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Terna SpA is an electricity transmission system operator that owns virtually all of the Italian National Transmission Grid. With a monopoly under an Italian government license, Terna transmits and dispatches electricity throughout the country. It is also responsible for the planning, construction, and maintenance of the nation's electrical grid. Terna segments its operations into its Regulated Activities, Non-Regulated Activities, and International Activities. The company generates the vast majority of its revenue from charging transmission fees as a part of its Regulated Activities. Under its Non-Regulated Activities, Terna mainly produces and sells electricity transformers. The company has also made efforts to expand its operations into Italy's neighboring countries and North Africa.
1999
6.4K+
LTM Revenue $4.3B
LTM EBITDA $2.9B
$32.7B
Benchmark forward-looking revenue and EBITDA valuation multiples across generative AI, climate tech, semiconductors, online marketplaces, vertical SaaS and 220 more verticals.
Terna has a last 12-month revenue (LTM) of $4.3B and a last 12-month EBITDA of $2.9B.
In the most recent fiscal year, Terna achieved revenue of $4.1B and an EBITDA of $3.0B.
Terna expects next 12-month revenue of XXX and NTM EBITDA of XXX
See Terna valuation multiples based on analyst estimates| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue | $4.3B | XXX | $4.1B | XXX | XXX | XXX |
| Gross Profit | $4.3B | XXX | $3.7B | XXX | XXX | XXX |
| Gross Margin | 100% | XXX | 90% | XXX | XXX | XXX |
| EBITDA | $2.9B | XXX | $3.0B | XXX | XXX | XXX |
| EBITDA Margin | 69% | XXX | 73% | XXX | XXX | XXX |
| EBIT | $1.9B | XXX | $1.9B | XXX | XXX | XXX |
| EBIT Margin | 45% | XXX | 46% | XXX | XXX | XXX |
| Net Profit | $1.2B | XXX | $1.2B | XXX | XXX | XXX |
| Net Margin | 28% | XXX | 29% | XXX | XXX | XXX |
| Net Debt | XXX | XXX | $13.0B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
As of May 30, 2025, Terna's stock price is EUR 9 (or $10).
Terna has current market cap of EUR 18.0B (or $20.2B), and EV of EUR 29.1B (or $32.7B).
See Terna trading valuation data| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $32.7B | $20.2B | XXX | XXX | XXX | XXX | $0.59 |
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Start Free TrialAs of May 30, 2025, Terna has market cap of $20.2B and EV of $32.7B.
Terna's trades at 8.0x EV/Revenue multiple, and 10.9x EV/EBITDA.
Equity research analysts estimate Terna's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Terna has a P/E ratio of 16.8x.
See valuation multiples for Terna and 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $20.2B | XXX | $20.2B | XXX | XXX | XXX |
| EV (current) | $32.7B | XXX | $32.7B | XXX | XXX | XXX |
| EV/Revenue | 7.6x | XXX | 8.0x | XXX | XXX | XXX |
| EV/EBITDA | 11.1x | XXX | 10.9x | XXX | XXX | XXX |
| EV/EBIT | 17.0x | XXX | 17.4x | XXX | XXX | XXX |
| EV/Gross Profit | 7.6x | XXX | n/a | XXX | XXX | XXX |
| P/E | 16.8x | XXX | 16.9x | XXX | XXX | XXX |
| EV/FCF | -26.5x | XXX | -25.2x | XXX | XXX | XXX |
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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.
Start Free TrialTerna's last 12 month revenue growth is 8%
Terna's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.3M for the same period.
Terna's rule of 40 is 79% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Terna's rule of X is 90% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
See operational valuation multiples for Terna and other 12K+ public comps| LTM | NTM | Last FY | FY 2025 | FY 2026 | FY 2027 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 8% | XXX | 9% | XXX | XXX | XXX |
| EBITDA Margin | 69% | XXX | 73% | XXX | XXX | XXX |
| EBITDA Growth | 6% | XXX | 10% | XXX | XXX | XXX |
| Rule of 40 | 79% | XXX | 81% | XXX | XXX | XXX |
| Bessemer Rule of X | XXX | XXX | 90% | XXX | XXX | XXX |
| Revenue per Employee | XXX | XXX | $0.6M | XXX | XXX | XXX |
| Opex per Employee | XXX | XXX | $0.3M | XXX | XXX | XXX |
| S&M Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| G&A Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| R&D Expenses to Revenue | XXX | XXX | n/a | XXX | XXX | XXX |
| Opex to Revenue | XXX | XXX | 44% | XXX | XXX | XXX |
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| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | |
| TAQA | XXX | XXX | XXX | XXX | XXX | XXX |
| New Sources Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| AGL Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| APA Group | XXX | XXX | XXX | XXX | XXX | XXX |
| Chrysos Corp. | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Terna acquired XXX companies to date.
Last acquisition by Terna was XXXXXXXX, XXXXX XXXXX XXXXXX . Terna acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX ).
See M&A valuation multiples| Acquired Company | EV | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXX | XXX | XXX | XXX |
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Start Free Trial| When was Terna founded? | Terna was founded in 1999. |
| Where is Terna headquartered? | Terna is headquartered in Italy. |
| How many employees does Terna have? | As of today, Terna has 6.4K+ employees. |
| Who is the CEO of Terna? | Terna's CEO is Ms. Giuseppina Di Foggia. |
| Is Terna publicy listed? | Yes, Terna is a public company listed on MIL. |
| What is the stock symbol of Terna? | Terna trades under TRN ticker. |
| When did Terna go public? | Terna went public in 2004. |
| Who are competitors of Terna? | Similar companies to Terna include e.g. TAQA, New Sources Energy, AGL Energy, APA Group. |
| What is the current market cap of Terna? | Terna's current market cap is $20.2B |
| What is the current revenue of Terna? | Terna's last 12 months revenue is $4.3B. |
| What is the current revenue growth of Terna? | Terna revenue growth (NTM/LTM) is 8%. |
| What is the current EV/Revenue multiple of Terna? | Current revenue multiple of Terna is 7.6x. |
| Is Terna profitable? | Yes, Terna is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Terna? | Terna's last 12 months EBITDA is $2.9B. |
| What is Terna's EBITDA margin? | Terna's last 12 months EBITDA margin is 69%. |
| What is the current EV/EBITDA multiple of Terna? | Current EBITDA multiple of Terna is 11.1x. |
| What is the current FCF of Terna? | Terna's last 12 months FCF is -$1.2B. |
| What is Terna's FCF margin? | Terna's last 12 months FCF margin is -29%. |
| What is the current EV/FCF multiple of Terna? | Current FCF multiple of Terna is -26.5x. |
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