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Naturgy Energy Group, S.A.
(BME:NTGY)
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Rating:69Neutral
Price Target:
€31.00
▲(4.66% Upside)
Action:Downgraded
Date:08/06/26
The score is primarily driven by steady financial performance (utility-like profitability and generally positive free cash flow), tempered by multi-year revenue contraction, margin pressure in 2025, and elevated leverage. Technicals add a modestly positive backdrop (price above key longer-term averages with positive MACD), while valuation is supportive due to a moderate P/E and a high dividend yield.
Positive Factors
Regulated network earnings stability
A large portion of Naturgy’s economics comes from regulated gas and electricity networks with tariff-based returns. These frameworks create predictable cash flows and downside protection versus merchant earnings, supporting multi-year capex plans, dividend capacity and resilient operating cash generation.
Negative Factors
Multi-year revenue contraction
A persistent top-line decline over multiple years weakens growth prospects and can compress future allowed returns and scale benefits. For an integrated utility, shrinking revenues reduce the base for network tariffs, limit reinvestment capacity and challenge long-term margin sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated network earnings stability
A large portion of Naturgy’s economics comes from regulated gas and electricity networks with tariff-based returns. These frameworks create predictable cash flows and downside protection versus merchant earnings, supporting multi-year capex plans, dividend capacity and resilient operating cash generation.
Read all positive factors
Naturgy Energy Group, S.A. (NTGY) vs. iShares MSCI Spain ETF (EWP)
Market Cap
€28.32B
Dividend Yield6%
Average Volume (3M)1.36M
Price to Earnings (P/E)13.4
Beta (1Y)0.26
Revenue GrowthN/A
EPS GrowthN/A
CountryES
Employees6,786
SectorGeneral
Sector StrengthN/A
IndustryRegulated Gas
Share Statistics
EPS (TTM)2.20
Shares Outstanding969,613,830
10 Day Avg. Volume1,318,580
30 Day Avg. Volume1,364,692
Financial Highlights & Ratios
PEG Ratio1.41
Price to Book (P/B)2.69
Price to Sales (P/S)1.29
P/FCF Ratio10.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€32.34Price Target Upside9.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.18
Revenue Forecast (FY)€19.83B
Naturgy Energy Group, S.A. Business Overview & Revenue Model
Company Description
Naturgy Energy Group, S.A., together with its affiliates, conducts a comprehensive range of natural gas operations, including its acquisition, conversion (liquefaction and regasification), transmission, warehousing, local delivery, and retailing. ...
How the Company Makes Money
Naturgy primarily makes money by operating regulated energy infrastructure and by selling energy and energy-related services in competitive markets.
1) Regulated networks (stable, tariff-based earnings)
- Gas distribution: Naturgy earns regulated...
Naturgy Energy Group, S.A. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.59B | 19.45B | 19.27B | 22.62B | 33.97B | 22.15B |
| Gross Profit | 4.87B | 5.36B | 7.70B | 7.51B | 6.77B | 5.62B |
| EBITDA | 5.51B | 5.20B | 5.22B | 5.19B | 4.63B | 3.74B |
| Net Income | 2.09B | 2.02B | 1.90B | 1.99B | 1.65B | 1.21B |
Balance Sheet | ||||||
| Total Assets | 40.78B | 39.10B | 40.84B | 37.89B | 40.39B | 38.25B |
| Cash, Cash Equivalents and Short-Term Investments | 5.00B | 4.66B | 6.10B | 4.12B | 4.39B | 4.36B |
| Total Debt | 16.53B | 16.75B | 18.19B | 15.96B | 16.26B | 16.69B |
| Total Liabilities | 29.04B | 27.73B | 29.18B | 25.96B | 30.41B | 29.38B |
| Stockholders Equity | 9.58B | 9.34B | 9.48B | 9.45B | 7.57B | 5.89B |
Cash Flow | ||||||
| Free Cash Flow | 803.00M | 2.38B | 1.79B | 2.43B | 2.16B | -203.00M |
| Operating Cash Flow | 1.88B | 4.53B | 3.99B | 4.86B | 2.16B | 1.00B |
| Investing Cash Flow | -853.00M | -1.89B | -1.82B | -2.74B | 1.16B | 1.90B |
| Financing Cash Flow | 219.00M | -3.67B | -239.00M | -2.26B | -2.54B | -2.85B |
Naturgy Energy Group, S.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | €31.20B | 9.33 | 14.10% | 3.63% | 10.40% | 396.76% | |
71 Outperform | €43.32B | 16.71 | 31.00% | 3.76% | -1.29% | 26.14% | |
69 Neutral | €28.32B | 13.40 | 23.71% | 6.00% | ― | ― | |
60 Neutral | €4.30B | 19.60 | 9.55% | 6.09% | 3.44% | 156.60% | |
60 Neutral | €132.95B | 18.50 | 14.10% | 3.40% | 0.95% | 33.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | €11.38B | 31.45 | 7.63% | 2.71% | 7.62% | -56.65% |
* General Sector Average
ES:NTGY
Naturgy Energy Group, S.A.
29.48
4.45
17.76%
ES:ANA
Acciona
208.20
42.55
25.68%
ES:ENG
Enagas SA
16.43
3.78
29.83%
ES:ELE
Endesa SA
42.10
16.28
63.08%
ES:IBE
Iberdrola
20.16
4.75
30.86%
ES:REP
Repsol
28.92
14.83
105.18%
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.