# Italgas (IG.MI)

Canonical: https://gigainvestors.com/s/IG.MI

Analysis as of: 2026-10-16T07:35:58.414Z. Financial observations: FY2015–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 8.47 per share; close as of 2026-10-14.

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.26×

- FY2018: 0.28×

- FY2019: 0.28×

- FY2020: 0.29×

- FY2021: 0.27×

- FY2022: 0.29×

- FY2023: 0.27×

- FY2024: 0.32×

- FY2025: 0.35×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: -12.7 pp

- Typical gross margin (annual median): 63.8%

- Recent gross margin (lower of latest and 3-year median): 76.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 32.3%

- ROIC including acquisitions, ten-year median: 1.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.5%

- FY2017: 6.2%

- FY2018: 6.4%

- FY2019: 6.7%

- FY2020: 6.9%

- FY2021: 6.3%

- FY2022: 5.9%

- FY2023: 6.2%

- FY2024: 6.5%

- FY2025: 6.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.37×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 867M

- Net income, five-year total: EUR 2.4B

- Return on incremental invested capital: 273.2%

- Working capital / revenue, annual change: -12.2 pp

- Working capital / revenue, change between three-year averages: -77.7 pp

- Working capital / revenue, final three-year average: -4.4%

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

- FY2021: 0.04×

- FY2022: 0.30×

- FY2023: 0.43×

- FY2024: 0.26×

- FY2025: 0.62×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.2% vs 6.2%

- Per-share earnings: 0.39 to 0.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 4.7%

- Market cap gain: EUR 5.5B

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 5-year annual growth: 4.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.1%

- Per-share value change: EUR 0.17

- Per-share value, starting three-year median: EUR 0.39

- Per-share value, ending three-year median: EUR 0.55

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 6.0B

- Cumulative net income, 10 years: EUR 3.7B

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.36

- FY2018: EUR 0.39

- FY2019: EUR 0.52

- FY2020: EUR 0.48

- FY2021: EUR 0.45

- FY2022: EUR 0.47

- FY2023: EUR 0.51

- FY2024: EUR 0.55

- FY2025: EUR 0.66

### accounting: pass

- Sloan accruals: -5.0%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.42×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.86×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: -4.3%

- FY2018: -6.5%

- FY2019: -3.7%

- FY2020: -4.1%

- FY2021: -4.7%

- FY2022: -1.3%

- FY2023: -1.2%

- FY2024: -5.2%

- FY2025: -5.0%

## Holders

## Price story

Down 23% since Feb 2026 · sales +41.5%

Story as of 2026-10-16T10:00:06.433Z; price observation 2026-10-14.

### Sales · FY2024–2025

sales +41.5%; source https://filings.xbrl.org/815600F25FF44EF1FA76/2025-12-31/ESEF/IT/0/815600F25FF44EF1FA76-2025-12-31-0-en/reports/815600F25FF44EF1FA76-2025-12-31-0-en.xhtml; observed 2026-03-24.

- FY2016: EUR 273M 

- FY2017: EUR 1.6B 

- FY2018: EUR 1.6B 

- FY2019: EUR 1.9B 

- FY2020: EUR 2.1B 

- FY2021: EUR 2.1B 

- FY2022: EUR 2.2B 

- FY2023: EUR 2.6B 

- FY2024: EUR 2.5B 

- FY2025: EUR 3.5B 

### Gross margin · FY2025

gross margin 77.5%; source https://filings.xbrl.org/815600F25FF44EF1FA76/2025-12-31/ESEF/IT/0/815600F25FF44EF1FA76-2025-12-31-0-en/reports/815600F25FF44EF1FA76-2025-12-31-0-en.xhtml; observed 2026-03-24.

