olivLaw · European equity research
Edison S.p.A. EDNR.MI
Italy · Euronext Milan · Vertical: Listed companies from Italy
Edison is one of Italy's largest energy companies, active in generation, gas, customers and energy services. In 2024 it earned a gross operating margin of 1,708 million euros, slightly below the prior year, amid weaker prices while it reorganises its portfolio through asset disposals.
At the close of 05 Nov 2026, Edison S.p.A. (EDNR.MI) stock was 1.84 EUR (−0.22% on the day), with beta 0.23, 52-week range 1.84–2.52 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.4
- weak (30–45)
- Bollinger (20, 2)
- 1.83 – 1.90
- in the lower half of the band · %B 0.23 · band width 3.6%
- SMA 50 / 200
- 1.90 / 2.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.2% | −0.6% | −2.5 pp | — |
| 3 months | −3.5% | −4.2% | +0.7 pp | — |
| 6 months | −14.2% | +4.3% | −18.6 pp | — |
| Year to date | −23.6% | +7.5% | −31.2 pp | — |
| 1 year | −26.7% | +9.9% | −36.6 pp | −4.8% |
| 3 years | +25.6% | +49.8% | −24.2 pp | +7.7% |
| 5 years | +28.5% | +42.8% | −14.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | ⚠ 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 11.7 bn | 30.4 bn | 18.4 bn | 15.4 bn |
| Revenue YoY | unavailable | +158.8% | — | −16.5% |
| Net income | 413.0 m | 151.0 m | 515.0 m | 403.0 m |
| Net income YoY | unavailable | −63.4% | — | −21.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable |
| net % | 3.5% | 0.5% | 2.8% | 2.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 921.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 6.9 bn EUR
- Total assets
- 13.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.23x
- ROE
- 5.9%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 11.7 bn | 30.4 bn | 18.4 bn | 15.4 bn | esef· 24 Sept 2025verified |
| Operating income | 466.0 m | 595.0 m | 796.0 m | 554.0 m | esef· 24 Sept 2025verified |
| Depreciation & amortisation | 356.0 m | 400.0 m | 451.0 m | 498.0 m | esef· 24 Sept 2025verified |
| EBITDA | 822.0 m ≈ | 995.0 m ≈ | 1.2 bn ≈ | 1.1 bn ≈ | esef· 24 Sept 2025derived |
| Pre-tax income | 488.0 m | 628.0 m | 790.0 m | 544.0 m | esef· 24 Sept 2025verified |
| Income tax | 57.0 m | 452.0 m | 208.0 m | 158.0 m | esef· 24 Sept 2025verified |
| Net income | 413.0 m | 151.0 m | 515.0 m | 403.0 m | esef· 24 Sept 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 910.0 m | 456.0 m | 1.2 bn | 921.0 m | esef· 24 Sept 2025verified |
| Inventories | 176.0 m | 387.0 m | 174.0 m | 178.0 m | esef· 24 Sept 2025verified |
| Current assets | 8.9 bn | 9.3 bn | 5.6 bn | 5.1 bn | esef· 24 Sept 2025verified |
| Property, plant & equipment, net | 3.7 bn | 4.0 bn | 3.8 bn | 3.9 bn | esef· 24 Sept 2025verified |
| Goodwill | 2.2 bn | 2.2 bn | 2.1 bn | 2.1 bn | esef· 24 Sept 2025verified |
| Intangibles (excl. goodwill) | 339.0 m | 340.0 m | 387.0 m | 375.0 m | esef· 24 Sept 2025verified |
| Total assets | 16.7 bn | 17.3 bn | 13.6 bn | 13.3 bn | esef· 24 Sept 2025verified |
| Current liabilities | 7.9 bn | 8.6 bn | 4.5 bn | 4.1 bn | esef· 24 Sept 2025verified |
| Equity | 6.4 bn | 6.0 bn | 6.9 bn | 6.9 bn | esef· 24 Sept 2025verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 2.6% | 31 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.4% | 79 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial36/100 · 1/3 factors with a value
- Growth· partial79/100 · 1/2 factors with a value
- Quality· partial31/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
EDISON S.P.A. (EDNR.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 15.4 bn EUR in 2024; YoY growth -16.5%; net margin 2.6%; ROE 6.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for EDNR.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Edison is one of Italy's largest energy companies, active in generation, gas, customers and energy services. In 2024 it earned a gross operating margin of 1,708 million euros, slightly below the prior year, amid weaker prices while it reorganises its portfolio through asset disposals.
SWOT
Strengths
- Diversified generation portfolio with a meaningful hydropower and renewables component.
- Solid position in sales to final customers and businesses, with good results in retail and business.
- Balanced capital structure, with moderate net debt relative to equity.
Weaknesses
- Reliance on one relevant related-party customer for a substantial part of sales.
- Declining margin in the gas segment, sensitive to commodity prices.
- Geographically concentrated activity, mainly in Italy.
Opportunities
- Growth in green gases and renewables could open new revenue sources.
- Demand for decarbonisation services from corporate and public customers.
- Completing disposals could free capital for investments with higher potential.
Threats
- Energy price volatility can quickly affect revenues and margins.
- Regulation and authority requirements may change market conditions and concessions.
- Disposal deals depend on antitrust and government approvals, which could delay or alter the timetable.
Risks
- Reliance on a related-party customerhigh
A significant part of sales comes from one relevant related-party customer. A change in that relationship could affect revenues.
- Energy and gas price volatilityhigh
Lower prices can reduce margins in the gas segment and thermoelectric generation.
- Completion of disposalsmedium
Closing the sale of Edison Stoccaggio and the Elpedison stake depends on regulatory approvals and could be delayed.
- Regulatory requirementsmedium
Changes in regulation or concession fees could affect hydropower profitability.
