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Terna (TEZNY) Stock Price & Analysis
TEZNY Stock Chart & Stats
- Day’s Range
- $32.14 - $32.14
- 52-Week Range
- $30.37 - $36.31
- Previous Close
- $31.92
- Volume
- 1,183
- Average Volume (3M)
- 2,019
- Market Cap
- $21.57B
- Enterprise Value
- $40.82B
- Total Cash (Recent Filing)
- $2.27B
- Total Debt (Recent Filing)
- $14.86B
- Price to Earnings (P/E)
- 17.4
- Beta
- -0.05
- Next Earnings
- Nov 12, 2026 (Est.)
- EPS Estimate
- N/A
- Last Dividend Ex-Date
- Jun 23, 2026
- Dividend Yield
- 4.21%
Bulls Say, Bears Say
Bulls Say
Regulated Grid Position
Terna’s essential role as Italy’s transmission system operator provides a regulated revenue framework tied to operating the national grid and expanding its asset base. This supports business visibility and durable demand, while the energy transition should sustain investment needs for reliability and renewable integration.
Growth And Project Visibility
Strong H1 growth is supported by a substantial, visible project pipeline rather than only near-term demand. High contract coverage and authorization progress improve execution certainty, while regulated development spending and grid expansion can support revenue and earnings over the next several quarters.
Funding And Debt Management
Successful sustainable financing broadens Terna’s funding options and demonstrates strong investor access for capital-intensive grid investment. The hybrid structure supports funding flexibility, while lower net debt and diversified facilities strengthen liquidity management despite the company’s large ongoing investment program.
Bears Say
Weak Free Cash Flow
Persistent negative free cash flow shows that operating inflows have not covered Terna’s investment and other cash demands, despite strong reported earnings. Continued capital intensity may require sustained external funding and can constrain financial flexibility if operating cash generation weakens.
High Absolute Leverage
Although net debt improved from year-end, its absolute level remains substantial alongside an elevated capital expenditure plan. This increases sensitivity to borrowing costs and financing conditions, while leaving less balance-sheet capacity to absorb execution problems or weaker regulated returns.
Regulatory And WACC Uncertainty
Upcoming regulatory decisions on ROSS incentives, the next regulatory period, and the 2027 WACC could affect allowed returns and the economics of future investment. Uncertainty around the final framework may limit visibility on earnings growth and pressure returns on the expanding regulated asset base.
Terna News
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Company Description
Terna
Terna - Rete Elettrica Nazionale Società per Azioni, an Italian entity headquartered in Rome since its establishment in 1999, plays a pivotal role in electricity transmission and dispatching. Its operations extend across Italy, other Euro-area nations, and various international markets. The company's core business involves the comprehensive management of the national transmission grid and associated high-voltage electrical infrastructure. This includes all stages from strategic planning and infrastructure development to day-to-day operation and ongoing maintenance. Terna organizes its diverse activities into three distinct segments: Regulated, Non-Regulated, and International. Beyond its primary function of grid ownership and management, Terna offers a range of complementary services. These encompass telecommunication systems and equipment, connectivity solutions, energy optimization services, and general operation and maintenance provisions. Furthermore, the company is actively engaged in the manufacturing sector, specializing in the design, production, commercialization, and repair of various transformers, including those for power transmission, industrial applications (like steel and metals), and specialized convertors used in electrochemical processes. Terna also designs, produces, and supplies both marine and terrestrial cables. Its portfolio additionally includes initiatives in renewable energy project implementation and development, as well as undertaking private interconnector projects, solidifying its position as a multifaceted infrastructure and energy solutions provider.
- Sector
- Utilities
- Industry
- Regulated Electric
- CEO
- Pasqualino Monti
- Employees
- 7,117
- Website
- www.terna.it
- Address
- Viale Egidio Galbani 70, Rome, RM, 00156, IT
Terna (TEZNY) Earnings & Revenues
TEZNY Company Deck
TEZNY Earnings Call
Earnings Call SentimentPositive
The call presented a largely positive operational and financial performance: double‑digit group revenue growth, strong nonregulated expansion, improved EBITDA margin, accelerated CapEx execution with key project milestones, solid cash generation and successful sustainable financing transactions. Notable negatives include a sharp rise in operating costs (+21%), only modest net income growth (+1% reported), higher finance costs and taxes, and regulatory/WACC uncertainty and procurement risks that could pressure future returns. On balance, the positive execution, funding achievements and growth drivers outweigh the challenges, though management will need to manage cost inflation and regulatory risk going forward.
View all TEZNY earnings summariesTechnical Analysis
Overall Consensus
| Indicator | Bullish | Neutral | Bearish |
|---|---|---|---|
| Overall Consensus | 11 | 3 | 8 |
| Technical Analysis | 3 | 3 | 4 |
| Moving Averages | 8 | 0 | 4 |