SAIPEM SPA (SPM.MI) Fundamental Analysis & Valuation

BIT:SPM • IT0005495657

3.35 EUR
+0.09 (+2.89%)
Last: Mar 4, 2026, 05:35 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This SPM.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Taking everything into account, SPM scores 4 out of 10 in our fundamental rating. SPM was compared to 36 industry peers in the Energy Equipment & Services industry. While SPM seems to be doing ok healthwise, there are quite some concerns on its profitability. SPM has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

3

1. SPM.MI Profitability Analysis

1.1 Basic Checks

  • SPM had positive earnings in the past year.
  • In the past year SPM had a positive cash flow from operations.
  • The reported net income has been mixed in the past 5 years: SPM reported negative net income in multiple years.
  • SPM had a positive operating cash flow in 4 of the past 5 years.
SPM.MI Yearly Net Income VS EBIT VS OCF VS FCFSPM.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B -1B -2B

1.2 Ratios

  • The Return On Assets of SPM (2.20%) is worse than 69.44% of its industry peers.
  • SPM has a Return On Equity (11.73%) which is comparable to the rest of the industry.
  • With a Return On Invested Capital value of 6.28%, SPM perfoms like the industry average, outperforming 41.67% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for SPM is significantly below the industry average of 10.29%.
  • The last Return On Invested Capital (6.28%) for SPM is above the 3 year average (3.90%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.2%
ROE 11.73%
ROIC 6.28%
ROA(3y)0.6%
ROA(5y)-5.93%
ROE(3y)3.16%
ROE(5y)-157.22%
ROIC(3y)3.9%
ROIC(5y)N/A
SPM.MI Yearly ROA, ROE, ROICSPM.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -200 -400 -600

1.3 Margins

  • SPM has a Profit Margin of 2.10%. This is in the lower half of the industry: SPM underperforms 75.00% of its industry peers.
  • In the last couple of years the Profit Margin of SPM has grown nicely.
  • SPM has a worse Operating Margin (4.47%) than 77.78% of its industry peers.
  • In the last couple of years the Operating Margin of SPM has declined.
  • SPM has a Gross Margin (30.52%) which is in line with its industry peers.
  • In the last couple of years the Gross Margin of SPM has declined.
Industry RankSector Rank
OM 4.47%
PM (TTM) 2.1%
GM 30.52%
OM growth 3YN/A
OM growth 5Y-4.9%
PM growth 3YN/A
PM growth 5Y74.04%
GM growth 3Y11.3%
GM growth 5Y-3.46%
SPM.MI Yearly Profit, Operating, Gross MarginsSPM.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 20 -20

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ROAROEROICOperating and Profit MarginShow most profitable peers

4

2. SPM.MI Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so SPM is destroying value.
  • Compared to 1 year ago, SPM has less shares outstanding
  • SPM has more shares outstanding than it did 5 years ago.
  • SPM has a better debt/assets ratio than last year.
SPM.MI Yearly Shares OutstandingSPM.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
SPM.MI Yearly Total Debt VS Total AssetsSPM.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B

2.2 Solvency

  • SPM has an Altman-Z score of 1.70. This is a bad value and indicates that SPM is not financially healthy and even has some risk of bankruptcy.
  • With a decent Altman-Z score value of 1.70, SPM is doing good in the industry, outperforming 72.22% of the companies in the same industry.
  • The Debt to FCF ratio of SPM is 2.57, which is a good value as it means it would take SPM, 2.57 years of fcf income to pay off all of its debts.
  • SPM has a better Debt to FCF ratio (2.57) than 69.44% of its industry peers.
  • SPM has a Debt/Equity ratio of 0.88. This is a neutral value indicating SPM is somewhat dependend on debt financing.
  • SPM's Debt to Equity ratio of 0.88 is on the low side compared to the rest of the industry. SPM is outperformed by 69.44% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 2.57
Altman-Z 1.7
ROIC/WACC0.87
WACC7.19%
SPM.MI Yearly LT Debt VS Equity VS FCFSPM.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B 4B

2.3 Liquidity

  • A Current Ratio of 1.13 indicates that SPM should not have too much problems paying its short term obligations.
  • SPM has a worse Current ratio (1.13) than 75.00% of its industry peers.
  • SPM has a Quick Ratio of 1.09. This is a normal value and indicates that SPM is financially healthy and should not expect problems in meeting its short term obligations.
  • The Quick ratio of SPM (1.09) is worse than 72.22% of its industry peers.
Industry RankSector Rank
Current Ratio 1.13
Quick Ratio 1.09
SPM.MI Yearly Current Assets VS Current LiabilitesSPM.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. SPM.MI Growth Analysis

