# EDP - Energias de Portugal (EDP.LS)

Canonical: https://gigainvestors.com/s/EDP.LS

Analysis as of: 2026-10-16T07:34:38.571Z. Financial observations: FY2001–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 4.83 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.09×

- FY2018: 0.07×

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.06×

- FY2022: 0.07×

- FY2023: 0.14×

- FY2024: 0.12×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.7%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: -2.8 pp

- Typical gross margin (annual median): 34.8%

- Recent gross margin (lower of latest and 3-year median): 37.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 18.2%

- ROIC including acquisitions, ten-year median: 0.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.8%

- FY2017: 5.9%

- FY2018: 4.5%

- FY2019: 4.4%

- FY2020: 4.5%

- FY2021: 3.3%

- FY2022: 4.9%

- FY2023: 6.0%

- FY2024: 4.0%

- FY2025: 6.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -4.8B

- Net income, five-year total: EUR 4.2B

- Return on incremental invested capital: 3.5%

- Working capital / revenue, annual change: -3.2 pp

- Working capital / revenue, change between three-year averages: -23.6 pp

- Working capital / revenue, final three-year average: -3.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.68×

- FY2022: 0.59×

- FY2023: -2.79×

- FY2024: -3.23×

- FY2025: -0.31×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.9% vs 6.0%

- Per-share earnings: 0.29 to 0.23 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.3%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: EUR 6.8B

- Cumulative retained earnings: EUR -607M

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.8%

- Per-share value change: EUR -0.06

- Per-share value, starting three-year median: EUR 0.29

- Per-share value, ending three-year median: EUR 0.23

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.7B

- Cumulative net income, 10 years: EUR 8.1B

- ROIC, first three-year median: 5.9%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.29

- FY2017: EUR 0.34

- FY2018: EUR 0.14

- FY2019: EUR 0.14

- FY2020: EUR 0.20

- FY2021: EUR 0.17

- FY2022: EUR 0.17

- FY2023: EUR 0.23

- FY2024: EUR 0.19

- FY2025: EUR 0.28

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.77×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.0%

- FY2017: -2.7%

- FY2018: -5.8%

- FY2019: -4.0%

- FY2020: -3.9%

- FY2021: -2.7%

- FY2022: -5.3%

- FY2023: -2.2%

- FY2024: -6.0%

- FY2025: -3.9%

## Holders

## Price story

Up 22% since Oct 2023 · sales +4.3%

Story as of 2026-10-16T10:00:01.684Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +4.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 15B 

- FY2017: EUR 16B 

- FY2018: EUR 15B 

- FY2019: EUR 14B 

- FY2020: EUR 12B 

- FY2021: EUR 15B 

- FY2022: EUR 21B 

- FY2023: EUR 16B 

- FY2024: EUR 15B 

- FY2025: EUR 16B 

### Gross margin · FY2025

gross margin 37.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.8% 

- FY2017: 31.8% 

- FY2018: 30.8% 

- FY2019: 33.6% 

- FY2020: 38.1% 

- FY2021: 29.8% 

- FY2022: 24.3% 

- FY2023: 35.9% 

- FY2024: 38.5% 

- FY2025: 37.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are EUR 15.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2025: revenue 15606993000; grossProfit 5861662000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDP.LS: EDP, S.A. engages in the generation, transmission, distribution, and supply of electricity in Portugal, Spain, France, Poland, Romania, Italy, Belgium, the United Kingdom, Greece, Colombia, Brazil, North America, and internationally. It operates through Renewables, Networks, and Client Solutions & Energy Management segments. The company generates and sells electricity through hydro, combined-cycle gas turbine, coal, wind, solar, nuclear, and cogeneration and waste sources. The company is also involved in the supply of natural gas. In addition, it offers engineering, laboratory tests, professional training, and energy services, as well as property management services. The company was formerly known as EDP - Energias de Portugal, S.A. and changed its name to EDP, S.A. in April 2024. The company was incorporated in 1976 and is headquartered in Lisbon, Portugal.

