Naturgy Energy Group, S.A. GASNY

UtilitiesMultiline UtilitiesSpain

Last close 6.79 USD on Nov 1, 2026, +11.9% year to date

Quant rating

Quant rating B Rank 18 of 89 in Utilities

Growth C 40 of 89
Valuation C 40 of 89
Quality B 30 of 89
Revisions A 7 of 89
Momentum C 39 of 89

Wall Street consensus Hold (2.55)Average target 34.88 USD +413.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 32.1B
Enterprise value: 48.3B
52-week range: 5.61 – 6.99
3-year range: 4.15 – 6.99
Dividend yield: 6.20%
Beta (5 years): 0.58
Shares outstanding: 970M
Next earnings: Feb 19, 2027

About the company

Naturgy Energy Group SA, formerly Gas Natural SDG SA, is a Spain-based company active in the energy sector. The Company's activities are divided into four business segments: Gas & Electricity, which includes generation and renewables businesses, gas supply, marketing and logistics of liquefied natural gas (LNG) worldwide, as well as gas and electricity commercialization in Europe; Infrastructure Spain & EMPL - Medgaz, which comprises gas and electricity network businesses in Spain and the Maghreb gas pipelines; Infrastructure Latin America South Zone that implies gas and electricity networks businesses in Chile, Argentina, Brazil and Peru, and Infrastructure Latin America North Zone, which includes gas and electricity network businesses in Mexico and Panama.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	22,850	19,947	24,960	36,350	25,169	–
Revenue growth	14.6%	−20.1%	−31.3%	44.4%	34.3%	4.0%
EPS (basic, normalized)	2.56	2.06	2.22	1.82	1.97	–
EPS growth	24.2%	−7.4%	22.3%	−7.7%	–	–
Gross margin	–	–	–	–	–	–
Net margin	10.4%	10.0%	8.8%	4.9%	5.0%	7.8%
ROE	21.5%	20.3%	23.3%	24.8%	15.8%	21.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,817
Current ratio	1.26x
Long-term debt (mil)	17,934
Net debt (mil)	16,296
Total equity (mil)	9,534
Net debt / equity	1.71x
Net debt / EBITDA	2.59x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	22,850	+14.6%	2.1x	6,285	+12.3%	7.7x	2.56	+24.2%	2.7x
2026	22,790	−0.3%	2.1x	6,143	−2.3%	7.9x	2.49	−2.8%	2.7x
2027	22,848	+0.3%	2.1x	6,176	+0.5%	7.8x	2.41	−2.9%	2.8x
2028	22,407	−1.9%	2.2x	6,241	+1.1%	7.7x	2.41	−0.3%	2.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	22,790	+1.8%	+2.2%	+6.4%	2.49	+1.6%	+2.4%	+8.7%
2027	22,848	+3.2%	+3.6%	+8.6%	2.41	+2.7%	+3.7%	+8.5%
2028	22,407	+1.0%	+1.0%	+7.8%	2.41	+2.3%	+3.2%	+8.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	4,625	4,869	5,101	4,996
Sales mean (mil)	–	–	–	–	4,675	5,286	–	4,918	4,512	4,449
Surprise	–	–	–	–	–	–	–	−1.0%	+13.1%	+12.3%
EPS reported	–	–	–	–	–	–	0.54	0.43	0.57	0.74
EPS mean	0.44	0.53	0.38	0.26	0.54	0.62	0.58	0.36	0.54	0.50
Surprise	–	–	–	–	–	–	−7.4%	+20.8%	+7.0%	+48.0%

Peer comparison Multiline Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GASNY Naturgy Energy Group, S.A.	32.1B	2.59x	10.4%	3.27x	2.7x	2.8x	7.9x	7.8x
PEG Public Service Enterprise Group Incorporated	37.0B	5.86x	17.3%	2.13x	17.0x	16.0x	12.7x	11.6x
AEE Ameren Corporation	30.6B	6.03x	16.5%	2.24x	20.5x	19.1x	12.9x	11.7x
CNP CenterPoint Energy, Inc.	28.1B	6.54x	11.2%	2.40x	22.2x	20.3x	12.6x	11.3x
VEOEY Veolia Environnement SA	27.4B	–	3.0%	2.22x	13.8x	12.6x	6.7x	6.3x
PPL PPL Corp	26.8B	5.38x	13.0%	1.78x	18.3x	16.8x	11.5x	10.2x
Mean		5.28x	11.9%	2.34x	15.7x	14.6x	10.7x	9.8x
Median		5.86x	12.1%	2.23x	17.6x	16.4x	12.1x	10.8x

