olivLaw · European equity research
Hera S.p.A. HER.MI
Italy · Euronext Milan · ISIN IT0001250932 · Vertical: Listed companies from Italy
Hera is an Italian multiutility operating in gas, electricity, integrated water cycle, waste management and district heating. For 2025 it reports net financial debt of 3.94 billion euros, and operating investments reached 947.0 million euros, which makes financial stability a central topic for investors.
At the close of 06 Nov 2026, Hera S.p.A. (HER.MI) stock was 3.74 EUR (−0.69% on the day), with beta 0.39, 52-week range 3.43–4.43 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)
- 66.2
- strong (55–70)
- Bollinger (20, 2)
- 3.42 – 3.79
- in the upper half of the band · %B 0.87 · band width 10.3%
- SMA 50 / 200
- 3.60 / 3.87
- mixed trend
- MACD (12, 26, 9)
- 0.05 / 0.02
- 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 | +9.1% | −0.2% | +9.3 pp | — |
| 3 months | −3.2% | −5.4% | +2.2 pp | — |
| 6 months | −4.3% | +4.4% | −8.7 pp | — |
| Year to date | −6.9% | +6.5% | −13.4 pp | — |
| 1 year | −5.6% | +10.0% | −15.6 pp | −7.1% |
| 3 years | +37.0% | +48.6% | −11.6 pp | +6.7% |
| 5 years | +1.9% | +41.4% | −39.5 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 | 15.3 bn | 12.9 bn | 12.8 bn |
| Revenue YoY | unavailable | −15.9% | −0.6% |
| Net income | 441.4 m | 494.5 m | 464.3 m |
| Net income YoY | unavailable | +12.0% | −6.1% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 2.9% | 3.8% | 3.6% |
| Free cash flow | 1.3 bn | 570.9 m | 884.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 845.3 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.4 bn EUR
- Total assets
- 14.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.10x
- ROE
- 11.1%
- ROA
- 3.2%
- FCF margin
- 6.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 15.3 bn | 12.9 bn | 12.8 bn | esef· 09 Apr 2026verified |
| Operating income | 834.0 m | 829.9 m | 802.9 m | esef· 09 Apr 2026verified |
| Interest expense | 345.0 m | 308.5 m | 233.5 m | esef· 09 Apr 2026verified |
| Pre-tax income | 656.4 m | 736.2 m | 710.8 m | esef· 09 Apr 2026verified |
| Income tax | 173.2 m | 200.3 m | 202.5 m | esef· 09 Apr 2026verified |
| Net income | 441.4 m | 494.5 m | 464.3 m | esef· 09 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.3 bn | 1.3 bn | 845.3 m | esef· 09 Apr 2026verified |
| Inventories | 198.5 m | 168.1 m | 213.2 m | esef· 09 Apr 2026verified |
| Current assets | 6.6 bn | 6.3 bn | 4.8 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 2.1 bn | 2.2 bn | 2.3 bn | esef· 09 Apr 2026verified |
| Goodwill | 908.7 m | 933.0 m | 950.0 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 4.7 bn | 4.9 bn | 5.2 bn | esef· 09 Apr 2026verified |
| Total assets | 15.1 bn | 15.1 bn | 14.1 bn | esef· 09 Apr 2026verified |
| Current liabilities | 6.0 bn | 5.9 bn | 4.4 bn | esef· 09 Apr 2026verified |
| Total liabilities | 11.3 bn | 11.1 bn | 9.7 bn | esef· 09 Apr 2026verified |
| Equity | 3.8 bn | 4.0 bn | 4.4 bn | esef· 09 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.6 bn | 853.0 m | 1.2 bn | esef· 09 Apr 2026verified |
| Capex | 242.7 m | 282.1 m | 340.8 m | esef· 09 Apr 2026verified |
| Free cash flow | 1.3 bn ≈ | 570.9 m ≈ | 884.0 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -859.3 m | -804.6 m | -1.1 bn | esef· 09 Apr 2026verified |
| Financing cash flow | -1.3 bn | -65.6 m | -610.7 m | esef· 09 Apr 2026verified |
| Dividends paid | 239.1 m | 248.8 m | 274.3 m | esef· 09 Apr 2026verified |
| Share repurchases | 19.7 m | 6.5 m | -148.1 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: 5 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 3.6% | 36 (vs peers) | 23% |
| FCF conversion · Quality | 190.4% | 100 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.4x | 30 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 15% |
| 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 | 31.0% | 100 (on a fixed band) | 15% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet28/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 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
HERA S.P.A. (HER.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 12.8 bn EUR in 2025; YoY growth -0.6%; net margin 3.6%; ROE 12.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 27.1% 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
- FCF conversion: 190.4%
- Payout ratio (FCF): 31.0%
What contradicts it
- Interest coverage: 3.4x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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% / +72% |
| DIA.MIDiasorin S.p.a. | 4.4 bn | 29.0 | 9.2% | 13.0% | +0.8% | +34% / −5% |
| 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 | 30.5 | 8.5% | 3.8% | −0.6% | −7% / −57% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 19.0 | 12.8% | 7.1% | −23.0% | +10% / +67% |
| CMB.MICembre S.p.a. | 1.2 bn | 26.4 | 20.6% | 18.9% | +6.7% | +9% / +103% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −23% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 985.3 m | 10.6 | 23.5% | 41.0% | +1.8% | −3% / −22% |
| AVIO.MIAvio S.p.a. | 865.6 m | 85.1 | 2.1% | 1.8% | +21.5% | +16% / +283% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 800.3 m | 6.1 | 17.1% | 7.3% | +1.6% | +6% / +76% |
| ASC.MIAscopiave S.p.a. | 621.5 m | 17.3 | 4.2% | 17.5% | +13.4% | −12% / +27% |
| AC5.MIAcinque S.p.a. | 408.7 m | 19.4 | 4.1% | 3.6% | +0.2% | −7% / +7% |
| BAN.MIBasic Net S.p.a. | 350.2 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 320.4 m | 12.9 | 11.1% | 13.7% | +9.2% | −3% / +10% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 130.1 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 116.6 m | 11.5 | 18.5% | 10.2% | −1.3% | −27% / −33% |
