Stock

Enagás, S.A.

ENG.MC

Regulated Gas · Utilities

Price

€16.82

+0.20 (+1.20%)

Market Cap

€4.38B

Exchange

Madrid Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 17, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

Track this stock — start free trial

§Winston Score History

The full picture

Enagás is a Spanish company that operates the country's natural gas pipeline network and liquefied natural gas (LNG) terminals. It moves gas from where it arrives in Spain to the power plants, factories, and local utilities that need it. Enagás is the main gas transmission system operator in Spain and owns one of the largest networks of LNG regasification terminals in Europe.

The company earns most of its revenue through regulated tariffs set by the Spanish government, which provides stable and predictable income. Beyond Spain, Enagás holds stakes in gas infrastructure projects across Europe and Latin America. Its regulated business model acts as a moat, but growth in traditional gas volumes faces long-term pressure as Europe pushes toward renewable energy. The company is investing in hydrogen infrastructure and green gas projects as a key growth driver, though the timeline and profitability of these initiatives remain uncertain.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-37.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

10.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

€2.4B cash & investments at current burn rate

Revenue declining

Enagás, S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 261.5M (2021) → 263.2M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

19.6%

Thin — 19.6% gross margin

Profit after running costs

Operating Margin

24.3%

Excellent — 24.3% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+2.2%

Nearly flat sales (+2.2% YoY)

Profit growth

EPS YoY

-56.1%

Earnings shrinking (-56.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

75%

Modest — 75% of profit becomes cash

Spare cash per sale

FCF Margin

9.4%

Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

1.49

Elevated debt (1.49)

Covers its interest

Interest Cover

2.04x

Tight — interest eats into profit (2.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

20.1x

Growth-priced — P/E 20.1

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+4.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.1 → 15.2)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

7.13%

Healthy income — 7.13% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-42.2%

Dividend cut (-42.2% YoY) — warning sign

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial