olivLaw · European equity research
ENDESA, S.A. ELE.MC
Spain · BME Madrid · ISIN ES0130670112 · Vertical: Listed companies from Spain
ENDESA is the largest electricity distributor and supplier in Spain, with activities in generation, distribution and sale of electricity and gas. The 2025 annual report shows ordinary net income attributable to shareholders of 2.351 billion euros and electricity generation of 61,011 GWh.
At the close of 04 Nov 2026, ENDESA, S.A. (ELE.MC) stock was 44.85 EUR (+2.44% on the day), with market capitalisation 46.9 bn EUR, P/E 21.4 on diluted EPS of 2.10 EUR over the last 12 months, dividend yield 1.11%, beta 0.27, 52-week range 29.96–44.85 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)
- 65.4
- strong (55–70)
- Bollinger (20, 2)
- 41.68 – 44.58
- above the upper band · %B 1.09 · band width 6.7%
- SMA 50 / 200
- 42.44 / 38.37
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.51 / 0.39
- 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 | +6.5% | −1.5% | +8.0 pp | — |
| 3 months | +7.7% | −5.3% | +13.0 pp | — |
| 6 months | +18.5% | +4.7% | +13.8 pp | — |
| Year to date | +46.4% | +6.0% | +40.4 pp | — |
| 1 year | +40.7% | +8.2% | +32.5 pp | +3.2% |
| 3 years | +141.5% | +47.2% | +94.3 pp | +24.0% |
| 5 years | +124.3% | +41.8% | +82.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 11.7, median 14.6, max 26.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 25.1 bn | 20.9 bn | 21.0 bn |
| Revenue YoY | unavailable | −16.5% | +0.5% |
| Net income | 742.0 m | 1.9 bn | 2.2 bn |
| Net income YoY | unavailable | +154.4% | +16.4% |
| Diluted EPS | 0.70 | 1.78 | 2.10 |
| Diluted EPS YoY | unavailable | +154.3% | +18.0% |
| net % | 3.0% | 9.0% | 10.5% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 195.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 9.6 bn EUR
- Total assets
- 37.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.93x
- ROE
- 23.6%
- ROA
- 5.9%
- 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 | 25.1 bn | 20.9 bn | 21.0 bn | esef· 20 Oct 2026verified |
| Gross profit | 6.0 bn | 7.3 bn | 7.9 bn | esef· 20 Oct 2026verified |
| Operating income | 1.6 bn | 3.1 bn | 3.3 bn | esef· 20 Oct 2026verified |
| Interest expense | 705.0 m | 639.0 m | 544.0 m | esef· 20 Oct 2026verified |
| Pre-tax income | 1.1 bn | 2.6 bn | 2.9 bn | esef· 20 Oct 2026verified |
| Income tax | 303.0 m | 696.0 m | 681.0 m | esef· 20 Oct 2026verified |
| Net income | 742.0 m | 1.9 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Diluted EPS | 0.70 | 1.78 | 2.10 | esef· 20 Oct 2026verified |
| Dividend per share | — | 0.50 | 0.50 | esef· 20 Oct 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 2.1 bn | 840.0 m | 195.0 m | esef· 20 Oct 2026verified |
| Receivables | 5.5 bn | 4.9 bn | 4.7 bn | esef· 20 Oct 2026verified |
| Inventories | 2.1 bn | 1.8 bn | 2.1 bn | esef· 20 Oct 2026verified |
| Current assets | 12.5 bn | 9.1 bn | 8.4 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 22.8 bn | 22.9 bn | 23.8 bn | esef· 20 Oct 2026verified |
| Goodwill | 462.0 m | 462.0 m | 607.0 m | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 1.6 bn | 1.5 bn | 1.4 bn | esef· 20 Oct 2026verified |
| Total assets | 41.3 bn | 37.3 bn | 37.5 bn | esef· 20 Oct 2026verified |
| Accounts payable | 6.2 bn | 5.1 bn | 4.9 bn | esef· 20 Oct 2026verified |
| Current liabilities | 14.6 bn | 9.0 bn | 9.0 bn | esef· 20 Oct 2026verified |
| Equity | 7.2 bn | 9.1 bn | 9.6 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 1.1 bn | 1.1 bn | 1.0 bn | esef· 20 Oct 2026derived |
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 46.9 bn EUR
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 30.33 – 50.49 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
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/E30.33 – 50.49 (Mid 41.64)20 companies used · median multiple 19.8x · quartiles 14.4x – 24.0xACS.MC, ADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, AMS.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)outside the aggregate6.80 – 9.27 (Mid 7.85)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.5% | 78 (vs peers) | 23% |
| 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 | 6.1x | 71 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.9x | 11 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 21.4x | 45 (vs peers) | 38% |
| 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 sheet47/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial78/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial45/100 · 1/3 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
ENDESA SA (ELE.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 21.0 bn EUR in 2025; YoY growth 0.5%; net margin 10.5%; ROE 26.4%.