- FY2016: 59.5% 

- FY2017: 61.8% 

- FY2018: 65.9% 

- FY2019: 61.0% 

- FY2020: 60.7% 

- FY2021: 59.9% 

- FY2022: 69.6% 

- FY2023: 68.3% 

- FY2024: 76.5% 

- FY2025: 77.5% 

## Owner memo

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

### How it makes money

Operates in utilities regulated gas; annual sales are EUR 3.5 billion.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2025-12-31 (filed 2026-03-24); FY2025: revenue 3508303000; grossProfit 2719593000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 68.3% to 77.5% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2023-12-31 (filed 2026-03-24); FY2023: grossProfit / revenue = 68.3%.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2024-12-31 (filed 2026-03-24); FY2024: grossProfit / revenue = 76.5%.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2025-12-31 (filed 2026-03-24); FY2025: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.0047646399419724655],[2017,0.06168274218815981],[2018,0.06444576776673704],[2019,0.06672117260675071],[2020,0.06860996355134077],[2021,0.06335900549524107],[2022,0.05932782640433955],[2023,0.0620287014120796],[2024,0.0651888620938697],[2025,0.06189588929560381]]; median 0.06269385345366033. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns over 100% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2017-12-31 (filed 2026-03-24); FY2017: growth capex 0; upkeep 10867000; owner earnings 535845000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2018-12-31 (filed 2026-03-24); FY2018: growth capex 0; upkeep 15385000; owner earnings 734975000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2019-12-31 (filed 2026-03-24); FY2019: growth capex 0; upkeep 35321000; owner earnings 772860000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2020: growth capex 35644188.009058595; upkeep 711405811.9909414; owner earnings 111713877.55866683. Growth capex / owner earnings = 0.31906678729632276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); FY2021: growth capex 11843106.236697197; upkeep 807739893.7633028; owner earnings 15085104.65665543. Growth capex / owner earnings = 0.7850861168186931.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2022-12-31 (filed 2026-03-24); FY2022: growth capex 8937073.00807929; upkeep 768292926.9919207; cash acquisitions 874741000; owner earnings 123004170.80044436. Growth capex plus acquisitions / owner earnings = 7.184130970987261.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2023-12-31 (filed 2026-03-24); FY2023: growth capex 65965858.126835585; upkeep 795936141.8731644; cash acquisitions 77888000; owner earnings 188102447.12740868. Growth capex plus acquisitions / owner earnings = 0.7647633527563737.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2024-12-31 (filed 2026-03-24); FY2024: growth capex 0; upkeep 892668000; cash acquisitions 0; owner earnings 125721551.90635252. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/I10.F.json#2025-12-31 (filed 2026-03-24); FY2025: growth capex 163190322.23388517; upkeep 924110677.7661148; cash acquisitions 2067636000; owner earnings 414755522.23388517. Growth capex plus acquisitions / owner earnings = 5.3786536951180075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Incremental return on capital 2.7316645328785722, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,161827000],[2017,161827000],[2018,168300000],[2019,207800000],[2020,221007000],[2021,243143000],[2022,253250000],[2023,270483000],[2024,299837000],[2025,348718000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 2.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Closing price 8.472000122070312 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 3.454120280720269; price multiple 2.452722960852913. FY2025 cash earnings/share 0.4083499802864203. Closing-price date 2026-10-14.