3.1 Past

  • SPM shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.29%, which is quite good.
  • Measured over the past years, SPM shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -19.00% on average per year.
  • The Revenue has grown by 22.44% in the past year. This is a very strong growth!
  • Measured over the past years, SPM shows a quite strong growth in Revenue. The Revenue has been growing by 9.81% on average per year.
EPS 1Y (TTM)14.29%
EPS 3YN/A
EPS 5Y-19%
EPS Q2Q%0%
Revenue 1Y (TTM)22.44%
Revenue growth 3Y30.62%
Revenue growth 5Y9.81%
Sales Q2Q%1.59%

3.2 Future

  • SPM is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.58% yearly.
  • Based on estimates for the next years, SPM will show a small growth in Revenue. The Revenue will grow by 0.93% on average per year.
EPS Next Y26.09%
EPS Next 2Y33.91%
EPS Next 3Y27.01%
EPS Next 5Y17.58%
Revenue Next Year6.5%
Revenue Next 2Y5.32%
Revenue Next 3Y2.77%
Revenue Next 5Y0.93%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
SPM.MI Yearly Revenue VS EstimatesSPM.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5B 10B 15B
SPM.MI Yearly EPS VS EstimatesSPM.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0 -2 -4

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5

4. SPM.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 20.94, SPM is valued on the expensive side.
  • SPM's Price/Earnings ratio is a bit more expensive when compared to the industry. SPM is more expensive than 66.67% of the companies in the same industry.
  • SPM's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 26.83.
  • Based on the Price/Forward Earnings ratio of 13.34, the valuation of SPM can be described as correct.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of SPM is on the same level as its industry peers.
  • SPM is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 24.95, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 20.94
Fwd PE 13.34
SPM.MI Price Earnings VS Forward Price EarningsSPM.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of SPM indicates a somewhat cheap valuation: SPM is cheaper than 72.22% of the companies listed in the same industry.
  • 80.56% of the companies in the same industry are more expensive than SPM, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 5.98
EV/EBITDA 3.99
SPM.MI Per share dataSPM.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6

4.3 Compensation for Growth

  • SPM's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • SPM's earnings are expected to grow with 27.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.8
PEG (5Y)N/A
EPS Next 2Y33.91%
EPS Next 3Y27.01%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. SPM.MI Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.89%, SPM is a good candidate for dividend investing.
  • SPM's Dividend Yield is a higher than the industry average which is at 3.13.
  • SPM's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 4.89%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DP0%
EPS Next 2Y33.91%
EPS Next 3Y27.01%
SPM.MI Yearly Income VS Free CF VS DividendSPM.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -1B -2B

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SPM.MI Fundamentals: All Metrics, Ratios and Statistics

SAIPEM SPA

BIT:SPM (3/4/2026, 5:35:15 PM)

