# Enagás (ENG.MC)

Canonical: https://gigainvestors.com/s/ENG.MC

Analysis as of: 2026-10-16T07:37:36.784Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

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

Share price: EUR 16.67 per share; close as of 2026-10-15.

Estimated value: low EUR 23.28 per share, central EUR 26.12 per share, high EUR 29.90 per share. Buy at or below the central value EUR 26.12 per share. Valuation as of 2026-10-16T07:37:36.784Z; scenarios are not confidence intervals.

Expected annual return: 15.0% at the stated quote. About 15.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 8 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 8

- Years with a net loss: 1

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.51×

- FY2017: 0.54×

- FY2018: 0.53×

- FY2019: 0.57×

- FY2020: 0.58×

- FY2021: 0.60×

- FY2022: 0.50×

- FY2023: 0.50×

- FY2024: 0.47×

- FY2025: 0.23×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 57.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 5.2%

- Typical minus recent gross margin: 57.4 pp

- Typical gross margin (annual median): 95.1%

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

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.5%

- ROIC including acquisitions, ten-year median: 8.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.5%

- FY2017: 7.9%

- FY2018: 8.0%

- FY2019: 8.0%

- FY2020: 7.2%

- FY2021: 6.4%

- FY2022: 5.2%

- FY2023: 6.3%

- FY2024: 8.0%

- FY2025: 4.3%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.0B

- Net income, five-year total: EUR 1.2B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -6.6 pp

- Working capital / revenue, change between three-year averages: -53.2 pp

- Working capital / revenue, final three-year average: -20.9%

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

- FY2021: 1.48×

- FY2022: 1.46×

- FY2023: 1.34×

- FY2024: 0.37×

- FY2025: 1.49×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.9% vs 6.3%

- Per-share earnings: 1.75 to 1.29 (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: 0.9%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: EUR -2.3B

- Cumulative retained earnings: EUR -78M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.7%

- Per-share value change: EUR -0.46

- Per-share value, starting three-year median: EUR 1.75

- Per-share value, ending three-year median: EUR 1.29

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 922M

- Cumulative net income, 10 years: EUR 3.4B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 6.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.75

- FY2017: EUR 2.06

- FY2018: EUR 1.86

- FY2019: EUR 1.62

- FY2020: EUR 1.70

- FY2021: EUR 1.54

- FY2022: EUR 1.44

- FY2023: EUR 1.31

- FY2024: EUR -1.15

- FY2025: EUR 1.29

### accounting: pass

- Sloan accruals: 1.9%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.63×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.4%

- FY2017: -6.1%

- FY2018: -3.7%

- FY2019: -3.8%

- FY2020: -1.8%

- FY2021: -1.8%

- FY2022: -3.7%

- FY2023: -2.7%

- FY2024: -10.1%

- FY2025: 1.9%

## Holders

## Price story

Down 22% since May 2022 · sales +6.1%

Story as of 2026-10-16T10:00:09.305Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.6% a year for ten years

### Sales · FY2024–2025

sales +6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.2B 

- FY2017: EUR 1.4B 

- FY2018: EUR 1.3B 

- FY2019: EUR 1.2B 

- FY2020: EUR 1.1B 

- FY2021: EUR 976M 

- FY2022: EUR 957M 

- FY2023: EUR 908M 

- FY2024: EUR 906M 

- FY2025: EUR 960M 

### Gross margin · FY2025

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

- FY2016: 95.6% 

- FY2017: 96.3% 

- FY2018: 96.2% 

- FY2019: 95.8% 

- FY2020: 95.1% 

- FY2021: 95.0% 

- FY2022: 94.6% 

- FY2023: 93.8% 

- FY2024: 93.4% 

- FY2025: 37.6% 

## Owner memo

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

### How it makes money

Operates in utilities regulated gas; annual sales are EUR 960.4 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2025: revenue 960401000; grossProfit 361518000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENG.MC: Enagás, S.A. engages in the transmission, storage, and regasification of natural gas. It operates through Regulated Gas Activities, Regulated Activities " Hydrogen Infrastructure, New Businesses, and International segments. The company provides gas transmission services through primary and secondary transmission pipelines; and natural gas regasification services, as well as operates underground storage facilities. It is also involved hydrogen infrastructure activities; and non-regulated activities related to new energies, such as biomethane, ammonia, and CO2. In addition, the company engages in the technical management of the gas system; financial management; gas transmission; development of industrial projects and activities relating to LNG terminals; development and implementation of facilities for the supply of natural gas; provision of commercial services; designing, constructing, operating, and maintaining hydrogen and other gas production facilities; and maritime transport activities by managing merchant ships. The company was incorporated in 1972 and is headquartered in Madrid, Spain.