| ABT.MIAbitare In S.p.a. | 74.9 m | 272.0 | 0.4% | 0.4% | +39.8% | −7% / −48% |
| ELC.MIElica S.p.a. | 63.7 m | — | -7.8% | -2.2% | +1.9% | −35% / −49% |
| DEX.MIDexelance S.p.a. | 52.8 m | 3.0 | 11.0% | 5.4% | +12.6% | −61% / −77% |
| 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 | 5.1 | 10.9% | 3.8% | −2.5% | −5% / −11% |
| AEF.MIAeffe S.p.a. | 10.3 m | 0.5 | 21.9% | 7.7% | −21.3% | −58% / −86% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +14% |
1- and 3-year price returns: for HER.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
Hera is an Italian multiutility operating in gas, electricity, integrated water cycle, waste management and district heating. For 2025 it reports net financial debt of 3.94 billion euros, and operating investments reached 947.0 million euros, which makes financial stability a central topic for investors. 1
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Transition riskshigh
Emissions rules and ETS prices can raise long-term costs. 1
- Physical climate risksmedium
Storms and rising temperatures can reduce the efficiency of waste treatment plants. 1
- Indebtednessmedium
A high level of financial debt can limit investment flexibility. 1
- Tariff regulationmedium
Changes in tariff methodology can alter regulated revenues. 1
- Energy price volatilitylow
Fluctuations in energy prices can affect margins on sales and trading activities. 1
Investment thesis
What would need to be true (bull case)
- If investments in renewables and energy efficiency materialise, the Group could benefit from higher revenues over the medium term. 1
- A steady dividend policy and solid financial indicators can support long-term investor interest. 1
- A solid position in last-resort supply tenders offers stability in the gas segment. 1
What to watch
- Trend in operating margin of the gas area and effect of distribution regulation2026
- Level of net financial debt and the NetDebt/Ebitda rationext annual report
- Execution of investments in renewables and hydrogen2027
- Impact of ETS prices on incinerator operating costsnext annual report
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 Hera Group organises its activity across several business areas: gas, electricity, integrated water cycle, environment and other services. According to the annual report, Hera Spa directly manages activities such as urban hygiene, the integrated water service, cogeneration and district heating, and holds significant stakes. 1
The Group's risk and sustainability profile is analysed through climate scenarios and a climate transition plan aiming at net zero emissions over the long term. The reporting also includes an EU Taxonomy analysis. 1
Segments
Gas
The gas area had revenues of 5.7 billion euros in 2025 and an operating gross margin of 544.6 million euros, slightly down on the previous year. The decline was driven by lower margins on last-resort markets and energy efficiency activities. 1
Water cycle and environment
The integrated water cycle and environment areas, covering aqueduct, treatment, sewerage and waste collection and recovery, complete the portfolio. The report notes that Hera Spa directly manages urban hygiene and the integrated water service. 1
Electricity and district heating
The electricity area covers production, distribution and sales, while district heating grew in 2025 thanks to higher volumes and energy prices. 1
Market context
Hera operates in the Italian utilities market, where the Ftse All Share index rose in 2025 and the utilities sector performed positively. With the stock up 17.3% in the same year, Hera benefited from the sector-wide trend. 1
The market environment remains shaped by energy price volatility and the ARERA regulatory framework, which affects distribution tariffs and system costs. 1
Trends
- Energy transitiontailwind
Demand for electricity and renewable energy initiatives create growth opportunities for the group, if investments in renewable plants materialise. 1
- Regulation and ETS costsheadwind
Rising ETS carbon allowance prices and new emissions rules could increase the operating costs of waste incinerators. 1
- Tariff regulationmixed
Regulated tariffs for gas distribution rose in 2025, but the remuneration rate on invested capital fell, creating a mixed effect on margins. 1
- Climate changeheadwind
Extreme weather events can affect plants and networks, and the Group classified certain physical risks as material for some assets. 1
Competitive position
Hera competes with other utilities and multiutilities in Italy and Europe, particularly in energy and gas sales and environmental services. The sources provided do not detail each competitor's position. 1
In last-resort markets, Hera Comm won most of the tendered lots, which indicates a solid position against competitors in these segments. 1
- Other Italian multiutilities
Competitors in the Italian utilities market, referred to generically in the sources without naming.
- Energy suppliers in Italy
Competitors in electricity and gas sales to end customers.
- Environmental service operators
Firms active in waste collection and treatment, competing with the Group.
- District heating operators
Competitors in the district heating and energy services segment.
News & filings
In the press
- NASA smashed into an asteroid. Now Hera is closing in to see what happenedScienceDaily · 03 Nov 2026 · EN
- First light: Hera resolves two asteroids instead of onePhys.org · 27 Oct 2026 · EN
- ESA's Hera Will View Asteroid Scars from DART's StrikeHacker News · 19 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hera S.p.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.