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Saipem SpA
(SPM)
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Rating:64Neutral
Price Target:
€4.50
▲(2.04% Upside)
Action:Reiterated
Date:07/29/26
The score is driven primarily by improving financial performance—strong recent cash flow, a return to profitability, and reduced leverage—offset by weak technical positioning (price below key moving averages) and a valuation that is only moderately attractive (good yield but a ~24.9 P/E despite thin margins and execution risk).
Positive Factors
Strong cash generation
Sustained TTM operating cash flow of €1.50B and free cash flow of €1.22B materially improves financial flexibility. Over 2–6 months this supports continued deleveraging, funds capex and vessel upkeep, and provides a buffer for working-capital swings inherent to large EPCI contracts.
Negative Factors
Thin net margins
Net margins near ~2% leave limited room for cost overruns or input-price swings on large EPCI projects. Over the medium term this structural thinness amplifies earnings volatility, weakens incremental returns on new contracts, and constrains the firm's ability to absorb adverse project developments.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained TTM operating cash flow of €1.50B and free cash flow of €1.22B materially improves financial flexibility. Over 2–6 months this supports continued deleveraging, funds capex and vessel upkeep, and provides a buffer for working-capital swings inherent to large EPCI contracts.
Read all positive factors
Saipem SpA (SPM) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€8.26B
Dividend Yield4.06%
Average Volume (3M)34.08M
Price to Earnings (P/E)26.2
Beta (1Y)0.83
Revenue Growth1.88%
EPS Growth-19.31%
CountryIT
Employees30,000
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.16
Shares Outstanding1,995,631,800
10 Day Avg. Volume33,554,585
30 Day Avg. Volume34,084,585
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.84
Price to Sales (P/S)0.31
P/FCF Ratio4.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€5.13Price Target Upside16.40% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.18
Revenue Forecast (FY)€15.59B
Saipem SpA Business Overview & Revenue Model
Company Description
Saipem S.p.A. is a global provider of integrated solutions for the energy and infrastructure sectors. The company's operations are strategically divided into five key segments: Offshore Engineering & Construction, Onshore Engineering & Constructio...
How the Company Makes Money
Saipem primarily makes money by bidding for, winning, and executing large-scale contracted projects for energy companies and project developers. Its revenues are largely generated from: (1) EPCI and construction project contracts (offshore and ons...
Saipem SpA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.52B | 15.50B | 14.55B | 11.88B | 9.98B | 6.53B |
| Gross Profit | 5.53B | 1.88B | 3.38B | 2.19B | 1.71B | -509.00M |
| EBITDA | 1.58B | 1.71B | 1.33B | 951.00M | 519.00M | -1.83B |
| Net Income | 312.00M | 312.00M | 306.00M | 179.00M | -209.00M | -2.47B |
Balance Sheet | ||||||
| Total Assets | 5.68B | 14.44B | 14.52B | 12.87B | 12.40B | 11.54B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 1.54B | 2.54B | 2.22B | 2.13B | 1.69B |
| Total Debt | 1.24B | 3.11B | 3.02B | 3.12B | 3.03B | 3.94B |
| Total Liabilities | 3.02B | 11.80B | 11.99B | 10.47B | 10.31B | 11.19B |
| Stockholders Equity | 2.66B | 2.64B | 2.52B | 2.39B | 2.07B | 326.00M |
Cash Flow | ||||||
| Free Cash Flow | 1.22B | 1.14B | 724.00M | 104.00M | -1.00B | -208.00M |
| Operating Cash Flow | 1.50B | 1.50B | 1.06B | 586.00M | -477.00M | 90.00M |
| Investing Cash Flow | -869.00M | -640.00M | -542.00M | -175.00M | 5.00M | -490.00M |
| Financing Cash Flow | -1.03B | -1.23B | -544.00M | -282.00M | 871.00M | 331.00M |
Saipem SpA Technical Analysis
Neutral
4.41
Price Trends
4.35
Negative
4.15
Positive
3.37
Positive
Market Momentum
-0.01
Negative
52.42
Neutral
64.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:SPM, the sentiment is Neutral. The current price of 4.41 is above the 20-day moving average (MA) of 4.30, above the 50-day MA of 4.35, and above the 200-day MA of 3.37, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 52.42 is Neutral, neither overbought nor oversold. The STOCH value of 64.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IT:SPM.
Saipem SpA Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €26.74B | 15.21 | 11.65% | 3.02% | -6.16% | 7.18% | |
72 Outperform | €246.62M | 13.16 | 8.18% | 4.19% | 26.41% | 57.53% | |
65 Neutral | €70.14B | 13.55 | 5.25% | 4.57% | -3.05% | 122.49% | |
64 Neutral | €8.26B | 26.24 | 11.83% | 3.86% | 1.88% | -19.31% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IT:SPM
Saipem SpA
4.19
2.06
96.62%
IT:ENI
ENI S.p.A.
23.98
10.12
72.99%
IT:TEN
Tenaris
24.94
10.38
71.33%
IT:GSP
Gas Plus S.p.A.
5.66
1.59
38.96%
IT:NXT
Next Geosolutions Europe SpA
15.80
5.60
54.83%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.