# EDP Renovaveis (EDPR.LS)

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

Analysis as of: 2026-10-16T07:35:12.693Z. Financial observations: FY2007–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 12.21 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.46×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.31×

- FY2017: 0.42×

- FY2018: 0.45×

- FY2019: 0.64×

- FY2020: 0.69×

- FY2021: 0.73×

- FY2022: 0.66×

- FY2023: 0.44×

- FY2024: -0.00×

- FY2025: 0.33×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.2%

- ROIC, second-lowest year: 3.4%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 86.0%

- Recent gross margin (lower of latest and 3-year median): 81.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 102.7%

- ROIC including acquisitions, ten-year median: -0.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.5%

- FY2017: 8.6%

- FY2018: 7.8%

- FY2019: 9.9%

- FY2020: 9.0%

- FY2021: 9.1%

- FY2022: 9.4%

- FY2023: 4.6%

- FY2024: -0.0%

- FY2025: 3.4%

### economics: fail

- Cash conversion uses consolidated free cash flow after all capital expenditure and consolidated net income (informational).

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -5.72×

- Cash conversion uses consolidated totals: Yes

- Owner earnings, five-year total: EUR -11B

- Net income, five-year total: EUR 2.0B

- Return on incremental invested capital: 1.1%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: 0.8 pp

- Working capital / revenue, final three-year average: -17.1%

### 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: 7.8% vs 3.4%

- Per-share earnings: 0.19 to 0.21 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: EUR 7.5B

- Cumulative retained earnings: EUR 2.1B

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.0%

- Per-share value change: EUR 0.02

- Per-share value, starting three-year median: EUR 0.19

- Per-share value, ending three-year median: EUR 0.21

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

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 140M

- Cumulative net income, 10 years: EUR 2.9B

- ROIC, first three-year median: 7.8%

- ROIC, last three-year median: 3.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.06

- FY2017: EUR 0.32

- FY2018: EUR 0.36

- FY2019: EUR 0.54

- FY2020: EUR 0.64

- FY2021: EUR 0.75

- FY2022: EUR 0.62

- FY2023: EUR 0.30

- FY2024: EUR -0.54

- FY2025: EUR 0.21

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.24×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.3%

- FY2018: -3.8%

- FY2019: -3.5%

- FY2020: -1.9%

- FY2021: -0.7%

- FY2022: -1.6%

- FY2023: -1.8%

- FY2024: -3.9%

- FY2025: -2.7%

## Holders

## Price story

Down 50% since Jul 2022 · sales +33.5%

Story as of 2026-10-16T10:00:04.101Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +33.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.7B 