### Why customers stay

Margins ranged from 35.9% to 38.5% during 2023–25; it earns 4.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2023: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2024: grossProfit / revenue = 38.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); 10-year return on capital observations [[2016,0.07847328345470576],[2017,0.05914161744768828],[2018,0.04499693159822331],[2019,0.043522765530546514],[2020,0.044539102530396994],[2021,0.03250279595731557],[2022,0.04929163739328268],[2023,0.06010688912117433],[2024,0.040268024166255315],[2025,0.06256150416002057]]; median 0.047144284495752996. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2016: growth capex 0; upkeep 2090617000; owner earnings 370589000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2017: growth capex 0; upkeep 1920980000; owner earnings 314613000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2018: growth capex 0; upkeep 1708627000; owner earnings 234939000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2021: growth capex 1619751000; upkeep 1731755000; owner earnings 446827400. Growth capex / owner earnings = 3.625003748651045.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); FY2022: growth capex 1500087000; upkeep 1999909000; owner earnings 401442600. Growth capex / owner earnings = 3.736740943786235.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); Dividend observations: [[2016,672537000],[2017,690637000],[2018,690517000],[2019,690675000],[2020,690739000],[2021,749763000],[2022,749802000],[2023,791427000],[2024,811704000],[2025,826502000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 29.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDP.LS SharesStats.PercentInsiders = 29.064 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.571Z); Closing price 4.831 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 3.7700880348731216; price multiple 1.2814024381694797. FY2025 cash earnings/share -0.08705265253641181. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 2.67 per share

