31b / FCF TTM 1.14b)
Total Stockholder Equity = 2.55b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.23% (Net Income 468.0m / Total Assets 14.4b)
RoE = 18.37% (Net Income TTM 468.0m / Total Stockholder Equity 2.55b)
RoCE = 24.96% (EBIT 995.0m / Capital Employed (Equity 2.55b + L.T.Debt 1.44b))
RoIC = 12.40% (NOPAT 613.2m / Invested Capital 4.95b)
WACC = 8.72% (E(8.56b)/V(9.89b) * Re(8.90%) + D(1.32b)/V(9.89b) * Rd(12.24%) * (1-Tc(0.38)))
Discount Rate = 8.90% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 78.21 | Cagr: 105.6%
[DCF] Terminal Value 76.79% ; FCFF base≈973.6m ; Y1≈1.12b ; Y5≈1.64b
[DCF] Fair Price = 12.64 (EV 23.2b - Net Debt -1.31b = Equity 24.5b / Shares 1.94b; r=8.72% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 94.79 | Revenue CAGR: 45.36% | SUE: 0.25 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.05 | Chg30d=-8.91% | Revisions=-40% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.06 | Chg30d=-4.68% | Revisions=-40% | Analysts=3
EPS current Year (2026-12-31): EPS=0.22 | Chg30d=-1.11% | Revisions=-31% | GrowthEPS=+44.0% | GrowthRev=+0.5%
EPS next Year (2027-12-31): EPS=0.30 | Chg30d=+1.43% | Revisions=+40% | GrowthEPS=+36.2% | GrowthRev=+1.1%
[Analyst] Revisions Ratio: -9% (up=13, down=16)