3.35

+0.09 (+2.89%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryEnergy Equipment & Services
Earnings (Last)02-24
Earnings (Next)04-21
Inst Owners32.09%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap6.69B
Revenue(TTM)22.64B
Net Income(TTM)306.00M
Analysts83.64
Price Target3.37 (0.6%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.89%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-18.25%
Min EPS beat(2)-44.99%
Max EPS beat(2)8.5%
EPS beat(4)2
Avg EPS beat(4)-8.28%
Min EPS beat(4)-44.99%
Max EPS beat(4)15.63%
EPS beat(8)3
Avg EPS beat(8)-15.27%
EPS beat(12)7
Avg EPS beat(12)12.31%
EPS beat(16)9
Avg EPS beat(16)6.52%
Revenue beat(2)0
Avg Revenue beat(2)-0.84%
Min Revenue beat(2)-1.6%
Max Revenue beat(2)-0.09%
Revenue beat(4)2
Avg Revenue beat(4)3.39%
Min Revenue beat(4)-1.6%
Max Revenue beat(4)7.84%
Revenue beat(8)5
Avg Revenue beat(8)4.41%
Revenue beat(12)9
Avg Revenue beat(12)6.73%
Revenue beat(16)12
Avg Revenue beat(16)11.26%
PT rev (1m)5.5%
PT rev (3m)6.86%
EPS NQ rev (1m)-1.38%
EPS NQ rev (3m)-1.38%
EPS NY rev (1m)0%
EPS NY rev (3m)-6.06%
Revenue NQ rev (1m)0.15%
Revenue NQ rev (3m)0.15%
Revenue NY rev (1m)0.27%
Revenue NY rev (3m)-0.28%
Valuation
Industry RankSector Rank
PE 20.94
Fwd PE 13.34
P/S 0.46
P/FCF 5.98
P/OCF 4.62
P/B 2.56
P/tB 3.45
EV/EBITDA 3.99
EPS(TTM)0.16
EY4.78%
EPS(NY)0.25
Fwd EY7.49%
FCF(TTM)0.56
FCFY16.72%
OCF(TTM)0.73
OCFY21.66%
SpS7.29
BVpS1.31
TBVpS0.97
PEG (NY)0.8
PEG (5Y)N/A
Graham Number2.17
Profitability
Industry RankSector Rank
ROA 2.2%
ROE 11.73%
ROCE 10.69%
ROIC 6.28%
ROICexc 10.95%
ROICexgc 13.53%
OM 4.47%
PM (TTM) 2.1%
GM 30.52%
FCFM 7.68%
ROA(3y)0.6%
ROA(5y)-5.93%
ROE(3y)3.16%
ROE(5y)-157.22%
ROIC(3y)3.9%
ROIC(5y)N/A
ROICexc(3y)7.2%
ROICexc(5y)N/A
ROICexgc(3y)9.07%
ROICexgc(5y)N/A
ROCE(3y)6.72%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y18.8%
ROICexc growth 3YN/A
ROICexc growth 5Y16.44%
OM growth 3YN/A
OM growth 5Y-4.9%
PM growth 3YN/A
PM growth 5Y74.04%
GM growth 3Y11.3%
GM growth 5Y-3.46%
F-Score8
Asset Turnover1.05
Health
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 2.57
Debt/EBITDA 1.57
Cap/Depr 40.39%
Cap/Sales 2.27%
Interest Coverage 3.5
Cash Conversion 98.64%
Profit Quality 365.36%
Current Ratio 1.13
Quick Ratio 1.09
Altman-Z 1.7
F-Score8
WACC7.19%
ROIC/WACC0.87
Cap/Depr(3y)91.1%
Cap/Depr(5y)77%
Cap/Sales(3y)3.87%
Cap/Sales(5y)4.11%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)14.29%
EPS 3YN/A
EPS 5Y-19%
EPS Q2Q%0%
EPS Next Y26.09%
EPS Next 2Y33.91%
EPS Next 3Y27.01%
EPS Next 5Y17.58%
Revenue 1Y (TTM)22.44%
Revenue growth 3Y30.62%
Revenue growth 5Y9.81%
Sales Q2Q%1.59%
Revenue Next Year6.5%
Revenue Next 2Y5.32%
Revenue Next 3Y2.77%
Revenue Next 5Y0.93%
EBIT growth 1Y44.35%
EBIT growth 3YN/A
EBIT growth 5Y4.44%
EBIT Next Year163.46%
EBIT Next 3Y45.24%
EBIT Next 5Y22.67%
FCF growth 1Y370.05%
FCF growth 3YN/A
FCF growth 5Y-4.7%
OCF growth 1Y793.83%
OCF growth 3Y127.59%
OCF growth 5Y-3.33%

SAIPEM SPA / SPM.MI FAQ

What is the fundamental rating for SPM stock?

ChartMill assigns a fundamental rating of 4 / 10 to SPM.MI.


Can you provide the valuation status for SAIPEM SPA?

ChartMill assigns a valuation rating of 5 / 10 to SAIPEM SPA (SPM.MI). This can be considered as Fairly Valued.


How profitable is SAIPEM SPA (SPM.MI) stock?

SAIPEM SPA (SPM.MI) has a profitability rating of 4 / 10.


Can you provide the PE and PB ratios for SPM stock?

The Price/Earnings (PE) ratio for SAIPEM SPA (SPM.MI) is 20.94 and the Price/Book (PB) ratio is 2.56.


Can you provide the financial health for SPM stock?

The financial health rating of SAIPEM SPA (SPM.MI) is 4 / 10.