### Why customers stay

Margins ranged from 37.6% to 93.8% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2023: grossProfit / revenue = 93.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2024: grossProfit / revenue = 93.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2025: grossProfit / revenue = 37.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); 10-year return on capital observations [[2016,0.06495943542319547],[2017,0.07899509755626888],[2018,0.0804952764819392],[2019,0.07995308205272945],[2020,0.07159082405104562],[2021,0.0643019212249265],[2022,0.051600945462736025],[2023,0.06291979322792687],[2024,0.07966277097605831],[2025,0.04313032199367482]]; median 0.06827512973712055. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 95% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); Gross margin observations: [[2021,0.9497235791022931],[2022,0.9460348970849441],[2023,0.9383683903170004]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 18.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2016: growth capex 0; upkeep 92033000; owner earnings 596705000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2017: growth capex 0; upkeep 54079000; owner earnings 755851000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2018: growth capex 0; upkeep 42173000; owner earnings 709262000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2019: growth capex 0; upkeep 44912000; owner earnings 652212000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2020: growth capex 0; upkeep 58601000; owner earnings 655128000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2021: growth capex 0; upkeep 69854000; owner earnings 596809000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2022: growth capex 0; upkeep 90786000; owner earnings 549110000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2023: growth capex 0; upkeep 156967000; owner earnings 458904000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2025: growth capex 0; upkeep 118122000; owner earnings 504831000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); Dividend observations: [[2016,322164000],[2017,354142000],[2018,354779000],[2019,371083000],[2020,427583000],[2021,444040000],[2022,446686000],[2023,451822000],[2024,378886000],[2025,261358999]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); FY2025: cash repurchases 18347000 EUR.

### Are managers owners

Insiders own 11.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENG.MC SharesStats.PercentInsiders = 11.323 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.6% yearly over ten years; actual decline was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:36.784Z); Ten-year compound average after fade. Initial solved rate -0.09134972083326381. Price 16.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.4348826289309913 → FY2025 1.9246687889589964. Closing-price date 2026-10-15.