The estimated value range is 30.33–50.49 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 41.64 EUR, the price of 44.85 EUR leaves a potential of -7.2% (value / price − 1) and a margin of safety of -7.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 10.5%
- Interest coverage: 6.1x
What contradicts it
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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 | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| 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. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| 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 | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| 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% | +12% / +59% |
1- and 3-year price returns: for ELE.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 25.43 Total return -42% · Per year -42% | 45.06 Total return 2% · Per year 2% | 67.99 Total return 53% · Per year 53% |
| 3 years | 22.72 Total return -47% · Per year -19% | 45.47 Total return 5% · Per year 2% | 75.62 Total return 73% · Per year 20% |
| 5 years | 20.29 Total return -51% · Per year -13% | 45.89 Total return 8% · Per year 2% | 84.10 Total return 95% · Per year 14% |
- Exit P/E± 11.37
- Net margin± 7.96
- Annual revenue growth± 6.79
- Annual dilution± 0.67
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
ENDESA is the largest electricity distributor and supplier in Spain, with activities in generation, distribution and sale of electricity and gas. The 2025 annual report shows ordinary net income attributable to shareholders of 2.351 billion euros 1 and electricity generation of 61,011 GWh 1.
SWOT
Strengths
- Leading position in electricity distribution and retail in Spain, supported by an extensive network and a large customer base 1.
- High liquidity and a financing structure with a long average debt life, giving financial flexibility 1.
- Significant installed renewable capacity and a clear customer digitalisation programme 1.
Weaknesses
Opportunities
- Expansion of renewables and storage could open new revenue sources if public policy speeds up permits 1.
- Growing demand for electrification, including data centres, could expand the market for energy services 1.
- A shift in customer behaviour toward more sustainable solutions could increase service revenues 1.
Threats
- Extreme weather events could damage infrastructure and reduce generation or distribution capacity 1.
- Disputes with local communities over participation and agreements may cause delays and extra costs 1.
- Competitive pressure in the liberalised market and energy price volatility could affect short-term margins 1.
Risks
- Climate and weather riskshigh
Extreme weather events may affect generation and distribution infrastructure, with impact on continuity and efficiency 1.
- Community risksmedium
Lack of participation by local communities or failure to meet socio-economic commitments could lead to disputes and sanctions 1.
- Indebtednessmedium
High net financial debt relative to equity limits room for manoeuvre if financing costs rise 1.
- Water resourceslow
Insufficient management of water resources across the supply chain could lead to lower productivity or higher costs 1.
- Biodiversity and avifaunalow
Distribution networks and wind installations may affect protected species and habitats, with possible regulatory implications 1.
Investment thesis
What would need to be true (bull case)
- If investments in renewables and networks translate into more capacity and customers, the company could benefit from electrification growth 1.
- Policies accelerating the energy transition could support new projects and a cleaner generation portfolio 1.
- Solid operating cash generation could allow debt reduction while maintaining a dividend policy 1.
What would break the thesis
- If extreme weather events intensify, maintenance costs and outages could weigh on results.
- A high level of net debt could limit flexibility if financing costs rise.
- Competitive pressure and regulation in the Spanish market could compress retail margins.
What to watch
- Trajectory of net debt and cost of financing2026
- Execution of the 2026-2028 strategic plan and renewable investments2026
- Evolution of electricity sales and liberalised customer numbers2026
- Next annual report disclosures on climate and community risksnext 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
ENDESA, S.A. is a Spanish energy company operating in the generation, distribution, transmission and sale of electricity and gas. In 2025 it generated 61,011 GWh 1 and sold 75,160 GWh of electricity to final customers 1. The annual report indicates a distribution and transmission network of 321,843 km 1.
The company manages a generation portfolio in which renewable energy is an important share; the report cites net installed renewable capacity in peninsular Spain of 11,191 MW 1. Its retail activity covers both regulated and liberalised customers, with a total of 9,590 thousand electricity customers 1.
Endesa structures its activity around the energy transition, electrification of consumption and grid digitalisation, with a 2026-2028 strategic plan describing these priorities 1.
Segments
Generation
Electricity generation includes conventional and renewable plants; in 2025 total output was 61,011 GWh 1, a significant part of it from renewable sources 1.
Market context
The Spanish energy market is dominated by a few large operators, and electricity and gas retail is split between regulated and liberalised customers. The report shows the liberalised customer base is significant for Endesa, with 6,201 thousand electricity customers 1.
Demand for clean electricity, storage and electrification, including data centres, are factors the company cites as supporting market expansion 1.
Trends
- Energy transition and renewablestailwind
Public policies and rules that speed up permits for renewable projects could support expansion of Endesa's capacity 1.
- Electrification of consumptiontailwind
Rising demand for clean electricity, electrification and data centres could open new business models and more flexible markets 1.
- Extreme weather eventsheadwind
Droughts, floods, heatwaves and fires may affect energy infrastructure and continuity of service 1.
- Water costs and resourcesmixed
Limits on water availability and higher supply costs can affect productivity and financial results if supply chain water management is insufficient 1.
Competitive position
Endesa competes in Spain with other large integrated energy operators in both generation and retail. The annual report does not detail competitors' positions, but the liberalised market creates ongoing commercial pressure 1.
The company's advantage lies in the size of its distribution networks and customer base, highlighted by its large number of customers and kilometres of network 1.
- Iberdrola
Integrated Spanish energy operator active in generation, networks and retail, with comparable presence in the Iberian market.
- Naturgy
Spanish energy company with electricity and gas activities, competing in the retail segment.
- Enel
Italian energy group with distribution and generation operations, also present in the Iberian market.
- EDP
Portuguese energy group active in renewables and distribution, relevant for peninsular comparisons.
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 / ENDESA, 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.