- 2016-12: EUR 2.83 per share

- 2017-01: EUR 2.63 per share

- 2017-02: EUR 2.85 per share

- 2017-03: EUR 3.10 per share

- 2017-04: EUR 2.96 per share

- 2017-05: EUR 3.20 per share

- 2017-06: EUR 2.80 per share

- 2017-07: EUR 2.93 per share

- 2017-08: EUR 3.15 per share

- 2017-09: EUR 3.11 per share

- 2017-10: EUR 2.99 per share

- 2017-11: EUR 2.88 per share

- 2017-12: EUR 2.82 per share

- 2018-01: EUR 2.76 per share

- 2018-02: EUR 2.69 per share

- 2018-03: EUR 3.02 per share

- 2018-04: EUR 3.01 per share

- 2018-05: EUR 3.27 per share

- 2018-06: EUR 3.32 per share

- 2018-07: EUR 3.41 per share

- 2018-08: EUR 3.29 per share

- 2018-09: EUR 3.11 per share

- 2018-10: EUR 3.03 per share

- 2018-11: EUR 3.02 per share

- 2018-12: EUR 2.98 per share

- 2019-01: EUR 3.12 per share

- 2019-02: EUR 3.15 per share

- 2019-03: EUR 3.43 per share

- 2019-04: EUR 3.30 per share

- 2019-05: EUR 3.19 per share

- 2019-06: EUR 3.27 per share

- 2019-07: EUR 3.25 per share

- 2019-08: EUR 3.36 per share

- 2019-09: EUR 3.48 per share

- 2019-10: EUR 3.61 per share

- 2019-11: EUR 3.59 per share

- 2019-12: EUR 3.78 per share

- 2020-01: EUR 4.42 per share

- 2020-02: EUR 4.12 per share

- 2020-03: EUR 3.58 per share

- 2020-04: EUR 3.76 per share

- 2020-05: EUR 4.13 per share

- 2020-06: EUR 4.15 per share

- 2020-07: EUR 4.28 per share

- 2020-08: EUR 4.24 per share

- 2020-09: EUR 4.20 per share

- 2020-10: EUR 4.23 per share

- 2020-11: EUR 4.47 per share

- 2020-12: EUR 5.16 per share

- 2021-01: EUR 5.17 per share

- 2021-02: EUR 4.75 per share

- 2021-03: EUR 4.87 per share

- 2021-04: EUR 4.62 per share

- 2021-05: EUR 4.70 per share

- 2021-06: EUR 4.47 per share

- 2021-07: EUR 4.38 per share

- 2021-08: EUR 4.65 per share

- 2021-09: EUR 4.53 per share

- 2021-10: EUR 4.88 per share

- 2021-11: EUR 4.83 per share

- 2021-12: EUR 4.83 per share

- 2022-01: EUR 4.54 per share

- 2022-02: EUR 4.36 per share

- 2022-03: EUR 4.47 per share

- 2022-04: EUR 4.44 per share

- 2022-05: EUR 4.67 per share

- 2022-06: EUR 4.45 per share

- 2022-07: EUR 4.94 per share

- 2022-08: EUR 4.76 per share

- 2022-09: EUR 4.44 per share

- 2022-10: EUR 4.43 per share

- 2022-11: EUR 4.52 per share

- 2022-12: EUR 4.66 per share

- 2023-01: EUR 4.56 per share

- 2023-02: EUR 4.78 per share

- 2023-03: EUR 5.02 per share

- 2023-04: EUR 5.00 per share

- 2023-05: EUR 4.56 per share

- 2023-06: EUR 4.48 per share

- 2023-07: EUR 4.25 per share

- 2023-08: EUR 4.21 per share

- 2023-09: EUR 3.94 per share

- 2023-10: EUR 3.97 per share

- 2023-11: EUR 4.39 per share

- 2023-12: EUR 4.55 per share

- 2024-01: EUR 4.14 per share

- 2024-02: EUR 3.68 per share

- 2024-03: EUR 3.61 per share

- 2024-04: EUR 3.53 per share

- 2024-05: EUR 3.73 per share

- 2024-06: EUR 3.50 per share

- 2024-07: EUR 3.80 per share

- 2024-08: EUR 3.80 per share

- 2024-09: EUR 4.10 per share

- 2024-10: EUR 3.61 per share

- 2024-11: EUR 3.42 per share

- 2024-12: EUR 3.09 per share

- 2025-01: EUR 3.04 per share

- 2025-02: EUR 3.11 per share

- 2025-03: EUR 3.11 per share

- 2025-04: EUR 3.48 per share

- 2025-05: EUR 3.51 per share

- 2025-06: EUR 3.68 per share

- 2025-07: EUR 3.79 per share

- 2025-08: EUR 3.79 per share

- 2025-09: EUR 4.04 per share

- 2025-10: EUR 4.31 per share

- 2025-11: EUR 3.85 per share

- 2025-12: EUR 3.91 per share

- 2026-01: EUR 4.32 per share

- 2026-02: EUR 4.52 per share

- 2026-03: EUR 4.53 per share

- 2026-04: EUR 4.64 per share

- 2026-05: EUR 4.37 per share

- 2026-06: EUR 4.58 per share

- 2026-07: EUR 4.47 per share

- 2026-08: EUR 4.68 per share

- 2026-09: EUR 4.84 per share

- 2026-10: EUR 4.91 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.90 per share, central EUR 2.11 per share, high EUR 2.39 per share

- FY2017: low EUR 2.29 per share, central EUR 2.51 per share, high EUR 2.81 per share

- FY2018: low EUR 1.65 per share, central EUR 1.80 per share, high EUR 2.01 per share

- FY2019: low EUR 1.23 per share, central EUR 1.34 per share, high EUR 1.50 per share

- FY2020: low EUR 1.23 per share, central EUR 1.30 per share, high EUR 1.40 per share

- FY2021: low EUR 1.38 per share, central EUR 1.47 per share, high EUR 1.59 per share

- FY2022: low EUR 1.64 per share, central EUR 1.78 per share, high EUR 1.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:22.984Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.