Equity Brief · Utilities2026-10-27
IG.MI·Utilities

Next reporting 29 Oct 2026Tomorrow

Italgas S.p.A.

I · AI Analysis

The brief

Italgas distributes natural gas through pipelines to homes and businesses in Italy and Greece, and also provides water collection, distribution, and wastewater services [Yahoo Finance]. The company operates as a regulated utility, earning returns on its infrastructure investments under government-set frameworks.

Italgas S.p.A. is Italy's largest natural gas distribution company, operating over 156,000 kilometers of gas network and serving households and businesses across Italy, Greece, and other European markets [Yahoo Finance]. The company recently connected its second biomethane plant to the Italian gas hub [Quantum Commodity Intelligence], and its shares surged alongside peer Snam amid rising gas prices in late October 2026 [Il Sole 24 ORE]. With trailing-twelve-month revenue of EUR 3.9B through 30 June 2026 and a net debt-to-EBITDA ratio of 5.4x, the company carries material leverage typical of regulated utilities [Yahoo Finance].

Italgas generates solid cash flow from regulated infrastructure, but carries high debt and faces near-term leverage concerns.

The brief AI analysisConfidence 6/10

Sentinellis health

Moderate concerns

7.1/10

7.5+ strong · 4.5–7.5 moderate · under 4.5 weak

Profitability

18% of score10.0/10
Net margin+18.7%Gross margin+70.5%

Returns on capital

18% of score3.3/10
ROIC+6.0%· need > 10%Return on equity+19.2%

Growth & momentum

12% of score10.0/10
Revenue growth+30.6%Operating margin trend—· no data

Balance sheet

24% of score2.5/10
Current ratio0.8x· not applicable to this kind of companyNet debt / EBITDA5.4x· need < 4.0xInterest coverage5.2xDebt / equity2.94· need < 1.5

Cash generation

18% of score10.0/10
Free cash flowEUR 537.8MCash vs reported profitEUR 1.6B vs EUR 672.3M

Value creation

12% of score10.0/10
ROIC vs cost of capital+1.9pp

Sentinellis calculation from the published statements — not a score reported by any data source. Each category is scored on the checks that had data; missing inputs are excluded rather than counted as failures.

Market capitalisation

EUR 9.1B

Revenue (TTM)

EUR 3.9B

Explainers

How we read these numbers

Plain-English guides · no account needed

II · Recent news

What moved

4 stories · ranked by relevance

  • Company2026-10-23

    Italgas connects second biomethane plant to Italian hub - Quantum Commodity Intelligence

    Quantum Commodity Intelligence

  • Company2026-10-27

    Gas price surge propels Italgas and Snam to the top of the FTSE MIB - Il Sole 24 ORE

    Il Sole 24 ORE

  • Company2026-10-27

    Fiammata gas spinge Italgas e Snam in cima al Ftse Mib - Il Sole 24 ORE

    Il Sole 24 ORE

  • Company2026-10-27

    Azioni Italgas attaccano 9 euro: Bernestein resta però fredda - Meteofinanza.com

    meteofinanza.com

Premium · Free with any account

Italgas carries net debt at 5.4x EBITDA [Sentinellis calculation], materially above the 3x level considered safe for utilities, limiting financial flexibility and raising refinancing risk if rates stay elevated or cash flow weakens.

1 of 4 risks in this report

Risks

4

Opportunities

4

Red flags

1

Leadership

10

8 more findings in the full report — free with any account.

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III · Related

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Produced 27 Oct 2026, 11:05 UTC

Figures come from company filings and market data. The Sentinellis health score and the wording attached to it are our interpretation of those figures, not numbers the company reported.

Not investment advice and not a recommendation to buy or sell. Sentinellis holds no positions in the companies it covers, takes no payment from issuers, and has no broker referral arrangements.

How every figure and score is calculated