olivLaw · European equity research
ENAGÁS, S.A. ENG.MC
Spain · BME Madrid · ISIN ES0130960018 · Vertical: Listed companies from Spain
Enagas is the Spanish gas transmission operator with regulated infrastructure assets and international holdings. At 31 December 2025 its net financial debt stood at 2,475 million EUR, and the company is still pursuing an arbitration award against Peru that could affect future cash flows.
At the close of 05 Nov 2026, ENAGÁS, S.A. (ENG.MC) stock was 17.86 EUR (+0.79% on the day), with beta 0.05, 52-week range 13.15–17.88 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)
- 73.5
- overbought (≥ 70)
- Bollinger (20, 2)
- 16.35 – 18.18
- in the upper half of the band · %B 0.83 · band width 10.6%
- SMA 50 / 200
- 16.85 / 16.44
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.29 / 0.25
- 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 | +10.1% | +0.4% | +9.7 pp | — |
| 3 months | +5.8% | −3.3% | +9.1 pp | — |
| 6 months | +8.2% | +4.0% | +4.2 pp | — |
| Year to date | +35.8% | +8.1% | +27.7 pp | — |
| 1 year | +27.0% | +10.7% | +16.3 pp | +3.2% |
| 3 years | +10.9% | +50.1% | −39.2 pp | +31.5% |
| 5 years | −11.1% | +43.6% | −54.7 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 907.6 m | 905.5 m | 960.4 m |
| Revenue YoY | unavailable | −0.2% | +6.1% |
| Net income | 342.5 m | -299.3 m | 339.1 m |
| Net income YoY | unavailable | −187.4% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 37.7% | -33.1% | 35.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 727.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 2.3 bn EUR
- Total assets
- 6.8 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.07x
- ROE
- 14.4%
- ROA
- 4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 907.6 m | 905.5 m | 960.4 m | esef· 20 Oct 2026verified |
| Operating income | 456.9 m | 428.7 m | 368.1 m | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 273.3 m | 287.1 m | 283.8 m | esef· 20 Oct 2026verified |
| EBITDA | 730.2 m ≈ | 715.8 m ≈ | 651.9 m ≈ | esef· 20 Oct 2026derived |
| Interest expense | 128.2 m | 119.8 m | 82.6 m | esef· 20 Oct 2026verified |
| Pre-tax income | 421.1 m | -312.7 m | 408.4 m | esef· 20 Oct 2026verified |
| Income tax | 78.1 m | -13.9 m | 68.7 m | esef· 20 Oct 2026verified |
| Net income | 342.5 m | -299.3 m | 339.1 m | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 838.5 m | 1.3 bn | 727.1 m | esef· 20 Oct 2026verified |
| Receivables | 224.7 m | 463.5 m | 478.0 m | esef· 20 Oct 2026verified |
| Current assets | 1.2 bn | 2.0 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 4.0 bn | 3.8 bn | 3.7 bn | esef· 20 Oct 2026verified |
| Goodwill | 17.5 m | 17.5 m | 39.5 m | esef· 20 Oct 2026verified |
| Total assets | 8.5 bn | 7.5 bn | 6.8 bn | esef· 20 Oct 2026verified |
| Accounts payable | 604.3 m | 598.9 m | 632.6 m | esef· 20 Oct 2026verified |
| Current liabilities | 1.1 bn | 1.4 bn | 1.3 bn | esef· 20 Oct 2026verified |
| Equity | 3.0 bn | 2.4 bn | 2.3 bn | esef· 20 Oct 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 568.8 m | 455.0 m | 212.5 m | esef· 20 Oct 2026verified |
| Investing cash flow | -81.8 m | 931.0 m | 88.8 m | esef· 20 Oct 2026verified |
| Financing cash flow | -990.2 m | -962.6 m | -816.6 m | esef· 20 Oct 2026verified |
| Dividends paid | 451.8 m | 378.9 m | 261.4 m | esef· 20 Oct 2026verified |
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: 16.7% 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
Score by group
17% · 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 · input data missing
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: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 35.3% | 97 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.5x | 45 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 25% |
| 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 sheet36/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial97/100 · 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
ENAGAS, S.A. (ENG.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 960.4 m EUR in 2025; YoY growth 6.1%; net margin 35.3%; ROE 14.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% 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
- Net margin: 35.3%
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Spain · 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 | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.6 bn | 19.9 | 24.2% | 34.0% | +8.9% | +21% / +79% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 21.9 bn | 23.0 | 19.9% | 1.9% | +19.7% | +7% / +134% |
| ANA.MCAcciona SA | 11.7 bn | 14.5 | 16.9% | 4.0% | +5.5% | +24% / +66% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.3 | 5.3% | 1.7% | +6.9% | −8% / −14% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.3 | 10.9% | 7.8% | +4.1% | −17% / +4% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.6 | 165.6% | 2.2% | −2.7% | +51% / +380,733% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.4 bn | 21.9 | 10.5% | 2.5% | +15.1% | −3% / +58% |
| ALM.MCAlmirall S.A. | 2.4 bn | 51.1 | 3.1% | 4.2% | +12.4% | −11% / +32% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 574.4 m | 11.5 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 506.0 m | 31.4 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 468.5 m | 23.9 | 9.3% | 1.0% | −5.4% | −23% / −18% |
| ATRY.MCAtrys Health, S.A. | 200.4 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 175.6 m | 32.2 | 4.2% | 6.4% | +3.6% | −34% / −6% |
| ADZ.MCAdolfo Dominguez SA | 62.9 m | 38.3 | 9.0% | 1.2% | +1.8% | +39% / +40% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 44.8 m | 9.2 | 152.3% | 10.0% | +2.2% | +19% / unavailable |
| EZE.MCGrupo Ezentis SA | 29.0 m | — | — | -9.3% | +147.2% | −30% / −37% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +13% / +60% |
1- and 3-year price returns: for ENG.MC 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
Enagas is the Spanish gas transmission operator with regulated infrastructure assets and international holdings. At 31 December 2025 its net financial debt stood at 2,475 million EUR 1, and the company is still pursuing an arbitration award against Peru that could affect future cash flows.