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

- 2016-12: EUR 3.74 per share

- 2017-01: EUR 3.52 per share

- 2017-02: EUR 3.75 per share

- 2017-03: EUR 4.11 per share

- 2017-04: EUR 4.15 per share

- 2017-05: EUR 4.71 per share

- 2017-06: EUR 4.42 per share

- 2017-07: EUR 4.65 per share

- 2017-08: EUR 4.74 per share

- 2017-09: EUR 4.75 per share

- 2017-10: EUR 5.01 per share

- 2017-11: EUR 5.32 per share

- 2017-12: EUR 5.09 per share

- 2018-01: EUR 4.97 per share

- 2018-02: EUR 4.42 per share

- 2018-03: EUR 4.86 per share

- 2018-04: EUR 5.37 per share

- 2018-05: EUR 4.46 per share

- 2018-06: EUR 4.72 per share

- 2018-07: EUR 4.92 per share

- 2018-08: EUR 4.65 per share

- 2018-09: EUR 4.67 per share

- 2018-10: EUR 4.56 per share

- 2018-11: EUR 4.73 per share

- 2018-12: EUR 5.00 per share

- 2019-01: EUR 5.28 per share

- 2019-02: EUR 5.33 per share

- 2019-03: EUR 5.50 per share

- 2019-04: EUR 5.56 per share

- 2019-05: EUR 5.67 per share

- 2019-06: EUR 5.91 per share

- 2019-07: EUR 5.72 per share

- 2019-08: EUR 5.90 per share

- 2019-09: EUR 5.92 per share

- 2019-10: EUR 5.77 per share

- 2019-11: EUR 5.70 per share

- 2019-12: EUR 5.44 per share

- 2020-01: EUR 6.00 per share

- 2020-02: EUR 5.53 per share

- 2020-03: EUR 4.99 per share

- 2020-04: EUR 5.11 per share

- 2020-05: EUR 4.89 per share

- 2020-06: EUR 5.17 per share

- 2020-07: EUR 5.44 per share

- 2020-08: EUR 5.39 per share

- 2020-09: EUR 5.39 per share

- 2020-10: EUR 4.96 per share

- 2020-11: EUR 5.38 per share

- 2020-12: EUR 5.20 per share

- 2021-01: EUR 4.95 per share

- 2021-02: EUR 4.88 per share

- 2021-03: EUR 5.53 per share

- 2021-04: EUR 5.42 per share

- 2021-05: EUR 5.41 per share

- 2021-06: EUR 5.51 per share

- 2021-07: EUR 5.71 per share

- 2021-08: EUR 5.61 per share

- 2021-09: EUR 5.54 per share

- 2021-10: EUR 5.49 per share

- 2021-11: EUR 5.57 per share

- 2021-12: EUR 6.05 per share

- 2022-01: EUR 5.87 per share

- 2022-02: EUR 5.78 per share

- 2022-03: EUR 5.82 per share

- 2022-04: EUR 6.18 per share

- 2022-05: EUR 6.01 per share

- 2022-06: EUR 5.55 per share

- 2022-07: EUR 5.58 per share

- 2022-08: EUR 5.14 per share

- 2022-09: EUR 4.78 per share

- 2022-10: EUR 5.22 per share

- 2022-11: EUR 5.61 per share

- 2022-12: EUR 5.19 per share

- 2023-01: EUR 5.36 per share

- 2023-02: EUR 5.39 per share

- 2023-03: EUR 5.63 per share

- 2023-04: EUR 5.93 per share

- 2023-05: EUR 5.32 per share

- 2023-06: EUR 5.43 per share

- 2023-07: EUR 5.36 per share

- 2023-08: EUR 5.25 per share

- 2023-09: EUR 4.85 per share

- 2023-10: EUR 4.80 per share

- 2023-11: EUR 5.11 per share

- 2023-12: EUR 5.18 per share

- 2024-01: EUR 5.29 per share

- 2024-02: EUR 5.05 per share

- 2024-03: EUR 5.40 per share

- 2024-04: EUR 5.20 per share

- 2024-05: EUR 4.91 per share

- 2024-06: EUR 4.60 per share

- 2024-07: EUR 4.94 per share

- 2024-08: EUR 5.09 per share

- 2024-09: EUR 5.43 per share

- 2024-10: EUR 5.63 per share

- 2024-11: EUR 5.68 per share

- 2024-12: EUR 5.41 per share

- 2025-01: EUR 5.76 per share

- 2025-02: EUR 6.19 per share

- 2025-03: EUR 6.64 per share

- 2025-04: EUR 7.24 per share

- 2025-05: EUR 6.79 per share

- 2025-06: EUR 7.20 per share

- 2025-07: EUR 7.24 per share

- 2025-08: EUR 7.68 per share

- 2025-09: EUR 7.84 per share

- 2025-10: EUR 9.09 per share

- 2025-11: EUR 9.73 per share

- 2025-12: EUR 9.52 per share

- 2026-01: EUR 10.11 per share

- 2026-02: EUR 10.94 per share

- 2026-03: EUR 10.03 per share

- 2026-04: EUR 10.29 per share

- 2026-05: EUR 10.06 per share

- 2026-06: EUR 10.14 per share

- 2026-07: EUR 8.95 per share

- 2026-08: EUR 8.79 per share

- 2026-09: EUR 8.41 per share

- 2026-10: EUR 8.52 per share

## Annual estimated value (EUR 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

[Original ESEF filing](https://filings.xbrl.org/815600F25FF44EF1FA76/2025-12-31/ESEF/IT/0/815600F25FF44EF1FA76-2025-12-31-0-en/reports/815600F25FF44EF1FA76-2025-12-31-0-en.xhtml); period 2025-12-31, filed 2026-03-24.

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.