Snam S.p.A., along with its subsidiaries, is primarily involved in managing and operating Italy's natural gas transportation and storage infrastructure. The company's business is organized into three core divisions: natural gas transport, liquefied natural gas (LNG) regasification, and natural gas storage. Snam handles the movement and distribution of natural gas throughout Italy, leveraging a vast network of approximately 32,700 kilometers of high- and medium-pressure gas pipelines. Additionally, it owns and manages facilities dedicated to converting LNG back into its gaseous form. The company also offers extensive natural gas storage services, utilizing an integrated system of infrastructure that includes underground reservoirs, wells, gas treatment and compression plants, and advanced operational dispatch systems. Snam operates nine storage concessions in Italy, with five located in Lombardy, three in Emilia-Romagna, and one in Abruzzo. Beyond its principal gas infrastructure activities, Snam's operations encompass other areas. It provides leasing and maintenance services for fiber optic telecommunications cables, offers integrated solutions within the natural gas mobility sector, and delivers energy efficiency services to residential, industrial, commercial, and public administration clients. The company is also engaged in managing facilities for biogas and biomethane production. Furthermore, Snam offers specialized engineering and project management services, alongside supervising infrastructure planning initiatives. Internationally, Snam maintains a presence in various countries, including Albania, Saudi Arabia, Austria, China, Egypt, the United Arab Emirates, France, Greece, the United Kingdom, and the United States. Founded in 1941, the company was previously known as Snam Rete Gas S.p.A. before officially changing its name to Snam S.p.A. in January 2012. Its corporate headquarters are situated in San Donato Milanese, Italy.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+115.3% YoY
YoY Growth Rate
Revenue accelerating
+72.7% YoY
YoY Growth Rate
EPS growth accelerating
€0/ year
0.0% of revenue
Below sector average (1%)
Research and development spending
Cash flow positive
€6.2B cash & investments
Quarterly Free Cash Flow
↑ Burn rate improving
Company generates more cash than it spends — no dilution risk from fundraising
Snam S.p.A. grew revenue 115% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.
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.
The share count has stayed roughly flat over this period — little dilution or buyback activity.
Diluted shares outstanding: 3.36B (2021) → 3.36B (2025)
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ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.
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Interest coverage between 3 and 8. Profits cover interest several times over.
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P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.
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Yield above 6% — often a flag the market is pricing in a cut.
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