Saipem S.p.A.

SAPMY

Oil & Gas Equipment & Services · Energy

Price

$1.01

+0.03 (+2.54%)

Market Cap

$9.80B

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Weak

Dividends

Mixed

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Share count rising — dilution

+1086.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 940.3M (2021) → 11.16B (2025)

Winston Score History

The full picture

Saipem is an Italian company that builds and installs large infrastructure for the oil and gas industry. Its main services include drilling for oil and gas offshore and onshore, and constructing pipelines and processing facilities. Customers are typically major energy companies like ENI, Saudi Aramco, and other national oil companies around the world.

Saipem earns money by winning large engineering and construction contracts, which can last several years. It operates globally, with a strong presence in the Middle East, Africa, Central Asia, and Europe, and employs roughly 30,000 people. The company's competitive edge comes from its specialized fleet of offshore vessels and deep technical expertise in complex, remote projects — assets that are expensive and difficult for rivals to replicate. The main risk is that its thin operating margins leave little room for error on large fixed-price contracts, where cost overruns can quickly erase profits.

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

+3.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-100.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€35M/ year

→ Flat (+5% vs prior year)

0.2% of revenue

Below sector average (1%)

Steady R&D investment year-over-year

Insider Activity

35.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€1.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Saipem S.p.A. is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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

24.9%

Thin — 24.9% gross margin

Profit after running costs

Operating Margin

2.2%

Thin — 2.2% operating margin

Return on the money invested

ROCE

26.6%

Exceptional — 26.6% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

+4.0%

Modest earnings growth (+4.0% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

563%

Turns 563% of profit into real cash

Spare cash per sale

FCF Margin

7.8%

Modest free cash flow (7.8%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

32.8x

Pricey — P/E 32.8

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.71%

Moderate income — 3.71% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-79.8%

Dividend cut (-79.8% YoY) — warning sign

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