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

- 2016-10: EUR 26.15 per share

- 2016-11: EUR 23.25 per share

- 2016-12: EUR 24.13 per share

- 2017-01: EUR 22.70 per share

- 2017-02: EUR 23.20 per share

- 2017-03: EUR 24.35 per share

- 2017-04: EUR 24.15 per share

- 2017-05: EUR 26.47 per share

- 2017-06: EUR 24.55 per share

- 2017-07: EUR 23.89 per share

- 2017-08: EUR 24.76 per share

- 2017-09: EUR 23.83 per share

- 2017-10: EUR 24.73 per share

- 2017-11: EUR 24.66 per share

- 2017-12: EUR 23.87 per share

- 2018-01: EUR 21.95 per share

- 2018-02: EUR 21.42 per share

- 2018-03: EUR 22.23 per share

- 2018-04: EUR 24.14 per share

- 2018-05: EUR 22.81 per share

- 2018-06: EUR 25.04 per share

- 2018-07: EUR 23.92 per share

- 2018-08: EUR 23.95 per share

- 2018-09: EUR 23.25 per share

- 2018-10: EUR 23.44 per share

- 2018-11: EUR 24.27 per share

- 2018-12: EUR 23.61 per share

- 2019-01: EUR 25.43 per share

- 2019-02: EUR 25.05 per share

- 2019-03: EUR 25.94 per share

- 2019-04: EUR 25.40 per share

- 2019-05: EUR 24.50 per share

- 2019-06: EUR 23.47 per share

- 2019-07: EUR 19.68 per share

- 2019-08: EUR 19.86 per share

- 2019-09: EUR 21.26 per share

- 2019-10: EUR 22.19 per share

- 2019-11: EUR 22.61 per share

- 2019-12: EUR 22.74 per share

- 2020-01: EUR 24.32 per share

- 2020-02: EUR 23.40 per share

- 2020-03: EUR 18.10 per share

- 2020-04: EUR 21.29 per share

- 2020-05: EUR 20.21 per share

- 2020-06: EUR 21.75 per share

- 2020-07: EUR 21.37 per share

- 2020-08: EUR 20.49 per share

- 2020-09: EUR 19.70 per share

- 2020-10: EUR 18.53 per share

- 2020-11: EUR 20.42 per share

- 2020-12: EUR 17.97 per share

- 2021-01: EUR 18.18 per share

- 2021-02: EUR 17.37 per share

- 2021-03: EUR 18.52 per share

- 2021-04: EUR 18.12 per share

- 2021-05: EUR 19.23 per share

- 2021-06: EUR 19.49 per share

- 2021-07: EUR 19.36 per share

- 2021-08: EUR 19.27 per share

- 2021-09: EUR 19.21 per share

- 2021-10: EUR 19.41 per share

- 2021-11: EUR 20.09 per share

- 2021-12: EUR 20.40 per share

- 2022-01: EUR 19.20 per share

- 2022-02: EUR 18.93 per share

- 2022-03: EUR 20.15 per share

- 2022-04: EUR 20.57 per share

- 2022-05: EUR 21.31 per share

- 2022-06: EUR 21.07 per share

- 2022-07: EUR 19.28 per share

- 2022-08: EUR 18.19 per share

- 2022-09: EUR 15.84 per share

- 2022-10: EUR 16.43 per share

- 2022-11: EUR 17.23 per share

- 2022-12: EUR 15.53 per share

- 2023-01: EUR 16.47 per share

- 2023-02: EUR 16.96 per share

- 2023-03: EUR 17.70 per share

- 2023-04: EUR 18.16 per share

- 2023-05: EUR 17.86 per share

- 2023-06: EUR 18.00 per share

- 2023-07: EUR 16.14 per share

- 2023-08: EUR 15.75 per share

- 2023-09: EUR 15.68 per share

- 2023-10: EUR 15.80 per share

- 2023-11: EUR 16.80 per share

- 2023-12: EUR 15.27 per share

- 2024-01: EUR 15.09 per share

- 2024-02: EUR 13.35 per share

- 2024-03: EUR 13.77 per share

- 2024-04: EUR 13.76 per share

- 2024-05: EUR 14.13 per share

- 2024-06: EUR 13.89 per share

- 2024-07: EUR 13.84 per share

- 2024-08: EUR 13.96 per share

- 2024-09: EUR 13.78 per share

- 2024-10: EUR 13.02 per share

- 2024-11: EUR 12.98 per share

- 2024-12: EUR 11.78 per share

- 2025-01: EUR 12.22 per share

- 2025-02: EUR 12.54 per share

- 2025-03: EUR 13.32 per share

- 2025-04: EUR 13.77 per share

- 2025-05: EUR 14.17 per share

- 2025-06: EUR 14.29 per share

- 2025-07: EUR 13.12 per share

- 2025-08: EUR 13.32 per share

- 2025-09: EUR 13.31 per share

- 2025-10: EUR 13.77 per share

- 2025-11: EUR 14.25 per share

- 2025-12: EUR 13.15 per share

- 2026-01: EUR 13.89 per share

- 2026-02: EUR 15.35 per share

- 2026-03: EUR 17.14 per share

- 2026-04: EUR 17.05 per share

- 2026-05: EUR 17.02 per share

- 2026-06: EUR 16.96 per share

- 2026-07: EUR 16.92 per share

- 2026-08: EUR 16.85 per share

- 2026-09: EUR 16.57 per share

- 2026-10: EUR 16.70 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 29.45 per share, central EUR 33.07 per share, high EUR 37.89 per share

- FY2017: low EUR 36.90 per share, central EUR 47.13 per share, high EUR 54.68 per share

- FY2018: low EUR 37.89 per share, central EUR 46.73 per share, high EUR 53.76 per share

- FY2019: low EUR 30.55 per share, central EUR 34.19 per share, high EUR 39.04 per share

- FY2020: low EUR 27.72 per share, central EUR 31.09 per share, high EUR 35.58 per share

- FY2021: low EUR 28.56 per share, central EUR 31.74 per share, high EUR 35.97 per share

- FY2022: low EUR 28.21 per share, central EUR 31.38 per share, high EUR 35.60 per share

- FY2023: low EUR 25.00 per share, central EUR 28.00 per share, high EUR 32.00 per share

- FY2024: low EUR 27.12 per share, central EUR 30.12 per share, high EUR 34.12 per share

- FY2025: low EUR 23.80 per share, central EUR 26.70 per share, high EUR 30.57 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

## 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.

## Reported holder observations