- Environmental remediation riskslow
Environmental remediation activities and related costs could rise and influence future results.
Investment thesis
What would need to be true (bull case)
- If renewables and hydropower keep growing, generation margins could continue to support group results.
- If the disposals are completed, the group could reduce debt and focus resources on strategic activities.
- Growth in retail and business customers could support the Clienti e Servizi segment.
What would break the thesis
- If energy prices remain low, revenues and gross margin in the gas segment could keep declining.
- Reliance on a related-party customer could expose the group to changes in commercial terms.
- If approvals for disposals are delayed, the expected benefits could be postponed.
What to watch
- Completion of the Edison Stoccaggio sale to Snam2025
- Completion of the Elpedison stake sale to Helleniq2025
- Development of the gross margin in the Gas Supply and Green Gases segmentnext 10-K
- Contribution of hydropower to Generazione e Flessibilità2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Edison group operates a portfolio of thermoelectric, hydroelectric, wind and solar plants, runs gas midstream activities, and supplies final customers and businesses with energy, gas and energy services. From 2024 reporting is organised into four business areas, aligned with a strategy focused on expanding renewables, flexibility and customer decarbonisation. Activity is concentrated mainly in Italy. Total sales revenue was 15,387 million euros in 2024 1.
Segments
Generazione e Flessibilità
The area with the highest gross operating margin in 2024, at 789 million euros 1. The thermoelectric segment declined due to less favourable market conditions, while renewables rose significantly, mainly thanks to hydropower.
Gas Supply e Sviluppo Green Gases
Gross operating margin of 560 million euros in 2024, down from the prior year due to lower gas prices and fewer optimisation opportunities 1. Gas storage is treated as a discontinued activity, being sold to Snam 1.
Clienti e Servizi
Gross operating margin of 385 million euros in 2024, rising, supported by Edison Energia and Edison Next 1. Edison Energia achieved good results in retail and business markets.
Market context
Trends
- Lower energy pricesheadwind
Lower electricity and gas prices reduced sales revenues and weighed on gas margins, which could continue if prices stay low 1.
- Higher hydropower outputtailwind
Greater hydroelectric production supported renewables margins, although higher concession fees partly offset this effect 1.
- Asset disposals and reorganisationmixed
Sales of Edison Stoccaggio, Elpedison and the Sesto San Giovanni branch could simplify the group and release capital, if the transactions close 1.
- Decarbonisation and green gasestailwind
Customer demand for decarbonisation and green gas development offer growth prospects, but require investment and time 1.
Competitive position
Edison competes with other Italian and European energy companies in generation, gas sales and customer services. The available sources do not allow a full assessment of market shares or relative positioning against competitors.
- Eni
Italian energy company with gas and electricity activities, cited as a market reference for the Italian energy sector.
- Enel
Major Italian energy operator active in generation and customer sales.
- A2A
Italian utility to which Edison is selling the Sesto San Giovanni business branch.
- Helleniq Energy
Greek energy group, current partner and buyer of the Elpedison stake.
News & filings
In the press
- When Jazz Meets Taragot – Concert Edison House, Cluj-Napoca - Zile și NopțiSurge — Google News · 24 Oct 2026 · RO
- Musk, decorat de Trump cu o medalie științifică și catalogat drept „comoară naţională”: „Este Thomas Edison al nostru”Digi24 · 09 Oct 2026 · RO
- Donald Trump i-a oferit lui Elon Musk cea mai înaltă medalie științifică din SUA și l-a numit "Edison al vremurilor noastre"Libertatea.ro · 08 Oct 2026 · RO
- Edison CEO Warns Wildfire Impasse Risks Higher Customer BillsBloomberg Markets · 22 Sept 2026 · EN
- Is Consolidated Edison Stock Underperforming the Nasdaq?Yahoo Finance — News · 17 Sept 2026 · EN
- How Is Edison International’s Stock Performance Compared to Other Regulated Utilities StocksYahoo Finance — News · 14 Sept 2026 · EN
- Consolidated Edison (ED) Filed a Three-Year Steam Rate Plan. Is Limited Return Upside Enough?Yahoo Finance — News · 10 Sept 2026 · EN
- PG&E (PCG) and Edison (EIX) Sink After California Wildfire Liability Deal Falls ApartYahoo Finance — News · 07 Sept 2026 · EN
- Why Edison International Stock Withered on WednesdayYahoo Finance — News · 02 Sept 2026 · EN
- Why Edison International Stock Just CrashedYahoo Finance — News · 31 Aug 2026 · EN
- Stocks making the biggest moves midday: PG&E, Edison International, Apple, Howmet Aerospace, Eli Lilly & moreCNBC — Top News · 31 Aug 2026 · EN
- Moderna Led the S&P 500 in August as Edison International SankYahoo Finance — News · 31 Aug 2026 · EN
- PG&E Sinks 18%, Edison International Tumbles 23% as California Wildfire Bill Omits Liability CapYahoo Finance — News · 31 Aug 2026 · EN
- PG&E, Edison Bond Spreads Widen on Wildfire Liability FearsBloomberg Markets · 31 Aug 2026 · EN
- PG&E, Edison Head for Biggest Stock Drop in Years on California Wildfire LegislationYahoo Finance — News · 31 Aug 2026 · EN
- PG&E, Edison International Stocks Plunge on California Wildfire BillBloomberg Markets · 31 Aug 2026 · EN
- Here Are Monday’s Top Wall Street Analyst Research Calls: AGCO Corporation, Deere & Co., Edison International, Lumentum Holdings, PG&E, Sempra Energy, STAG Industrial, Ticketplus, and MoreYahoo Finance — News · 31 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202424 Sept 2025
- Annual report 202230 May 2023
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Edison S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.