- FY2017: EUR 1.8B 

- FY2018: EUR 1.7B 

- FY2019: EUR 1.6B 

- FY2020: EUR 1.5B 

- FY2021: EUR 1.6B 

- FY2022: EUR 2.1B 

- FY2023: EUR 2.0B 

- FY2024: EUR 2.0B 

- FY2025: EUR 2.7B 

### Gross margin · FY2025

gross margin 81.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 81.5% 

- FY2017: 82.0% 

- FY2018: 80.5% 

- FY2019: 92.2% 

- FY2020: 93.3% 

- FY2021: 90.0% 

- FY2022: 90.4% 

- FY2023: 38.3% 

- FY2024: 90.7% 

- FY2025: 81.5% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are EUR 2.7 billion.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2025-12-31 (filed 2026-10-16T07:35:12.693Z); FY2025: revenue 2691597000; grossProfit 2194826000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 38.3% to 90.7% during 2023–25; it earns 8.2% on its capital.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2023-12-31 (filed 2026-10-16T07:35:12.693Z); FY2023: grossProfit / revenue = 38.3%.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2024-12-31 (filed 2026-10-16T07:35:12.693Z); FY2024: grossProfit / revenue = 90.7%.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2025-12-31 (filed 2026-10-16T07:35:12.693Z); FY2025: grossProfit / revenue = 81.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:12.693Z); 10-year return on capital observations [[2016,0.05544378712915251],[2017,0.08607120261345366],[2018,0.07788984449866136],[2019,0.09868756071523069],[2020,0.08966780580123825],[2021,0.0909536589143469],[2022,0.09351151325646723],[2023,0.045568029311944765],[2024,-0.00040674304012374736],[2025,0.03413076817567374]]; median 0.0819805235560575. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 1.1% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2016-12-31 (filed 2026-10-16T07:35:12.693Z); FY2016: growth capex 398059000; upkeep 621108000; owner earnings 56328000. Growth capex / owner earnings = 7.066805141315154.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2017-12-31 (filed 2026-10-16T07:35:12.693Z); FY2017: growth capex 504575000; upkeep 532609000; owner earnings 275895000. Growth capex / owner earnings = 1.82886605411479.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2022-12-31 (filed 2026-10-16T07:35:12.693Z); FY2022: growth capex 1633283000; upkeep 716312000; cash acquisitions 0; owner earnings 459391355.8304838. Growth capex plus acquisitions / owner earnings = 3.5553194009220412.

- Source: https://eodhd.com/api/fundamentals/EDPR.LS.json#2025-12-31 (filed 2026-10-16T07:35:12.693Z); FY2025: growth capex 1868278000; upkeep 933832000; cash acquisitions 0; owner earnings 89719204.40162225. Growth capex plus acquisitions / owner earnings = 20.82361309889434.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:12.693Z); Incremental return on capital 0.010940229566657073, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:12.693Z); Dividend observations: [[2016,84727000],[2017,92353000],[2018,112949000],[2019,98686000],[2020,106630000],[2021,114085000],[2022,155052000],[2023,66397000],[2024,51097000],[2025,40395000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EDPR.LS SharesStats.PercentInsiders = 71.37 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:12.693Z); Closing price 12.21 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 2.570016293440227; price multiple 4.750942642334644. FY2025 cash earnings/share 0.0856665456034701. Closing-price date 2026-10-15.