SWOT
Strengths
- Regulated infrastructure assets generate predictable revenues and are hard for new entrants to replicate.
- The group holds substantial financial liquidity and a relatively long average debt maturity.
- The cost of debt fell in 2025 and most of the debt carries fixed interest.
Weaknesses
- Net financial debt remains high relative to equity, and net equity declined in 2025.
- Reliance on a single major arbitration means part of the value depends on recovering a disputed claim.
- Activity outside Spain is more exposed to political risk and dividend transfer restrictions.
Opportunities
- Hydrogen infrastructure development and the integration of renewable gases could open new projects.
- Recovering the amounts awarded in the arbitration could strengthen the balance sheet if it happens on favourable terms.
- Refinancing debt at lower costs could ease pressure on financial results.
Threats
- Geopolitical tensions and protectionist trade policies can raise project costs.
- Shortages of technical talent and an ageing workforce can cause delays and cost overruns.
- Cyber risks and dependence on satellites for communications expose assets to disruption.
Risks
- Peru arbitrationhigh
Recovery of the compensation awarded under the arbitral award on Gasoducto Sur Peruano is not assured, and the carrying value depends on monetisation options and a second arbitration on dividend transfers.
- Net financial debtmedium
The high level of net debt could limit financial flexibility if market conditions worsen or refinancing becomes more expensive.
- Gas quality in the gridmedium
Rapid integration of renewable gas plants could lead to deviations in quality parameters, with operational implications for the network.
- Decline in technical talentmedium
An ageing workforce and shortage of qualified staff could delay hydrogen investment plans.
- Cyber and artificial intelligence riskslow
Dependence on digital systems, satellites and artificial intelligence tools could expose the company to security incidents or poor decisions.
Investment thesis
What would need to be true (bull case)
- Regulated transmission assets provide stable revenues, and hydrogen and renewable gas development could add a new growth phase for the group.
- If the arbitral award is recovered, the balance sheet could benefit from a significant cash inflow.
- Lower cost of debt and existing financial liquidity provide room for investment.
What would break the thesis
- High net debt and a shrinking equity base could limit the group's ability to finance new projects without additional pressure.
- The value of the Peru claim depends on arbitrations and recovery options that remain uncertain.
- Geopolitical tensions and material costs could delay infrastructure projects and reduce expected growth.
What to watch
- Progress on recovering the arbitral award on GSP2026
- Level of net financial debt and cost of refinancingQ1 2027
- Timeline of hydrogen infrastructure projects2027
- Outcome of the second arbitration on dividend transfers from Perunext 10-K
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
Enagas, S.A. is the parent of a group that operates Spain's gas infrastructure, including transmission and storage networks, according to its annual report 1. The group also holds interests in projects abroad, among them Gasoducto Sur Peruano, where an arbitral award granted it significant compensation 1. The financial position is marked by net debt of 2,475 million EUR at end-2025 and an average cost of gross debt of 2.1% 1.
Segments
Gas transmission and infrastructure
The main segment covers regulated natural gas transmission assets, which generate relatively stable tariff-based revenues. The annual report describes this as the core of the group's Spanish operations 1.
International holdings
The group holds interests in companies outside Spain, including its stake in Gasoducto Sur Peruano, whose credit rights are carried at fair value in the financial statements 1.
Market context
The core market is natural gas in Spain and Europe, where transmission infrastructure balances supply. The annual report notes that the volatile geopolitical environment of 2025 and the shift toward renewable gases and hydrogen are reshaping this market 1.
Trends
- Integration of renewable gasesmixed
A growing number of biomethane and other renewable gas plants connected to the grid could create new investment opportunities, but also operational complexity for gas quality 1.
- Hydrogen infrastructure developmenttailwind
European hydrogen infrastructure plans could open a growth channel for the company, provided projects proceed without major delays 1.
- Geopolitical tensions and supply chainsheadwind
Fragmented supply chains and protectionist policies can raise material and tariff costs, which could slow construction of new assets 1.
- Cost of financingmixed
The average cost of gross debt fell from 2.6% to 2.1% in 2025, but the average maturity of 4.7 years and high net debt remain sensitive to financing conditions 1.
Competitive position
Enagas competes mainly in energy infrastructure projects, where other European transmission and storage operators bid for licences and develop new hydrogen projects. The annual report does not name its direct competitors 1.
- European gas transmission operators
European companies running gas transmission networks that compete for infrastructure and hydrogen projects; the source does not name them.
- Gas storage operators
Players offering storage services that can compete for the same capacity contracts in certain markets.
- Hydrogen project developers
Companies that can develop hydrogen infrastructure independently, where competition for funding and permits can be intense.
- Telecommunications infrastructure providers
Following the recent acquisition of a telecommunications company, the group also meets competition from players in this area, although the segment is small.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ENAGÁS, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.