Technical analysis

1M−0.6%
3M−4.5%
1Y+11.6%
3Y+44.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Naturgy Energy Group, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	22,850	19,947	24,960	36,350	25,169	18,741
Cost of revenue	13,917	11,973	16,671	29,103	18,790	12,382
Gross profit	8,933	7,974	8,289	7,246	6,379	6,359
Selling, general & administrative expenses	1,050	893	979	936	1,296	1,282
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,880	1,596	1,605	1,481	1,643	1,803
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	12.9	399	343	274	13.6	1,654
Other operating expenses	1,785	1,411	1,533	1,255	1,038	1,052
Operating income	4,205	3,674	3,829	3,299	2,388	569
Net interest income (expense)	−472	−413	−451	−390	−449	−573
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	47.0	55.9	−21.0	−185	103	−40.3
Net income before taxes	3,780	3,317	3,357	2,725	2,043	−44.0
Provision for taxes	978	864	848	746	407	23.2
Minority interest	−425	−462	−318	−189	−389	−386
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,376	1,991	2,192	1,789	1,247	−453
Extraordinary items	0	−22.8	0	−24.6	133	29.3
Net income	2,376	1,968	2,192	1,765	1,380	−424
EBIT, normalized	4,218	4,077	4,218	3,596	2,924	2,546
EBITDA, normalized	6,098	5,673	5,823	5,077	4,567	4,361
Basic EPS, normalized	2.56	2.06	2.22	1.82	1.97	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Naturgy Energy Group, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5,475	6,312	4,548	4,701	4,956	5,478
Receivables	3,507	3,781	3,461	5,867	5,866	3,690
Total inventory	1,178	835	1,384	1,956	998	634
Prepaid expenses	123	125	114	117	114	115
Other current assets	782	70.4	16.6	225	562	5,905
Total current assets	11,066	11,124	9,523	12,866	12,496	15,821
Property, plant & equipment	23,983	21,427	21,912	19,843	20,253	21,392
Goodwill	3,399	3,052	3,234	3,208	3,354	3,532
Intangibles	3,605	3,139	3,354	3,183	3,165	3,277
Long-term investments	1,061	1,049	1,107	1,027	1,122	1,434
Note receivable	–	–	–	–	–	–
Other long-term assets	2,811	2,487	2,689	3,098	3,092	2,841
Total assets	45,924	42,278	41,819	43,226	43,482	48,296
Liabilities
Accounts payable	3,731	3,150	3,042	4,785	3,873	3,075
Payable/accrued	–	–	–	–	–	–
Accrued expenses	233	254	283	255	289	293
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3,242	3,011	2,802	2,437	1,888	3,094
Other current liabilities	2,212	2,105	1,698	2,989	4,547	4,835
Total current liabilities	9,417	8,520	7,824	10,466	10,597	11,297
Long-term debt	16,434	15,613	14,816	14,982	17,102	18,107
Minority interest	2,385	2,252	2,738	2,574	3,392	3,953
Other liabilities	6,716	6,080	6,013	7,099	5,695	5,134
Total liabilities	34,952	32,465	31,392	35,120	36,787	38,492
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,139	1,004	1,070	1,038	1,103	1,185
Additional paid-in capital	4,472	3,942	4,202	4,075	4,329	4,651
Retained earnings (accumulated deficit)	8,422	7,156	7,007	6,251	6,016	6,532
Treasury stock	−1,330	−213	−227	−215	−232	−245
Other equity	−1,732	−2,077	−1,626	−3,044	−4,521	−2,317
Total equity	10,972	9,813	10,427	8,106	6,695	9,805
Total liabilities & shareholders' equity	45,924	42,278	41,819	43,226	43,482	48,296

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Naturgy Energy Group, S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	3,780	3,317	3,357	2,725	2,043	−44.0
Depreciation, depletion & amortization	1,880	1,596	1,605	1,481	1,643	1,803
Deferred taxes	–	–	–	–	–	–
Non-cash items	234	260	221	1,790	85.3	2,283
Changes in working capital	−598	−1,040	178	−1,457	−2,698	−491
Cash from operations	5,296	4,133	5,360	4,540	1,073	3,550
Investing activities
Capital expenditures	−2,524	−2,275	−2,675	−1,805	−192	−1,800
Other investing cash flows	329	389	−348	215	2,347	405
Cash from investing	−2,195	−1,885	−3,023	−1,590	2,155	−1,395
Financing activities
Financing cash flow items	91.6	−17.6	0	−9.6	−13.6	−58.6
Cash dividends paid	−2,255	−1,626	−1,792	−1,605	−1,941	−2,201
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,147	1,397	−705	−1,439	−1,287	1,786
Cash from financing	−4,310	−247	−2,497	−3,054	−3,241	−474
Foreign exchange effects	−281	8.3	−170	126	55.7	−165
Net change in cash	−1,490	2,008	−330	21.4	43.2	1,517
Free cash flow	2,772	1,858	2,685	2,734	881	1,750

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.