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

- 2016-11: EUR 5.83 per share

- 2016-12: EUR 5.86 per share

- 2017-01: EUR 5.77 per share

- 2017-02: EUR 6.04 per share

- 2017-03: EUR 6.73 per share

- 2017-04: EUR 6.80 per share

- 2017-05: EUR 6.80 per share

- 2017-06: EUR 6.76 per share

- 2017-07: EUR 6.56 per share

- 2017-08: EUR 6.68 per share

- 2017-09: EUR 6.99 per share

- 2017-10: EUR 6.90 per share

- 2017-11: EUR 6.65 per share

- 2017-12: EUR 6.77 per share

- 2018-01: EUR 6.85 per share

- 2018-02: EUR 6.97 per share

- 2018-03: EUR 7.73 per share

- 2018-04: EUR 7.73 per share

- 2018-05: EUR 7.82 per share

- 2018-06: EUR 8.67 per share

- 2018-07: EUR 8.58 per share

- 2018-08: EUR 8.30 per share

- 2018-09: EUR 8.49 per share

- 2018-10: EUR 7.71 per share

- 2018-11: EUR 7.48 per share

- 2018-12: EUR 7.55 per share

- 2019-01: EUR 7.63 per share

- 2019-02: EUR 8.03 per share

- 2019-03: EUR 8.26 per share

- 2019-04: EUR 8.60 per share

- 2019-05: EUR 8.65 per share

- 2019-06: EUR 8.76 per share

- 2019-07: EUR 9.01 per share

- 2019-08: EUR 9.73 per share

- 2019-09: EUR 9.61 per share

- 2019-10: EUR 9.93 per share

- 2019-11: EUR 9.67 per share

- 2019-12: EUR 10.20 per share

- 2020-01: EUR 11.66 per share

- 2020-02: EUR 11.85 per share

- 2020-03: EUR 10.67 per share

- 2020-04: EUR 10.88 per share

- 2020-05: EUR 11.58 per share

- 2020-06: EUR 11.95 per share

- 2020-07: EUR 13.48 per share

- 2020-08: EUR 13.91 per share

- 2020-09: EUR 13.74 per share

- 2020-10: EUR 15.85 per share

- 2020-11: EUR 17.25 per share

- 2020-12: EUR 22.15 per share

- 2021-01: EUR 21.91 per share

- 2021-02: EUR 17.58 per share

- 2021-03: EUR 17.70 per share

- 2021-04: EUR 19.25 per share

- 2021-05: EUR 18.74 per share

- 2021-06: EUR 18.98 per share

- 2021-07: EUR 19.23 per share

- 2021-08: EUR 21.88 per share

- 2021-09: EUR 20.81 per share

- 2021-10: EUR 23.41 per share

- 2021-11: EUR 21.97 per share

- 2021-12: EUR 21.27 per share

- 2022-01: EUR 18.09 per share

- 2022-02: EUR 21.10 per share

- 2022-03: EUR 22.67 per share

- 2022-04: EUR 21.99 per share

- 2022-05: EUR 22.19 per share

- 2022-06: EUR 21.88 per share

- 2022-07: EUR 24.58 per share

- 2022-08: EUR 23.48 per share

- 2022-09: EUR 20.44 per share

- 2022-10: EUR 20.70 per share

- 2022-11: EUR 21.42 per share

- 2022-12: EUR 19.99 per share

- 2023-01: EUR 19.38 per share

- 2023-02: EUR 18.86 per share

- 2023-03: EUR 20.49 per share

- 2023-04: EUR 19.58 per share

- 2023-05: EUR 18.29 per share

- 2023-06: EUR 18.01 per share

- 2023-07: EUR 17.10 per share

- 2023-08: EUR 16.64 per share

- 2023-09: EUR 15.27 per share

- 2023-10: EUR 14.95 per share

- 2023-11: EUR 16.49 per share

- 2023-12: EUR 18.24 per share

- 2024-01: EUR 14.81 per share

- 2024-02: EUR 12.40 per share

- 2024-03: EUR 12.35 per share

- 2024-04: EUR 12.67 per share

- 2024-05: EUR 14.72 per share

- 2024-06: EUR 13.05 per share

- 2024-07: EUR 14.34 per share

- 2024-08: EUR 14.47 per share

- 2024-09: EUR 15.71 per share

- 2024-10: EUR 12.38 per share

- 2024-11: EUR 11.08 per share

- 2024-12: EUR 10.04 per share

- 2025-01: EUR 9.03 per share

- 2025-02: EUR 8.59 per share

- 2025-03: EUR 7.71 per share

- 2025-04: EUR 8.26 per share

- 2025-05: EUR 8.84 per share

- 2025-06: EUR 9.48 per share

- 2025-07: EUR 10.30 per share

- 2025-08: EUR 10.04 per share

- 2025-09: EUR 11.20 per share

- 2025-10: EUR 12.68 per share

- 2025-11: EUR 11.47 per share

- 2025-12: EUR 12.04 per share

- 2026-01: EUR 12.80 per share

- 2026-02: EUR 13.36 per share

- 2026-03: EUR 13.69 per share

- 2026-04: EUR 14.18 per share

- 2026-05: EUR 14.17 per share

- 2026-06: EUR 14.17 per share

- 2026-07: EUR 13.45 per share

- 2026-08: EUR 13.66 per share

- 2026-09: EUR 12.87 per share

- 2026-10: EUR 12.57 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 2.54 per share, central EUR 2.82 per share, high EUR 3.19 per share

- FY2017: low EUR 3.12 per share, central EUR 4.34 per share, high EUR 5.05 per share

- FY2018: low EUR 1.77 per share, central EUR 2.31 per share, high EUR 2.62 per share

- FY2019: low EUR 1.18 per share, central EUR 1.28 per share, high EUR 1.41 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 2026-10-15T06:40:54.132Z 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.